BALTIMORE & CHICAGO, March 30, 2023 (GLOBE NEWSWIRE) -- The NAACP and TransUnion (NYSE: TRU) announced today the launch of Connecting to Our Financial Future, a credit education website designed to promote financial inclusion among traditionally underserved and underrepresented communities. The announcement comes at a time when more than 45 million consumers in the U.S. are considered to be either credit unserved or underserved, meaning they have little to no credit products.
Traditionally, members of the Black community and other historically marginalized communities have faced more challenges building credit histories and accessing loans at reasonable rates. The website, crafted specifically for these audiences, is designed to reach people where they are in their credit journey — whether just getting started, maintaining financial health or advancing toward prosperity.
This includes a connection point to The Blueprint by MoCaFiTM from Mobility Capital Finance, Inc., a fintech platform for economic empowerment. This free application is designed to provide a complete picture of a person’s financial position including assets, liabilities, net worth, and credit profile.
“Even as people are increasingly empowered to responsibly access financial services and achieve important personal outcomes, we recognize significant populations — especially those in underbanked and underrepresented communities — are unable to access quality financial services because they have little or no discernible credit history,” said Hilary Chidi, Executive Vice President, Head of Credit Risk Solutions and Chief Sustainability Officer, TransUnion. “Empowering people to reach their financial goals through credit education is core to our mission of Information for Good®. Together with NAACP, we want consumers to build their understanding and own their success.”
Research published by TransUnion in 2022 found that Black consumers realize the importance of credit to meet their goals, with two-thirds saying that access is very important. However, given historical systemic barriers they are less optimistic about their prospects. Just over half of Black consumers (52%) believe they’d be approved for credit such as a mortgage or credit card if they needed it, compared to two-thirds of white consumers (65%).
“Building and establishing credit within the Black community is important now more than ever,” said Derrick Johnson, President and CEO, NAACP. “When we look at the current state of the economy, in tandem with the need for community uplift and sustainability, it’s pertinent that Black people place importance on building our credit scores so we can ensure community prosperity. Partnering with TransUnion, we’re bringing credit education to life for our community and meeting them at different stages in life to support their place in this journey: stability, sustainability and prosperity.”
Visit naacp.org/credit-101 to access the credit education website.
For more information on TransUnion’s commitment to financial inclusion and racial equity, visit transunion.com/sustainability.
The NAACP advocates, agitates, and litigates for the civil rights due to Black America. Our legacy is built on the foundation of grassroots activism by the biggest civil rights pioneers of the 20th century and is sustained by 21st century activists. From classrooms and courtrooms to city halls and Congress, our network of members across the country works to secure the social and political power that will end race-based discrimination. That work is rooted in racial equity, civic engagement, and supportive policies and institutions for all marginalized people. We are committed to a world without racism where Black people enjoy equitable opportunities in thriving communities.
About TransUnion (NYSE:TRU)
TransUnion is a global information and insights company with over 12,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
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