SAN FRANCISCO, July 20, 2016 /PRNewswire/ -- In an effort to drive financial progress in Detroit, Credit Karma, a free credit and financial management platform, is teaming up with Operation Hope, Inc., a global financial dignity and economic empowerment nonprofit. The partnership will begin with a public event to help Detroit residents spread good karma at Campus Martius Park, July 20-21, 2016.
Credit Karma's mission to empower consumers to better understand and take control of their finances aligns with Operation HOPE's dedication to financial literacy and economic empowerment. The new partnership will impact hundreds of youth and adults across Detroit and, ultimately, help propel Operation HOPE closer to the national goals of Project 5117—the organization's multi-year four-pronged approach to combating economic inequality that aims to improve financial literacy, increase business role models and business internships for youth, and stabilize the American dream by boosting credit scores.
"We're excited to partner with Operation HOPE to bring more opportunities for financial literacy to the city of Detroit," said Credit Karma founder and CEO Kenneth Lin. "Our mission has always been to untangle the complications of personal finance and put people in charge of their credit and finances, and this partnership will allow the citizens of Detroit to achieve their personal financial goals."
Reaching Detroit's inner city, Operation HOPE's free programming includes coaching and counseling on credit and money management, small business development, homeownership, and youth financial literacy and entrepreneurism. Programs are tailored to teach participants the "language of money" and to empower them with the fundamentals to build their own businesses, raise their credit scores, buy homes, or simply make better decisions with the money they have. In Detroit, many people do not have access to broadband, smartphones or laptops, which may have an impact on their credit scores. Credit Karma data shows that the average credit score of a Detroit resident is 10 percent lower than Credit Karma's member average. As a result of this partnership, Credit Karma will make financial progress possible for Detroiters who cannot afford access to those helpful programs.
"Without a doubt, Detroit is a city on the rise. It is at the very center of the American success story; the American up-from-nothing story, the American comeback story," said Operation HOPE Founder, Chairman, and Chief Executive Officer John Hope Bryant. "We are pleased to join forces with Credit Karma to impact the Detroit area by equipping people with the financial tools, training, and opportunity required to realize their aspirations and ensure their financial wellbeing."
At the event, Credit Karma will give away mystery prize boxes, which could include MO POP Festival Tickets, Detroit Tigers' baseball tickets or a wide array of other prizes. Credit Karma will also give an $8.50 donation to Operation HOPE for each verified social media post at the event that meets certain requirements. Each $8.50 donation to Operation HOPE can:
- Enroll one individual in a Credit and Money Management class
- Educate one young person on the myths and realities of credit cards
- Enroll one person in a Basics of Budgeting class
Part two of the kick-off event series will take place at the MO POP Festival at West Riverfront Park on July 23 and 24.
Detroit Uplift 2020
Operation HOPE recently launched the Detroit Uplift 2020 initiative in collaboration with the City of Detroit, the Mayor's Office, Skillman Foundation, and other strategic partners. Detroit Uplift 2020 will focus and intensify the organization's deployment of free financial education and empowerment programs within local communities, particularly Brightmoor, Chadsey Condon, Cody Rouge, Northend Central Woodward, Osborn, and Southwest Detroit. Over the next four years, Operation HOPE will activate: 20 new HOPE Inside locations, 20 HOPE Business in a Box Academies, 20 HOPE B-Business Compact Schools Sites, and 20 HOPE Banking on Our Future 'Signature' Schools. Detroit Uplift 2020 is part of a powerful national effort, focused on sustainable, transformational, community change at scale—it fosters the strategic packaging and distribution of Project 5117 programs throughout the country to advance financial inclusion, strengthen low- and middle-income families and help revive the economy, particularly in hard-hit urban cities now consumed with neighborhood ills like predatory lending and low credit scores.
About Credit Karma
Credit Karma's goal is to save Americans time and money. Through analysis of more than 60 million members' finances, Credit Karma researches and recommends credit cards, loans and insurance based on each individual's specific credit profile, drastically simplifying some of the most confusing and tedious yet important tasks in personal finance.
The company started by providing free credit scores to recreate the financial industry around people instead of banks. It continues to expand its completely free offerings including its Credit Score Simulator, credit monitoring and friendly, personalized information to help each person understand and make the most of their individual situation.
To create a free account, visit www.CreditKarma.com or download the mobile app from the Google Play™ or Apple® App Store℠.
About Operation HOPE
Since 1992, Operation HOPE has been moving America from civil rights to "silver rights" with the mission of making free enterprise and capitalism work for the underserved—powering the broadest financial inclusion network in the country. Through its core programs, the nonprofit has provided financial dignity and economic empowerment to over 2.6 million individuals worldwide, and $2 billion in economic activity for the disenfranchised—turning check cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, and minimum wage workers into living wage consumers. Project 5117 is Operation HOPE's multi-year four-pronged approach to combating economic inequality that aims to improve financial literacy, increase business role models and business internships for youth, and stabilize the American dream by boosting credit scores. Operation HOPE recently received its second consecutive 4-star charity rating for fiscal management and commitment to transparency and accountability by the prestigious non-profit evaluator, Charity Navigator—further establishing it as a best-in-class organization. For more information: www.OperationHOPE.org.
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SOURCE Credit Karma