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Today’s decision by the First Tier Tribunal substantially overturns the ICO’s Enforcement Notice issued against Experian in 2020. It represents a welcome development for the consumers, small businesses and charities across the UK that rely on the services provided by Experian.  The Tribunal found, in contrast to the ICO’s Enforcement Notice, that the vast majority of our practices meet GDPR requirements, including the transparency that we provide consumers through our Credit Reference Agency Information Notice and our Consumer Information Portal. We are very pleased with this outcome.   We also welcome the clarification concerning the provision of notifications to people whose data we collect solely from public records, who represent a very small percentage of our UK marketing database. We will build this into our processes in accordance with the Tribunal’s time requirement.  We share the ICO’s goals on the need to provide transparency, maintain privacy and ensure consumers are in control of their data. As we have stated throughout these proceedings, we remain deeply committed to transparency, safeguarding privacy, and helping consumers to better understand and control the use of their data.

Healthcare providers are struggling to address the high volume of insurance claims denials. It’s one of the top contributors to wasted dollars to the tune of more than $250 billion per year, according to industry reports. A denied claim means healthcare providers, like hospitals, are not getting reimbursed for care, leaving much-needed funds on the table. The cause of a denied claim is often due to incorrect data. The result? An endless cycle of submissions and resubmissions, which not only affects providers’ financial stability, but also puts pressure on the issue of staffing shortages with rounds of rework. You could even argue patients experience pains with this administrative burden, as inefficiencies could result in higher out-of-pocket costs. It’s no surprise that reducing claim denials is at the top of many healthcare leaders’ wish lists. In fact, a recent Experian Health survey among healthcare executives found that 72 percent said reducing denials was their highest priority. Experian Health aims to simplify the administrative aspects of healthcare and we recognize the claims process is currently one of the most challenging for providers. From the perils experienced with manual data entry to payer codes changing frequently to the decentralization of data and lack of staffing, the industry must adopt new ways to tackle the claims denial conundrum. We believe the solution involves tapping into the benefits of using artificial intelligence and are proud to announce the launch of AI Advantage™, an artificial intelligence engine in our #1 KLAS ranked ClaimSource® suite. With two new claim reimbursement products for the pre- and post-submission process, AI Advantage – Predictive Denials™ and AI Advantage – Denial Triage™, these products offer real-time intelligence and predictive modeling to prevent avoidable denials and prioritize re-submissions, leading to greater efficiencies and faster recouped revenue. This is an example of how Experian Health is using AI, analyzing and processing data and information in ways others can’t to solve problems. The next frontier in healthcare is upon us and the industry must embrace the technologies that make administrative processes faster and more efficient to allow providers to be more financially solvent and, most importantly, be in a better position to focus on patient care. For more information about AI Advantage, click here.  

Today we released our annual Future of Fraud Forecast to help consumers and businesses stay one step ahead of emerging fraud trends and scams. Here’s what we expect in 2023: Fake texts from the boss: Given the prevalence of remote work, Experian predicts there’ll be a sharp rise in employer text fraud. This occurs when the “boss” texts the employee to buy gift cards using a bogus reason, and then asks the employee to email the gift card numbers and codes. Fraudsters then use the gift cards, leaving the employee and/or the company with the expense.Beware of fake job postings and mule schemes: Amid uncertain economic conditions, Experian predicts fraudsters will create fake remote job postings, specifically designed to lure consumers into applying for the job and providing private details like a social security number and date of birth on a fake employment application. The job never materializes, and the fraudsters use the information provided to commit identity theft. Experian also predicts that consumers could fall prey to mule recruiting schemes. This happens when people sign up for work from home jobs and unintentionally act as a re-shipper of stolen goods or help move money through their personal bank accounts on behalf of fraudsters.Frankenstein shoppers spell trouble for retailers: Synthetic identity fraud is the fastest growing financial crime in the United States, according to The Federal Reserve. This type of fraud involves a fraudster creating a synthetic or “Frankenstein” identity by combining real and false information and opening and building up lines of credit, eventually maxing out their credit limit and never paying it back. Experian predicts a new version of this fraud could result in major losses for retailers in the coming year. Fraudsters can create online shopper profiles using synthetic identities so that the fake shopper’s legitimacy is created to outsmart retailers’ fraud controls. As the shopper’s profile matures, criminals add stolen payment cards to the accounts. When the fraud eventually occurs, a single synthetic identity will have multiple credit lines to burn through across retailers.Social media shopping fraud: Experian predicts in-app social commerce fraud could result in millions of dollars in losses. These apps are designed to make shopping easy, intuitive and compelling for consumers to make purchases without leaving the app. This means legitimate brands are racing to make social commerce a part of their sales strategy. However, social commerce currently has very few identity verification and fraud detection controls in place, making the retailers that sell on these platforms easy targets for a surge in fraudulent purchases.Peer-to-peer payment problems: Consumers love the convenience of peer-to-peer payments and usage continues to grow. Fraudsters also love peer-to-peer payment methods because they’re an instantaneous and irreversible way to move money, enabling fraudsters to get cash with less work and more profit. Experian predicts fraudsters will gain even more unauthorized access to peer-to-peer payments by using multiple social engineering techniques. Consumers will be duped into buying fake items, sending the money to fraudsters and then never receiving their orders. They’ll also be tricked into giving their account credentials, enabling fraudsters to send cash to themselves. Experian is at the forefront of fraud prevention and identity verification. We offer a full suite of automated tools that harness data and analytics to prevent fraud and mitigate losses. Learn more about Experian’s fraud prevention tools here.

When people think about the automotive industry, data probably isn’t the first thing that comes to mind. But make no mistake: data is one of the underlying currents keeping the automotive industry running.   Data answers all sorts of questions for OEMs, lenders, dealers, and consumers. And recently, with electric vehicles (EVs) growing in popularity, a new set of questions around battery health has emerged for dealers and consumers alike. Understanding battery health is particularly crucial for dealers when assessing trade-ins, and for dealers or consumers purchasing a used EV. Oftentimes, battery health is a more informative metric than those traditionally looked to assess a vehicle, such as milage, or vehicle age. This information hasn’t been readily available for dealers or consumers, until now. To that end, Experian announced a strategic alliance with Recurrent, the battery range and analytics company, to offer Recurrent’s Battery Report alongside Experian’s AutoCheck® vehicle history report (VHR). The Recurrent Battery Report offers additional data and attributes on an EV’s battery health that no other VHR presently offers, including current and future range estimates, climate impact, remaining battery warranty, and more. Offering the Recurrent Battery Report with an AutoCheck vehicle report will bring a level of assurance dealers have been previously unable to attain when buying or selling used EVs, increasing transparency and easing range anxiety for consumers. Through this alliance, we’re doubling down on our commitment to helping dealers buy and sell used vehicles with confidence, and this commitment extends to used EVs, as well. The data shows that EVs have reached a tipping point, comprising more than 5% of new vehicle registrations in 2022, and growing. Dealers are going to see them come back to the showroom as trade-ins more frequently, and being able to quickly assess them, as well as sell them with transparency will be key to longevity in the market. Experian is on the forefront and has been leading the charge in EV data, leveraging vehicle registration data to help OEMs, lenders and dealers understand where EV market share is growing the fastest, model popularity, and more. Additionally, we have EV audiences, built with our extensive marketing resources, that help dealers find the most interested potential EV buyers. But this is just the beginning. As EVs continue to penetrate the market, Experian is committed to innovating and constantly pursuing new data sources to anticipate market needs and help inform strategic decision-making.

Dr. Martin Luther King, Jr. spoke often about “the beloved community.” To be of service to all and unite us in the act of giving back. This encapsulates what Experian stands for: to create a better tomorrow for all. We’re proud that today, across Experian North America, our teammates will be participating in volunteer opportunities in-person and virtually to address needs in their communities; everything from career development, recording audio books for children, and creating Martin Luther King, Jr. fact cards in braille. One project that we’re particularly looking forward to is helping to design free budget templates for consumers in underserved communities. Financial literacy and equitable access to financial tools and resources lead to economic empowerment. We’ve been able to bring our message to live events like the National Urban League, and support young athletes and their families at the Allen Iverson Roundball Classic as its exclusive financial literacy partner. To further our support of Dr. King’s mission, Experian has also made a donation to the King Center for Non-violent Social Change. We’re proud Experian supports today’s National Day of Service and hope you’re able to make an impact in your communities on this day, and every day.

There are topics that can be hard to talk about in general conversation. Money and how best to achieve financial health shouldn’t be one of those. That’s why we’re excited to announce our newest United for Financial Health partner, singer-actress Coco Jones. She may play a rich social media influencer on the hit show “Bel-Air” (Peacock), but her approach to her financial health is thoughtful, personal and relatable. She and content creator Freddie Ransome have launched their new video series with Experian, In My Bag, sharing how they manage balancing gift giving with financial health. The money series will give viewers a peek into their lives as they talk about the money strategies and resources that work for them. Coco has a passion for financial health and financial security. She is very transparent about telling her own story, and helping people thrive on financial health journey. By sharing her ideas and personal approach in a fun way, she gets others excited about their own journey. We hope watching the conversations on In My Bag spark real conversations with your friends and family about financial wellness. Check out the first episode of In My Bag on Coco’s TikTok, Twitter and Instagram and Freddie’s TikTok, Twitter and Instagram. #IMBExperian