The recent wildfires in Los Angeles are now among the most destructive recorded in California’s history. Thousands of structures have been damaged or destroyed, and many families are facing the heartbreaking loss of their homes, businesses and personal belongings. The fires have also tragically claimed lives and caused significant injuries.
In the wake of such devastation, the immediate priority for everyone is, of course, ensuring the safety and well-being of themselves and their loved ones.
As communities come together to navigate this challenging time, we are committed to being a resource to consumers. Our hope is to help those impacted by the fires preempt or prevent potential impacts to their financial health and identity where possible.
If you or someone you know has been impacted by the Los Angeles fires, here are some key points to keep in mind.
1. Safeguard Your Identity
Natural disasters can unfortunately create opportunities for identity theft. Important documents containing personal information may be lost or scattered. According to the Federal Trade Commission, instances of identity theft have nearly tripled over the last decade and scammers often exploit chaotic situations and vulnerable consumers.
- Be Wary of Scammers: Sadly, following natural disasters, opportunistic fraudsters often deploy schemes tied to charity and donations, insurance, new financing, construction or clean up, and more. These perpetrators may lift and deploy tactics that were successful following natural disasters in other areas and deploy them to target those impacted by the LA wildfires. Stay vigilant against fraudsters who may try to steal your personal information or money through disaster-related schemes or offers that sound too good to be true.
- Use Free Credit Monitoring and Fraud Alerts: Take advantage of these services to keep an eye on your credit activity. If you notice anything suspicious, report it immediately to your bank or financial institution.
- Consider Freezing Your Credit: If your personal information has been compromised, freezing your credit with the three major credit reporting agencies can prevent new fraudulent credit applications. You can freeze your credit for free with Experian by clicking here or enrolling in its free app on your mobile device.
2. Contact Your Lenders
In times of crisis, many financial institutions are willing to work with affected consumers. If you’re worried about paying your bills on time due to the fires, reach out to your mortgage, auto loan, and credit card companies as soon as possible.
Your lenders can report accounts as deferred or in forbearance if you live in an area impacted by the fires. This means no late payments will be reported, allowing you to focus on immediate concerns. However, interest might continue to accrue on the balance, so be sure to understand the terms of any agreement.
3. Use Your Credit Report as a Financial Tool
Tracking down contact information for each of your lenders can be overwhelming. Your credit report, which you can access for free at annualcreditreport.com or via the Experian website or its free app on your mobile device, can be a helpful starting point.
While, understandably, protecting your credit history or identity may not be your immediate concern, taking a proactive approach could help prevent any or further damage to your financial health at a time when you need access to credit the most.
For more tools and resources to protect your credit standing and financial health, please visit Ask Experian.
I still remember the first apartment my husband and I rented. It was a modest one-bedroom in a less-than-ideal neighborhood, but affordable nonetheless. We cherished the independence it gave us, though I couldn’t help but dream of the day we’d own a home of our own. Like many renters, I worried about whether we would ever be “ready.” Was my credit strong enough? Would we be able to save for a down payment? Did we even understand the mortgage process? Those questions stayed with me for years until we finally purchased our first home. Looking back, I realize I could have saved myself a lot of stress if I had better understood the steps to prepare for homeownership. That’s why I’m so passionate about helping today’s renters feel more confident as they plan their journeys. Renters are more optimistic than ever Experian recently surveyed U.S. renters and found nearly half (47%) believe they’ll be ready to buy a home in the next four years. And when looking out over the next eight years, that jumps to 67%. This optimism is encouraging, especially among Gen Z and Millennials, who represent the next wave of homeowners. But optimism alone isn’t enough. Renters told us their biggest barriers include saving for a down payment, keeping up with rising home prices, and managing their credit scores. Nearly 40% also admitted they don’t feel fully confident in their financial knowledge around homeownership. The good news? There are concrete steps you can start taking today to put yourself in the best position possible when you’re ready to buy. Four tips to help you prepare for homeownership Understand your credit profile Your credit history plays a big role in qualifying for a mortgage. Sign up for a free Experian membership to check your credit report, get alerts about changes, and see where you stand. Knowledge is power and checking your credit report regularly can help you understand ways to improve your credit score to better prepare for homeownership. Get credit for paying rent As a renter, one of your biggest monthly expenses may not even be reflected on your credit report. By using Experian Boost®[1], you can add eligible rent, utility, and even streaming service payments to your credit file. This can instantly help strengthen your credit history and show lenders you consistently pay on time. Your landlord or property management may also report your positive rent payments to Experian RentBureau – the industry’s largest rental data base. With the introduction and increased adoption of modern scores in mortgage decisions, payments like this may help improve your ability to qualify for a mortgage. Build your financial knowledge Your path to homeownership will undoubtedly come with questions and we want to be a trusted resource to help consumers build their financial knowledge. Start building your knowledge now by joining Experian’s free #CreditChat every Wednesday or exploring our Ask Experian blog. Small, consistent learning adds up. Seek trusted guidance You don’t have to figure everything out alone. Nonprofit organizations like HomeFree-USA offer education and personalized support for renters pursuing homeownership. Through the Experian CreditCenter, we’ve partnered with HomeFree-USA to provide free tools tailored to your financial journey. Your bank or credit union likely also has a dedicated resource to help you better understand your homebuyer readiness. Utilize that resource! You can take steps today If I could go back and give my younger, renter-self advice, I’d tell her this: don’t wait to start preparing. Even small actions like checking your credit report, learning about the mortgage process, or making sure your rent payments count, can bring you closer to homeownership. The journey might feel overwhelming at times, but remember, you’re not alone. At Experian, we’re here to provide the resources and support you need to help turn the dream of owning a home into reality. [1] Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost®.
Experian is evolving — and it’s not just a shift in how we show up to consumers, it’s a transformation in how we think about our role in people’s lives. We’re entering a new era, and I want to share what that means for us and the millions of consumers we serve. For years, we’ve been known as a credit bureau. And while that legacy is something to be proud of, it’s only part of our story. Today, we are so much more. Experian delivers a robust consumer financial platform that empowers people to take control of their financial lives and realize their financial dreams. Meet Experian, your BFF We’ve built tools that help people compare auto insurance[i], potentially lower their bills[ii], find the right credit cards, and make smarter financial decisions. But here’s the challenge: many consumers might not know the full extent of what we offer and how we can help them. That’s why we’re launching a bold new brand campaign that brings our mission of Financial Power to All™ to life in a different way. In a multi-dimensional campaign, actor Sam Richardson steps into the role of a consumer’s Big Financial Friend or “BFF,” a larger-than-life character who helps people navigate their financial journeys. With this new campaign – Experian’s first brand re-do since 2016 – we are bringing fresh creative and messaging to consumers to create more awareness about how Experian has their back and can help them throughout their financial lives. It’s important for consumers to have a knowledgeable financial partner they can rely on as they navigate their financial journeys, and we want to be their “BFF” no matter where they are on that journey. We know that many people are facing financial uncertainty right now, like rising costs, economic volatility, and growing anxiety about the future. That’s why our mission matters more than ever. Financial Power to All™ isn’t a tagline. It’s a commitment that we will continue to build tools, share knowledge, and create access for everyone, no matter where they are in their financial journey. We have the data, the technology, and the people to make a real difference. This campaign is just the beginning. See our first commercial below: [i] Results will vary and some may not see savings. Average savings of $1,137 per year for customers who switched multiple policies and saved with Experian from Jan. 1, 2022 to Mar. 31, 2024. Savings based on customers’ self-reported prior premium. [ii] Results will vary. Not all subscriptions are eligible, savings are not guaranteed, and some may not see savings. Experian members for whom Experian canceled at least one subscription averaged $270/year of anticipated savings. Available with eligible paid memberships and requires connecting payment account(s) to Experian account.
April is Financial Literacy Month, but for college students, money is top of mind all year round. A national survey shows that almost 80% of students are experiencing a negative impact on their mental health because of financial stress. Those concerns lead 59% of them to consider dropping out of school. This underscores the importance of normalizing and modernizing conversations around money and credit. Experian is proud to lead the way through partnerships with HomeFree-USA’s Center for Financial Advancement®. In addition to creating the Credit Academy for college students, we hold the #IYKYK Pitch Competition (If You Know You Know), which gives students the opportunity to earn scholarships and address how to share their knowledge with their peers and communities. We asked some recent #IYKYK Pitch Competition scholars what they found to be the most surprising as they’re learning about credit and finances: Remi Ore, Fisk University Forty-two percent of people are credit invisible in the U.S. and that's interesting. Credit actually shapes their life and their future. They're expected to build a future on top of a system like this, and yet they're invisible to that system. How are they supposed to move forward from there? How are they supposed to get mortgages, own homes, get good jobs, and impact the community as well? That is one thing that was very surprising to me going through this journey. Sovit Lekhak, Fisk University Growing up I had a rough patch in my childhood where my family struggled with gambling addiction and financial problems. So, I was always scared of getting credit. I was scared of loans, and I was scared of paying them back. When I took Experian’s Credit Academy, I realized that getting credit is not always bad and it's actually even necessary just to build up that profile, and that reference for the future. I think that mindset switch has opened a whole new world to me. Ayo Oyeniyi, Talladega College It was surprising to hear that when you're done with a credit card, you don't have to destroy it. You shouldn't do that. That was shocking because typically when you're done with stuff, you throw it away. But that was surprising that you have to keep it, because destroying it would affect your credit mix. That would affect your credit score. Izu Mba, Talladega College The fact that essentially credit is good. Growing up, owing money was not good in any form. So that whole idea of being able to owe to own is such a beautiful concept for me that I learned. Lakayla Chapman, Bowie State University One thing that learned and found surprising was that credit is not always a bad thing. Growing up, my mom has been really in my ear about credit. The way she came at it was that credit is a bad thing, ‘Don't get loans, don't do this, don't do that.’ But I'm taking in the information that credit is not always bad. Credit can make you who you can be in the future. Aissata Sy, Bowie State University One of the shockers for me is when I learned that people our age, young adults, 18 to 24, a lot of them don't know how to check their credit score or know where to go (to find out). Having that tool is very important. You could just be freewheeling down here and not know what your score is, and then you go to buy your car, they check your score and it's like, ‘Oh.’ And you didn't know. So, checking that and keeping up with that is very, very important to know where you stand.