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
How can I improve my credit score? That’s a question thousands of consumers ask Experian every day. This question is asked even more frequently now that lenders are sending an estimated 120 million credit-score disclosures each year to consumers when they are denied credit or are offered terms that are less favorable than those offered to others. These score disclosures provide consumers with basic information about the score used in a transaction and direct them to the national credit bureaus if they have any questions. However, when consumers ask Experian how they can improve their credit standing, it’s difficult to respond in an easy and consumer-friendly way. The difficulty arises because, although we want to help, the Credit Repair Organizations Act (CROA) puts substantial roadblocks between credit bureaus and consumers. What is CROA? CROA was enacted in 1996 with the goal of stamping out the deceptive practices of credit clinics, or “credit doctors.” These clinics scam consumers by promising, often for exorbitant fees, to help improve their credit by, among other things, removing negative but accurate information from their credit file. Today, CROA remains an essential piece of consumer-protection legislation. It plays an important role in shielding consumers from the unfair and deceptive practices of unscrupulous credit clinics, which is why we supported the law’s passage in the first place. However, the law has been applied by courts in ways that Congress never intended. As it currently stands, court decisions call into question the ability of nationwide credit bureaus — the very entities that are best positioned to provide information about credit scores and credit reports or to educate consumers as to how to improve them — to help consumers understand and improve their credit in a manner that is timely or practical. For example, consumers who reach out to Experian for specific advice about their personal credit report and how to improve their credit score must wait at least three business days from when they sign up to receive the information. The consumer cannot waive this waiting period no matter what. In today’s connected world, providing legitimate services three days after the consumer asks for help just doesn’t work. It’s time for Congress to update CROA to reflect current technology and market realities. CROA’s Misapplication Has Stifled Innovation in Credit Education This misapplication of CROA chills innovation and the delivery of effective consumer-education products and services. Amending CROA to make clear that credit bureaus are able to deliver new, timely and effective financial literacy tools would positively impact on the lives of individual consumers. As our nation rebuilds its economic engine after the recent recession, a large portion of the population continues to be impacted by the housing and financial crisis. It’s estimated that more than 40 percent of Americans have a low credit score, which either leads to credit denial or a higher interest rate. According to Experian’s research, 16 million consumers potentially could move beyond a subprime credit score and another 16 million consumers potentially could move into a prime credit score by taking legitimate steps that increase their VantageScore® credit score by 30 points. That’s 32 million consumers who potentially could benefit from the recovery of their credit score by using innovative education tools such as those that Experian would like to bring to the market. Credit-education tools can also help chip away at the more than 60 million consumers in our country that are considered “credit invisibles.” These individuals either have thin or no credit file, making it impossible for them to be scored. Legitimate credit-education tools can help consumers build credit profiles by understanding the responsible actions they can take to establish a financial identity and build a credit history. Credit education is not important just for individual consumers. It also is vital to small businesses because most small-business owners rely on their own personal credit standing to access capital to grow their business or hire new employees. How Can Congress Help Improve Financial Education? For these reasons, Experian® is encouraging Congress to pass H.R. 5446, the Facilitating Access to Credit Act of 2014. The bipartisan legislation introduced by Reps. Ed Royce, R-Calif., and Ruben Hinojosa, D-Texas, would exempt reputable nationwide Consumer Financial Protection Bureau–supervised credit bureaus, such as Experian, from CROA’s requirements. The legislation also would ensure that the statute’s critical consumer protections still could be enforced against unscrupulous credit clinics. Recognizing the positive impact of CROA reform on financial literacy in the communities that they represent, several national organizations have signed on to this important effort. Policy resolutions supporting reform of CROA have been adopted by the National Black Caucus of State Legislators, the National Hispanic Caucus of State Legislators, the National Bankers Association and the United States Hispanic Chamber of Commerce. Written by: Tony Hadley, Senior Vice President, Government and Regulatory Affairs at Experian VantageScore® is a registered trademark of VantageScore Solutions, LLC.
Just a little over a week ago, I was in New Orleans surrounded by interesting, engaging and financially-savvy people with a common interest. All of these people were brought together for FinCon Expo, which took place from September 18-21. It was not only a tremendous financial media community networking event, it was an opportunity to learn, grow and find inspiration. From the Experian perspective, it was an opportunity to further build and focus on our social channels as a way to reach consumers and provide education and dialog around credit and financial empowerment. The two-day conference featured an expo hall where one could score some great information (along with some cool swag), keynote sessions that were led by powerful speakers like Jeff Goins, Farnoosh Torabi and Chris Ducker, and a full daily schedule packed with educational sessions and panel discussions (and of course, a lot of beignets served along the way). In the midst of all of this FinCon activity, Experian was named one of the Plutus award winners. We were honored and pleased to be highlighted as the winner of the Plutus award for “Best Use of Social Media by a Brand”. To learn more about this award, see our latest news release. As a company that is continually looking for ways to engage consumers through social channels, we were thrilled to see that our efforts are being recognized. This category is voted on by bloggers, who we view as partners and resources. We believe that together, we can really make a difference in helping people understand credit and how the financial decisions they make can affect them. Whether it’s through our weekly #CreditChat on YouTube and Twitter, SlideShare decks, Facebook conversations, and blog, we are striving to provide a support system online that is available to anyone that wants to engage. The combination of the excitement and activity of being at FinCon, receiving the Plutus Award and consuming a whole lot of beignets made for a very special and sweet experience in New Orleans. Visit FinCon Expo and Plutus Awards for more information on both of these events.
The power of data is good. Couple it with analytics and it becomes great. Derive real and tangible insight from this process, and you are left with a very potent tool to affect real change and do a lot of good in the process. At Experian, we have deep experience harnessing the power of data, in fact, we have been doing it since 1897. Using our insights to help merchants and consumers by providing an annual credit reference directory, we were using “big data” before big data was a buzz word. Fast forward to today, Experian is still working across sectors and categories to help business and consumers alike benefit from the intelligent use of data through insight. Our data assets are used globally to help consumers, financial institutions, healthcare organizations, automotive companies, retailers and governmental organizations make more informed and effective decisions. These days, “Big Data,” however, has become a cliché and often times carries a negative connotation due in part by the activity of some bad actors, but also because people tend to be afraid of the things they don’t fully understand. We look at “Big Data” differently. I’d like to take this opportunity to help shed some light on why data and the insights derived from that data are actually good. We are, by and large, better when we can make sense of the world around us, and that world today is made more complex due to the vast amount of information that’s out there. Experian’s business is predicated on the idea that we come to work every day to help society make better sense of the world by sifting through the information and coming up with solutions for real people, partners, governments and clients. Our insights are very often the cornerstone of solutions to real life challenges. Insight is used to help a consumer secure an affordable loan, understand their credit score, or protect their identity; or for a business to manage risk, help prevent fraudulent transactions, and to ensure they are marketing their products and services to the right consumers at the right time and across the right channels. Today, insights derived from data are enabling millions to obtain their first lines of credit. For example, by reporting, collecting and analyzing on-time rental payments, more Americans are building the credit histories necessary for financial and economic inclusion. In fact, a new analysis from Credit Builders Alliance recently confirmed the value of credit building for American citizens and the overall economy. Across the nation, examples like these abound. In each instance, information is helping to solve some of our most vexing public, societal and corporate problems, and at Experian, we celebrate our teams of data scientists and innovators who set out to solve some of these problems using big data and technology. In fact, this week we are gathering our team of global data scientists at our Future of Information Conference to collaborate and share break through innovations in data science. At the conference, we will also award the inaugural Si Ramo Prize, a global competition in data science named for the extraordinary pioneer of innovation in our industry, Dr. Si Ramo. Among other things, Dr. Ramo was one of the first to envision a cashless society and the data needed to drive that innovation. The future is bright and there’s still more we can do with data to drive growth and improve national policies. We’re working with the health care industry – and others, from energy to automotive to the multi-family housing community and government – to fully leverage data. We now need others to recognize and embrace its potential. So, yes, big data is good. The responsible, smart and compliant use of big data benefits people, our society and our economy. I invite you to browse through our site to learn more about what our company does and the programs we have in place. Click here to learn more about how Experian is conquering the world of big data. Craig Boundy is CEO of Experian North America.
October is National Cyber Security Awareness Month, and Experian’s ProtectMyID® issued its new survey results about cybersecurity. The study, conducted by Edelman Berland, reveals areas where consumers’ identities are the most at risk, including electronic devices and online accounts. The findings show that 93 percent of respondents believe that identity theft is a growing problem yet are not doing enough to address the issue. “Most people recognize that identity theft presents a problem that could affect them financially but don’t take steps to protect themselves,” said Becky Frost, senior manager of consumer education for Experian’s ProtectMyID. “Identity thieves use data as their commodity, selling it to the highest bidder, or for personal gain, so it’s important for consumers to protect their personal information. Consumers overwhelmingly report taking steps to protect their physical and digital information, but 33 percent still do not feel confident that they are doing enough to protect their identities. In fact, 73 percent say they are concerned that they could be affected by identity theft in the future, and 90 percent note that people should be more concerned about identity theft. Take greater control when securing your personal information with these helpful tips: Change passwords on a regular basis Avoid sharing personally identifying information, such as your full birth date, on social networks Avoid using public Wi-Fi hotspots that make it easy for thieves to hack into the information stored on your mobile devices Password-protect your phone since it provides access to sensitive information and accounts Enable remote location and wiping software to track your phone if it’s lost or stolen, allowing to wipe all of the data from it Review credit reports regularly, and watch for signs of fraud Consider enrolling in identity-protection monitoring, and take action if you receive alerts that your identity could be compromised Check out what else these respondents said in the complete summary of our survey results here:
Experian–Oliver Wyman data reports $120 billion in new home-equity credit loans in past year; Q2 2014 saw new mortgage originations totaling $292 billion Costa Mesa, Calif., Sept. 29, 2014 — Mortgage origination volumes saw an increase of 15 percent in Q2 2014. Home-equity line of credit (HELOC) lending saw the biggest gains, according to Experian, the leading global information services company, as reported in its quarterly Experian–Oliver Wyman Market Intelligence report. Is the home refinancing boom over? “Home lending had an incredible two-year period from Q2 2011 to Q2 2013, with $4 trillion in mortgage origination volume; 71 percent of that, or $2.9 trillion, came from home refinancing,” said Linda Haran, senior director of product management and strategy for Experian Decision Analytics. “A look behind those numbers tells us that the total dollars originated over the past four quarters are about $1.3 trillion versus $1.8 trillion, showing a 30 percent decrease in annual origination volumes from the refinancing boom.” “However, those last four quarters show us that the mix of purchase-to-refinance volume has shifted to a fifty-fifty split between refinance and purchase volume activity. This equates to new purchase activity increasing by 22 percent in Q2 2014 from last year, signaling that consumers are getting back into the market. In the long term, this appears to set up the market for continued purchases into spring and summer of 2015.” $35 billion in new HELOC lending from Q2 2014 Home-equity lending increased 25 percent in Q2 2014 totaling $35 billion in new HELOC originations compared with Q2 2013. Looking at the past 12 months, HELOCs totaled $120 billion in new originations, representing a 27 percent increase compared with the previous 12 months. HELOC lending growth seen across all regions Double digit growth was seen in all regions compared to the numbers reported one year ago. The two regions that led the trend in increasing HELOC origination volumes were the West Coast and the Northeast — with 27 percent and 15 percent year-over-year growth, respectively. California accounted for the highest volume of HELOC dollars originated in Q2 with $5.9 billion, followed by New York with $2.2 billion and Pennsylvania with $2.0 billion. Make sure to join us for the Q3 2014 Experian–Oliver Wyman Market Intelligence Report webinar. About the data The data for this insight and analysis was provided by Experian’s IntelliViewSM product. IntelliView data is sourced from the information that supports the Experian–Oliver Wyman Market Intelligence Reports and is accessed easily through an intuitive, online graphical user interface, which enables financial professionals to extract key findings from the data and integrate them into their business strategies. This unique data asset does this by delivering market intelligence on consumer credit behavior within specific lending categories and geographic regions.
Experian Marketing Services, a recognized leader in data-driven marketing, today unveiled OmniView™, a persistent data-linkage technology that creates a real-time single customer view, as part of the Experian Marketing Suite. The single customer view, or persistent identity, created by OmniView allows organizations to increase the precision, authenticity and sophistication of their marketing campaigns across channels and devices. Since introducing the industry’s first linkage-technology product, Experian Marketing Services has been the go-to resource for identity-linkage issues among database and customer relationship management (CRM) marketers. With the launch of OmniView, Experian Marketing Services extends its market-leading linkage expertise beyond database and CRM marketers to the digital-advertising industry. OmniView resolves pivotal issues plaguing advertising effectiveness, including data quality, accuracy, authenticity and precision. OmniView creates a persistent identity that gives key players within the digital advertising ecosystem — including advertisers, publishers, digital analytics providers and data management platforms — the ability to verify, match and manage identities efficiently in a privacy-protected way from all data sources. “The advertising industry needs a common denominator — a ubiquitous, consistent and persistent link across all channels — to execute legitimate 1-to-1 marketing, and OmniView is that common denominator,” said Rick Erwin, president, consumer insights and targeting, Experian Marketing Services. “OmniView breaks new ground in identity linkage technology in that it gives advertisers the ability to verify, understand and engage with their customers at a scale and accuracy that is unprecedented. This has been the centerpiece of Experian Marketing Services’ strategy for more than 20 years.” A single customer view for addressable advertising According to recent research from Experian, 99 percent of companies believe that achieving a single customer view is important to their business, but only 24 percent say they have a single customer view today. For solutions where media is being activated in addressable advertising, OmniView is the linkage engine that connects an advertiser’s or marketer’s CRM data to Experian’s data, as well as media channels, in a secure, privacy-compliant manner. OmniView gives advertisers a single customer view by establishing identification keys for consumers at an individual, household and address level that serve as a common denominator between all data sources. OmniView is built to process and reconcile large amounts of fragmented data from both third- and first-party sources, including social, email, mobile and transactional data. OmniView features a real-time application programming interface that allows marketers to understand the behavior of their customers as they move in and out of channels and make “in the moment” marketing decisions. A high-speed, high-scale platform, OmniView delivers results in real-time or batch processing. For example, marketers can connect a social-media follower to a display-advertising campaign and know if that follower made a purchase in a brick-and-mortar store. A central element of the Experian Marketing Suite’s Identity Manager, OmniView stands out from other linkage technology products in market through its accuracy. It leverages the most accurate data and the most accurate linkage technology in market. Experian Marketing Services' linkage capabilities excel in reliability and accuracy, with accuracy rates of two times, three times and five times greater than other major vendors. This accuracy ensures meaningful experiences for the consumer that fosters loyalty and repeat purchases to the brand. Learn more about OmniView: http://ex.pn/1mEn5qO
Experian is proud to be one of the sponsors and participate in the FinCon 2014 conference, taking place September 18-21 in New Orleans, Louisiana. FinCon is an opportunity for financial media to come together to learn what’s trending in personal finance, share best practices for successful social engagement and how, as a community we can enhance financial education. If you are going to FinCon, we have lots planned! Since the conference is just days away, we wanted to highlight some of the ways you can join in the Experian fun. Join Experian’s Mike Delgado on Friday at 1:30 p.m., as he moderates the session, How to Build a Thriving Community: Top bloggers share engagement strategies that work Are you a community builder or social media manager? Let's get together and chat over coffee on Saturday, September 20th at 8 a.m. Stop by our booth to say hi to the #CreditChat crew, learn more about credit and win some goodies! Find #FinConFreddie! Be on the lookout for “FinCon Freddie” throughout the conference venue. If you happen to spot one of these little hoppers, follow the instructions to claim your $25 gift card. There are eight chances to win, so keep your eyes peeled! Even if you can’t make it to #FinCon14, follow Experian on Instagram and @Experian_US on Twitter for clues where #FinConFreddie is hiding and to learn more credit insights.
The following article is a guest post from Dara Duguay, executive director, Credit Builders Alliance. A good credit history is crucial in today’s economy. Far more than just a number, a good credit score can make the difference in being able to access the affordable lending products necessary to go to college, buy a home, or start and grow a small business. Renting an apartment, paying for car insurance, signing up for utilities and even landing a job can also be affected by a person’s credit history – or the absence of one. Unfortunately, for many of the 64 million Americans with no or “thin” credit files, the ability to establish a good credit history is hampered by lack of access to affordable mainstream credit building financial products. A disproportionately large number of these individuals are low-income and many live in areas underserved by traditional financial institutions. They depend on predatory financial service providers who do not report their borrowers' on-time payments. Thus, many of these low-income households find themselves trapped in a vicious credit cycle: the use of predatory financial products prevents them from building good credit and their impaired or nonexistent credit furthers ongoing dependence on asset stripping alternative financial products. Credit Builders Alliance (CBA) launched CBA Reporter in 2006 as a way for non-profit lenders to help build the credit history of disadvantaged entrepreneurs and consumers by reporting their monthly repayments to the major Credit Bureaus. Experian has been a partner in CBA’s Reporter service since CBA’s inception. This service enables non-profit lenders to offer their clients not only a loan to start a business or meet a household need, but also the ability to build a positive credit history. By strengthening one’s credit history, their access to affordable financial products and services will also be strengthened. CBA is proud to have partnered with Experian in a first-ever national study of CBA’s membership to understand the impact of reporting loan repayments on one’s financial health. The analysis confirmed exactly what our experience has shown to be true—when people pay regularly on their credit obligations and these payments are reported to a credit bureau—individuals will benefit through building stronger credit reports and scores. The results of Experian’s analysis supports credit building as a strong tool to assist the most vulnerable to become more financially stable and prosperous.
Over the last few years, there has been a plethora of attention around hybrid and electric vehicles, from both consumers and media alike. Whether it’s due to the fact that consumers have become more environmentally conscience, or that fuel economy standards have begun to take shape, alternative-powered vehicles have steadily risen in popularity. But as the rest of the automotive industry continues to develop more fuel-efficient vehicles, can we expect this “green” car segment to keep growing? Register for quarterly updates: http://ex.pn/1AzlzXB According to Experian Automotive’s most recent report looking at automotive market share and registration trends, the answer appears to be that the segment’s growth has hit a wall. In the first half of 2014, new sales for alternative-powered vehicles decreased by 3.6 percent from the previous year. This marks the first time that “green” cars have experienced a regression in new sales since the recession in 2009. “Despite arguably being the most talked about vehicle segment in recent memory, we’re beginning to see new sales of alternative-powered vehicles come down slightly,” said Brad Smith, director for Experian Automotive. “While the reduction could be caused by any number of reasons, we have to keep in mind that there have been significant improvements in gas mileage across all car segments. This combined with the fact that smaller economy vehicles are typically several thousand dollars less than alternative-powered vehicles, consumers are able to get similar car value for their money.” Findings from the report also showed that entry-level CUVs took over the top spot as the number one vehicle segment among new registrations in the first half of the year. Small economy cars rose to the second spot, while full-sized pickup trucks, which was the top vehicle segment in the first half of 2013 fell to number three on the list. Additionally, the top five CUV models in the first half of 2014 were the Honda CR-V, Ford Escape, Chevrolet Equinox, Toyota RAV4 and Nissan Rogue. The top five small economy car models during the same time period were Toyota Corolla, Chevrolet Cruze, Ford Focus, Hyundai Elantra and Nissan Sentra. Other findings from the report include: • Total vehicles in operation in the second quarter of 2014 reached 249.4 million, an increase of 1.5 million vehicles from a year ago • The average age of vehicles (rolling average of current 15 model year vehicles) decreased to 7.6 years in Q2 2014 from 7.7 years in Q2 2013 • Ford, International and Freightliner were the top three vehicle makes for medium and heavy duty vehicles on the road in Q2 2014 • In Q2 2014, 82.2% of all medium and heavy duty vehicles were powered by diesel fuel • All regions saw a decrease in used vehicle registrations in the first half of 2014, with the exception of the northeast, which saw a 1.8 percent improvement • Ford F-150, Toyota Camry and Honda Accord were the top 3 vehicle models in the first half of 2014
As the increased buzz about Big Data has filtered into Washington, D.C., policymakers have sought to learn more about Big Data, the technology that drives it, and the benefits and potential impacts for consumers. To that end, there have been three government reports released over the past year — two issued (1) by the Obama administration that focused explicitly on Big Data and one by the Federal Trade Commission (2) that centered on “data brokers.” The upside of Big Data: The reports found that in most instances Big Data promises important societal, public safety and economic benefits, including: • Aiding in the detection of health-related outbreaks • Reducing traffic • Fostering the development of innovative products The perceived challenges of Big Data: All three reports also focused on some of the challenges of Big Data, such as the need for greater transparency and accountability regarding data collection and use practices. They also found that Big Data presents the potential for discrimination against underserved communities. However, the reports failed to address the fact that there are fair lending, fair housing and equal employment laws already on the books (3) that regulators can use to address discriminatory practices. More important, however, is that all three reports failed to recognize that Big Data can bring immense opportunity for improving financial inclusion among our nation’s underserved communities. An estimated 60 million Americans are considered “credit invisible” Many reading this blog may take it for granted that credit can be accessed easily through a credit card or an auto, a mortgage or a student loan. However, for an estimated 60 million Americans who are considered to be “credit invisible,” this isn’t the reality. Today’s automated underwriting systems rely on a credit score. Thus, consumers without a proven track record of meeting financial obligations often are unable to access affordable credit simply because they don’t have a score or they have a credit history so thin that it cannot be scored. Without access to mainstream financial products, these consumers often are forced to rely on high-priced, short-term loans, some of which are from lenders that are predatory in nature. Big Data’s role in helping “credit invisibles” So how can Big Data help these people build a financial history and identity? While credit invisible consumers may not have traditional credit history, most make their cable, utility or mobile payments on time. This data, however, is not generally included in their credit file, as telecommunications companies and utilities typically report only late payments or when an account has been sent to collections. Of course this could be remedied if these entities started to report on-time positive payments to the credit reporting agencies, just as financial institutions do today. A recent study by PERC and the Brookings Institution found that including on-time payments from energy, utility and telephone firms would shrink the population of credit invisibles to around 5 million (4). Research (5) also has shown that it would be a net positive for underserved communities: • Twenty-two percent of Hispanics, 21 percent of African Americans and 21 percent of those earning $20,000 or less annually could be accepted for mainstream offers of credit • Fourteen percent of those aged 25 or younger could move into the traditional banking system Policymakers can help by clarifying that federal law allows for telecommunications companies and utilities to report on-time payment data and give consumers credit for paying their bills on time. Including this as part of the larger Big Data debate is critical in demonstrating that more predictive data in the credit system can help consumers. It’s not just telecommunications and utility data that can be included in credit reports. A recent analysis by Experian RentBureau uncovered how the addition of rent payment data to credit files can help financially excluded consumers gain access to traditional financial services. Specifically, 100 percent of the previously unscoreable study participants now are credit-scoreable, with the majority falling into the least risky prime category. Additional findings from the report are available here. Financial inclusion through improved scoring models and analytics Big Data’s financial empowerment potential can be unleashed through wider adoption of more inclusive credit scores. VantageScore® (6), for example, utilizes advanced analytics and reaches deeper into the credit file by integrating new data points, like rental payments, to help score consumers who previously were unscoreable. The impact of these analytics equates to bringing into the financial mainstream between 30 million and 35 million creditworthy consumers who previously would have been unscoreable using legacy credit scoring models. This is just one example of how advanced analytics using Big Data sets derived from credit databases can help achieve the goal of greater financial inclusion. In conclusion, as illustrated by the many examples provided throughout this blog post, Big Data can bring immense opportunity for improving financial inclusion among our nation’s underserved communities. At Experian, we remain committed to helping expand the creditworthiness of individuals and furthering financial inclusion through Big Data analytics — a clear positive for consumers, industry and our nation. Written By: Tony Hadley, Senior Vice President, Government & Regulatory Affairs at Experian (1) http://www.whitehouse.gov/sites/default/files/docs/big_data_privacy_report_5.1.14_final_print.pdf http://www.whitehouse.gov/blog/2014/05/01/pcast-releases-report-big-data-and-privacy (2) http://www.ftc.gov/system/files/documents/reports/data-brokers-call-transparency-accountability-report-federal-trade-commission-may-2014/140527databrokerreport.pdf (3) Fair Credit Reporting Act, Equal Credit Opportunity Act, Truth in Lending Act, among others (4) http://financialservices.house.gov/uploadedfiles/hhrg-112-ba15-wstate-mturner-20120913.pdf (5) http://www.perc.net/subsidiaries-affiliates/alternative-data-institute-adi/alternative-data-initiative-sign-letter/ (6) VantageScore® is a registered trademark of VantageScore Solutions, LLC.
The following article is a guest post from Paul Combe, President and CEO of Boston-based American Student Assistance. According to recent Experian research, student loans were the only type of consumer debt to increase during the recession, growing 84 percent from 2008 to 2014. Today, 40 million Americans carry college loans. The average borrower has nearly four different student loans for a total of $29,000. Keeping track of multiple loan payments and high debt can mean a rough financial start for newly minted college graduates. Evidence is mounting that student debt could be getting in the way of our economic recovery, as growing numbers of millennials delay forming their own households under the weight of their student debt burden. But amid all the student loan doom and gloom is this stark reality: higher education remains the key to unlocking the American Dream. It remains the surest path to individual prosperity and economic mobility. College graduates still enjoy far greater earnings and far less unemployment than those with no college degree. In fact, Experian’s data show 18- to 34-year-olds with student loans make an average annual income of $42,000, vs. $34,000 for all credit active consumers in the same age group. A college-educated workforce also contributes more in income tax, relies less on government-provided services, and overall helps the United States retain global competitiveness. In short, how do we reconcile these two things – the national need for a qualified, educated workforce on one hand, and on the other the need of the workforce to take on substantial amounts of debt to achieve that education? One answer is to teach students how to make the debt manageable. Sensational media coverage aside, student debt actually is controllable when students and graduates have the financial know-how, tools, and advice to cope with it. According to Experian, consumers aged 18-34 with at least one open student loan have credit scores 20 points higher than those without student loans, indicating that student loans can help build and establish credit for young adults. High scores also suggest that responsible student loan borrowing will potentially increase their scores and the ability to get credit in the future. At the nonprofit American Student Assistance®, we run a free-to-the-user educational resource called “SALT™” that provides students the money knowledge for college and beyond that they need to pay for and pay back college costs. SALT teaches three principles that all student loan borrowers, past and present, should live by: Borrow less. What’s the best way to manage debt? Not have it in the first place. That doesn’t mean you have to downsize your college plans or always go for the cheapest education possible. What it does mean is that you should exhaust all “free” financial aid, like grants and scholarships, before you turn to loans. Always fill out the Free Application for Federal Student Aid (FAFSA), even if you don’t think you’re eligible for any federal aid. And if you’re borrowing to cover costs of living in addition to tuition, fees and books, remember the old adage to live like a student now so you don’t have to after graduation. Borrow smarter. Not all student loans are created equal. Federal student loans offer very flexible repayment terms that allow you to suspend or lower your monthly payment in times of unemployment or economic strain. Private student loans generally don’t offer the same repayment rights. Be mindful of the type of loan you’re borrowing and ask upfront about the repayment arrangements. A general rule of thumb is to always take out federal loans first and turn to private loans as a last resort. Repay well. Your student loan choices don’t end at the application process. Federal student loans come with a plethora of repayment plans that you need to thoroughly research and investigate, from spreading out payments over the standard 10 years, to extending the payment term, to paying interest-only for the first few years, to basing payment on your income. Evaluate all your options before you begin repayment, and then be sure to evolve your payment strategy as your economic circumstances change over the years. Bottom line: Policy debates about college costs and the value of education will rage on for years, but we can improve our nation’s student loan situation right now by teaching student borrowers how to make smarter decisions along every step of the student loan process. Paul Combe is President and CEO of Boston-based American Student Assistance, the nonprofit creator of the free educational resource SALT™ that provides students with money knowledge for college and beyond.
Experian® chosen for its integration with Symitar, along with streamlined delivery and advanced real-time decisioning Costa Mesa, Calif., September 8, 2014 — Experian®, the leading global information services company, today announced that American 1 Credit Union and Credit Union of Southern California selected Experian’s Decisioning as a ServiceSM for its Instant Prescreen service that identifies quality prospects for additional product offerings. The real-time instant prescreen (also known as prescreen of one) capability of Decisioning as a Service integrated with the credit unions’ Episys® system from Symitar provides an opportunity for the organizations to cross-sell to creditworthy members and improve business performance. The credit unions were looking for a service that was cost-effective, quick to deploy and easy to integrate and provides accurate decisions based on Experian’s vast data and analytical assets. “American 1 chose Experian’s Decisioning as a Service for instant prescreen because we were looking for an additional tool to help us increase our auto loan and credit card portfolios,” said Martha Fuerstenau, executive vice president at American 1 Credit Union. “We recognize that the key to achieve our goal was to empower the frontline and give them confidence to make that cross-sell while they are serving the members. Because of this new feature, American 1 has increased the number of loan applications that are generated from the account specialist team.” “It was important to have a seamless process in place at the teller line so that the member did not have additional wait time while the instant prescreen was being completed,” stated Dennis Wendorf, director of research and development at American 1 Credit Union. “By using Decisioning as a Service, our frontline is able to view whether or not a member is preapproved for an auto loan or a credit card with just a few clicks on the Symitar system.” “Experian continually invests in developing services that make a positive shift in the way our industry operates and give more options to consumers that enhance their credit profiles,” said David Proctor, vice president, Consumer Information Services, Experian. “The instant prescreen aspect is just one extension of our Decisioning as a Service product. The foundation of our service is the integrity of our data assets, deep analytics capabilities and the predictability of the scoring models, which, when they are combined, provide a powerful holistic decisioning tool that assists businesses in attaining growth and increasing profitability.” Experian’s Decisioning as a Service is an instant decisioning service engineered to help clients gain greater value from data and decisioning products. It does so by providing flexible, real-time access to more data sources, attributes, scores and analytics for key decision areas such as instant prescreen and credit underwriting. Visit our Decisioning as a Service and Instant Prescreen sites to learn more.
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.