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Today’s customer needs are ever-evolving and businesses both large and small are reshaping the customer journey at an unprecedented pace. Businesses are looking for solutions that are secure, easily scalable to meet emerging needs and changes in demand, and seamlessly upgrade to avoid getting stuck on outdated software. To enable organisations to keep up with the pace of change, Experian has developed a new set of cloud-based solutions designed for companies that seek to automate decisions across an increasingly complex customer journey. The new release includes both pre-configured solutions for organizations that prefer standard ‘out-of-the-box’ applications and highly configurable solutions for clients with sophisticated, decision-driven business processes. We want to offer more businesses access to Experian’s award-winning decisioning platform. Pre-configured SaaS solutions bring Experian’s rich data, analytics, decisioning capabilities, and expertise in credit risk to new markets, while we are able to continue to serve our largest enterprise clients with a full range of decisioning capabilities. With both options, businesses can benefit from the entire PowerCurve platform or select custom capabilities that address specific needs. PowerCurve solutions available on the cloud include: PowerCurve Customer Acquisition – an ‘out-of-the-box’ solution designed to help businesses quickly acquire high-value customers. PowerCurve Eligibility Check – an ‘out-of-the-box’ solution designed to help lenders automatically assess which prospects are the right fit for their credit products. PowerCurve Strategy Management – a highly customizable cloud-based solution that helps businesses drive higher performance with more insightful and dynamic decisions. PowerCurve Originations – a highly customizable cloud-based solution that helps businesses acquire more profitable customers through adaptive and targeted approaches. PowerCurve, which is used by 2,000 companies across the globe, is a platform to help businesses make analytically driven decisions and adopt the most effective decision management strategies across the entire Customer Life Cycle. Highly configurable PowerCurve solutions are available on the cloud in all regions and cloud-based; pre-configured solutions vary by market.  

In the midst of COVID-19, we’ve seen the digital transformation accelerate at a rapid pace—and it’s likely to continue in the months and years ahead. According to McKinsey & Company’s COVID-19 Consumer Pulse survey, most business types have seen more than 10 percent growth in their online customer base during the pandemic and many consumers plan to continue shopping online when store locations reopen. While the shift to digital began well before COVID-19, what does the sudden spike mean for marketers?   In short, it means digital campaigns have become mission critical—and subsequently, data has become more important than ever. People are more than just their interactions with your brand. They consume information and engage other brands from multiple devices and channels, resulting in hundreds of digital touchpoints. You need to use data to connect these touchpoints to better understand your audiences’ needs, inform your messaging, optimize digital campaigns, and most importantly, build and establish a human connection.   Businesses have troves and troves of data, but oftentimes struggle to generate insights. You need to find the right partner to help manage the data and unlock its potential. To help, Forrester recently released its Now Tech: Consumer Data Marketing Services, Q3 2020 report that provides an overview of 22 consumer data marketing providers that can help you leverage your first-party data and create a more comprehensive view of customers and prospects—Experian is proud to be included in the list.   Finding the right partner is important; you have to remember data is a privilege and you need a partner that can help you provide value to your customers—otherwise, trust can quickly erode. And without trust, data and your marketing campaigns become obsolete. Identify what matters most to you.   Do you need to enrich your current database? Build look-a-like audiences?  Do you need to connect digital and offline identities?  Do you need to activate your data?  With a strong foundation in data and identity resolution, Experian is committed to helping you learn more about your customers and help them navigate their unique circumstances. Experian's ConsumerViewSM database includes attributes on more than 300 million consumers and 126 million households, including demographic data, purchasing behavior, and lifestyle information. In addition, our MarketingConnectSM platform eliminates the need for disparate solutions and enables marketers to access and manage offline and online customer identity attributes, such as MAIDs and IPs.   Now, more than ever, consumers want to be heard. You need a data-driven strategy to meet that expectation. The right partner can help you expand what you already know about your customers and allow you to communicate with them effectively and address their most pressing needs.   Learn more about how Experian can help you maximize the potential of your data.  

In May 2020, Experian launched Sure Profile and became the first company with an offering to fight synthetic identity fraud that’s integrated into the credit profile with market-leading assurance. In fact, we are so confident in our solution that we’ll share in loan losses on assured profiles if we get it wrong, a first for the industry. Recently, International Data Corporation (IDC) highlighted Sure Profile in the report, IDC, Synthetic Identity Fraud Update: Effects of COVID-19 and a Potential Cure from Experian (doc #US46690220, July 2020) stating “IDC Financial Insights believes that Experian's Sure Profile has the potential to have market disrupting effects in the battle against SIF (synthetic identity fraud).” According to McKinsey, synthetic identity fraud is the fastest growing financial crime in the United States, accounting for 10% to 15% of lender losses each year. Synthetic identity fraud occurs when fraudsters combine real and fake information to create “Frankenstein IDs” which are then used to obtain credit or to add these identities as authorized users to existing credit accounts. Then, financial institutions report the identities to credit reporting agencies. A new record with the false information is created and subsequently, the synthetic identity can be used to generate other fake accounts. It is a significant problem that Juniper Research expects will lead to $48 billion in annual online payment fraud losses by 2023. IDC recommends that financial institutions consider Sure Profile when researching how to fight synthetic identity fraud. For institutions that use an analytical platform to detect synthetic identities, IDC suggests examining Sure Profile to see how it can supplement their models, or even replace them. "Synthetic identity fraud is a massive problem for banks, and I believe that the effects of COVID-19 will exacerbate the problem. However, at the same time, Experian launched a new offering that I believe will be a game changer for how banks attack the synthetic identity problem." — Steven D'Alfonso, research director, IDC Financial Insights Sure Profile validates identities, detects profiles that have an increased risk for synthetic identity fraud and helps cover resulting losses for assured profiles. Leveraging the capabilities of the Experian Ascend Identity Platform™, it uses data to drive advanced analytics, including newly developed machine learning models that predict the likelihood of synthetic identity behavior. Sure Profile provides lenders a simple approach to define and detect synthetic identities early in the originations process. To learn more, check out Experian's Sure Profile.

As financial uncertainty persists, you may find yourself turning to your credit cards to get through this challenging time. While credit cards can be a valuable financial tool when used wisely, they can also be a source of financial stress if you find yourself charging more than you’re able to pay back. Not managing your debt well can also affect your credit utilization, a term you’ve probably heard of but may not know much about. Simply put, credit utilization measures the amount of available credit you’re using on your credit cards. It’s a ratio of your outstanding balance to your overall credit limit. So, what does it mean for your credit score? Let’s unpack some myths and facts that may help you understand the importance of credit utilization, as well as ways to calculate and manage your utilization. Myths vs. Facts Myth: Credit utilization has no impact on your credit score if you pay your bills on time. Fact: In FICO’s most commonly used credit-scoring model, debt and credit utilization account for 30% of your overall score, second only to your payment history. This means the closer you are to your credit card limit, the lower your credit score might be. Aim to keep your utilization per credit card as low as possible to safeguard your score. As your utilization ratio approaches 30 percent of your limits, your scores will begin to decrease much more rapidly. People with the best scores generally have utilization of less than 10 percent, and you never want it to exceed 30%. Myth: If you max out a credit card, you should take out a new card to free up your overall credit limit and improve your utilization ratio. Fact: There are two types of credit utilization measurement: per-card and overall. Per-card utilization looks at your ratio of debt to credit limit on an individual card basis. Overall utilization takes your total utilization across all cards into account. Credit scoring models take both per-card and overall utilization into account, so having just one maxed out card could hurt your credit score. Opening a new account also introduces several aspects that may actually increase your risk. There is a new inquiry. A brand new account has been added to your credit report that you haven’t started to pay on, yet. And because scores require three to six months of activity before being included in score calculations, it’s not helping your scores. In fact, the risk associated with opening a new account may outweigh any potential benefit of reducing your utilization rate. Myth: Once you pay off a credit card, your credit score will improve. Fact: While your credit score could see improvements if you pay off a credit card, the impact may not be immediate. Your lender reports your account status about once a month, so it could be several weeks before your report is updated. Scores calculated after your report is updated will reflect the paid off amount. Depending on when you made a payment, it could take a full billing cycle before your credit report is updated and your credit score reflects those changes. Now that we’ve established the basics of credit utilization and how it can impact your score, consider how to keep it in check. Calculate your utilization The first step to getting your utilization rate in a good place is to determine your current utilization percentage. You can calculate your utilization rate by: Adding up the total balances on all credit cards Adding up the total credit limit across credit cards Dividing the total balance (from step 1) by the total credit limit (from step 2) Multiplying this number by 100 to see your credit utilization ratio as an easy-to-read percentage Manage your utilization Thirty percent utilization is not a goal or target. This is a common misconception about credit utilization. Thirty percent is a number you should strive to stay as far below as possible. It represents a mathematical limit at which your scores will begin to plummet. The lower your utilization rate, the better. Paying your balance in full is ideal, but that’s not always practical. As a general rule of thumb, aim to keep your utilization as low as possible to minimize its impact on your credit score. If you’re wondering how to lower your credit utilization ratio, consider the following strategies: Make multiple payments throughout the month. Instead of allowing the balance to accumulate, pay down your debt in increments throughout the month to ensure the amount on your billing statement doesn’t close in on your limit. Time your payments, and make sure you pay in full each month. Time your payments ahead of your statement closing date, so your most up-to-date credit utilization information is calculated into your score. It’s ideal to pay the balance due in full. If you can’t pay it in full, pay as much as you can to keep your utilization as low as possible. Keeping open credit accounts. Even if you don’t intend to use them much, closing accounts with zero balances can lower your overall credit utilization. You need to make a small purchase from time to time to show activity in the account, though. Accounts with no activity reported will be excluded from scores after a period of time. If you don’t use the card, it could still be on your credit report but not be helping your credit scores. If you’re concerned about making payments on time, connect with your lender to determine the best path forward. Check out my recent post on deferment and forbearance relief options for more information.

Experian is a proud member of the Better Identity Coalition, which is committed to working alongside policymakers to improve digital security, identity verification, privacy and convenience for everyone. Together, we’re seeking innovative ways to empower Americans to take control of their identities and conduct online business securely.   On September 11, 2020, a bipartisan group of House members led by Congressman Bill Foster, introduced the “Improving Digital Identity Act of 2020” to modernize and digitize our essential government identity infrastructure.  Through the Better Identity Coalition, Experian supports this bill and the steps it’s taking to help improve digital identity, security and privacy for Americans.    As a result of the impact of the COVID-19 pandemic, consumers and businesses have quickly adapted to doing nearly everything digitally, but most government-issued identity credentials, such as drivers’ licenses and passports, were not created to be verified online. The “Improving Digital Identity Act” creates a comprehensive approach across federal, state and local government to address critical shortcomings in identity tools that today make it easy for fraudsters to prey on Americans.  The bill creates a framework of standards that new identity solutions should follow to ensure privacy. The bill also allows for federal grants to be given to states to jumpstart modernization of the systems that provide driver’s licenses or other types of credentials to enable digital identity verification, in accordance with the NIST framework. It’s important that the bill gets passed to bring the United States up to speed on digital identity and help fix government-issued identity problems.  In addition to supporting bills like the “Improving Digital Identity Act of 2020,” Experian is working hard to develop new innovations to make digital commerce safer for consumers and businesses. Our most recent innovation, Sure Profile makes us the first company with an offering to fight synthetic identity fraud that’s integrated into the credit profile with market-leading assurance. In fact, we are so confident in our solution that we’ll share in loan losses on assured profiles if we get it wrong. Experian is also proud to be the only credit bureau in the initial rollout of the Social Security Administration’s new electronic Consent Based Social Security Verification service. Our inclusion ensures our clients have the tools to more easily detect online fraud while also better recognizing legitimate consumers.