(BPRW) Experian & HomeFree-USA Award $40,000 Scholarship to Fisk University Team for Solution to Bridging Credit Education Gap Among Young People

(Black PR Wire) COSTA MESA, Calif.--(BUSINESS WIRE)-- A four-student team from Fisk University took the top prize in the #IYKYK Pitch Competition (If You Know, You Know) for their business idea to make financial literacy and credit education a rite of passage for young adults, sponsored by Experian and HomeFree-USA.

Nicknamed Team FinLit, Ansana Regmi, Destiny Marshall, Remilekun Ore and Sovit Lekhak earned a $40,000 scholarship for their proposal, “FinLit HQ.” It’s a personalized gaming experience for teenagers that helps them develop good financial habits and combat money dysmorphia. As they enter their early twenties, users move onto more advanced app-based credit education via gaming missions for real-world financial scenarios, such as buying books at college, renting an apartment, financing a car, and eventually purchasing a home. Because the proposed app would be integrated with Experian SmartMoney, Experian Boost and Experian Go, users would strengthen their real-life credit score as they play in preparation for making informed financial decisions as young adults.

“We realize there’s a knowledge gap within the younger generation about credit. You don’t give someone a car and ask them to drive on the road without any practice. You shouldn’t push young people into the financial world without any education. One small mistake can impact you for years and that’s why FinLitHQ is for users starting as young as 13,” said Ansana Remi, a junior computer science major from Fisk University and captain of Team FinLit.

The #IYKYK Pitch Competition, powered by Experian’s B.A.L.L. for Life initiative, challenged students to create a solution that makes financial literacy and credit education a rite of passage to young people coming of age, including those who are not part of the credit ecosystem. Credit invisibility – meaning without a credit report or credit score – affects 40% of consumers under 25 years of age. Credit invisibility disproportionately affects people of color: 28% of Black consumers, 26% of Hispanic consumers, compared to 16% of White and Asian consumers.

The competition was the culmination of the Experian Credit Academy created for the Center for Financial Advancement® (CFA). Five hundred students from 16 Historically Black Colleges and Universities (HBCUs) came together in live sessions with Experian credit education experts and self-paced modules. Finalists from Bowie State University and Talladega College also presented their ideas live at Experian’s North America headquarters and each team received a $10,000 scholarship.