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
Most people will tell you that they’re extremely proud when their hometown or current city accomplishes something. Hometown pride is why people are diehard fans for the local professional or college sports teams. Knowing that their city shines bright in any light, gives people a good feeling inside. With that said, people in the New York Metro area should have a strong sense of pride in how their businesses are performing. According to Experian’s Q2 Metro Business Pulse analysis, which looks at the top metropolitan areas in four key business credit categories, businesses in the New York area had the lowest average bankruptcy rates in the quarter, at just 0.28 percent. Those in the Nassau, NY; Baton Rouge, La; Honolulu; and Miami areas also have reason to be excited, as their businesses rounded out the top five with the lowest rates in this category. Another group of people who have reason to celebrate are those who live in the San Francisco area. Businesses there paid their bills an average of 3.2 days beyond contracted terms (DBT), more than 2.5 days less than the national average of 5.7 DBT. Businesses in the Omaha, Neb.; New York; Seattle; and Milwaukee metro areas also finished paying their bills faster than the national average. On the flipside, businesses in the Fort Myers, Fla. region took the longest to pay their bills, with businesses paying 18 days beyond contracted terms. The Orlando, Fla. Las Vegas; Miami; and Fort Lauderdale, Fla. metro areas rounded out the bottom five slow payers. The analysis also showed that all metro areas in the top five of business delinquency rates were well below the national average of 9.64 percent. Salt Lake City area businesses had the lowest business delinquency rates in Q2 at 0.92 percent, followed by Boise City, Idaho (1.62 percent); Houston (2.19 percent); San Diego (3.13 percent); and Tucson, Ariz. (3.17 percent). Conversely, businesses in the Miami metro area had the highest delinquency rate of 44.72 percent, followed by Fort Myers, Fla.; Orlando, Fla.; Cincinnati; and Fort Lauderdale, Fla. To view the full analysis, visit our Metro Business Pulse website. For more information on this report and other business-related insights, visit www.Experian.com/b2b.
An analysis of trends shows that mortgage originations have increased by 10 percent from a year ago. More important, a look at the most recent completed quarter shows a 29 percent increase in home purchases from the prior quarter and a decrease in the number of refinances, suggesting a sustained recovery is beginning to come from purchases. These findings and others were part of the quarterly analysis from Experian that examines real-estate trends. The key statistic in the real-estate market is the change in the ratios of refinances versus home purchases, with purchases making up a much greater proportion of the total origination volume. The data from Experian’s IntelliView product indicates that despite a 7 percent decrease from the previous quarter in refinancing activity, home purchases grew by 20 percent year over year and 29 percent quarter over quarter, and this is where we can begin to see some of the real-estate recovery taking place.” The analysis of existing and new home sales also points to the turnaround in the real-estate market. The data shows a reduction in sales of distressed homes and an increase in conventional sales. Since last year, the sales of distressed properties from short sales and foreclosures have been reduced from 25 percent to just 15 percent, while conventional existing home sales grew by 32 percent year over year, nearly double the overall growth rate of existing home sales. Combine this with strong growth year over year from new home sales at 38 percent, and it is easy to see that the recovery could be coming from purchases. Looking at the top metropolitan areas in terms of price appreciation and origination volume, Las Vegas, Nev.; Phoenix, Ariz.; and Atlanta, Ga., were three cities ranked in the top five for both categories. They were followed by Miami and Tampa, Fla., both in the top five for originations but not for prices, even though they had respectable double-digit price percentage increases. San Francisco and Los Angeles, Calif., also saw top-five price gains, but they were not in the top five for originations, despite their strong performance. This indicates that the areas showing the greatest recovery are those that were hardest hit during the downturn, such as Florida, Nevada, Arizona and California. Further evidence of the improving real-estate market is the significant jump in home-equity lines of credit (HELOC) in the second quarter of FY 2013 — the first major jump of this kind since the recession. Growing slowly but consistently since 2010, it increased about 10 percent last year but exploded this quarter with a more than 30 percent increase in the quarter and year over year. This data demonstrates an improved position for many consumers who now have equity in their homes due to market price increases. We continue to see a very conservative lending approach, with nearly 90 percent of HELOCs still coming from super-prime and prime consumers. However, there is an opportunity for more people to actually participate in getting a home-equity line because of home price improvements. This trend is likely to continue as we see more homeowners move into a better equity position. The West, Midwest, South Central, South Atlantic and Northeast regions of the United States all have shown strong year-over-year growth in HELOCs, with the West being the standout among the group. This is attributed to the price appreciation coming from cities like San Francisco, Los Angeles, Phoenix and Las Vegas. The Northeast also consistently leads in HELOCs nationwide regardless of how the real-estate market is performing in that area of the country. A look at mortgage delinquencies is the final piece of the data puzzle supporting a real-estate recovery. In this area, Experian® continues to see a downward trend across all the different time segments. The analysis showed that short-term delinquencies — 30 to 59 days past due (DPD) — dropped to 1.51 percent for the quarter and have been less than 2 percent for more than a year and a half. Midrange delinquencies — 60 to 89 DPD — saw a very slight 1 percent increase for the quarter, but they have been less than 1 percent for more than a year and a half as well. Long-term delinquencies — 90 to 180 DPD — were down 1.32 percent for the quarter. This impressive downward trend is the result of bad loans from the first real-estate bubble being removed and replaced with postrecession conservative lending. 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 easily accessed 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.
An Experian analysis of bankcard trends from Q2 2013 showed a 21 percent year-over-year increase in bankcard origination volumes, equating to $12 billion increase in new bankcard limits issued. Other insights offered by Experian, the leading global information services company, include record lows in early-stage bankcard delinquencies. Bankcard originations continue to track with the recovery in terms of steady growth. While we may never hit the volumes we saw in 2007, the consistent growth rates that we are currently seeing in bankcard originations signal that the market is coming back online. In looking at bankcard originations by VantageScore®, the year-over-year growth in originations has largely been driven by the prime and near-prime segments, comprising almost the entire $12 billion increase in new credit limit dollars originated. This trend points to the fact that prime and near-prime consumers are accepting the offers being extended to them and that lenders are continuing to lend a little deeper to drive bankcard growth. Equally important is that prime and near-prime bankcard utilization rates are not as high as they were a year ago. This is a positive trend, because it shows that despite an increase in new bankcard users, consumers are managing their credit wisely. The analysis of bankcard delinquency and overall risk exposure also continues to support the steady recovery of the bankcard market. Charge-off rates are significantly down, to an annualized rate of 3.9 percent, with early-stage delinquencies coming in at historic lows of 0.9 percent of balances for the quarter. Additionally, total risk exposure has dropped $3 billion from the previous quarter in 2013. These trends are a positive sign for overall economic recovery and evidence that the post-recession growth in the bankcard market is not coming at the expense of increased delinquencies. The data for this insight and analysis was provided by Experian's IntelliView (SM) product. IntelliView data is sourced from the information that supports the Experian-Oliver Wyman Market Intelligence Reports and is easily accessed 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.
As you may have seen, 60 Minutes ran a story on the credit reporting industry tonight, and unfortunately, much of the story was inaccurate and misleading. As we said when it first aired, many parts of the story did not accurately reflect the facts that have been validated by independent third party studies, the industry’s position or Experian’s position. As such, we would like to clarify our industry position and specific allegations about Experian’s practices. >> Read More
This guest post is from Benjamin Feldman (@BWFeldman), writer and content strategist at ReadyForZero.com, a company helping people get out of debt. Is personal debt an impossible problem to fix? No way! Thousands – actually, millions – of people across the U.S. are struggling with personal debt right now, but the situation is not hopeless for any of them. I know, because just last year I was one of them. In January of last year, I had over $3,000 in credit card debt and a vowed to get it paid off before the year was over. I’m grateful that I was able to accomplish my goal and along the way I learned a few things that can help others who are still on their way to being debt free. If that includes you, keep reading to learn the 5 steps that will help you get out of debt: 1. See Your Big Picture For many people, one of the most intimidating parts of becoming debt free is actually coming to grips with how much you owe and figuring out your “big picture.” For example, if you have many different accounts (multiple credit cards and/or loans) you might not even know exactly how much you owe to each creditor and what the interest rates are on each one. So start by writing down each of your debts in order of the highest interest rate to lowest interest rate, along with the total balance for each debt. Be sure to include all debts (like student loans, car loans, mortgages, etc.) and list the entire balance and not just the monthly payment. Then you can move on to Step #2. 2. Get Lower Interest Rates This step is basically like super-charging your debt repayment. Why? Because you can save thousands of dollars if you get a lower interest rate. Some credit cards have rates as high as 25% – that is way too high! But if you followed Step #1, then you’ve got each of your accounts listed in front of you, and that makes it easy to identify the credit cards with the highest interest rates and attempt to get those lowered. Start by calling those credit card companies directly and when you get a customer service representative on the phone ask them politely if they can lower your rate. For anyone with a history of on-time payments, you can explain that you’ve been a loyal customer and always paid on time and that you would like them to reduce your interest rate. Many times this will work! If that doesn’t result in lower interest rates, another option is to see if there are any balance transfer offers or debt consolidation loans that would give you a lower rate. Just remember that some of these offers have hidden fees and interest charges, so be cautious and don’t sign up for one of these offers without reading the fine print first. (You can check out our Debt Consolidation resource center for more tips) 3. Make a Plan Alright, you’ve now completed Steps #1 and #2, which means it’s time to make a plan. This is not as hard as you might think. You simply need to decide how much you can pay each month toward all your debts. Then make sure the amount you can pay is greater than your minimum monthly payments (in other words, all your minimum payments combined should equal less than the total amount you can pay per month). What you’ll want to do next is allocate all your extra money each month to the account with the highest interest rate – because that will get you out of debt the fastest! If you have three credit cards and one has a 20% interest rate while the other two have a 10% interest rate, just pay the minimum on the other two while you dedicate all extra money toward the 20% card. And don’t worry, if you need help creating your plan, you can try using ReadyForZero’s free online tool for paying off debt. 4. Learn to Budget Wisely The next step is to examine your budget closely and see where you can save a little more money to add to your debt repayment. The most important part is to track your spending so you can see where each dollar goes. And look closely to find the things that you don’t really need to spend money on. Things like eating out at restaurants, buying new clothes, or buying music online. When you have debt, it’s an emergency – and that means you can’t afford those kinds of luxuries except on rare occasions. Another way to approach your budget is to look at all your fixed expenses (the things you pay every month) and try to figure out how they can be cut or eliminated. Check out these budgeting tips on how to reduce your fixed expenses, and in no time you’ll find yourself with additional flexibility in your budget. You can also read our blog post on how to make extra money from home, which can boost your income and make monthly budgeting easier. 5. Stay Motivated for the Long-Run The last step is the one that brings it all together. You cannot accomplish any goal without motivation, and getting out of debt is no different. You’ll need to cultivate motivation in order to stay focused and keep pushing forward! One of the best ways to do this is to confide in your friends and family and tell them about your goal of being debt free. Ask them to support you and encourage you, so that when things get hard you’ll think of them and that alone will be enough to help you keep going. If you’re excited and want more get-out-of-debt tips, or if you have further questions, check out our comprehensive guide on how to get out of debt. And no matter what, keep your head high and keep making those monthly payments! You will be debt free faster than you imagine. Photo: Shutterstock
You’re sitting at home thinking about opening up a new business…maybe you’re just planning on relocating an existing office…or maybe you’re looking to do business with a new vendor. Whatever the situation may be, you have to ask the question, which cities are primed for new business opportunity? Where are businesses performing at a high level? Are businesses in City A paying their bills faster than City B? To help answer those questions and more, Experian released its new quarterly Metro Business Pulse analysis on the top metropolitan areas based on business credit data. The analysis focuses on the top 25th percentile of metropolitan areas based on the number of businesses in major industry groups, and looks at four leading indicators of business health including risk score, days beyond term (DBT), delinquency and bankruptcy. • Risk Score — We used our proprietary commercial risk score, which is based on a scale of 1 to 100 (with 100 being least risky) and predicts the likelihood of severe delinquency (more than 91 days past due) within the next 12 months • Days Beyond Terms — The weighted average number of days that businesses paid their bills beyond the contracted terms. • Delinquency — The average percentage of dollars that are considered delinquent or past due. • Bankruptcy — The average rate of businesses filing for legal protection under Chapters 7, 11, 13 or 15 of the bankruptcy code. According to the Q1 2013 analysis, Omaha, NE tops the list of DBT, paying their bills the fastest, with businesses in that area paying an average of 4.75 days beyond contracted terms, followed by San Francisco, Rochester, NY, Salt Lake City and Milwaukee to round out the top five. On the flip side, Florida metro areas are taking considerably longer to pay, having made up four of the bottom five in this category with Miami businesses being the slowest to pay. However, all is not bleak in Miami, as businesses in that area had the fifth lowest bankruptcy rate at 0.43 percent. Businesses in New York City topped the list with the lowest bankruptcy rate in Q1, followed by Nassau-Suffolk, NY, Baton Rouge, LA and Honolulu to make up the remaining top five. To view the full analysis, check out our Metro Business Pulse website. For more information on this report and other business-related insights, visit Experian.com/b2b.
The past several years have been somewhat of an uphill climb for our country’s economy and this has impacted the default rates for consumer credit. However, now that we’re out of the recession, consumers are managing their credit back to pre-recession levels. In June 2013, the S&P/Experian Consumer Credit Default Indices, a monthly comprehensive measure of changes in consumer credit defaults, showed that default rates have fallen at a national level, as well as, in all four major buckets it tracks including, bankcard, auto, first mortgage and second mortgage. Additionally, the national composite and first mortgage defaults rates hit new post-recession lows at 1.34 percent and 1.23 percent, respectively. Also, two of the five cities the indices focus on, New York and Miami, both saw decreases in default rates during the month. The other three cities, Chicago, Dallas and Los Angeles all saw marginal increases in June. However, all five cities remain below their levels a year ago. To view the full press release, visit http://bit.ly/14WuRzx.
A recent study conducted by the Governing Institute and commissioned by Experian confirms that government benefit agencies can greatly improve their eligibility verification processes through automated data analytics. Historically, assorted health and human service programs have been compartmentalized, with each benefit agency having its own data collection system, eligibility requirements and program rules. The technology to streamline processing by allowing one agency to match its data against other content repositories, though available, has not been in place. The result has been frequent re-entry of information causing processing delays, slowing response time and increasing manual labor costs. These shortcomings have limited agencies’ ability to detect and combat fraud. The Governing Institute survey of 150 state and local government leaders shows several areas of concern for benefit agencies. Notably, those surveyed cited a need to validate applicant information and the desire for reliable fraud detection and prevention tools. Nearly 70 percent of respondents cited the need for improved accuracy of their eligibility decision-making, and almost 60 percent of respondents believed that false income reporting was seen as the greatest cause of fraud. The study also found that while only 70 percent of benefit agencies report currently verifying information, even fewer re-verify an applicant once they are in the system. Yet, 88 percent of respondents described eligibility verification as either “very important” or “one of the most important” issues they face. And more than half the government officials responding (53 percent) believe that the issue of eligibility fraud will increase in importance to their agency over the next two years. The Governing Institute survey highlights the fact that benefit-eligibility verification is still in its early adoption stage. “A number of technology controls can help improve the fraud situation,” the analysts found. “These include fraud detection and monitoring.” However, a mere 26 percent of respondents are currently taking advantage of these types of systems. The research points out the many obstacles agencies face when attempting to combat abuse. In addition to insufficient resources (budget and personnel), respondents cited difficulty integrating data from multiple sources and inadequate fraud-detection tools as the greatest hurdles to preventing eligibility fraud. According to the survey, 67 percent of respondents said they were either concerned or very concerned about fraud affecting their organizations and the programs they steward. Check out the results of the eligibility verification study and learn more about Experian’s Eligibility Assurance Framework solution.
Experian Consumer Services (ECS) was recognized as the winner of the "Best in Class Call Center" category at the industry-leading Call Center Excellence Awards at the recent Call Center Week's Awards Luncheon. The winners were announced by CustomerManagementIQ.com, a division of the International Quality & Productivity Center (IQPC), in front of 1,200 customer service executives at the 14th Annual Call Center Week, the largest, most comprehensive call center event in the world. The Experian Consumer Services call center is comprised of hundreds of employees who deliver a personalized experience assisting customers with credit- and identity theft-related issues. The center is built on the philosophy of E3: Exceptional Experiences Every time, which allows the team to retain internal and external customers, attract large partners and drive continuous improvement at every touch-point. E3 is woven through everything Experian Consumer Services does, including hiring, training, policies, procedures, corrective action, recognition and rewards. ECS understands that loyal and happy employees make loyal and happy customers. Its vision for all of its contact centers is to continue to be a great place to work and the employer of choice in its communities. The ECS approach to call center strategy is not necessarily proof that “Culture trumps Strategy,” rather it’s the understanding that culture and strategy are interrelated. Treat your people right, engage them, educate them and they will in turn perform their best for the company and do what is right for the customer. "We would like to thank the International Quality & Productivity Center for this award and recognition of our team's commitment to providing the best possible service to our customers," said Doug Sash, senior vice president of customer engagement for Experian Consumer Services. "Our customer care representatives use their knowledge and skills to create an exceptional and valuable experience for each member who calls."
Summer officially arrives on June 21. The busiest travel season of the year is on the horizon, and freecreditscore.com™ wants to help travelers mitigate post-vacation credit debt that can impact their credit long after a vacation ends. Here are five tips to avoid the pitfalls of a post-vacation credit sunburn: Save early. Each month, put away a small amount toward a vacation to avoid charging all travel expenses on a credit card. Charging all travel expenses to a credit card can take a long time to pay off, accruing interest and raising your credit utilization ratio (which isn't good for your credit score). Know credit card payment dates. Missing payments hurts your credit score. Traveling when a credit card payment is due? Set up a payment ahead of time using mobile banking. That way, even when lounging on the beach, you can rest assured that your credit card payment is made on time. Paying off credit card balances on time will help you establish a good payment history. Select a card with travel benefits. Planning to do a lot of traveling? Do some research and consider switching to a credit card that offers better travel-related rewards that can save money on airfare, hotels and car rentals. Don't run up a credit balance just for points, however; that could raise your credit utilization ratio. Go old school. Bring traveler's checks. Use traveler's checks to avoid relying on a credit card when vacationing abroad – and to protect against credit card theft. They're replaceable, convenient and won't impact your credit report if stolen. Check your credit before and after travel. Approach credit proactively. Check your credit report before and after a trip. If your identity has been compromised while you were traveling, the sooner suspicious or fraudulent activity is detected, the sooner you can take action to resolve the problem. Staying on top of your credit score as part of overall credit understanding is important. freecreditscore.com provides quick, easy and inexpensive access to personal credit scores, daily credit report monitoring, alerts to key changes and educational materials. It also features its innovative Score Planner, which is free to both members and nonmembers. To learn more about creditworthiness, visit freecreditscore.com.
Further evidence of economic recovery throughout the nation, an Experian trends analysis of new mortgages and bankcards from Q1 2013 showed a 16 percent year-over-year increase in mortgage origination volume and a 20 percent increase in bankcard limits. Other insights offered by Experian, include evidence of a strong rebound in the Midwest as well as unprecedented lows in bankcard delinquencies. Mortgage trends Mortgage origination volume saw a 16 percent increase over the same quarter a year ago. This upward trend in volumes over the past eight quarters points to a consistently improving housing market. Average home prices increased slightly from 2011. California continues to lead the way, with an average home price of $325,000. The South Central region increased to $169,000, surpassing the Midwest, which came in at $163,000. However, regional share of originated mortgage dollars showed strong activity in the Midwest as the new year began, with the Midwest rebounding by growing 27 percent year over year to $101 billion. For the first time in two years, the region surpassed California, which grew by 6 percent to $92 billion. Mortgage delinquency rates also continued to improve, reaching multiyear lows. There was a slight increase in late-stage 90- to 180-day delinquency that may be the result of continued stress in some specific housing markets. Bankcard trends Bankcard lending continues to slowly build every quarter, reaching a 20 percent year-over-year increase in total origination volume limits extended into the market during Q1 2013, which is up about $11 billion. According to the analysis Experian is seeing increased bankcard lending taking place in the prime and super-prime space. Significant year-over-year growth rates occurred within the near-prime segment, which saw a 42 percent increase, while the prime space grew 30 percent. Bankcard performance is also near record lows for each of the delinquency periods. Experian saw a slight seasonal uptick in charge-offs from 3.9 percent to 4.3 percent, but other than that, it was another very strong quarter for payment performance. The 30 to 59 days past due (DPD) went to 0.94 percent — six basis points lower than the previous quarter. Also, the 60 to 89 DPD went to 0.59 percent from 0.65 percent, and the 90 to 180 DPD was flat at 1.56 percent. In looking at the 30-plus-day delinquency rate by state for the quarter, Experian saw North Dakota lead the best-performing states, with the lowest rate of 1.94 percent. This was followed by Alaska at 2.23 percent, Wyoming at 2.34 percent, South Dakota at 2.41 percent and Iowa at 2.42 percent. The states that did not perform well for the quarter were Nevada at 3.81 percent, Arizona at 3.79 percent, Florida at 3.71 percent, Mississippi at 3.51 percent and Alabama at 3.40 percent. This information shows that the spread between the highest- and lowest-performing states for bankcards is continuing to close. 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 easily accessed 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 has provided World Omni Financial Corp. (World Omni) with a flexible decision management solution based on its PowerCurve™ and Attribute Toolbox™ software that will streamline the processing and decisioning of automotive finance applications. “We needed a decision management solution, and Experian could deliver cost-effective, robust technology that quickly and seamlessly integrated with our loan origination system. This tool will enable us to grow our automotive finance business,” said Bill Shope, vice president of Portfolio Management at World Omni Financial Corp. “The solution also needed to be flexible enough to provide us with long-term support and growth capabilities as customer needs and market dynamics change.” As part of the solution, Experian’s PowerCurve Strategy Management software will enable World Omni to quickly design, test, execute and continuously improve decision strategies. Experian’s Attribute Toolbox will allow World Omni to tap into the wealth of credit and noncredit data available in today’s market. It also contains Experian’s Premier Attributes, the credit industry’s most robust and predictive tri-bureau credit attributes, and Custom Attributes, which enable users to make risk decisions within their application processing system that are specific to their financing processes. “Organizations like World Omni are constantly trying to better understand consumers, analyze areas for risk and look for new growth opportunities,” said Charles Chung, president of Decision Analytics North America at Experian. “This requires empowering business users, without overburdening IT, to make and monitor decisions that result in both loyal customers and improved profits. To accomplish this, they need the power of today’s best decision management software and the intelligence of advanced analytics that will provide them with more agility, flexibility, control and insight into every lending decision.” Experian provides software, analytics and services in a number of ways to meet individual client needs. The World Omni solution has been implemented in a secure, hosted environment within the Experian firewall at one of its state-of-the-art data centers. World Omni also will utilize Experian’s Precise IDSM product for verification and fraud detection. These services are integrated with Experian’s PowerCurve Strategy Management and Attribute Toolbox.
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.