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Achieving Financial Freedom

Date: October 26, 2020

There are many things that I am proud of when it comes to my tenure as president and CEO of VantageScore Solutions, but none more so than our commitment to diversity and inclusion – since day one.

VantageScore was launched in part based on the premise that the current system ignored millions of consumers who were marginalized because they handled their financial lives differently than the mainstream population. Recognizing this and knowing that lenders were eager to reach these consumers, our models scored millions more consumers and we now score approximately 40 million more consumers than conventional models, including approximately 10 million African- and Hispanic- American consumers who otherwise would be relegated to “credit invisibles” (i.e., unscoreable), of which 2.4 million score a 620 or higher.

We also are committed to a diverse workforce with women and minorities serving throughout the company including in the most senior roles. Additionally, we provide support for many of the country’s most effective advocates of diverse populations, and we are committed to overcoming any obstacles that are prohibiting consumers from achieving the American Dream.

That’s why I am incredibly pleased to share with you our next step in this important area, which is a partnership with HomeFree-USA, the largest black-owned housing counseling organization in America.

Our program will accomplish the following:

  • VantageScore Scholarship Program – develop a scholarship program initially at seven of the Historical Black Colleges and Universities (HBCUs).
  • HomeFree-USA’s Center for Financial Advancement (CFA) ‐ provide support for CFA, which enrolls approximately 30 elite HCBU students annually into financial education and future job placement curriculum.
  • Educational Training ‐ provide financial literacy education and presentations to more than 30,000 Black students and faculty at the initial seven HBCUs (adding four more in the 2021 school year)
  • Internship Program ‐ facilitate a paid internship program for students from HBCUs who are seeking careers in data science, predictive analytics, or financial marketing.

Included in this month’s newsletter are further details.

I am so excited for this program to get underway. I am also really proud of the VantageScore team for addressing such an important issue head-on in a way that our company can have real and lasting impact.

Analytics, data science and statistics are all going to be critical functions of a global economy. And because VantageScore is a leader in this space, we want to inspire the next generation and create viable pathways for those attending these universities who have an interest in pursuing a career in these fields.

I’d like to personally thank my friend Marcia Griffin, president and founder of HomeFree-USA, and her inspiring team for their partnership.

Regards,

Barrett Burns

CEO and President, VantageScore Solutions