The Nation's First Minority-Owned, Publicly Traded Credit Bureau & Lending Corp
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Posted By: Kennedy Williams on August 24, 2022 At this time in which the credit monitoring and reporting industry is increasingly failing consumers, accounting for one-third of complaints with the Consumer Finance Protection Bureau, the National Association for Equal Opportunity in Higher Education (NAFEO), and ECRID Credit and ECRID Lending Corp., have joined forces to make certain that those in the HBCU Community and many others who have disproportionately been ill-served by credit and lending entities, reap the tremendous benefit of ECRID. As the nation's first minority-owned, publicly traded (ECDD) credit bureau (Stock Symbol: ECDD), ECRID valuates the creditworthiness of its members through its own ECRID Credit Report and ECRID Lending Report. Its valuations look at whole credit life experiences of its members, in determining creditworthiness. This substantially expands to those who can access credit needed to for such things as home ownership, and business creation. NAFEO is the only membership and advocacy association for all 106 Historically Black Colleges and Universities (HBCUs) and 80 Predominantly Black Institutions (PBIs). These institutions are located in 22 states, the District of Columbia, and the Virgin Islands. They represent more than 700,000 students, 72,000 faculty, and 1,000,000 alumni, worldwide. NAFEO members are public, private, and land-grant, two-year, four-year, graduate and professional institutions. HBCUs have a $1.5B short-term economic impact. HBCUs are responsible for graduating disproportionate percentages of those who account for $1.3T in black buying power, and keeping dollars in the black communities longer. Attorney Lezli Baskerville, President & CEO of NAFEO stated, "NAFEO is excited to have entered a partnership with ECRID, a publicly traded (ECDD) minority-owned, second chance credit bureau. ECRID entered the credit bureau space heretofore dominated by Equifax, Experion, and Trans Union. We welcome a minority-owned company into the credit bureau space. As with so many of today's college graduates, recent graduates of HBCUs struggle to secure mortgages upon completing college in part because of today's cost of college and post-graduate education, and also because roughly two-thirds of HBCUs students are from families with households of $25,000 or less. HBCUs, nonetheless are proven to be the most effective pipeline for moving back and other diverse students into the middle class by their 30s. ECRID will offer these distinguished scholars and others, another option for proving creditworthiness that will enable them to invest in a house and begin generating wealth." Mr. Cleveland Gary, Founder & CEO of ECRID, and a former NFL player expressed his vision for the NAFEO HBCU-PBI ECRID alliance, thus: "For many years, we've worked hard to create a custom-made wealth building platform that would transform the lives of under resourced persons. The HBCU partnership with ECRID will create an economic shift that promotes wealth building. ECRID will be a major provider of loans and attendant services to the 700,000 plus students enrolled in HBCUs and PBIs and the nearly 1,000,000 HBCU and PBI alumni. ECRID will be the first-choice provider of services to the HBCU alumni and their family members who have graduated from the 106 Historically Black Colleges and Universities (HBCUs) and 80 Predominantly Black Institutions (PBIs) that are members of the National Association for Equal Opportunity in Higher Education. And what a privilege it is for me, a former NFL player, who studied economics and finance in college and on Wall Street, to put these facets of my life's experiences to work assisting in leveling the credit and lending fields, and assisting others in wealth-building." ECRID will support HBCU students, faculty, alumni, and other diverse persons in responsibly borrowing, building and sustaining flourishing businesses, purchasing homes and laying a solid foundation for wealth building. SOURCE Ecrid, Inc. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Kennedy Williams
From Loganville, GA Spelman College class of 2020 Member Since July 2016 |
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