If you think you need to brush up on your credit knowledge, you’re not alone. Three in five adults believe their limited understanding of credit has led them to make costly financial mistakes. The good news is Experian is partnering with HomeFree-USA and the Center for Financial Advancement® (CFA) to change that.

The three organizations’ 3rd Annual Experian #IYKYK Pitch Competition is providing financial education to the next generation of leaders and giving college students the credit skills they need to succeed in life.

Scheduled to take place February 28 – March 4, teams of students from Talladega College, Fisk University and Bowie State University will pitch creative solutions to real-world financial challenges that young adults face on a daily basis.  Experian is looking to the students to come up with unique ways to make credit knowledge accessible. In other words, their task is to help their peers ‘secure the bag.’  

The winning team will take home a $40,000 prize, but all participating students will come away with so much more.

Last year’s winning team, from Bowie State, used artificial intelligence (AI) to tackle the pressing issue of student loan debt, a burden many graduates face, says team member Taylor Payton. “Our solution, the Lotus Wallet app, was designed to supply users with personalized financial plans, combining human and AI advisors to guide them toward debt-free futures.”

Thanks to the Lotus Wallet app, a young adult might be able to buy a house sooner or have the financial stability to start a business. The team members, themselves, also increased their own financial knowledge, Payton adds. “This experience not only enhanced our financial literacy but also reinforced the importance of teamwork, creativity, and perseverance.”  

Established in 2017 at Fisk University, the Center for Financial Advancement® aims to enhance financial literacy, professional development, leadership, and homeownership knowledge among students at Historically Black Colleges and Universities (HBCUs).

What innovative solutions will the student leaders come up with this year? Their peers – and the world – will be better off thanks to their ideas!