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We recently wrapped up a special community outreach effort during Financial Literacy Month that reflects something important to Experian – helping consumers, especially underserved populations, understand credit and how to harness it to their benefit. It’s important to rally around a cause like this at peak times throughout the year, but financial literacy and, more importantly, financial power for all is what drives us every day, every month and every year. Empowering consumers is the fuel behind our innovation and the portfolio of credit tools we have developed in the past few years and those to come. While there are different viewpoints around the use of credit scores to assess consumers’ credit-worthiness, credit bureau data remains the most effective means for understanding a consumer’s financial situation. This is why we continually innovate to find new ways of utilizing that data to give consumers more control and allow lenders to see well-rounded consumer profiles. Our charter led to the launch of the first-of-its-kind tool, Experian Boost. By allowing consumers the ability to directly add positive payment history for recurring utility and telecom bills – even video streaming services – to their Experian credit report, they can take a proactive step to improve their credit score and gain more control. While lenders benefit by seeing additional data about consumers that considers positive behavior for paying these types of recurring bills that hasn’t been factored in the past. It’s a win-win situation, and we’ve seen the positive results. To date, Experian Boost users have gained access to more than 1.7 billion total dollars in credit as a result of improving their credit scores, while 1 million consumers added a credit card in the first year after the launch. Also, nearly 250,000 consumers acquired an auto loan and some consumers earned a credit score for the first time. For those who had thin files and weren’t able to enter the credit ecosystem before, obtaining a credit score for the first time and learning how to improve it can be life changing. Our mission is to drive financial inclusion and facilitate access to fair and affordable credit for consumers; that objective is not just on our minds during one particular month out of the year. Experian Boost was a lengthy initiative in the making, and we believe one big step in the right direction to achieve our objective. It won’t stop there. I’m looking forward to more innovation to come that continues to assist consumers in gaining more credit knowledge and control over their credit in order to reach their financial goals.

In many countries around the world June 1st marks the beginning of Pride Month. This annual celebration of the LGBTQ+ community is a time to reflect on the progress that has been made and the work there is still to do for LGBTQ+ equality around the world.   As well as being a time of celebration, Pride Month offers a chance for us to get to know each other better. It is a time to think about how we create a truly inclusive workplace for everyone, regardless of sexual orientation, gender identity or gender expression.   Everyone should feel safe, included and respected at work. It is up to all of us to create the right environment for LGBTQ+ colleagues to prosper and thrive, and we’re proud to work closely with partners like Stonewall and Out & Equal to help us achieve that goal.  Around the world, Experian stands for diversity, for equity and inclusion. We support and welcome our LGBTQ+ colleagues, and we are proud to celebrate with you today and every day. 

This morning, we announced our year-end earnings. Once again, we have demonstrated our resilience in the most difficult of circumstances. With this set of results, I am pleased to report that Experian has now grown through two major global economic downturns. None of this would have been possible without the incredible hard work and commitment of everyone in the company. The coronavirus pandemic is the gravest crisis faced by the world for a generation. From the beginning, Experian moved quickly to make our data insights available to governments, health services, communities, businesses and charities around the world. We also worked rapidly with lenders and governments to support financial accommodation programmes. This has proven to be crucial in making sure financial assistance reached those who needed it, helping people to manage their financial health and ensuring that our economies kept moving through these turbulent times. Looking ahead to the next financial year, our vision for Experian is to continue to bring the benefits of our world class data and analytics capabilities directly to consumers and wider society. Data-led decision making, and technology have been critical in helping humanity to take on the biggest challenge in a generation. It will be a crucial driver of the global economic recovery, helping us all to bounce back stronger and providing the foundations to flourish in the years ahead. I am tremendously proud of our employees around the world. Our people’s professional and personal responses to the pandemic, and the results we have delivered, have been remarkable. We have worked from our kitchen tables, while home-schooling our children, and caring for our family members. We have pulled together and gone above and beyond during one of the most turbulent times in a generation. There can be no greater testament to the character and the strength of our team. I think it’s no overstatement to say that we have delivered one of our most remarkable performances ever. We have made important strategic progress. We have pressed ahead with new product innovation, with our technology transformation, and we have extended our presence across many new markets and segments. As we enter our next year, we do so with strong foundations for further growth and the uplifting confidence that even through the most challenging of times, we can and will continue to create a better tomorrow for everyone.

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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.