Experian has launched a major debt relief initiative, committing $5 million to assist 5,000 families in Louisiana and aiming to expand to other locations. The effort, carried out in partnership with public benefit corporation ForgiveCo, seeks to ease the financial burdens of households grappling with credit card and personal loan debt.
Steve Hartmann, vice president of Integrated Marketing at Experian, said in an interview with Black Press USA that the initiative goes beyond advertising and directly helps consumers. “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,” Hartmann said.
ForgiveCo plays a crucial role in the initiative by identifying and purchasing debt in collections on behalf of Experian. “We wanted to focus on credit card and personal loan debt, specifically targeting families in Louisiana who need it the most. ForgiveCo identifies these accounts in collections, purchases the debt on our behalf, and then we notify beneficiaries through direct mail, text, and email,” Hartmann added.
Recipients will not owe taxes on the forgiven debt, an important aspect of the initiative. “They do not have to pay taxes on this,” Hartmann confirmed.
The initiative is linked to Louisiana State University’s 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 explained. Johnson will use her platform to spread awareness about financial literacy and debt relief, focusing on communities in Louisiana where she currently plays.
“It’s hard to create a winning financial game plan when you are blocked by debt,” Johnson remarked. “I am 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 promotions. She is actively engaging with students and community members about financial empowerment. “She’s not just putting her name on this,” Hartmann said. “She’s going out, meeting with students and the broader community, and 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. The company will contribute an additional $100,000 for every LSU victory, up to $500,000.
Beneficiaries will also receive a free one-year premium membership to Experian, providing access to credit monitoring, FICO® scores, and tools to help them regain financial stability. “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 exclaimed.
Dacy Yee, president of Experian Consumer Services, said the initiative provides much-needed relief during difficult economic times. “Unmanageable debt prevents consumers from achieving their goals,” Yee said. “During these challenging economic times, Experian offers resources that can help consumers save time and money as well as improve their overall financial health. We hope this debt relief and access to Experian tools will help beneficiaries in Louisiana move towards a healthier financial future.”
The campaign 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 stated. “Educating people early is key, especially young adults just beginning their financial journey.”
