TransUnion and NAACP Encourage Financial Education in Underserved Communities

Underserved and creditless communities lack access to the resources and credit to properly build a history to meet their financial goals and needs. trans union and the National Association for the Advancement of Colored People recently partnered to address these challenges.

Consumers can now access financial education content by visiting TransUnion or NAACP websites and entering information about where they are in their credit journey. This will tailor the content to help improve financial literacy. Tracy AndersonEconomic Inclusion Strategy Leader at the transunion auto finance news.

Auto finance lenders can also adopt initiatives such as consumer finance education tools to increase financial literacy and engage with the community.

Lenders are working to improve Diversity, Equity and Inclusion (DEI) within the organizationand promoting DEI within the communities they serve is essential for all consumers.

bank of americafor one thing Encourage financial inclusion in the community By making vehicles for disabled people available through specialized financing programs for wheelchair-accessible vehicles. Tricolor automatic approvalin the meantime, Underwrite auto loans for Hispanic and unfiled borrowers Through AI and machine learning techniques.

Missions tailored for success

“When we think about underserved communities, how do we serve them? [educational] Content is really important,” she said. Because the NAACP has a long history with communities of color, “customers can know this is reliable information to improve their credit scores and use their credit more effectively.” she added Anderson.

Whether consumers are saving to buy their first car or just to build credit, the platform can help them meet those goals, she said. .

TransUnion and the NAACP “share a mission to help more consumers become credit active and successful with credit and mainstream financial services,” said Anderson. . “One of the obstacles [building credit] is knowledge, [consumers] Before you can get involved and participate in achieving positive results, you need to understand the credit and ecosystem. “

Consumers will also have access to an online experience called MoCaFi’s The Blueprint. Mobility Capital Financea fintech platform for economic growth, through partnerships, she said.

According to Anderson, MoCaFi’s blueprint can be used by consumers to plan their budgets and check their financial status such as assets, net worth and credit profile.

“We believe that most life goals have a financial component, so we make sure that consumers have the right resources to access the right credit they need. I want to offer it,” she said.

Auto Finance News’ new spring event, Auto Finance Summit East, will take place May 10-12 at the JW Marriott Nashville,Peter MuriungiCEOchase auto. visitautofinance.live.