Here’s an example of two large organizations recognizing a possible issue within financial services and taking action.

On Thursday, the NAACP and TransUnion announced the launch of Connecting to Our Financial Future, a credit education website designed to promote financial inclusion among traditionally underserved and underrepresented communities.

The organizations said the announcement comes at a time when more than 45 million consumers in the U.S. are considered to be either credit unserved or underserved, meaning they have little to no credit products.

Traditionally, NAACP and TransUnion said members of the Black community and other historically marginalized communities have faced more challenges building credit histories and accessing loans at reasonable rates.

The organizations explained that the website, crafted specifically for these audiences, is designed to reach people where they are in their credit journey — whether just getting started, maintaining financial health or advancing toward prosperity.

This includes a connection point to the Blueprint by MoCaFi from Mobility Capital Finance, a fintech platform for economic empowerment. This free application is designed to provide a complete picture of a person’s financial position including assets, liabilities, net worth, and credit profile.

“Even as people are increasingly empowered to responsibly access financial services and achieve important personal outcomes, we recognize significant populations — especially those in underbanked and underrepresented communities — are unable to access quality financial services because they have little or no discernible credit history,” said Hilary Chidi, executive vice president, head of credit risk solutions and chief sustainability officer at TransUnion.

“Empowering people to reach their financial goals through credit education is core to our mission of information for good. Together with NAACP, we want consumers to build their understanding and own their success,” Chidi continued in a news release.

Research published by TransUnion in 2022 found that Black consumers realize the importance of credit to meet their goals, with two-thirds saying that access is very important.

However, TransUnion found that given historical systemic barriers they are less optimistic about their prospects. Just over half of Black consumers (52%) believe they’d be approved for credit such as a mortgage or credit card if they needed it, compared to two-thirds of white consumers (65%).

“Building and establishing credit within the Black community is important now more than ever,” NAACP president and CEO Derrick Johnson said in the news release. “When we look at the current state of the economy, in tandem with the need for community uplift and sustainability, it’s pertinent that Black people place importance on building our credit scores so we can ensure community prosperity.

“Partnering with TransUnion, we’re bringing credit education to life for our community and meeting them at different stages in life to support their place in this journey: stability, sustainability and prosperity,” Johnson went on to say.

Visit naacp.org/credit-101 to access the credit education website.

For more information on TransUnion’s commitment to financial inclusion and racial equity, visit transunion.com/sustainability.