The role of community development financial institutions (CDFIs) and minority deposit institutions (MDIs) providing greater access to low-income and underserved individuals and families is essential. CDFIs and MDIs serve as the bridge to possibilities supporting consumers and small business owners in their communities. With more than 106 million consumers being credit invisible, unscoreable or considered subprime1, the need for fair and affordable credit access has never been greater.
At Experian®, we share the same values as CDFIs, MDIs and those investing in them. Through our Inclusion Forward™ program, we continue to innovate for inclusion, providing solutions and resources to help close the financial wealth gap.
Source: 1Experian and Oliver Wyman
We can support your goals by providing solutions, tools and resources that accelerate impact.
Source: Opportunity Finance Network
Technological innovations such as Lift Premium™, Experian Boost®, Experian Go™ and Social Media Insight™ are shaking up the conventional scoring system by helping lenders bring in alternative credit factors to fill out the credit picture. For lenders, the emergence of alternative data helps them make informed business credit decisions among a wider number of customers and prospects.
Experian works in partnership with Inclusiv Network, one of the leading CDFI associations in the country totaling more than 500 credit union members, to promote financial inclusion to Hispanic/Latino consumers. Experian provides financial information to Inclusiv’s network that serves 18.7 million consumers to help achieve greater financial pathways, including free credit education solutions. This collaboration leverages the growing network of Juntos Avanzamos-designated credit unions that provide access to affordable financial products and services through a network of over 900 community branches across several U.S.
Financial inclusion is a strategic imperative for financial institutions.