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Experian’s culture of innovation continues to be a remarkable differentiator for our people, products and solutions. Our innovation is driven by the confluence of data with creative, critical thinking that enables each worker and the company as a whole to tackle complex problems. Our capability to collect, analyze and employ data lies at the very heart of our business at Experian. We go to extraordinary lengths to ensure that our sources, models, and processes are unimpeachable. Given Experian’s decades-long background in curating massive amounts of data, knowing the proper questions to ask regarding how to collect, analyze, and manage data is vital. Answering those questions lies at the heart of an article that recently appeared in the HBR (Harvard Business Review) Guide to Critical Thinking book to help business leaders navigate their most challenging issues. The article highlights Experian Boost and our work in the cloud as key innovations that help our customers, and poses four critical questions that businesses must ask themselves about their use of data to ensure positive outcomes: 1. How was the data sourced?The quality and care with which data is collected varies widely. Poor-quality data, or data used in the wrong context, can actually be worse than no data at all. Managers shouldn’t just assume their data is accurate and of good quality. Auditing data transactions is becoming as common as auditing financial transactions. 2. How was the data analyzed?Even when data is accurate and well maintained, the quality of analytic models can vary widely. Errors and lapses are relatively common and can lead to serious consequences. At Experian, we constantly scrutinize our models to ensure they achieve their specific objectives and their output reflects the real world. 3. What doesn’t the data tell us?Data models are a lot like humans: they tend to base judgments on the most readily available information — sometimes, the data you don’t have can affect decision making as much as the data you possess. And human designers often pass it on to automated systems. In the article, Experian Boost is cited as an example of adding key data to a credit history to help “thin-file” consumers raise their scores to help qualify them to buy a car, rent an apartment, or get a credit card. 4. How can we gain full advantage from the data? For example, by using it to redesign products, services or business models.Companies have learned how data can help run business more efficiently by automating processes, predicting when machines need maintenance, and improving customer service. Real opportunities come when data enables a company to completely re-imagine its business. We’ve leveraged the cloud to shift from only delivering processed data in credit reports to a service that gives our customers near real-time access to far more granular data. That may seem like a subtle transition, but it’s become one of the fastest-growing parts of Experian’s business. Check out the full article, “Data-Driven Decisions Start with These 4 Questions,” written by Eric Haller, Executive Vice President and General Manager, Identity, Fraud & DataLabs at Experian, and Greg Satell, an international keynote speaker, adviser and bestselling author.

Today’s decision by the First Tier Tribunal substantially overturns the ICO’s Enforcement Notice issued against Experian in 2020. It represents a welcome development for the consumers, small businesses and charities across the UK that rely on the services provided by Experian.  The Tribunal found, in contrast to the ICO’s Enforcement Notice, that the vast majority of our practices meet GDPR requirements, including the transparency that we provide consumers through our Credit Reference Agency Information Notice and our Consumer Information Portal. We are very pleased with this outcome.   We also welcome the clarification concerning the provision of notifications to people whose data we collect solely from public records, who represent a very small percentage of our UK marketing database. We will build this into our processes in accordance with the Tribunal’s time requirement.  We share the ICO’s goals on the need to provide transparency, maintain privacy and ensure consumers are in control of their data. As we have stated throughout these proceedings, we remain deeply committed to transparency, safeguarding privacy, and helping consumers to better understand and control the use of their data.

Healthcare providers are struggling to address the high volume of insurance claims denials. It’s one of the top contributors to wasted dollars to the tune of more than $250 billion per year, according to industry reports. A denied claim means healthcare providers, like hospitals, are not getting reimbursed for care, leaving much-needed funds on the table. The cause of a denied claim is often due to incorrect data. The result? An endless cycle of submissions and resubmissions, which not only affects providers’ financial stability, but also puts pressure on the issue of staffing shortages with rounds of rework. You could even argue patients experience pains with this administrative burden, as inefficiencies could result in higher out-of-pocket costs. It’s no surprise that reducing claim denials is at the top of many healthcare leaders’ wish lists. In fact, a recent Experian Health survey among healthcare executives found that 72 percent said reducing denials was their highest priority. Experian Health aims to simplify the administrative aspects of healthcare and we recognize the claims process is currently one of the most challenging for providers. From the perils experienced with manual data entry to payer codes changing frequently to the decentralization of data and lack of staffing, the industry must adopt new ways to tackle the claims denial conundrum. We believe the solution involves tapping into the benefits of using artificial intelligence and are proud to announce the launch of AI Advantage™, an artificial intelligence engine in our #1 KLAS ranked ClaimSource® suite. With two new claim reimbursement products for the pre- and post-submission process, AI Advantage – Predictive Denials™ and AI Advantage – Denial Triage™, these products offer real-time intelligence and predictive modeling to prevent avoidable denials and prioritize re-submissions, leading to greater efficiencies and faster recouped revenue. This is an example of how Experian Health is using AI, analyzing and processing data and information in ways others can’t to solve problems. The next frontier in healthcare is upon us and the industry must embrace the technologies that make administrative processes faster and more efficient to allow providers to be more financially solvent and, most importantly, be in a better position to focus on patient care. For more information about AI Advantage, click here.  

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Patients use self-service tools to easily connect with providers online and manage administrative tasks 24/7. Common patient self-service tools include patient portals, online scheduling and mobile registration. Self-service solutions also include robust financial tools that help patients update insurance information, get accurate estimates, apply for charity care, set up payment plans, combine payments to multiple providers or set up a fundraising page.   Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of “de Finibus Bonorum et Malorum” (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, “Lorem ipsum dolor sit amet..”, comes from a line in section 1.10.32. Heading 2 Related Posts

Amid some of the financial challenges that underserved communities experience, members across the financial services community remain committed to championing initiatives and programs that drive greater financial inclusion. In fact, collaboration has led to the inclusion of non-debt related payment information on consumers’ credit profiles, as well as digital services that make it easier to manage money. These efforts have helped to broaden access to fair and affordable financial resources for more individuals. While significant progress has been made, there is still more work to do. However, some of the misconceptions and myths about the financial services community are hindering further advancement. Debunking these myths will accelerate progress by building trust between the financial services community and consumers. Person withdrawing money from ATM contactless Myth #1: “Financial institutions have no interest in underserved consumers or credit invisibles.” The truth is, banks and credit unions want to say “yes” to more prospective borrowers, including individuals and families from underserved communities. Beyond being the right thing to do, it’s an opportunity to potentially build lifelong relationships with a relatively untapped market. A show of good faith to communities who have largely been ignored by the financial system could lead to customer loyalty that may extend to their family and friends. That’s why participants across the financial ecosystem have been proponents of including expanded data sources—such as on-time telecom, utility and video streaming service payments—on to consumer credit reports, as well as exploring other Fair Credit Reporting Act (FCRA)-regulated data sources, including payment data on short-term small dollar loans and expanded public records data. Making this data more accessible to lenders provides a more comprehensive view of a consumer’s ability and willingness to repay outstanding debt—an actionable solution to extending credit to consumers without lenders taking on additional risk. Myth #2: “There is a lack of trustworthy financial education resources.” The financial services community and affiliated organizations recognize that empowering people with financial knowledge and skillset are critical to consumers’ financial success. In fact, banks and credit unions are partnering with nonprofits and non-governmental organizations to better understand the unique challenges and opportunities within specific communities and provide relevant tools and resources. For example, Experian’s B.A.L.L. for Life (Be A Legacy Leader) program, launched in partnership with the National Urban League, serves as a catalyst for engaging with Black communities and low-income youth through live events and digital financial education. Subject matter experts, professional athletes, celebrities, and other influencers share their experiences and expertise, covering topics such as banking, credit, financial management and investing. In addition, to help people improve their financial management, Experian partners with the National Foundation for Credit Counseling (NFCC). The NFCC connects consumers with certified financial counselors to help them address various pain points, including debt management, homeownership, student loans or small business cash flow issues. Myth #3: “Underserved communities have few opportunities to build credit and enter the mainstream financial system.” People from underserved communities, as well as younger consumers and recent immigrants are often excluded from the mainstream financial system because they lack an extensive credit history. Historically, it’s created a vicious cycle; in order to get credit, you have to have credit. Fortunately, there has been a sea change in innovative solutions to address the specific needs of these populations. These include new credit scoring models and microfinancing which provide financial services to individuals who may have been excluded from traditional banking systems. In addition, by incorporating expanded data sources, such as telecom, utility and residential rental payments onto credit reports, lenders have more visibility into consumers who may have been excluded by traditional credit scoring methods.These programs help individuals and families from underserved communities establish and build a credit history that could enable loans, or the ability to rent an apartment or open their dream business. An example is Experian Boost®, a free feature that allows Experian members to contribute their history of making utility, cellphone, insurance, residential rent and video streaming service payments directly into their Experian credit profile. By incorporating nontraditional credit data like paying utility bills on time, online banking transactions, rental payments and verified income data, more people can establish a credit profile that can potentially qualify them for a loan. More Inclusion, Fewer Myths It’s encouraging that community organizations and banks are beginning to see the economic and social benefits of aligning on financial literacy and inclusion. As more initiatives come online, underserved populations will be able to establish a better financial foundation. Then, we can declare the myths to be history.