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By Ashley Parks
Associate Editor
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Experian is eliminating $5 million in consumer debt for 5,000 families in Louisiana through a partnership with ForgiveCo, a public benefit corporation specializing in debt relief, according to an Experian press release. The initiative is part of Experian's ongoing efforts to support financial literacy and assist consumers facing economic hardship.
Why It Matters
The program is part of Experian's broader push to help consumers take control of their financial health. Louisiana was chosen due to its high poverty rate—nearly 19 percent of the state's population lives below the poverty line, according to U.S. Census Bureau data.
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By targeting households burdened with consumer debt, Experian aims to give recipients a fresh start while promoting financial literacy.
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What to Know
According to the official press release from Experian, the debt relief program is meant to address consumer debts. ForgiveCo is responsible for identifying and processing the cancellation of qualifying debts, ensuring that relief reaches those most in need.
"Through our partner ForgiveCo, a public benefit corporation, they identify families in Louisiana with debt in collections that ForgiveCo can purchase. The type of financial debt includes personal loans, retail cards, payday loans and other amounts owed to lenders. The beneficiary qualifier is that they are in hardship, meaning the debt is owed to a collector, and they cannot pay it," Experian told Newsweek.
"ForgiveCo selects individuals randomly. They purchase their debt out of collections, and recipients will receive letters informing them of their debt relief," Experian continued.
Beneficiaries will also receive a one-year Experian Premium membership, which provides access to credit monitoring, credit score tracking and financial tools aimed at improving long-term financial health.
As part of the initiative, Experian has linked additional debt relief to the performance of Louisiana State University's (LSU) women's basketball team during the NCAA tournament. For every LSU victory, an extra $100,000 in consumer debt will be relieved, up to a maximum of $500,000.
Kevin Everhart, Chief Growth Officer for consumer services at Experian, told Newsweek, "Our goal with many of our campaigns is to get consumers better acquainted with Experian and to create awareness that we are more than just a credit bureau. We offer a plethora of financial tools all geared to help consumers save time and money - this includes an auto insurance comparison shopping service and subscription cancellation tool, for example - that consumers may not necessarily acquaint with our brand yet."
Who Is Impacted?
The initiative is aimed at Louisiana residents who are struggling with consumer debt. Louisiana has one of the highest poverty rates in the country, and the program specifically focuses on those most burdened by outstanding debts.
An explainer from Experian notes that "ForgiveCo is administering the acquisition and cancellation of qualifying consumer debt for beneficiaries randomly selected from the debt pool. ForgiveCo is settling one outstanding account in full for each beneficiary, and not all accounts are the same size."
The partnership also emphasizes financial education. Beneficiaries will receive resources to help them manage their credit and improve their financial standing. Experian has launched similar educational programs nationwide, focusing on underserved communities, as outlined in their press release.
What People Are Saying
Flau'jae Johnson, LSU guard, rapper and face of this Experian campaign said in a press release: "It's hard to create a winning financial game plan when you are blocked by debt. 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."
Dacy Yee, president of Experian Consumer Services at Experian said in a press release: "Unmanageable debt prevents consumers from achieving their goals. 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."
Kevin Everhart, Chief Growth Officer for consumer services at Experian, told Newsweek: "Through our already established relationship with Flau'jae, this campaign came together nicely to work with her to champion the initiative for Louisiana residents and promote financial empowerment on a grander scale via our ads. We are always exploring ways to better serve diverse communities whether it's by developing financial tools that meet their needs, creating the right educational materials, partnering with non-profit organizations and launching campaigns like this one that include advertising and social media to extend the reach of our messages."
What's Next
Consumers interested in updates on Experian's debt relief and financial education programs can follow the company's official channels for more information. LSU's tournament results will determine whether additional funds will be allocated to debt relief beneficiaries in the coming weeks.
Update 3/13/25 3:42 p.m. ET: This story has been updated with additional comment from Experian.
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