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Experian has launched a major debt relief initiative, committing $5 million to assist 5,000 families in Louisiana, with plans to expand to other locations. Partnering with public benefit corporation ForgiveCo, the initiative aims to ease financial burdens for households struggling with credit card and personal loan debt.
Steve Hartmann, vice president of Integrated Marketing at Experian, told Black Press USA that the effort goes beyond advertising to provide direct consumer support. “Consumer debt is at an all-time high—credit card balances are soaring, and minimum payments are shrinking. We wanted to do more than just advertise our products. We needed to actively engage with the community and provide real financial relief,” he said.
ForgiveCo plays a crucial role by identifying and purchasing debt in collections on Experian’s behalf. “We focused on credit card and personal loan debt, specifically targeting families in Louisiana who need it most. ForgiveCo identifies these accounts, purchases the debt, and we notify beneficiaries via direct mail, text, and email,” Hartmann explained.
A key benefit of the initiative is that recipients will not owe taxes on the forgiven debt. “They do not have to pay taxes on this,” Hartmann confirmed.
The initiative is also tied to Louisiana State University basketball star Flau’jae Johnson, an advocate for financial literacy. “Since we had partnered with Flau’jae before, and financial education is one of her passions, it made sense to align this effort with her,” Hartmann said. Johnson will use her platform to raise awareness about financial literacy and debt relief, particularly in Louisiana communities.
“It’s hard to create a winning financial game plan when you’re blocked by debt,” Johnson remarked. “I’m excited to partner with Experian to empower families in the state and across the country so they can become financial champions of their future.”
According to Experian, Johnson’s involvement extends beyond promotion. She is actively engaging with students and community members about financial empowerment. “She’s not just putting her name on this,” Hartmann noted. “She’s meeting with students and the broader community, sharing her own financial journey as a young athlete with NIL deals.”
Beyond the initial $5 million relief, Experian has added an incentive tied to LSU’s upcoming college basketball tournament performance, pledging an additional $100,000 per LSU victory, up to $500,000.
Beneficiaries will also receive a free one-year premium membership to Experian, granting access to credit monitoring, FICO® scores, and financial stability tools. “One of the most rewarding aspects is hearing the stories of the people impacted. Every story is unique, and it reinforces why this work is so important,” Hartmann said.
Dacy Yee, president of Experian Consumer Services, emphasized the initiative’s importance during difficult economic times. “Unmanageable debt prevents consumers from achieving their goals,” Yee said. “Experian is providing resources to help consumers save time and money and improve their overall financial health. We hope this debt relief and access to Experian tools will help beneficiaries in Louisiana move toward a healthier financial future.”
This marks Experian’s second major debt relief initiative, following a previous effort targeting the Hispanic community. “Yes, we want to expand this,” Hartmann said. “We need to figure out the best way to do this more frequently and target regions or communities that could really use it.”
Hartmann also urged those struggling with debt to seek financial education and understand the impact of credit. “Debt can put you in a tough spot, making it harder to achieve milestones like buying a home or car,” he said. “Educating people early is key, especially young adults just beginning their financial journey.”