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Experian Marketing Services is hosting its annual Digital Summit (today through Friday) at the Venetian Hotel in Las Vegas. This premier digital marketing event, with the theme, “Customer Obsession: Empowering Meaningful Relationships,” features highly engaging and inspiring learning sessions, providing marketers with key insights and best practices for keeping their customers at the heart and center of everything they do. Attendees are learning from marketing experts about the latest trends in digital marketing across email, mobile, social, search and display. In addition, content from the event delves deep into understanding the new American consumer and the latest in cross-channel marketing. Here are a few highlights from today’s Digital Summit main stage and breakout sessions: And here are some of our favorite tweets: Learn more about the 2012 Digital Summit and follow along on twitter #CMSummit and view photos on our Pinterest board. View this blog tomorrow for updates.
Experian®, the leading global information services company, today announced that its Precise ID platform has achieved Federal Identity Credential Access Management (FICAM) recognition at Assurance Level 3 for identity proofing. "Experian has become the leading identity proofing provider in the public sector," said Kerry Williams, group president, Experian Credit Services and Decision Analytics. "Our recent wins with large government agencies, our joint offering with Symantec and now our FICAM Recognition at Assurance Level 3 prove we are clearly moving ahead of the competition when it comes to granting online access to services while simultaneously protecting individual users' identities and therefore safeguarding agency and constituent data." Experian's Precise ID platform was recognized for identity proofing at Assurance Level 3, under the Kantara Initiative's Identity Assurance Framework, one of the FICAM's Trusted Framework providers. As part of the process, a Kantara-Accredited Assessor determined that Experian's Precise ID solution conformed to the Identity Assurance Framework's Service Assessment Criteria, which enable a relying party to trust the identity and security assurances from an identity or credential service provider. This level of service component approval meets the identity proofing requirements established by the U.S. federal government's General Services Administration (GSA) that were published by the Office of Management and Budget and requires agencies to establish certain security criteria for remote authentication. In addition to The National Institute of Standards and Technology (NIST) Special Publication 800-63 guidelines that recommend the technical safeguards, the Drug Enforcement Administration mandated that doctors who issue prescriptions online (e-prescriptions) must conform to applicable NIST guidelines. The service component approval is also in line with the White House's identity-management initiative to make online transactions more trustworthy. This effort — known as the National Strategy for Trusted Identities in Cyberspace — is aimed at creating an Internet-identity ecosystem that uses interoperable technology standards and policies to authenticate not only consumers, but also organizations and IT infrastructure. "Experian is one of the leaders in identity proofing," said Deborah Gallagher, director, identity assurance and trusted access division, GSA. "We are encouraged to see the U.S. government's vision take shape through the private sector, as we advance our strategy to develop a trusted Internet framework that would better protect users through strong identity programs." Experian's Precise ID platform is being used by the Social Security Administration, Centers for Medicare & Medicaid Services and DrFirst. "We are pleased to work with Experian as a Kantara member and industry leader to build the verified Trust layer in Identity Services via a scalable component approach, which allows for innovation and industry partnerships that enable more trusted services, interoperability and efficiency for public and enterprise sector identity management solutions," said Joni Brennan, executive director, Kantara Initiative.
It’s a good time for us all to start thinking about what we are going to do to keep our finances in good shape. At Experian, we are here to help you. During the coming weeks and months we will be providing more educational blogs, videos and #creditchat that will help you proactively manage, build and improve your credit. So let’s get started with one of the most common questions people ask me: How do I dispute information that I believe is being reported inaccurately? The process is very straightforward and simple. Step 1: Go to Experian.com/dispute You can submit disputes for most information you believe to be inaccurate through Experian’s online dispute system. You can also send any supporting documentation for your disputes electronically at Experian.com/upload. You do not need to have a current copy of your personal credit report. However, requesting a copy of your personal report can help ensure you have the most recent information available, particularly if you haven’t reviewed your report for a long period of time. Step 2: Select “Start a new dispute online” box After checking the box, click “Continue.” If you have a personal report with a report number, you can select that option. If not, complete the "Access by personal information" section and select "Submit." Then, simply follow the instructions to enter your dispute information step-by-step. It is very important to be specific with your dispute. State exactly what the issue is with an account. Experian’s online dispute system simplifies the process by providing choices for the most common dispute reasons. Upon receiving your dispute, Experian will contact the source of the information, such as a lender, on your behalf. The source of the information is required by the federal Fair Credit Reporting Act (FCRA) to review its records and respond to the dispute. If you would prefer, you can submit your dispute by mail or by calling the toll-free number on your Experian credit report. Step 3: Allow 30-45 days for your dispute to be completed The dispute should be completed within 30 – 45 days after it is received by Experian. That time-frame allows documentation to be mailed if necessary. However, most disputes can be conducted through automated processes. As a result, many disputes are completed well in advance of the 30-45 day period. The source of the information will respond in one of three ways: The information should be updated in response to the dispute The information should be deleted from the credit report The information should remain as reported Once a dispute is completed you will receive a notice from Experian with the results of the dispute. If you do not agree with the history as reported by the source and cannot reach agreement, you may add a “Statement of dispute.” A statement of dispute enables you to explain why you disagree with how the information is being reported. Businesses are notified that the statement is part of your report every time you apply for credit or other services. Lenders and other businesses can take the statement into account and may ask you for more details or documentation as part of their application review process. Three steps – that is all there is to it. Experian has worked very hard to streamline the process and hopes these steps will make managing the dispute process much simpler for you. Keep in mind, however, that while the dispute process can be a powerful tool for managing your credit, it is only one of the tools in your toolbox. So stay tuned for more tips and advice.
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.