At A Glance
At a Glance When an unknown printer took a galley of type and scrambled it to make a type 2ince the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release ince the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the releaseince the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the releaseince the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the releaseince the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release
At Experian we believe that data is good. Good for our economy, good for consumers and good for society. Analytics and technology designed to help marketers put their data to use and become truly customer-centric is just one example of using data as a force for good. The following column was written by Emad Georgy, senior vice president of development and global head of development at Experian Marketing Services, as part of a “Data-Driven Thinking” series for AdExchanger. Emad explores the topic of customer-centric marketing, and raises the question: “What does a marketing ecosystem look like when we focus on the customer and work backward from there? It’s not about the cloud; it’s about the customer.” In the age of the half-read article, far too few have taken the time to understand deeply what big data can do for their business. The focus has been more on the medium, with more talk about channels, clouds and the data than about the customers themselves. This begs the question: What does a marketing ecosystem look like when we focus on the customer and work backward from there? It’s not about the cloud; it’s about the customer. Looking for big answers in the channel and the technology is important, but focusing on the “how” of big data can obscure the reasons for why we use the data. It’s as if some are staring at a large explosion of data and wondering, “What can I do with this data? How can it benefit my business?” This is backward at best. With more data in our marketing ecosystem, the complexities of mining and predicting have increased exponentially. More marketing communities are investing in data scientists as a result. But there’s something out there bigger than big data: the big questions we want answered and the answers themselves. Now we need to identify the big questions and answers that can come out of this big data boom. One of the keys to answering the right big questions: predictive analytics. Predictive models and tools are easier and more accessible than ever, with the ability to put big data insights into an automated, future-finding realm that is becoming more open by the day. This accessibility enables professionals in every industry to answer in mere minutes questions that would have once required many years and millions of dollars. The Right Questions Before we identify what the right questions are, it’s important to understand what the right questions are not. Marketers often view predictive analytics as the solution to their budget optimization decisions. Sure, CMOs are under increased pressure to predict future spending and adjust channel budgeting accordingly. Real-time predictive analytics allows them to do this without waiting for end-of-the-month reporting. This is an important decision, and analytics can help. But marketers need to go beyond the budgeting mindset to consider the customer’s role in analytics. Customers offer up so many other data points as they engage with a brand, and marketers are responsible for using that information to improve the customer’s day-to-day experience. So what are the right questions? Here are a few. Who is my best customer segment? Keep in mind that this is a transient answer and can change in real time. Who is showing signs and/or probabilities that they are going to become my next best customer segment? Which cross-channel consumer experiences are resonating, and when and where? Which customers are showing behaviors that may predict a lack of engagement or declining engagement? By asking the right questions, marketers can move beyond the marketing mix budget question. Predictive analytics can offer insight into what types of consumer segments are resonating in which channels, at which times of day, for which products and at which point in a path to purchase. It can give insight into things that are about to happen – when a customer is about to fit your “best customer profile,” or perhaps the warning signs to predict when a customer is about to terminate the relationship. Real-time capabilities to understand and optimize buyer personas, to deliver contextually relevant messages to individuals, not demographics, are just some of the ways we can leverage these capabilities. Building intelligent, mutually beneficial interactions for individual customers requires knowing these signals. Avoid The Snapshot Predictive analytics is so important for optimizing the customer experience because a customer’s experience – whether it’s preferences, behavior or desired conversations – can change every second. Models that are used to inform the marketing experience can’t be built from static variables, but rather must learn and adjust in real time. When the insights are made predictive and are constantly attuned accordingly, a critical shift is made: Customers, not marketing technologies, are driving the intelligence. And that’s the crux of the crossroads we face. We’ve focused for so long on the how of analytics that we’ve forgotten the human side. The algorithms and technology we’ve built are impressive and incredibly useful, but predictive analytics can’t be entirely machine-run. There’s a human element that must coexist and we must recognize that behind the data are real, irrational humans with constantly changing and sometimes unpredictable stories. We mustn’t let our obsession with the “how” of data get in the way of the “why” we care. That is what customers want: seamless, integrated experiences that are contextually relevant to their wants and needs. Follow Experian Marketing Services (@ExperianMkt) and AdExchanger (@adexchanger) on Twitter.
Today Experian Vision 2015 conference kicked off to great start with a full house here to learn the latest about how data and analytics can transform the way we do business today, drive growth and solve some of our biggest business challenges. Craig Boundy, former CEO of Experian North America challenged the audience to think big over the next two days and beyond. Without question, big data is a huge driver in today’s economy. How can companies operating in today’s data driven world acknowledge the power of data and also embrace the power of data as a force for good. A panel of business leaders from Experian then took the stage to address a range of questions about topics common and critical to successfully grow business, find opportunities and solve problems. The topics addressed:preventing fraud, reaching unbanked and underbanked consumers and the importance of quality data. The more than 80 breakout sessions presented by Experian experts and industry luminaries drilled deeper into these topics. A highlight for all attendees was the keynote from Dr. Madeleine K. Albright, Former U.S. Secretary of State and chair of the Albright Stonebridge Group and Albright Capital Management. Dr. Albright highlighted her years of international diplomacy and business experience. In her comments, she stated that it is the private sector who truly have an important role to play in embracing technology and data. “It’s the private sector’s know-how, innovation and job creation that invigorates communities and countries. Globally, private sector investment overwhelmingly exceeds foreign aid, which many Americans would be surprised to learn is less than 1% of the federal budget. And needless to say, the financial services sector, which many of you represent, does have an indispensible role. I’ve often said, that for many countries the key to development is not discovering oil or gold; it's having financial institutions that are accessible, accountable and available in the right places at the right time.” To learn more about Experian’s Vision 2015 Conference click here. Be sure to follow us on Twitter at @ExperianVision and our LinkedIn Community for instant conference updates.
At the start of the Vision 2015 Conference, Experian® announced a new dedicated enterprise Fraud and ID business in North America. This newly established business unit allows Experian, the leading global information services company, to more aggressively address the growing variety of fraud risk and identity management challenges businesses, financial institutions and government agencies face. "The rapid progression of wide-scale fraud and data breaches have led to a significant increase in identity theft related risk, and potential fraud losses on a larger scale than ever anticipated," said Charles Chung, president of Decision Analytics, Experian North America. "For nearly two decades, we have been helping clients solve the difficult and ever-changing problems of fraud detection and identity management. Our core expertise was further enhanced by the recent acquisition of 41st Parameter which added device identification as another important layer of sophistication to our suite of fraud detection tools. Now the creation of a new fraud business unit brings all components of our Fraud and ID services together to better serve all markets through our innovative authentication techniques, advanced analytics and Big Data insights." Having one comprehensive operation allows Experian to deliver greater value across its various addressable markets through customized approaches that balance privacy, security and compliance requirements with client reputation, customer experience, convenience and efficiency. The integration brings together a wide set of enterprise services ranging from identity and device risk assessment and anti–money laundering to consumer identity monitoring and alerts, letting Experian continue to proactively meet client needs surrounding the complex risks they face. Dr. Jon Jones has been appointed to lead the new business unit as senior vice president and general manager of Fraud and ID for Experian North America. "Data security and fraud management affect many industries as identity data has become so compromised that authenticating consumers through traditional means is not enough to safeguard against fraud. Modern fraud risks now absolutely require Big Data assets and the proven ability to derive predictive analytical capabilities to meet these challenges," said Jones. "Today, online and mobile commerce, and customer demands for convenience and speed are intersecting with the increasing sophistication of criminal fraud networks. Experian's new integrated fraud business delivers next-generation holistic fraud management services, leveraging our vast data landscape to identify customers' risk for fraud even when no threat has been detected to stay ahead of the growing market demands." Accounting for the real risk of identity compromise over time continues with the launch of Experian's Identity Element NetworkSM which identifies real-time fraud volume and velocity linkages across multiple industries to predict when consumers are showing risk of identity compromise. Experian monitors and predicts when seemingly random identity element linkages become meaningful risk clusters, including: When an identity likely has been compromised When an identity is victim of a data breach When a transaction is part of an identity theft scheme, particularly an account takeover When consumers' identities are exhibiting identity theft, visible by monitoring a broad portfolio of breached or compromised consumers "Cybercriminals continue to rapidly escalate their assault on sensitive data across a variety of industries, with no end in sight," said Julie Conroy, research director at Aite Group. "This requires fraud prevention capabilities to undergo a similar rapid evolution, with a new, more advanced approach to identity management sitting squarely in the middle of risk mitigation. Simple personally identifiable information is no longer enough to verify identity; the next wave of fraud and cybersecurity services needs to employ robust data and advanced analytical capabilities in order to make faster and more informed identity decisions." Experian's Identity Element Network service can be utilized through its flagship fraud enterprise platform, Precise ID®, using its data assets and analytics alongside 41st Parameter's FraudNet to deliver a comprehensive view of the Customer Life Cycle of traditional identity, device confidence and risk assessment. Learn more about Experian's Big Data fraud service for breach identity compromise detection for your business.
Experian is all about turning insights into action… using data for good. Our commitment is to work with our clients, consumers, non-profits and other parties to help ensure that we, as a company and within society, continue to properly leverage big data for good. As part of that effort, every other week we bring you Experian Insights – a round-up of news and resources highlighting how data is used for positive business, consumer and societal actions in many ways and across multiple sectors. Experian Insights in the News Data Scientists In Demand: Experian DataLab’s Eric Haller Weighs In – Dataversity Bloomberg BNA story highlights Experian's innovative approach of using social media as a form of data – Bloomberg BNA How to land a high-paying data science job (even if you have the wrong background) – Inc. The Effects of Dirty Email Data – Direct Marketing News Putting big data to work for good causes – The Hub Experian recognized as a finalist for Cloudera’s 2015 Data Impact awards – Experian News blog The science behind Big Data – Analytic Bridge The science behind Big Data – Inside Big Data Experian's data-first marketing suite – The Hub Data is today's MarTech purchase driver – Direct Marketing News How Experian is using Big Data -Information Management How Experian is using Big Data – Data Science Central Smart cities of the future – The Hill Q&A: Improving decision-making and increasing value using Big Data analytics – Financier Worldwide Magazine Overcome these three common data barriers for mobile marketing success – iMedia Connection Still drowning in Big Data, and starving for insights – Inc. Big Data: The force that's good for consumers and society – Experian News blog Why a single customer view is the foundation for marketing success – eMC New O.C. program helps homeless people fix their credit – The Orange County Register Focus on customers, not technology – Adexchanger Device intelligence and Big Data linkage: guarding consumer access points from the fraudsters – Black Swan Small business, job creation, and why we should lend to young companies – Forbes Using data to manage the cost of healthcare – Experian News blog What’s Bigger than Big Data – AdExchanger “It’s not about the cloud; it’s about the customer” Emad Georgy of Experian Marketing Services [Retweet] Mobile Payments: Innovative, but with Security Concerns – Mobile Payments Today The Data Breach Resolution group releases study about payment card breaches addressing concerns over new payment technologies & security. [Retweet] Everything You Need to Know to Protect Yourself from Identity Theft – His and Her Money Whether you want to learn how to prevent identity theft from happening to you, or you want to learn what steps to take if it happens to you, take a listen. [Retweet] Dealers Might Not See Much Green with Alternative Vehicles – Auto Remarketing Insight into the different segments of the vehicle market allows consumers to paint a clearer picture of what options are most popular. [Retweet] Experian Credit Tracker for iOS: Handsome, Intuitive, Secure- Mac Observer Experian puts your credit data at your fingertips with its new app. [Retweet] What is a Data Scientist? #DataTalk To be a a data scientist (at least a good one), you need to follow the data. – Dr. Michael Wu [Retweet]
Do you know the requirements of Fair Credit Reporting Act (FCRA) section 623? How accurate is your data? How do you know? These are the questions data furnishers should be asking themselves as they start thinking about how to meet their regulatory obligations related to data accuracy. Minimizing regulatory risk and exposure is certainly top of mind for anyone that is engaged in the credit eco-system – the lender, the credit bureau, the consumer. While heavy fines and penalties can take a toll on an organization’s checkbook, the reputational impact to the company’s brand and customer experience can have a lingering, and often worsening, effect. It’s important to think about the consequences of inaccurate credit data from the consumer perspective; inaccuracies can have an impact on a consumer getting a job, buying his or her first home, or getting a low interest rate. Experian® understands the value of an accurate credit report. We have the ability to help data furnishers not only understand regulatory requirements, but help to drive a positive experience for the consumer through Experian Data Integrity ServicesSM. Hear more about our products and services that provide robust data-quality analysis. What do the FCRA furnisher rules really mean? Why does it matter? The Fair Credit Reporting Act (FCRA) section 623 mandates that when providing consumer credit information to the credit bureaus, data furnishers (regardless of size) must ensure accuracy and completeness. Without this, financial institutions will experience more regulatory pressure, higher dispute volumes and unhappy customers. While ensuring data accuracy and completeness may seem like a very broad mandate that can be a bit overwhelming, Experian can help. The first step to compliance is to understanding what the rules mean and the reasons behind them. During our Vision 2015 session, Experian will break down section 623 of the FCRA and describe the specific obligations of data furnishers related to sending accurate data to the credit bureaus, correcting errors, and what it means to investigate and understand disputes. See Experian Data Integrity Services in action during a live demo of our dashboard which provides financial institutions with a deeper understanding of their disputes and how they compare to their peers and the industry. Not only has the FCRA set requirements on dispute investigation and response, but the Consumer Financial Protection Bureau (CFPB) also is paying close attention. Recent announcements indicate that the CFPB wants more information about the credit eco-system to gain more data about consumer disputes. At Experian we understand the complexities that exist with a dispute and partner with financial institutions and regulatory agencies to shed more light on why a consumer disputes data on their credit report and how together we can resolve the issues and improve the customer experience. Join this Vision 2015 session to hear about Experian’s National Credit Assistance Center (NCAC) and how the team assists consumers with disputes and dedicated fraud assistance. Our agents had conversations with consumers more than 2.5 million times last year. The NCAC’s highly skilled and knowledgeable agents know that their role goes beyond processing disputes — it has been proven that educated consumers are more creditworthy and have higher credit scores than those without credit education. For that reason, for many years our center has employed a Stop the Clock philosophy where agent performance is measured on how well he or she assists a consumer and not how long a call takes. Our agents understand that calling a credit bureau can be intimidating so they deliver red carpet service,—making sure the consumer understands the process and walks them through any concerns and questions they have about their credit report. When it comes to data accuracy, the NCAC management team has more than 100 years combined of credit bureau experience and is dedicated to working in partnership with data furnishers in data accuracy and dispute processing initiatives. They routinely work with data furnishers on issues such as training, processes and procedures and offer consultative expertise. Hear more about how the NCAC makes a difference for Experian’s clients and for their customers. Remember… Data accuracy is more important the ever. Get a copy of the FCRA booklet, read about data-furnisher obligations, and start testing and sampling data right away. Learn more about how Experian Data Integrity Services can help validate data accuracy and provide insight into disputes. Consider visiting the NCAC to see firsthand how the Experian team assists with disputes, truly “stops the clock,” and goes above and beyond for our clients’ customers.
The following article is a guest post from Laura Levine, president and CEO of the Jump$tart Coalition for Personal Financial Literacy® As we wrap up another Financial Literacy Month, it’s fun to look back at how far we’ve come; important to look forward at how much further we have to go; and compelling to look closely at how we’re making a difference. A decade and a half ago, the National Endowment for Financial Education established “Financial Literacy for Youth Day” in conjunction with its High School Financial Planning Program. Recognizing the groundswell of support beginning to build for financial literacy, NEFE turned the idea over to Jump$tart to promote April among its national partners first as “Financial Literacy for Youth Month” and later as simply “Financial Literacy Month.” Congress recognized it officially with a resolution in 2003 and more recently, the month has also been recognized as “National Financial Capability Month.” By any name, it’s been gratifying to see individuals and organizations across the country, united as we’ve raised awareness on the importance of financial literacy or capability, and the need for more and better financial education. It’s been particularly encouraging to see the renewed focus on financial literacy for young people. President Obama’s current advisory council is officially the President’s Advisory Council on Financial Capability for Young Americans. Other prominent entities, including the 22-agency Financial Literacy and Education Commission and the national Jump$tart Coalition for Personal Financial Literacy; have placed heavy emphasis on financial literacy for youth. Experian was at the table as Jump$tart was forming—two decades ago—on the notion that we should educate young people about money before they start making independent financial decisions as adult consumers and are sometimes required to learn by trial and costly error. And while many experts agree that the best financial education starts at home, there is also widespread recognition that not all families can or will provide their own children with a sufficient introduction to money management and that we must all work together to help provide financial education to students in school, after school, at home and in their communities. In the early days of Jump$tart and the concerted financial literacy movement, much of our energy focused on what students needed to know about money and what skills they needed to develop. Consequently, we saw a rush to develop new programs and materials and assess how much students actually knew. We found it wasn’t much. We had our work cut out for us; but we knew we had started down the right path. At the dawn of the 21st Century, innovators sought ways to utilize technology as a means of delivering financial education to more students and adults alike—to deliver it faster; more efficiently. We watched as technology made financial education more interactive, more engaging, and, presumably, more effective. Financial education was getting better and we were reaching more students; but still, there was much to be done. In recent years, Jump$tart turned a good deal of its attention to the support of classroom educators—the talented and dedicated teachers who bring personal finance to life in their classrooms every day—because isn’t it an effective teacher who does more than impart knowledge and know-how? Isn’t it an effective teacher who has the opportunity and ability to affect young lives? That’s what Jump$tart believes. It’s what I believe, personally. Fortunately for us, it’s what our friend Maxine Sweet believes too, and in 2009, she not only prompted Experian to provide us with a generous grant; but also, helped to inspire the first national conference dedicated to the teaching of personal finance in K-12 classrooms. The Jump$tart National Educator Conference, now in its seventh year, has introduced personal finance teachers from every state in the country to new approaches and information, a variety of resources, and each other—effectively giving every finance teacher, who may be the only one at his or her school, a nationwide network of colleagues. Teachers who attended our most recent conference reported that, collectively, they would teach 38,654 students this year alone. Since most will go on to teach for years to come and since new teachers attend our conference every year; the impact will be exponential. Just this April, we were so pleased to have had the opportunity to recognize Maxine Sweet, recently retired as the vice president of consumer education for Experian, with our William E. Odom Visionary Leadership Award. The award recognized her unique contributions to financial education, as well as to consumer education in her role with Experian. With support from, and working alongside, Experian and many other partners from business, finance, education, academia, government, non-profits, and other sectors, Jump$tart will continue to promote top quality financial education resources, effective programs and techniques, and support for classroom teachers and other educators—including parents and caregivers. Sometimes, when our critics question why we haven’t fixed our nation’s financial literacy problems yet, I’ve heard advocates remind them that financial education, like all education, is much more a marathon than a sprint. But I don’t see it as a race at all, as even a marathon has a finish line. I think financial education deserves a permanent role in the upbringing of young consumers. Even as we work diligently to expand, improve, and evolve the way we conduct this education, we’ll never really be done; because every spring there’s a new class of graduates and every fall, there’s a new class of preschoolers.
In the wake of some of the largest data breaches in history, which were specifically payment card breaches, we thought it would be insightful to take a closer look at how companies are dealing with the aftermath. We are proud to partner with the Ponemon Institute, a premier research think tank, to release the first industry study that closely examines payment technologies and the growing threat of data breaches. The study, “Data Security in the Evolving Payments Ecosystem,” asked professionals to weigh in on several topics including who should be responsible for securing payment systems and how effective their organizations is in preparing for and responding to a payment card breach. New technologies bring consumer convenience and increased security concerns Executives are feeling the challenges of keeping up with the security of emerging systems. While most executives support implementation of EMV chip and PIN technology, for example, with 59 percent of survey respondents indicating it is an important part of their organization’s payment strategy, they do not feel it is the security silver bullet. Barely more than half of respondents (53 percent) believe EMV cards will decrease the risk of a data breach. However, companies are pressured to integrate new systems acknowledging consumer convenience and preferences. More than half accept that risk (53 percent) and noted that, for their company, customer convenience is more important than security. Reality has set in The recent high profile data breaches have had a profound effect on business and they now realize how devastating a breach can be on company reputation and loss of revenue. In fact, a majority of survey respondents (69 percent) are most concerned about loss of customer loyalty after a data breach and fraudulent charges on customers’ payment cards (55 percent). In looking inward, they also do not feel their company is effective in responding to payment card breaches (35 percent). On the right track It seems not a day goes by without the media reporting on a data breach. This has had an effect as 69 percent of survey respondents said media coverage of payment breaches over the past year caused their organizations to re-evaluate and prioritize security. It’s encouraging to see that this is leading to action; companies are seeing increased attention from the c-suite, with 67 percent of survey respondents saying their executives are more supportive of enhanced security measures to protect payment information. Furthermore, 45 percent of survey respondents increased their security budgets, and 41 percent hired more security staff. Industry collaboration is lacking While companies are doing more, they realize there is still even more to be done. Sixty-five percent of survey respondents said they are increasing employee training (65 percent) and improving or putting a data breach response plan in place (56 percent of survey respondents). Payment professionals also recognize that solving current and emerging security concerns can’t be the job of a single entity. There is consensus on the need for cooperation, with 85 percent of survey respondents agreeing that industry collaboration is critical to achieving a high level of security in the emerging payment ecosystem. And there is certainly room to grow, as the current level of industry collaboration is considered minimal (30 percent of respondents) to nonexistent (20 percent) by survey respondents. The security outlook for all those organizations involved in the payment ecosystem is mixed. It will be challenging to constantly keep up the pace with new technologies and ward off cybercriminals 24-7, while satisfying consumers who value the benefits of emerging systems. The best path forward for companies is to face the issue head on and prepare for the inevitable data breach and their incident response to mitigate the fallout. To access the full report, Data Security in the Evolving Payments Ecosystem, visit Experian.com/databreach.
Millennials are considered the “Me Me Me” generation. Why shouldn’t they be? Aged 18–34, millennials have everything going for them in today’s economy. The job market is favorable, and as the creators of advancing technology, they’re poised for growth. According to the U.S. Census Bureau, the “millennial” generation is projected to surpass the outsized baby-boomer generation this year to be the nation’s largest living generation. How are millennials handling credit? This is a generation unique in its behaviors and mindful of its financial position going forward. The choices millennials make as they enter their peak spending years will have a direct impact on the credit market. This is a ballooning opportunity for lenders, and it makes sense for marketers to design their brand experience to target this generation. However, lenders need to understand what appeals to millenials to reach this group. As part of our upcoming Vision 2015 session, we’re giving lenders the analytical insight they need to understand this generation better. This session will explore housing, auto, bankcard and student loan trends in credit establishment, and how millennials compare to Gen X when they were the same age. Our analysis shows that millennials haven’t fully embraced credit. They understand the importance of building credit; however, they’re adopting bankcards at a slower rate than their Gen X counterparts when they were the same age. Forty-six percent of Gen Xers had bankcards when they were 18–34 years old. On the other hand, 27 percent of millennials have bankcards, which is half the rate of the previous generation. Every generation is different and every business is trying to capture the millennials’ attention. How should lenders go about building trust and a lasting relationship with millennials? We took to the streets to speak to millennials firsthand to give you an opportunity to hear their perspective. Come join us to discover “Four great insights about millennials in 40 minutes” and rethink how you can reach millennials at the right time with the right message.
With the objective of supporting the local community and helping Orange County residents overcome financial issues, we have partnered with the Orange County Rescue Mission (OCRM) to spread financial literacy by providing residents with the insight and resources to guide them on a journey to independence. As part of this program, Experian is offering at no charge its Experian Credit EducatorSM product, a tool designed to provide consumers with one-on-one telephone-based education sessions and guide them through important information related to their credit lives. This innovative tool helps prepare consumers for career exploration, future employment opportunities, home rentals and other important financial decisions. We were eager to strengthen our partnership with OCRM because our company strongly supports its goal of providing the homeless with the skills and resources to become self-sufficient. Within 30–60 days of entering OCRM, residents will work with an Experian volunteer to schedule their session. An agent will provide individuals with a copy of their credit report and help them review, understand and improve their credit score. This session enables the resident to identify any potential issues with their credit report or score, while learning the fundamentals of credit reporting from a reputable resource. The phone-based sessions usually take 35 minutes. A significant number of OCRM members have been empowered with in-depth information to take important steps toward improving their financial literacy. The initiative is part of Experian’s broader mission to promote data for good by leveraging insights from the use of Big Data into actionable solutions that benefit consumers, businesses and government organizations. Experian already has provided more than 25 sessions to the OCRM’s members and is on schedule to deliver 15–20 a month as new OCRM members become integrated into the independent-living and job-training programs. OC Register Coverage: New O.C. program helps homeless people fix their credit By Theresa Walker Back when she was living on the streets and panhandling to buy food and drugs, a good credit score was the last thing Jody Puckett figured she needed. “Credit wasn’t even something on my mind because we were living day to day,” Puckett said of the way she and her husband had existed for six years, mostly living in his truck. “We were thinking about how we were going to get a roof over our heads. And food. And dope.” It took nearly two years with Orange County Rescue Mission’s live-in Village of Hope rehabilitation program for Puckett, 46, and her husband, Devin, 47, to shed that sketchy old life and start anew. Now, good credit does matter to the Pucketts. They are clean and sober, working and hope to buy a home someday for themselves and their 7-year-old daughter. Read full article here. Experian Consumer Counsel: Volunteers Helping People Manage Their Credit
With 90 percent of the data in the world being created in the last two years, now more than ever, we need to know how to get the most out of our data-driven economy because the power of data can be a tremendous force for good in the world. It is with this in mind that we are unveiling a suite of online initiatives that will help businesses and consumers benefit from the positive uses Big Data can bring to the marketplace. Leading the way are the new #DataTalk conversations that will take place as a hosted TweetChat. The first #DataTalk chat, on “What it Means to be a Data Scientist,” will take place on April 23 at 5 p.m. Eastern time and features special guests Dr. Michael Wu, the chief scientist at Lithium, and Dr. Shanji Xiong, chief scientist of Experian’s global Experian DataLabs. Online resources We have also developed blogs, podcasts and a video series that illustrate how Big Data can be analyzed with technology and data science in order to bring powerful insights to consumers and businesses, large and small. These insights can help consumers take control of their financial health and help businesses obtain better bottom-line performance. Experian Insights Blog Insights from Experian thought leaders that discuss the good that data is doing now and the promise it holds for the future. Experian Insights Podcast A show dedicated to sharing concrete ways we can turn Big Data into actionable insights to help businesses and consumers. During the first episode, Craig Boundy, former Chief Executive Officer of Experian North America shares his thoughts on Big Data in 2015. Experian Insights Video Series Short videos that provide a close-up look at how Experian manages and analyzes Big Data and the latest business trends in a variety of industry segments. Our Data For Good initiative reflects the company's belief that Big Data and the insights derived from it are good for the economy, good for people and good for society. The #DataTalk conversations and exchange of ideas, along with blog posts, podcasts and a video series, provides a platform where industry leaders and Experian experts can share their distinct perspectives on the evolving world of Big Data and analytics. As you will see, the many examples of how data and the insights derived from it are clearly changing our society for good. If we work together proactively to advance data for good, with the right process, tools and people, we have an opportunity to transform our economy and the ways in which we operate within it.
A behind-the-wheel look at alternative-power vehicles:
For years, brands lacked the means to create highly relevant and meaningful interactions with their customers. Today, that has changed–and the demand has never been greater. According to Experian Marketing Services’ State of Cross-Channel Marketing Report, marketers from around the world are adopting more customer-centric engagement strategies. With cross-channel marketing technology and predictive analytical tools becoming smarter and more accessible to marketers, they have the ability to help brands manage data, understand the preferences of their customers and most importantly, turn that intelligence into action across every channel at scale. This evolution of technology has created a clear shift in the industry as more marketers look to technology providers like Experian to help them get and stay close to their customers. As described in the report, brands today are more customer-centric in their marketing than they were just a year ago. The report, which leverages year-over-year survey results, highlights several trends: Organizations today are more customer-centric than in 2013 Enterprise brands, like multichannel retailers, are asking their customers to set their own preferences: Brands today are 62 percent more likely to give their subscribers the ability to set their own preferences for branded communications than they were in 2013. Further, they are 89 percent more likely to allow them to select the type of messages that they receive and 48 percent more likely to give options for how often subscribers want to receive those communications. Retailers are 87 percent more likely today to ask their customers to set their own preferences on communications channels (email, mobile, direct, social, etc.) and 65 percent more likely to allow them to set their category and product preferences. Further, retailers are 131 percent more likely to acquire mobile numbers through preference centers than nonretailers. Marketers are taking action to improve their data hygiene: Marketers are 53 percent more likely to execute data hygiene techniques than they were in 2013. Retailers are 13 percent less likely to undertake some form of data-hygiene process than nonretailers. However, when they do prioritize data hygiene, retailers are 38 percent more likely to use a data-hygiene provider than nonretail brands. Brands are leveraging segmentation well beyond simple demographics: More marketers are building segmentation strategies that focus on behavior and lifetime customer value over demographics. Overall, the majority of marketers (25 percent) segment customer based on past activity or behavior. When it comes to email marketing, marketers are 6 percent more likely to execute some form of email segmentation than in 2013. The most popular forms of email segmentation are activity- and transaction-based triggers. Interestingly, the amount performing language segmentation increased the most year-over-year (+76 percent), followed by value segmentation (+40 percent). Marketers are testing their campaigns to understand what works for their customers: Ninety-two percent of marketers are testing their marketing programs to understand customer preferences and marketers are more likely to focus on testing campaign performance in email than in other channels. Testing allows marketers to identify underperforming campaigns and adjust in real-time. For example, marketers testing offers may bring to light that a target consumer responds better to a “dollars off” than a “percentage off” offer. Those results can be used to determine where similar improvements can be made to other channels. Marketers are 42 percent more likely today to view time-of-day testing as an effective test in 2014 than they did in 2013. Meanwhile, nonretailers are 64 percent more likely to claim effectiveness in creative testing than last year. Significant barriers to customer-centric marketing remain While marketers clearly are showing improvement in their customer-centric marketing strategies, only 4 percent of brands reported having an integrated customer journey across touch points. Marketers cited siloed marketing organizations (39 percent) and a product-focused structure versus a customer-focused one (28 percent) as the primary barriers. The research indicates that marketers need to improve in several key areas: Data Management and Linkage: Seventy-nine percent of companies face challenges when connecting disparate data to create a single customer view. Attribution: Marketers continue to struggle to measure results and understand how to improve. Last-touch attribution is prevalent among brand marketers, with 70 percent giving credit only to the last channel that the customer interacted with before making a purchase. A marketer’s ability to collect, integrate, analyze and optimize data intelligently to arrive at meaningful and actionable customer insights is central to cross-channel marketing success and is the key to customer-centric marketing. In today’s industry, marketers have the means to extract actionable business intelligence from their data and can now access how well they can use that intelligence to drive enhanced results for the customer. Those marketers who are struggling with customer-centricity need to prioritize attribution. If they have the ability to show how cross-channel relevance drives customer loyalty and ultimately benefits their business’s bottom line, this gives the marketing organization a clear business case to make the customer, rather than a channel, a top priority across the organization. To learn more about customer-centricity and the state of cross channel marketing, download the report, here.
We are thrilled that for the sixth consecutive year, Experian has earned a score of 100 on the Human Rights Campaign Foundation’s (HRCF) 2025 Corporate Equality Index (CEI). This recognition underscores our commitment to LGBTQ+ workplace equality. We are honored to join the ranks of 765 U.S. businesses that have been awarded the HRCF’s Equality 100 Award, celebrating our leadership in fostering an inclusive workplace. Experian’s dedication to supporting the LGBTQ+ community is reflected in several key initiatives: Name Change Process: We have a process for transgender and non-binary consumers to update their names on credit reports, ensuring their identities are accurately represented. LGBTQ+ Allyship 101 Training: This new training program is available to all Experian employees, promoting allyship and understanding within our workforce. Pride ERG Parenting Committee: Launched to support parents, grandparents and guardians of LGBTQ+ individuals, this committee provides valuable resources and community. Transgender Resource Guide: This guide supports employees who are transitioning at work, offering education and resources for colleagues and managers. Partnerships: We collaborate with organizations such as Out & Equal, GenderCool, The Trevor Project and Born This Way Foundation’s Channel Kindness to provide financial health, mental health and other resources to empower both our internal and external communities. At Experian, we are proud to be part of this movement towards greater equality and inclusion. We remain dedicated to fostering a workplace where every employee feels respected, valued and empowered to bring their authentic selves to work. Learn more about how we drive social impact in English, Portuguese and Spanish.
Achieving Top Workplace recognition for 12 consecutive years is no small feat, yet Experian North America has done just that. Named a Top Workplace by the Orange County Register once again, this milestone reflects not just policies or benefits but what truly makes Experian exceptional: our people. As Hiq Lee, Chief People Officer at Experian North America, notes, this honor is a testament to the remarkable contributions of our team. Experian’s employees shape an environment where innovation, inclusivity, and purpose thrive. More Than Work What sets Experian apart is our engagement with the world and community. Through initiatives like the Experian Volunteer Leadership Network and partnerships with organizations such as the Octane Foundation for Innovation and the Hispanic Chamber of Commerce of Orange County Education Foundation, our impact extends beyond the workplace. In 2024, we earned additional recognitions, including being named one of the World’s Best Workplaces™ by Fortune and Great Place to Work®. We were also recognized as one of the Best Workplaces for Parents, Millennials, and in Technology. The Secret to Success Our success lies in focusing on people. Experian is a place where careers are built, ideas are encouraged, and employees feel valued. Initiatives such as, Employee Resource Groups foster belonging, Mental Health First Aiders provide support, and technology hackathons inspire creativity. Innovation at the Core Innovation continues to drive our success. By leveraging technologies like artificial intelligence and machine learning, we are redefining decision-making and fraud prevention. This commitment to innovation empowers businesses and consumers worldwide, aligning with our mission to promote financial inclusivity. Looking Ahead For Experian, being a Top Workplace for more than a decade isn’t a finish line—it’s a springboard. With an ongoing commitment to our employees and communities, we continue to evolve, creating better experiences for our team, clients, and the world.
Experian is celebrating the one-year anniversary of The Legacy League Game Show™, a dynamic and interactive event that has revolutionized financial literacy education for students at Historically Black Colleges and Universities (HBCUs) and Hispanic Serving Institutions (HSIs). This innovative program, part of the B.A.L.L. for Life™ initiative, combines the excitement of a game show with essential lessons on credit and financial management. We marked the occasion where it debuted in 2023: at EntreprenUTSA at the University of Texas San Antonio. The Legacy League Game Show™ has traveled to ten universities such as Morgan State and Shaw Universities and major events across the United States. The National Urban League describes the event as transformational; HomeFree-USA calls it a “model for how to teach anything to Gen Z and other generations.” Thousands of students have participated across the country, and more than 99% report an increase in their financial literacy after the experience. As someone whose family didn’t discuss money matters growing up, this impact is especially gratifying. In addition to making learning fun, The Legacy League Game Show™ addresses a critical issue: financial invisibility among young consumers, particularly within communities of color. Forty percent of consumers under 25 are credit invisible, with 26% of Hispanic and 28% of Black consumers affected, compared to 16% of their white and Asian peers. Special guests, including rapper and college basketball standout Flau’jae, comedian and actor Mike Merrill, Louisiana State University wide receiver Chris Hilton, Jr. and Grammy-nominated D Smoke have joined the game show, adding star power and excitement. Next year, The Legacy League Game Show™ will hit the road again, visiting more schools and events. We already have stops planned at the #IYKYK Pitch Competition in partnership with HomeFree-USA, the University of Illinois in collaboration with the Hispanic Alliance for Career Enhancement (HACE), and the UnidosUS National Conference. Check out the action from our 2024 stops by clicking here.Learn more about Experian’s commitment to underserved communities in The Power of YOU 2024: Diversity, equity, inclusion and social impact report.
Modernizing the conversation around credit and financial literacy is a key commitment for Experian, especially for young adults. That’s why we partner with organizations like the Singleton Foundation to produce “Your World on Money,” to meet young people where they are, with engaging, easy-to-understand video shorts about credit, budgeting, and saving and more. We’re thrilled this commitment and creativity has earned both Gold and Bronze Anthem Awards, which recognize excellence in social good, celebrate the impactful work of organizations and initiatives that are driving positive change. Financial literacy is often not taught in schools, and the language around credit and personal finance can be intimidating. By normalizing these conversations, we hope to inspire confidence and action, helping young adults make informed financial decisions as they navigate life’s milestones. Our United for Financial Health partnership with the Singleton Foundation continues with our new series, the Finance Couch, where college students join our experts on a coach in the middle of a Los Angeles campus to answer their money questions. And our Anthem Award-winning series, HeartBroke, helps couples whose relationships are tested with financial issues to determine if they can work through it or end up HeartBroke(n).
Great Place to Work and Fortune have named Experian as one of the 25 World’s Best Workplaces™ 2024. This recognition highlights more than an award—it shows a commitment to our strong People First culture. Experian Chief People Officer Jacky Simmonds shares insights on how our people across the globe cultivate this culture, staying ahead of the curve through a unique blend of inclusivity, empathy, and a shared purpose. What does it mean to you, and to Experian, to be named among Fortune's World’s Best Places to Work? At Experian, we have long aspired to be one of the best companies in the world to work for, and over the past few years, we have made this a priority. Our journey has been marked by a commitment to putting our people first and fostering the collaborative and inclusive culture that sets us apart. This recognition reflects the common values that we share across our many countries and cultures and the dedication of our colleagues across our business. We spend so much of our time at work, so I think it’s important that every interaction – from the interview process to joining and every daily interaction – is a positive one where people are welcoming, supportive and generally just really nice people to work with. Reaching this milestone gives all of us at Experian some recognition, but also it is inspiring as we continue to strive to attract top talent who share our values, share our purpose and make every day an enjoyable one. How does Experian create an environment where employees feel empowered to innovate and contribute ideas that drive real impact? To fulfill our mission of bringing Financial Power to All™, we need as many voices, experiences and backgrounds as possible, so we can represent our clients’ differing needs. This culture of inclusion drives our innovations. We have employee-led initiatives, such as internal Hackathons that bring together these diverse perspectives to develop products and services like Experian Boost, Experian Go, Experian Smart Money Digital Checking Account, Experian Support Hub, and Transforme-se so we can serve the communities in which we live and work. How has Experian adapted to changing employee expectations since the pandemic, and what steps has the company taken to support employee well-being and work-life balance? We know that our people really value the ability to have flexible work model, so they can work to fulfill their role in a way that works for them. For some this is fully remote, for others it is hybrid so a balance of remote and in office, and for others in office, where their role requires it fully. We know from the feedback that we get that our people appreciate that we trust them and they have flexibility to deal with varying commitments that we all have outside of work. We also know that since the pandemic there has been an increased focused on wellbeing. Sponsored by our Chief Financial Officer, we embarked upon an initiative to invest in how we support people who may need additional support. We are very proud of our Mental Health First Aiders programme, which has trained around 400 colleagues across the world representing 23 countries and 28 languages and helping their teammates access resources. These volunteers receive consistent, ongoing and updated training. What specific initiatives or programmes at Experian do you believe set the company apart in terms of supporting professional growth and career development? We have invested in a number of things that we believe really make the difference. The first is developing great leaders at every level. Today’s leaders have many more challenges, many different age groups, a balance of remote and in person working, together with teams based in many different locations. Great leaders build great teams, so we think it’s important to invest in their development. That’s we built a leadership development portal – The Leadership Exchange – that has a wide range of resources to support them, including development programmes tailored to their needs. We also want to ensure that everyone at every level can develop their skills and progress their careers. So we launched our annual Global Careers Week, Experian University, and built a world-class digital curriculum so everyone can access the form of development they need based on their role or aspirations. There really is something for everyone. This way, we help our teams stay ahead of trends and ensure our business is equipped with the skills needed for the future. Looking forward, what are key goals or priorities for further enhancing Experian’s culture and employee experience? We’re truly proud of this amazing recognition, but we always strive to get better and acknowledge there’s always more to be done. We see an opportunity to make things easier in the way we leverage advanced technologies like AI to further enhance employee experience. For example, more personalised learning pathways, improved tools for productivity and collaboration. We make sure we don’t lose the human touch, but we also want to make the most of these innovations so we stay relevant with our largely tech populations. Being named one of the world’s best workplaces reflects Experian’s unwavering commitment to be recognized for having a great culture where people can do their best work with people they enjoy working with. Learn more about what makes Experian a World’s Best Workplace in the People section of our Annual Report and the Experian Power of YOU Report 2024: Driving social impact and diversity, equity and inclusion, available in English, Portuguese and Spanish.
At Experian, we’re proud to observe Veterans Day and celebrate the contributions of our teammates and their families who have served in the U.S. Armed Forces. This year, we’re especially excited to be ranked #20 on Forbes’ 2024 Best Employers for Veterans list. The list is based on input from over 24,000 veterans who were surveyed by Statista. These veterans, from the Armed Forces, Reserves, and National Guard, work for companies with more than 1,000 employees. They rated their employers on factors like work atmosphere, salary, health benefits, career development, and programs specifically designed for veterans. We’re grateful for how our Veterans Employee Resource Group (ERG) supports the military community, from participating in events like Wreaths Across America, Carry the Load, and the Murph Challenge, to building wheelchair ramps for veterans’ homes. The Veterans ERG just completed its 20th ramp last month. With a goal of bringing Financial Power to All™, Experian provides free credit reporting to active-duty members and supports financial literacy and education through our partnerships with Support the Enlisted Project (STEP) and Operation HOPE. As part of our observance of Veterans Day, we invite veterans to join us for this week’s #CreditChat, “Transitioning to Civilian Life: Financial Considerations for Veterans” on Wednesday, November 14, from 3–4 p.m. ET. Thank you to all who have served our country. And we thank our veteran colleagues who bring their leadership, dedication and passion to Experian every day.
We believe that financial literacy leads to empowerment. That is why Experian supports initiatives and partners with community organizations to deliver financial education. We also develop products and services that give more control to consumers over their credit profile and financial health. As part of advancing our mission of Financial Power to All®, we are proud to announce we are helping more than 5,000 Hispanic individuals nationwide by relieving $10 million dollars of consumer debt. To provide families with this boost, we joined forces with ForgiveCo, a Public Benefit Corporation (PBC), to administer the acquisition and cancellation of qualifying consumer debt for the selected recipients. Beneficiaries will also receive a one-year premium Experian membership for free that offers access to their Experian credit report in English and Spanish[i], FICO® Score[ii], bilingual educational content, and other financial resources. We hope this effort helps raise awareness of the importance of financial literacy for everyone, and that Experian has resources to help individuals reach their financial dreams. To amplify the message, we collaborated with multi-platinum, award-winning singer and songwriter Prince Royce and you can see his video here. In fact, we have been making a concerted effort the last several years to evolve our educational resources and products to better support all underserved communities. Some of our other activities include the creation of the B.A.L.L. for Life initiative that connects African American and Hispanic youth with financial education, supporting scholarships for Asian Americans through the Ascend organization, providing custom resources for Out & Equal and Born This Way Foundation for the LGBTQ+ community, supporting the NextGen Innovation Lab for Disability:IN, and sponsoring credit counseling for the military community with Operation HOPE. For resources in Spanish, Experian offers a credit e-book and consumers can access a full suite of articles at the Ask Experian blog here. [i] Only Experian credit reports are available in Spanish. All other services associated with an Experian membership are available in English only. English fluency is required for full access to Experian’s products. [ii] Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
Even though 26 states now have a personal finance course as a requirement for high school graduation, 40 percent of college students do not feel they have enough knowledge about how to manage money. It’s a challenge that the Center for Financial Advancement® (CFA) Credit Academy addresses with participating Historically Black Colleges and Universities (HBCUs). A collaboration between Experian and HomeFree-USA, the program culminates in the #IYKYK (If You Know You Know) Pitch Competition and a couple hundred new knowledge ambassadors about financial health and credit. Here, competition finalists share their advice for students as they hit campus for a new school year: MALAYA MELTON, Alabama State University Advice I'll give to incoming freshmen is to try to apply for scholarships. It takes some of the burden off. For me, I took about two years making sure that I got the right amount of scholarships before coming to school, because I knew that I wouldn't be able to afford it. My family won't be able to afford it. So, try to be very serious about applying for scholarships, and apply to internships that also get you money that you can use towards school or your personal development. JAZMIN FELIZ ORELLANA, Bowie State University Don't take out loans if you don't have to. I think many freshmen forget that they'll have to pay off those loans once they graduate after a certain time, and that definitely can affect their credit, especially if they're not able to pay for it. OLUWATOSIN OYEKEYE, Alabama State University Save your money, save your money, save your money. It's okay to go to a college in your hometown. Save as much money as you can, because you really don't know where you'll need it. If you get that credit card, make sure that you're paying all the payments on time. Do not wait till the last minute to pay it. PHILIP OMO-TAIGA, North Carolina A&T State University Budgeting. I think that's really what plays into the whole thing of credit, which is there obviously to help you. But it can also go really, really bad. When you think about what it takes to find that healthy balance, you got to learn how to budget because you may go through a period where you're not working. So now it's like, "Okay, now I got to leverage this money that I maybe have saved up. Maybe think about my credit so that I'm not burying myself into a hole. I'm not working, so there's no way I can pay it down." I think when it comes to finding that healthy medium, budgeting is definitely key. CALVIN CHARLES III, Bowie State University A secure credit card. I think freshman year is a great way to enter college (with one) because you're going to have items and things that you are going to have to pay for anyway. Why not begin building your credit there? I can personally say my first credit card I opened at 18, so that gave me the years of credit history. ESANTE-JOY MCINTYRE, North Carolina A&T State University It is never really how you start, but it's how you finish. Freshman year I might not have that scholarship. But I promise you by sophomore year I had $10,000 from outside scholarships, I had $10,000 from doing pitch competitions, $5,000 from here, from there. So, don't give up on the idea of searching. If you are able to search, you'll find it. Those opportunities and resources are out there, and Experian is just a testament to that.
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.
Experian is wrapping up several inspiring days at the 2024 Disability:IN Conference. We are a proud Presenting partner, and as part of our support this year, we had the honor of being the key sponsor for the NextGen Innovation Lab Pitch Competition. This initiative brings together young adults to develop innovative products or services that benefit individuals with disabilities. It provides a platform for young minds to harness their creativity and technical skills to solve real-world challenges faced by the disability community. This year, we challenged these NextGen leaders to create a product or service specifically for young adults with disabilities that can help them build their credit or improve their financial literacy. Only 10% of working aged people with disabilities consider themselves to be financially healthy, according to a recent study. Eight enthusiastic and passionate teams shared their ideas and the top two vote-getters’ pitched live, “Shark Tank” style, in front of thousands of conference attendees. The winner: Team 7’s “Experian Expedition,” which enhances the accessibility of the existing Experian app and adds new experiences such as an accessible credit card that also features braille; voice-guided, American Sign Language and closed-captioned exercises; and an incentive program for young adults as they reach various financial health milestones with cash back and coupons. We congratulate Team 7 and all of the teams for their collaboration with Experian and each other. The ideas and services developed through the NextGen iLab have the potential to make a significant impact on the disability community, enhancing accessibility, independence, and quality of life for millions. Sponsoring the NextGen iLab is just one of the many ways Experian is committed to disability inclusion. For the third consecutive year, Experian has achieved a top score in the Disability Equality Index (DEI) 2024. This accolade underscores Experian's ongoing efforts towards inclusivity in our workplace, products and services that are accessible and beneficial to individuals of all abilities, including the Support Hub, Financial Resilience Center, Inclusion Works, and the CMO/CCO Coalition. We’re proud our efforts are recognized by Disability:IN and the American Association of People with Disabilities (AAPD). To learn more about Experian’s commitment to inclusion, check out our Power of YOU Report 2024: Driving social impact and diversity, equity and inclusion in English, Portuguese and Spanish.
Making a real difference in the world starts with embracing Diversity, Equity, and Inclusion (DEI) and accelerating social impact. It's not just the right thing to do, but it's also key to our mission of creating a better tomorrow, together. DEI isn't just a buzzword for us; it's at the heart of everything we do. Whether it's in our sustainability strategy or our day-to-day operations, we're committed to driving positive social impact and closing the financial wealth gap in underserved communities. It starts with our people. We’re proud to share their dedication and work in this year’s Experian Power of YOU Report 2024: Driving social impact and diversity, equity and inclusion in English, Portuguese and Spanish. Within these pages, you’ll see how we foster belonging with our teammates, and champion DEI beyond the walls of Experian. From developing products like Experian Smart Money to expanding Experian Boost in the United Kingdom, and launching Advance XScore in Peru, we're dedicated to making a difference in the world around us. To that end, you’ll see we’ve also included, for the first time, our new Positive Social Impact Framework, which will reinforce and help our clients, consumers and employees further understand how we are making a difference in our communities. At Experian, we strive to build a brighter, more inclusive future – for our employees, our clients, and our communities. Together, we can make a real difference.
Caps and gowns. Pomp and circumstance. Loans and debt. As the class of 2024 celebrate their college graduations, more than 43 million of them leave school with a total national debt of more than $1.6 trillion. Some are on better financial footing than others – with no debts as they start their careers – because of early financial and credit education. These learnings fueled ideas for students from Historically Black Colleges and Universities (HBCUs) who competed in this year’s #IYKYK Pitch Competition (If You Know You Know), sponsored by HomeFree-USA and Experian. The challenge: to create solutions that help their peers become debt-free within five years of graduation. Here, finalists share some advice for graduates on how they can start their post-collegiate lives on solid financial footing: OLUWATOSIN OYEKEYE, Alabama State University You're not too young. I feel like most people think it's until you're married or you have kids before you should take your financial life seriously. From your first couple of first paychecks, look into where you can invest. If you don't want to live from paycheck to paycheck, look for ways to grow your money. Take your credit seriously. If you want to own a home, you want to buy a car, these things are important. It's not too early, it’s also not too late to start taking these things seriously. JAZMIN FELIZ ORELLANA, Bowie State University You don't have to start off with a credit card with a $10,000 limit. You can easily start off with a secured credit card. And that's actually one of my biggest pieces of advice. Get a credit card, be mindful with it, don't spend, don't max it out, but definitely just practice and start using it to see if you're actually able to maintain your credit. That's a piece of advice that definitely has worked with me, especially with building up my own credit, which I hope to get soon to 800. MARCUS HARRIS, North Carolina A&T University Always go out and explore opportunities that could first boost your credit and put you in a more financial-free state. For example, with Experian, they have an Experian Boost program that when you're in school, if you have rent, you rent an apartment, you could apply that. Or even the Netflix subscription, you can apply that to the Experian Boost program and therefore you can help build your credit over the time. TAYLOR PAYTON, Bowie State University To college students who are about to graduate, once they get that job offer with a lot of zeros behind it, be mindful of lifestyle influences. Just because you're making a certain amount of money does not mean you have to spend all of it. Be mindful not to keep up with the Joneses. CHIOMA KALU, Alabama State University There's something my sister used to say. She used to say, "Pay now, play later. Or if you play now, you pay later." I feel like if they focus during their youth when they can really do these things and really go out there, do the jobs, focus on paying off everything, getting that financial literacy, getting that financial freedom, and then at age 30 you're already set up for life. That makes more sense than just going through life, just ballin’, and then at the end of the day, if you have to pay when you're like 60? You're still paying student loans? Come on, now. CALVIN CHARLES III, Bowie State University Do not get caught up in social media. Just because you want to live in the city doesn't mean that that's what you have to do. And there's nothing wrong with roommates. They can allow you to reach your actual goals. Every meal does not have to be eaten out. Social media creates a lifestyle that you wish to live, and living in that moment is great, but you have to think about your future and building that wealth for yourself directly afterwards. All of these students were part of the Center for Financial Advancement Credit Academy. To learn more about this program that supports HBCU students, click here.