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As more and more finance apps fill the marketplace, consumers have the opportunity to be increasingly selective with their download choices. App availability is widely accessible to smartphone users, and many users are progressively feeling the need to keep a close tab on their finances when on-the-go, whether away from their home base, or simply in their daily routines between bank visits. When they make the decision to bring a financial app into their device, how do security concerns versus the convenience factor play out? A recent study by Experian explored these decision-making evaluations and the motivations behind them, finding that nearly half of consumers currently use financial apps to gain confidence and control over their financial welfare (46 percent). Four in five of those using apps felt more knowledgeable about their current financial situation since downloading. Respondents also cited secure login protocols and alerts as important features to help them maintain control of their information in the mobile space, whether accessing via smartphone or tablet. Among those with mobile devices (either a smartphone or a tablet), 60 percent currently use them to access their personal financial information in some way, with nearly half – 45 percent – also using the device to learn more about their personal finances or credit. Further, the interest for credit education is real: nearly two in three are interested in learning how to improve their credit. And 90 percent of respondents said that immediate access to apps made them feel more in control of their financial health. “When people know more about credit, that’s power – power to better understand credit and reach their financial goals,” said Guy Abramo, president of Experian Consumer Services. “Since April is National Financial Literacy Month, it’s the perfect reminder to learn more about something that affects our financial lives on a daily basis, namely credit,” continued Abramo. “The survey shows that when people engage with financial apps, including ours, they feel more confident about their financial situation.” The demand for information continues to be strong, especially among those beginning their credit journey: of respondents ages 18-34, at least three in four wanted to know how to improve their financial outlook and how to improve their credit. Check out the full survey: This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
Experian® has been named the “Organization of the Year” and presented with the Excellence in Financial Literacy Education (EIFLE) Award by the Institute For Financial Literacy during the Annual Conference on Financial Education in San Antonio. “Consumers are at the core of why we are in business. It is our responsibility to be the consumer champion, ensuring people are armed with the right tools and education to help them succeed,” said Craig Boundy, former chief executive officer, Experian North America. “It is a privilege to be among the winners of this prestigious award. Experian remains committed to the pursuit of financial literacy and using data for good to create insightful resources that help consumers take action in their financial lives.” The EIFLE Awards acknowledge innovation, dedication and the commitment of individuals and organizations that support financial literacy education worldwide. The Institute for Financial Literacy established the EIFLE Awards in 2007, and each year it continues to grow. This year’s competition was one of the most diverse, with nominations from around the world. “Experian’s passion and dedication to consumers is very clear through the work and services it provides, and I congratulate its advocacy and distinguished accomplishments,” said John Linfield, executive director of the Institute for Financial Literacy. “It is an honor to recognize those that care so deeply about financial literacy, and it is my sincere hope that through efforts like Experian’s, one day financial literacy education will be ubiquitous in our communities, schools and homes.” The foundation of Experian’s public education and grant programs is built on the principle of maximizing positive impact through strategic outreach and creating education materials at no cost for consumers and professionals who work with underserved audiences. Experian established the industry’s first dedicated consumer-education program more than 20 years ago and has supported the advancement of financial literacy through: Consumer education through Ask Experian, the first financial education advice column in credit reporting Weekly consumer engagement through the #CreditChat, a conversation about personal finance with a panel of experts via Twitter and YouTube Donations to consumers through gifts-in-kind and financial-literacy programs totaling 1 million dollars annually In addition, April is Financial Literacy Month and to support this year’s theme, “Light the Way for Financial Literacy,” Experian created a program with activities and education materials to help financial educators and consumers improve their understanding of credit principles and practices. Please visit the Experian News blog to learn more about activities and new resources launching throughout the month.
Are you in the dark with your finances? Take control this April during Financial Literacy Month and join Experian as we provide education and resources to help light the way to financial literacy. Experian is a long-time advocate for financial education and empowerment for consumers. As a result, we are teaming with the Jump$tart Coalition® this month to encourage people to take time to think and talk about their own money matters. We want to encourage people to take full advantage of all of the available resources designed to improve their financial literacy and well-being. “To make true progress in financial literacy, it takes an army of willing and relentless partners to come together for a shared goal of making a brighter financial future for consumers of all ages. From the very beginning, Experian has advocated and committed to be part of the journey to financial literacy.” – Laura Levine, president and CEO of the Jump$tart Coalition for Personal Financial Literacy® To support this year’s initiative, Experian created a program with activities and education materials to help financial educators and consumers improve their understanding of credit principles and practices. Join in all month long for exciting activities created to help guide consumers on their financial journeys: Chat with the experts in the #CreditChat We are passionate about educating consumers all year round and that's why we host our Plutus award–winning #CreditChat on Twitter, accompanied with a Google+ hangout every Wednesday at 3 p.m. Eastern time. Each week in April we will discuss hot topics in personal finance to help you become more financially capable. April 1: Ways to make Smarter Money Decisions with New York Times columnist Carl Richards and the Jump$tart Coalition. April 8: How to Protect Yourself From Identity Theft featuring Experian’s public-education experts Rod Griffin and Becky Frost. April 15: How to Rebuild and Raise Your Credit Scores with Jeanne Kelly, journalist and nationally recognized voice in credit counseling. April 22: How to Get Financially Ready for College with Wells Fargo and reporter Liz Weston. April 29: Financial Inclusion: Ideas to Help the Underbanked with Operation Hope, the nation’s leading nonprofit social-investment-banking and financial-literacy-empowerment organization on a mission to eradicate poverty. Empowering financial education throughout the country On April 1, 2015, at the Annual Conference on Financial Education in San Antonio, Griffin will discuss the characteristics necessary to become a credit-score superstar and provide an update on credit reporting to financial professionals. Hosted by the National Consumers League on April 17–20, Experian — a longtime supporter — will be on the judging panel for the Lifesmarts competition championship in Seattle. Check out these consumer education resources Visit Experian’s help site for answers to common questions, advice and education about consumer credit. Consumers are welcome to ask their credit questions on our Facebook page at https://facebook.com/ExperianUS. Join the Credit & Finance Talk with Experian on its iHeart Radio show to get the inside scoop on how to live credit-confident with expert interviews, credit information and steps to protect your identity. Search the Jump$tart website for engaging resources available to help introduce children to personal finance. Turning insights into action is at the core of everything Experian does and why we have worked so diligently through our credit education program over the past 20 years — to be a champion for consumer financial literacy.
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.