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I’m a Business Systems Specialist on Experian’s Information Technology Services team. While the work I do is largely behind the scenes, the data I process helps power advertising campaigns, provide accurate credit score reports to consumers and enable people who might not otherwise have access to credit to achieve their goals. The most valuable thing I can provide the businesses Experian works with is accurate data, because data is the backbone of a business. I run systems and support software that helps process the data for Experian’s products and services, and work to ensure businesses have access to the most accurate data sets. Businesses from across different sectors send us data about their consumers—like if an individual paid rent or a bill on time — that we update into our databases so that when that person applies for a loan or to rent an apartment, our data is timely and accurately reflects that individual’s true credit score. Accuracy can be the difference between a person getting a lease or having to look elsewhere. The data I help process and service is used for other business purposes as well, like advertising campaigns. Marketers will send us a list of the demographics they’re looking to reach. I help aggregate and compare those lists of demographics against the data we already have on hand to provide that client with an accurate list of addresses. Armed with that timely, accurate information, those businesses can reach their target audience and increase revenue for that quarter – and consumers benefit from more targeted messaging from companies they care about. I joined Experian more than 20 years ago, and have seen it evolve and grow from essentially a traditional credit bureau to a global information services enterprise. For me, the extent to which we as a company can provide services that empower consumers to succeed on their life’s journey has always been the end deliverable. Read more #ExperianStories from our colleagues around the world.
International Women's Day is all about celebration, reflection, advocacy, and action. At Experian, we work hard to create a culture of inclusion as we believe the diversity of our skills and life experiences allow us to better serve our clients. With this in mind, our campuses around the world curated a programme of inspiring speakers, workshops and tours to highlight the opportunities that are available to women in the technology sector. Women across Brazil, Colombia, Costa Rica, United States and the United Kingdom had the opportunity to hear from women leaders across our organisations. Below are just some of the events that took place across our regions to celebrate International Women's Day: Brazil Brazil hosted an impressive panel of influential women both from within Experian and other organisations including: Banco Original and U.N. Women. The ‘Inspiring Girls in IT’ event was attended by girls from local schools as well relatives of Experian employees. “People used to say that IT was the future and I wanted to be economically independent,” said Hewlett Packard Bell’s Claudia Braga speaking at Experian’s Women in IT event in Brazil. The panel debate and workshops gave the girls an insight into career opportunities within IT as well as a chance to learn from woman who have already forged a successful career in the sector. Colombia As well as hosting an event for young women to learn more about technical careers, our Colombia office also released a special edition of its quarterly Credit Indicators Newsletter focusing on women and credit. One of the key findings from the report found that 1 in every 5 new credit lines is given to female micro- entrepreneurs — who doubled their loans in the real sector. There’s also a whopping 62% annual growth of revenue-generating credit products for women between the first quarter of 2015 and the third quarter of 2016. “When it comes to credit and entrepreneurship in Colombia, we can certainly say the future is female,” said Mauricio Angulo, Experian’s managing director for Spanish LATAM. Costa Rica To celebrate International Women's Day, our Costa Rica campus invited four women from their IT department to share their stories on why they pursued a career in IT. The panel included: Lead de Quality Assurance and Compliance Tatiana Salazar; Software QA Analyst and President of Experian´s Employee Solidarist Association, Cindy Vargas; GSA Client Apps Manager, María Valverde; and Lead de Service and Delivery team, Monica Barrantes. England Four of our UK offices took the opportunity to celebrate International Women’s Day by holding local events as part of their 'Women in Experience' networks. In Nottingham, the team invited senior women for Experian to share their success stories with local girls; it was also a chance for the girls to find out more about Experian’s culture and career opportunities. The women in our EITS office held a lunch and learn session with young girls from the area to share job insights and offer advice on how to secure a position in the tech industry. As part of the celebration, the UK team also took the opportunity to sit down with some of the innovative women who work within Experian to glean some insight into how they overcame adversity in what is considered a male dominated industry. Laura Blackwell who works within our IT Service shared her advice on how women can secure a job in IT. “Stick to your guns, even in the face of adversity. If you enjoy doing IT, don’t let anything put you off achieving your dreams. It’s also a good idea to find a company to work for that will allow you the sort of flexibility to learn about different disciplines that I’ve found here at Experian.” United States Our team in Costa Mesa, California held a ‘Women in Experian' Expo, which included an executive speaker panel who shared their insights and thoughts on this year's event theme 'Be Bold for Change.' From awareness-raising to concrete action, attendees learned about how these executives demonstrated boldness in their careers to eliminate bias and foster inclusive work cultures. Hiq Lee, President of Experian’s Business Information Services Unit shared her own experiences on how she secured her role at Experian and offered some advice for young women in the audience on how to ask for workplace opportunities: “You are deserving of every opportunity,” said Hiq Lee, President of Experian’s Business Information Services Unit speaking to young women at Experian’s North American event. The IWD event in Costa Mesa was streamed live on Periscope and clips from sessions from both Brazil and the United States were featured on Snapchat. The team in Allen, Texas encouraged Experian employees to bring their daughters, nieces and sisters to their ‘Future Female Technologists’ event. The panel included top female Experian employees to share their insights and expertise about how to pursue a career in technology. DeMarcus Brown, who works within Enterprise Systems Management, and Jessie Montano from our Firewall team provided an update to the girls on the range of Early Career options available at Experian. We’d like to thank all of our teams from across the globe for their commitment to helping women and girls achieve their ambitions. Our role in promoting gender equality is increasingly important and we will continue to dedicate our time and resources to help women lead.
As part of Credit Awareness Week, Experian and Credit Strategy are launching a new credit refusal pathfinder to help people understand the lending process and how they can tackle a credit refusal. It can be a real pain when you make an unsuccessful credit application, especially when you can’t see why you were refused. “But I’ve got a good credit score!”, “But I pay all my bills on time!”, “But I don’t even have a credit card!” people may say. When you apply for a credit card, loan or even a mobile phone contract, it’s up to the lender to decide whether or not to offer you credit – and they have varying methods to work out if you’re eligible. New research from Credit Strategy, Experian and the CFA* has found a whopping 86% say that they should be offered a clearer explanation about why they have been declined credit. Many people completely misunderstand the credit-decision-making process; 26% of UK adults wrongly think the credit reference agency makes the decision to turn down applications for a loan, while 32% think credit reference agencies decide to approve credit cards. The reality is that lenders decide which customers to accept and refuse, with one or more credit reference agency simply providing information to help the decision. In fact, industry guidelines require lenders to tell people the main reason for refusing credit, but only if they ask. Does being refused credit affect your credit score? The research also found that 75% of the population think that being refused credit affects your credit score. Being refused for credit is not, in itself, hazardous for your credit score. While your credit report will show that you applied for a credit card – it stays on for a year – it won’t actually show whether or not you were accepted. However, credit refusal can often lead to more attempts to get credit – and making a lot of applications in a short space of time could have a serious impact on your credit score, and your ability to get credit in the future. Some common reasons to be refused credit: You’ve missed or made late credit payments recently, which show up on your credit report You’ve had a default or a CCJ in the past six years, which will show up on your credit report You’ve made too many credit applications in a short space of time in the past six months There are mistakes such as incorrect addresses or other errors on your application form You may not fall into the target bracket for the type of credit you’ve applied for Your Experian UK Credit Score tells you how lenders may view you, which is useful when you apply for credit – and is FREE FOREVER. The higher your credit score, the more chance of being accepted for credit, at the best rates. * Conducted by YouGov on behalf of Credit Strategy, Experian and the Consumer Finance Association (CFA), 10th – 13th March 2017
Today, we stand at the forefront of a digital revolution that is reshaping the financial services industry. And, against this backdrop, financial institutions are at vastly different levels of maturity; the world’s biggest banks are managing large-scale infrastructure migrations and making significant investments in AI while regional banks and credit unions are putting plans in place for modernization strategies, and fintechs are purpose-built and cloud native. To explore this more, I recently had the privilege of attending the annual Reuters NEXT live event in New York City. The event gathers globally recognized leaders across business, finance, technology, and government to tackle some of today’s most pressing issues. On the World Stage, I joined Del Irani, a talented anchor and broadcast journalist, to discuss the future of lending and the pivotal role of data and AI in building a more inclusive financial system. Improving financial access Our discussion highlighted the lack of access to traditional financial systems, and the impact it has on nearly 100 million people in North America alone. Globally, the problem affects over one billion people. These people, who are credit invisible, unscoreable, or have subprime credit scores, are unable to secure everyday financial products that many of us take for granted. What many don’t realize is, this is not a fringe subset of the population. Most of us, myself included, know someone who has faced the challenges of financial exclusion. Everyday Americans, including young people who are just starting out, new immigrants and people from diverse communities, often lack access to mainstream financial products. We discussed how traditional lending has a limited view of a consumer. Like looking through a keyhole, the lender’s understanding of the person in view is often incomplete and obstructed. However, with expanded data, technology, and advanced analytics, there is an opportunity to better understand the whole person, and as a result have a more inclusive financial system. At Experian, we have a unique ability to connect the power of traditional credit with alternative data, bringing a more holistic understanding of consumers and their behaviors. We are dedicated to leveraging our rich history in data and our expertise in technology to create the future of credit and ultimately bring financial power to everyone. The future of lending After spending two days with over 700 industry leaders from around the world, one thing is abundantly clear: much like the early days of the internet, today, we are at the cutting-edge of a technical revolution. Reflecting on my time at Reuters NEXT, I am particularly excited by the collective commitment to drive innovative, and smarter ways of working. We are only beginning to scratch the surface of how data and technology can transform financial services, and Experian is positioned to play a significant role. As we look to the future, I am excited about the ways we will create new opportunities for businesses and consumers alike.
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.
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.