Hackathon Magic

Unmasking Minority Financial Literacy

By MICHELE BODDA , Special To Mortgage Women Magazine

Our research shows more than a quarter of Black and Hispanic consumers are credit invisible and lack access to fair and affordable credit. Closing this gap will require unique approaches to getting our country’s youngest consumers and diverse communities actively engaged in financial literacy and taking steps to build their credit histories. This can help ensure these consumers can one day purchase homes and increase intergenerational wealth.

Meaningful change in driving financial inclusion and ensuring an equitable path to homeownership for consumers in diverse communities requires all of us working together.

When this is done effectively, amazing things are possible. I’d like to share an example of this principle in action — which also serves as one of the highlights of my 20+ year career.

We recently hosted a hackathon in partnership with HomeFree-USA — an organization dedicated to giving people of color the guidance they need to achieve and sustain homeownership. Their organization serves the diverse interests of over 6 million consumers through its nationwide network of 50 community-based nonprofits that specialize in guiding people to first-timehomeownership, sustainability and increased financial capacity.

The hackathon was the grand finale of a six-month Center for Financial Advancement Credit Academy. Through live sessions with Experian credit education experts and selfpaced content, more than 250 students from 14 Historically Black Colleges and Universities (HBCUs) learned about credit, financial tools, and how to build generational wealth through steps like homeownership.

Four teams from Alabama State University, Fisk University, Morgan State University, and Shaw University made it to the finals and presented their ideas for the next best credit education program for their peers at our North America headquarters in Costa Mesa, CA at the inaugural #IYKYK Hackathon.

The “Credit Stingers” from Alabama State University took home a $40,000 scholarship for their gamified app concept called “Credit Rush.” To overcome obstacles within the app, students must watch a video or take a quiz about credit to advance to higher levels. Other “Credit Rush” features include the “Hive,” a library of credit education materials, chat, daily calendar functions, and more.

This was an incredibly special day, but the lasting impact is what’s most exciting. These students are already putting what they learned into practice within their communities. They’re renting their own apartments for the first time, helping their recently immigrated family members establish their credit identities, and taking other meaningful strides toward one day purchasing their own homes.

I believe partnerships such as this are critical in driving financial inclusion. Directly engaging consumers with credit education and resources empowers them on their paths to building generational wealth.

As we look towards creating a more equitable path to homeownership, we need more of this. Much, much more of this. n

Samantha, Practice CoordinatorMedical Administrative Assistant, STAR

It’s time to let your skills shine. Find resources for breaking through barriers like degree screens and stereotypes. It’s time to tear the paper ceiling limiting STARs: workers Skilled Through Alternative Routes rather than a bachelor’s degree.