Bread Financial® and NNEDV empower domestic abuse survivors as they begin their journeys to financial independence

Unlike physical violence, the signs of financial abuse aren’t as visible. There are no black eyes or broken bones. Instead, survivors are left with permanent financial scars that can take years to fade, greatly impacting their future safety and wellbeing. 

A form of domestic violence and a common tactic of abusers, financial abuse occurs when one partner uses the couple’s finances to gain power and control. Often beginning subtly and progressing over time, the abuse could include acts such as concealing financial information, sabotaging work or education opportunities, controlling or withholding funds and ruining credit.  

“Financial abuse is pervasive but hard to detect as it doesn’t leave obvious marks and it’s not uncommon for one partner to manage the majority of a couple’s finances,” said Stephanie Love-Patterson, President & CEO, the National Network to End Domestic Violence (NNEDV).  “Currently, 3 out of every 10 women and 1 out of every 10 men report being stalked, physically or sexually assaulted by an intimate partner at some point in their life, and of those victims, an astounding 99% report experiencing financial abuse.”

NNEDV, a social change organization, aims to create a world where domestic violence no longer exists. Recognizing the significant role financial abuse plays in trapping victims, it developed programs and resources focused on improving credit scores and addressing both the short and long-term impacts of abuse.

With funding and support from partners like Bread Financial®, NNEDV launched the Independence Project in 2017, a credit-building microloan program for financial abuse survivors. By consistently making on-time payments toward $100 no-fee, interest-free loans, survivors can learn to better navigate the financial system, improve their credit scores and build a more positive relationship with their finances.  

“By recognizing the link between one’s finances and overall health and safety, NNEDV's innovative credit rebuilding approach is helping remove barriers to financial wellness for survivors,” said Dana Beckman, vice president and chief sustainability officer, Bread Financial. “The ability to access credit, as well as having the tools, education and resources needed to build financial independence should be available to everyone. Financial institutions like Bread Financial have an obligation to support and improve the financial wellbeing of their communities, and our partnership with NNEDV allows us to make a measurable impact with a particularly vulnerable group.”

Since its inception, the Independence Project has helped more than 1,000 survivors take steps toward financial wellness, and in 2023, borrowers who completed the program saw their credit score raise an average of 32 points. Citing their improved credit as a major contributing factor, graduates have since gone on to secure safe and affordable housing, find jobs, save for the future and more. 

“The Independence Project gives survivors the ability to dream and accomplish things they couldn’t do before due to abuse,” said Love-Patterson. “Having the support of Bread Financial allows us to not only continue our operations but learn more about the financial system so that we can continually improve our programs and services. Together, we are helping survivors find the health, safety and happiness they deserve.”