Margin test

Every day at Experian, we are investing in new technologies, talented employees and innovation to help all of our clients maximize every opportunity we have to offer. We are honored the work performed under Eric Haller in our DataLabs received the San Diego Top Tech Awards of 2021. The awards honor technology executives who truly stand out by innovating. In 2010, Experian DataLabs was established to develop and drive creation of innovative products generated from breakthrough experimentation leveraging artificial intelligence, machine learning, advanced analytics and data assets from a variety of sources across Experian’s businesses in 37 countries. Eric originally pitched the idea of DataLabs and received funding for 8 people to begin the first lab in San Diego. Since then, Experian DataLabs has expanded its labs to London, Sao Paulo and Singapore. New products developed in the labs cover mobile, payments, consumer & commercial credit, fraud, targeted marketing & healthcare. During the last year and a half, Eric and his team continue to develop offerings and create new technologies to support the community. In May 2020, in conjunction with the company’s healthcare business, Experian DataLabs developed a free interactive heat map of geographic populations at-risk of being most susceptible to developing severe cases of COVID-19. The Experian COVID-19 Outlook and Response Evaluator (CORE) tool is guiding healthcare organizations and government agencies with planning for the “new normal” and COVID-19 recovery. In addition, Experian DataLabs develop other important initiatives such as the Covid Radar in Brazil to help people, small businesses and governments. Produced in collaboration with 50 organizations, including the United Nations, Amazon, SAP and the University of Sao Paulo, COVID Radar helps the coalition track where supplies are needed most. The coalition delivered tools, equipment, PPE and other supplies to Brazil’s most vulnerable zones. The second part of the initiative focused on aggregating and analyzing the data to create forecasting models that allowed researchers to track various key indicators that has helped dictate what officials should do with lockdowns and provide data around ICU beds and assess what the demand is. As part of Experian’s culture of innovation, Eric inspires his team to innovate due to his inclusive nature, openness, and willingness to listen to new ideas. The AI and revolutionary technology that Experian DataLabs is utilizing is enabling the company to continuously fuel new projects in its pipeline and turn ideas like the COVID Radar and the CORE heat map into a reality faster than ever before.

Today the UK Government’s Department for Culture, Media and Sport (DCMS) launched its consultation into the new data strategy for the UK. The consultation lays out an ambitious approach to protect consumers and deliver positive change in the UK. We welcome the announcement and share its vision for a thriving, innovative digital Britain, one where people feel confident that their data is looked after and know that their privacy is protected. We’ve always believed that data has the power to help improve lives, businesses and economies both in the UK and around the world. Over the last 18 months data-driven services have helped people manage their money during unprecedented economic and financial uncertainties; helped small businesses connect with their customers; and supported charities, the NHS and local Government in deploying resources and support to those who need it the most. Now, data can help rebuild the economy, nurture the green shoots of future success, help people take control of their financial lives, and position the UK as a global leader in consumer protection and technological innovation. We look forward to engaging with the consultation process, and working with stakeholders across the ecosystem to help shape that future vision. You can find the full consultation document here and this morning’s press announcement from the Government here.  

We believe every individual deserves the opportunity to reach their fullest financial potential through fair and affordable access to credit. While leveraging data, analytics and technology are key components of this, we must also ensure consumers understand how credit works and the ways it can be used as a financial tool throughout their lifetimes. This notion is the impetus behind our annual State of Credit report. Now in its twelfth year, this report takes a close look at how consumers are managing their credit histories to educate them about the factors influencing their financial health. This year’s report shows the average credit score has climbed to 695 – the highest point in more than 13 years. Many consumers were managing credit well before the pandemic’s arrival and the accommodations afforded by the Coronavirus Aid, Relief and Economic Security (CARES) Act may have helped consumers protect their financial health. At the same time, stay-at-home orders and record savings levels may have contributed to fewer missed payments, lower credit utilization rates and lower debt. While these findings are positive, we recognize they do not tell the full story. There are tens of millions of consumers who lack fair access to credit because of a limited credit history. Low-income consumers and communities of color are disproportionately credit invisible, preventing them from obtaining low-cost, traditional financial services. There is significantly more work to do to ensure all consumers have fair access to credit. We are committed to working with lenders, regulators, businesses, consumers and partners to eliminate credit invisibility and improve financial equity and access. Our meaningful partnership with Operation HOPE, the largest financial literacy nonprofit in the U.S., is one example of this commitment brought to life. Operation HOPE has goals that align with ours: to uplift disenfranchised youth and adults from poverty to thriving in a credit ecosystem. Together with Operation Hope, we are making a tangible difference in financial inclusion by helping consumers raise their credit scores through financial coaching, education and tools like Experian Boost. As part of this year’s State of Credit report, we also helped introduce Operation HOPE’s new HOPE Financial Wellness Index. This new tool will be a valuable resource for the Hope Research Institute who plans to leverage it to identify the communities most in need of financial literacy programs. “While consumers on average are managing their credit histories well, we know there are many communities in critical need of more financial education and resources,” said John Hope Bryant, Operation HOPE founder and CEO. “By helping people raise their credit scores, we are empowering them to take advantage of one of our nation’s most democratic tools. From housing and employment to healthcare and education, credit worthiness can be leveraged to improve our overall quality of life. We’re committed to using the HOPE Financial Wellness Index as a force for good in the communities we serve.” Through our investments in expanded data, technology, advanced analytics and new innovations, we will continue to help lenders identify consumers who are excluded from the credit ecosystem, but who can fulfill their financial obligations and pay responsibly. At the same time, we will continue to take strides that empower consumers to take control of their financial lives. For additional free educational resources and more information about this year’s State of Credit report, I encourage you to visit the links below. State of Credit report findings: https://www.experian.com/blogs/insights/2021/09/state-of-credit-2021 Join Experian’s weekly #CreditChat hosted by @Experian on Twitter with financial experts every Wednesday. Bilingual and Spanish speakers are also invited to join Experian’s monthly #ChatDeCrédito hosted on Twitter at 3 p.m. Eastern time beginning September 16. The Ask Experian blog includes answers to common questions, advice and education about credit Positive telecom, utility and streaming service payments can be added to your Experian credit report by visiting experian.com/boost Additional resources available at https://www.experian.com/consumereducation

The summer months in Italy often provide us with a short time to take a break and recharge our batteries as we head into the second half of Experian’s financial year. Yet, there is still the opportunity to move important projects further forward. In July, Chief Operating Officer of Experian EMEA Marco Benvenuto announced we had agreed to partnerships with two non-profit organisations as part of our United for Financial Health programme. MircoLab and AMS both have goals that align with ours in working to reduce financial exclusion. Today, I can provide you with more details about our partnership and how we will help groups of people who find it hard to access fair and affordable credit because they lack relevant financial data. These credit “invisibles” can often come from vulnerable groups such as NEETs (Not in Employment, Education or Training), foreign caregivers and female victims of violence. The Covid-19 pandemic has been a challenge for us all, not least the people in these groups. Working with our partners, the IncludiMi initiative aims to create a new credit assessment based on data that can contribute to a more inclusive measure once analysed. We will also strengthen the skills of the people involved by offering financial education and mentoring them to become economically independent. At the heart of the new programme is the planned IncludiMi app, which will allow credit “invisibles”, including the unbanked, to have their financial health estimated by reviewing non-traditional data. People will use the app to create and understand their personal and family’s budgets while following tips and suggestions from the financial education sessions led by experts at our partners. We are excited about the potential this partnership – and the United for Financial Health programme overall – has to improve the lives of so many people by tackling financial exclusion. I look forward to providing you with further updates on our progress in the coming months.

When it comes to access to credit, we know that it’s not equal. There are barriers some consumers face, and that negatively affects how they can spend, save and borrow money. We have a responsibility to find and facilitate solutions. Financial inclusion is a core commitment for us. That’s why we are excited to launch a first-of-its-kind program called Inclusion Forward – Experian Empowering Opportunities™. This initiative harnesses Experian’s data, analytics and technology that can help clients create and provide more affordable credit access. Additionally, Inclusion Forward™ will provide ongoing resources to help consumers better understand their credit health, particularly in diverse communities. Inclusion Forward™ will focus on three key areas: homeownership, small business entrepreneurship and financial education. It can help companies achieve their diversity, equity and inclusion goals, but most importantly, it will help consumers achieve their life goals. Closing the wealth gap is key in racial equity efforts. By unlocking the power of Experian data, clients can better understand the financial challenges consumers from diverse backgrounds may face. This can lead to creating solutions and education for all consumers. We look forward to sharing more about Inclusion Forward™ and how this program is making a difference in underserved communities. To learn more about Experian’s commitment to diversity and inclusion, click here.