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Linda Haran has been selected for her leadership and contributions to the field of mortgage technology by Mortgage Banking Magazine for the development and introduction of Experian’s IntelliView product. The company’s new interactive, Web-based query, analysis and reporting tool enables financial professionals to optimize strategic planning, uncover new opportunities and improve decision making by having 24-7 online access to Experian’s aggregated quarterly consumer credit data. Data is available for seven lending categories, including bankcard, retail card, automotive, first mortgage, second mortgage, home-equity lines of credit and personal loans. 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. According to Janet Reilley Hewitt, editor in chief, Mortgage Banking Magazine, the magazine is thoroughly impressed with the ease of use and depth of information that is readily available via IntelliView to help mortgage banking professionals improve their strategies and make better business decisions. Only seven people received Mortgage Banking Magazine‘s Tech All-Star Award in 2013. In Linda Haran's current position, she leads a dedicated team in packaging and executing solution sets that encompass analytics, consulting and software capabilities based on market trends and client needs. To find out more about IntelliView, go to https://www.experian.com/market-intelligence.
Organizations across a range of industries and geographies are facing an increasingly complex, new business environment. As a result, they have a desire to implement originations and customer acquisition strategies quickly and at low risk. The acquisition enables Experian to package Decisioning Solutions’ powerful and proven multitenant, multilingual software with its consumer and commercial data, analytical expertise, and identity proofing and authentication technologies, all from a robust and flexible SaaS model. This will allow small, medium and large organizations to make secure, on-demand, analytics-based customer decisions so they can achieve and sustain significant growth. This is extremely important for telecommunications, banking and consumer finance organizations that want to acquire customers, automate processing and decisioning, manage customer accounts, and reduce customer acquisition costs and risks. These organizations also require an enhancement in the security they use to prevent fraud as well as the ability to drive profitable growth through targeted, analytics-based customer decisions. This is accomplished by including Experian’s flexible and customizable identity proofing and authentication services within this new SaaS platform. Additionally, the platform will enable organizations to quickly and easily develop and deliver the most relevant and profitable customer strategies because it integrates with Experian’s PowerCurveTM Strategy Management and Optimization software. Even more important is that the platform supports multiple languages, so it can be rapidly deployed into new countries and markets around the world. Decisioning Solutions was founded in 2004 and is based in Canada.
The used car buying process can be as challenging for dealers as it is for consumers. Both parties want to make sure they are getting the best deal on a car that is safe and reliable. But how does anyone really know what they are getting? Across the Internet there are many resources available to help in this process including tips from trusted sites like Edmunds.com, KBB.com and NADAGuides.com. The one common thread among them is that they all tell you to get a vehicle history report as part of the research. And that is good advice. Here at Experian, we offer a vehicle history report called AutoCheck. AutoCheck reports contain information on odometer issues, title brands, frame-damage announcements and other important data points. In addition, where available, the reports contain information on accidents (including airbag deployment, point of impact and whether the vehicle was towed). The reports also include the patented AutoCheck Score, a tool that enables dealers and consumers to quickly and easily understand a vehicle’s past and compare it to other vehicles. The important piece to understand about all vehicle history reports is that no single source of information can be fully comprehensive, since not every accident or other auto-related incident is reported. However, at Experian, we are constantly working to enhance and expand our information sources to provide as much detail as possible. For example, our reports contain exclusive auction announcement information from the two largest U.S. Auction houses that may not appear in other reports. These auction announcements show if the vehicle has any potential issues that dealers and consumers should watch out for including frame damage, major repairs, or if the airbags are missing or defective. Additionally, two of our largest private sources of accident data are exclusive to Experian. These sources provide enhanced accident information that allow AutoCheck users to see additional reported accidents and accident details, even in states where state agencies do not collect or choose to share the information. The truth is, all of this information provides dealers and consumers with a unique view into a vehicle’s past, but it will not eliminate all risk from the used car shopping process. It has long been our philosophy that vehicle history reports should only be one step in the pre-owned vehicle purchasing process. In addition to purchasing an AutoCheck report, we encourage every pre-owned shopper to physically inspect the vehicle whenever possible, and to have a licensed mechanic inspect the vehicle to ensure the best and safest vehicle choice is made. During the shopping process dealers and consumers should also consider: 1. Using online resources such as valuation guides and online sales portals (which can obviously help in showing buyers if there is damage to a vehicle) to get a better idea of the vehicle’s value. 2. Visiting the manufacturer’s website to double check for any safety or recall notices that have been issued on the vehicle. To learn more about AutoCheck vehicle history reports, visit www.AutoCheck.com. Photo: Shutterstock
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.