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People’s engagement with financial information and their understanding of how organisations use it to make decisions about the products and services they can access has been growing for many years.    Experian has played a role in this journey. We were the first to allow people to view their credit report at any time and see their Experian Credit Score with the launch of CreditExpert in September 2003. It has allowed people to view their own information through a lender’s eyes, so they can understand how to improve their situation.   We’re excited to announce the next huge leap forward – the launch of Experian Boost in the UK.    Now for the very first time, people can instantly increase their credit score to help them access more financial products and services at better rates.  Experian Boost is a free service which allows people to use a secure Open Banking platform to share their everyday transactions – from council tax to digital entertainment subscriptions, such as Netflix and Spotify. These payments have never been factored into a credit score before, so adding them should broaden access to financial services.  Our analysis shows that more than 50% of people will see their credit score increase from using Experian Boost. But, crucially, the service will not make people’s score go down when they sign up to Boost.   People are also in total control of their data. If they wish, they can withdraw their information with a few clicks, and they are still free to re-join at any time. But by keeping Boost activated on their Experian account they can build a stronger payment history which could help them get their credit card, loan or mortgage they want.  We’re confident this is going to be a significant moment in how people represent their financial profile to organisations. Five million people have signed up for Boost in the US since it launched last year, with three million of those seeing their score increase.  At Experian, we strive to put people in control of their financial data and the launch of Boost is entirely in line with this goal.   Now it’s over to you – give your credit score a Boost.

October marked Black History Month (UK) – a celebration of the culture, heritage and achievements of Black people past and present. Although we weren’t able to celebrate in person this year, our Black at Experian employee network were still able to serve up an incredible range of inspiring webinars, videos, articles and podcasts covering topics discussing Black British culture, ways to discuss race and racism with our children, as well as the importance of being an ally. This exciting schedule of activities has been the perfect opportunity to learn more and many of us were personally touched by the stories of our Black colleagues who have openly and courageously shared their thoughts and experiences with us all. But as Black History Month comes to an end for another year, it’s essential that our support doesn’t stop here. As an organisation, we are committed to promoting equality and diversity for all. And our Black at Experian network has already been instrumental in helping us understand how we can improve in some of these areas. Part of this includes signing the Business in the Community (BITC) ‘Race at Work Charter’. By working alongside BITC, as well as our other employee networks, it’s helping us create initiatives that will continue to drive positive change and inclusion for all. We are committed more than ever to leverage our differences as individuals and use this broad range of talents to develop our competitive advantage as a business. We’ve made good progress in a short space of time, but this is just the beginning. We are looking forward to continuing this important journey in building a workplace that embraces a more diverse and inclusive culture.

02 November 2020 is a day we’re really proud of at Experian – our Danish Credit Bureau turns 150 years old!    As we prepared to celebrate this milestone with our people, our customers and all our wider stakeholders, we delved into our archives.  We found extraordinary pieces of our history that still resonate with us, with how we do business, today.  On this historic day, it’s my pleasure to share some of these here.   In 1783, a Danish merchant wrote a polite request to a potential customer who was asking for credit to provide information about their circumstances rather than their “Happiness and Piousness”.  It’s the earliest example we have of a credit check.  Businesses still need that information today, and it’s a demand Experian helps meet globally every day.     Købmandstandens Oplysningsbureau, or KOB, is a name that still appears on Experian products.  Evidence of not only offering data and information services that meet businesses and consumers’ needs, but being a trusted provider of accurate data and information.  We continue to publish a quarterly analysis of start-ups across industries in the Nordics, which started when we first printed a solvency book in 1930.    In 1928, KOB had a woman on its Board of Directors.  Mrs M C Gazette served alongside three men, and during her tenure created the Gazette Fund, a hardship fund to which employees could apply in times of need.  The fund ran until 2016, when it moved to a different structure for fiscal reasons.    In 1938, the German Information Agencies demanded the names of Danish businessmen of Jewish descent be given to them.  We uncovered a news article from 1945 showing our Chairman rejected this demand, safeguarding the trust those consumers placed in our business, and morally doing the right thing.    Both actions by former Board members exemplify principles we continue to hold dear at Experian today.  Operating in the Experian way, we safeguard the information we hold, we embrace diversity, are inclusive, and strive to ensure all our people feel free to bring their whole and unique self to work at our Company, contributing to our high performance culture.  What is clear from these examples and others in this celebratory digital storybook published today, is data has been at the heart of all we do for 150 years, and it will continue to be in future.  From the early days, when we helped Danish businesses assess creditworthiness of their customers, through to today, we’re still empowering businesses and consumers to manage their data with confidence.    We’re grateful for the many years our customers have trusted us to provide them with data and insights that help their businesses to thrive.    We’re proud of our employees in the past, and those we have with us today.  As a team, we work daily to value each other, safeguard our future and delight our customers.     It has been an exciting journey, and we have only just begun. We are investing in the future, through new technology, talented people and innovative solutions that power opportunities that create a better tomorrow for our employees, our customers, consumers and the communities in which we operate.   We’re celebrating today, and we’re excited about the opportunities ahead of us too.   

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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.