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Experian®, the leading global information services company, today announced that during National Small Business Week, May 20–26, it will offer BusinessIQ Express at half off its annual subscription price for the first year of service. BusinessIQ Express is a new online tool that enables small businesses to improve their cash flow by providing them with resources to better evaluate and monitor business relationships and collect on outstanding debt. “Maintaining cash flow and ensuring prompt payments are challenges that all businesses face,” said Adam Fingersh, senior vice president of Experian’s Business Information Services. “Large businesses usually have enough built-up capital to weather the ebbs and flows of untimely payments, but for a small business, delinquent payments can mean the difference between being open tomorrow and having to shut their doors forever.” BusinessIQ Express offers three key ways to help members manage their business relationships quickly and easily: Evaluate — BusinessIQ Express members can evaluate prospects, customers, suppliers and partners on their likelihood to pay or deliver on time Monitor — Members can easily monitor their business relationships with alerts and notifications of key changes, allowing them to take appropriate account actions and maintain beneficial relationships Collect — The tool offers small-business members unique options that may have never before been easily accessible to them to help collect on outstanding debts and avoid future losses Small businesses can sign up for membership to BusinessIQ Express at the discounted annual rate of $375 (a 50% savings in the first year of membership) throughout National Small Business Week (May 20–26). To learn more, check out BusinessIQ Express.
Experian®, the leading global information services company, today announced that it has joined forces with Moody’s Analytics to create a business index and detailed report that provides insight into the health of U.S. businesses. The new Experian/Moody’s Analytics Small Business Credit Index will be reported quarterly to show fluctuations in the market and discuss factors that are impacting the business economy. “Experian’s data, analytics and tools provide organizations with the services they need to be successful and enable them to make more profitable financial decisions,” said Allen Anderson, president of Experian’s Business Information Services. “Over the past two years, we have published a Business Benchmark Report that provided insight into the credit health of U.S. businesses. Now, working with Moody’s Analytics we are able to take the next step in researching and reporting the impact of current economic trends on the business community, to provide another layer of valuable insight into what is affecting the business marketplace.” The Experian/Moody’s Analytics Small Business Credit Index tracks how businesses are faring over a period of time compared with a base point, with the first quarter of 2011 being equal to 100. The key factors that comprise the index are commercial credit data (including growth of credit balances and delinquency rates measured on a dollar basis) combined with a variety of macroeconomic data (including growth rates for employment, income, retail sales, investment, output and industrial production). The Q1 2012 report shows that although access to credit remains tight, U.S. commercial credit conditions are improving, with fewer small businesses falling behind on bill payments. The Experian/Moody’s Analytics Small Business Credit Index improved in Q1 2012 to 103.2, up from 101.9 in Q4 2011. This is the index’s second consecutive quarterly improvement after it fell during much of last year. The index is riding on a wave of increased consumer spending, which is boosting small businesses’ balance sheets. “The Q1 analysis has shown that small businesses are finally getting some relief from the credit crunch that has plagued many of them since the Great Recession,” said Mark Zandi, chief economist at Moody’s Analytics. “The recent improvement in small-business credit growth and quality bodes well for the broader economy and job market.” Other trends seen in the Q1 Experian/Moody’s Analytics Small Business Credit Index report include: The overall health of U.S. small businesses has improved, thanks to rising consumer confidence and spending, but balance sheets are strengthening unevenly. Most metrics of small-business credit quality were essentially unchanged from last quarter, but the average commercial risk score improved on a year-ago basis due to a drop in the percentage of dollars delinquent. Not surprisingly, states where the labor market is healing more vigorously typically are home to small businesses with stronger credit standings. Similarly, small firms in states with high unemployment and lackluster housing markets are struggling. Get the full Experian/Moody’s Analytics Small Business Credit Index report.
Secure and convenient online access to your Social Security earnings and benefit information is available due in part to fraud prevention services that help the U.S. Social Security Administration (SSA). The SSA uses Experian fraud prevention services to securely authenticate and safeguard the identities of consumers who now have online access to their Social Security earnings and benefit information through the SSA’s new online Social Security Statement. The statement is simple and easy to use and provides people with estimates that can help them plan for retirement. The online statement also provides estimates for disability and survivors benefits, making it an important financial planning tool. In addition to helping with financial planning, the online statement offers a convenient way to determine whether your earnings are accurately posted to your Social Security records. To get a personalized online statement, people age 18 and older must be able to provide information about themselves that matches information already on file with Social Security. Then, Social Security uses Precise IDSM, Experian’s fraud detection and prevention platform, to securely authenticate and further verify the person’s identity. Once verified, the person can create a “My Social Security” account with a unique user name and password to access his or her online Statement. To get your Social Security Statement online, go to www.socialsecurity.gov/mystatement. 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.