Experian to Provide Debt Relief and Financial Services to 5,000 Hispanics

Experian is providing debt relief and financial education, products and services to more than 5,000 Hispanics nationwide.

The initiative is a response to findings that high numbers of Hispanics lack access to bank accounts and credit and that they report feeling the least financial security compared to other populations, the global data and technology company said in a Monday (Oct. 14) press release.

“Our research has revealed that some factors impacting Hispanics’ financial health are barriers to accessing credit, lack of credit history or limited financial education,” Jeff Softley, group president of Experian Consumer Services, said in the release. “We hope this initiative will help these families have a better chance at financial security and spread the word in the community that there are free resources from Experian available that they can utilize to reach their financial goals.”

As part of its initiative, Experian is relieving $10 million of consumer debt for more than 5,000 Hispanics, according to the release. The company is working with ForgiveCo to administer the acquisition and cancellation of qualifying consumer debt for the selected beneficiaries.

Experian is also providing the recipients with a free one-year premium Experian membership, the release said. The membership includes access to their Experian credit report in English and Spanish, their FICO score, bilingual educational content, an insurance comparison shopping service, help with canceling subscriptions, and credit card options tailored to their financial profile.

The company will also offer access to Experian Go to those who do not have an Experian credit file established due to having no or limited credit history, per the release. Experian Go is a free program that allows individuals to create an Experian credit report and populate it with payment history for eligible bills, which could generate their first FICO score.

Experian launched Experian Go in January 2022, saying the program aims to help almost 50 million “credit invisibles,” or people with limited or no credit history, start building credit.

The company said at the time that its research showed that there were 28 million credit-invisible consumers and another 21 million who had a limited credit history.