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Through Experian’s long-standing partnership with the UCI Paul Merage School of Business, I had the pleasure of participating recently in UCI’s Distinguished Speaker Series. I spoke about the role big data plays in today’s economy, and how data is being used as a force for good. My message to the 300+ attendees was clear – big data is everyone’s business. And it’s only going to get bigger. We have 90% more data today than we had just 2 years ago. What will happen in the next 2 years, much less the next 10? As big data gets bigger, how can we use it in even better ways, as a much greater force for good in society? Where we’re headed In the next decade, I predict that: Every single industry – from food service to entertainment to technology to retail – will be using big data in some way. We’re moving quickly in that direction already. A recent Gartner survey found that three-quarters of companies plan to invest in big data over the next 2 years. We’ll be using big data to cure big diseases. I believe we can fully cure cancer and HIV, among others, if we can tap into new insights from wearable technologies and genetic mapping, and put all that data to good use. Big data will help our economy improve. The presidential candidates may argue about the best way to create jobs and increase wealth, but any way you look at it, big data has to be a part of it. The more we can capture trend data on spending patterns and investment returns, the more we can be smart about where we spend our tax dollars, and even how we manage our personal finances. In other words, big data is going to become the backbone of society in ways we least expect today. Sometime in the future, when you go to a museum or an art gallery, big data will make your experience  more personal, more customized, and more relevant to your interests. We’re starting to see hints of this now. Think of how you might receive coupons on your phone for cheaper drinks at the ballpark food counter, because your phone realized you were at the game. “But I think we’re going to take this to an even higher level.” Imagine if we could add virtual reality to your experience – so that, when you walk into an art museum, your phone generates a hologram of your favorite artist. Overall, you’ll be getting a lot more value out of your everyday experiences. Some of the best uses of big data will be in the public sector, an area we’re already achieving significant benefits. Right now, big data is helping to improve public services, transportation and land use. Of particular interest these days, big data is helping to protect public safety in large crowds. And it’s helping people at hospitals figure out how to pay for their care, and pinpointing the most cost-effective payment plans. I think opportunities for big data will continue to expand within the public sector. How we get there But this will only happen if we take the right steps now: We all need to keep learning. This is the message I emphasized with the audience at UCI. No matter where you are in your career, it can only help to sharpen your skills in data and insights analysis. There’s more to discover, every day. Develop policies that encourage data-sharing. We can only benefit from big data if we make it easy for companies and governments to exchange the type of information that will ultimately make our world better. We have a tremendous responsibility to help implement policies that support that goal. Look beyond the obvious. Keep thinking of new sources of data and new applications for it. We’ll all benefit from thinking creatively. That’s the focus we’ve been taking at Experian. One example is our DataLabs, where we are using breakthrough experiments to take risks, so we can do good things with data on behalf of our clients. And we think the world will be better in the long run because of it. Watch these video excerpts from this event: Using Big Data For So Much More How is Big Data Helping Entrepreneurs Big Data Hurdles ### Craig Boundy is the CEO of Experian North America

In a recent report, the Consumer Financial Protection Bureau (CFPB) estimated that there are more than 45 million American consumers that are “credit invisible,” meaning that they either have no credit history or a credit file too thin to receive access to mainstream credit products. This limits their ability to get an affordable loan for a car, realize the dream of homeownership or even restricts access to capital to start a small business.  More frequently, a lack of credit history forces consumers to turn to more expensive, short term lending options. While credit invisibles may not have a traditional credit history, many make their cable, utility and mobile phone payments on time. However, this on-time payment data is not being included in their credit file. Historically, telecom and utility companies have only reported instances when a consumer is behind on payments or an account has been turned over to collections. This means that credit invisibles may have negative data from telecom and utility companies in their file, but are unable to build their credit file with positive data even if they make on-time payments each month. The good news is that Congressional leaders have recognized the need for action. On December 3 the Credit Access and Inclusion Act (H.R. 4172 and S.2355) was reintroduced in Congress, with Representatives Mike Fitzpatrick (R-Penn.) and Keith Ellison (D-MN) taking the lead in the House and Senators Mark Kirk (R-Ill.) and Joe Manchin (D-WVA) taking up the effort in the Senate. The bipartisan bill would amend the Fair Credit Reporting Act to make clear that utilities, telecommunication and rental companies can report on-time payment histories and positive data to the nation’s credit reporting bureaus, rather than just late payments or collection actions that they are currently furnishing. It would in no way require these companies to do so, but would help reassure these entities that there are no regulatory barriers to reporting on-time payment information. There is a detailed track record of research showing how the inclusion of alternative data will enable millions of credit invisible American consumers who have a proven track record of meeting financial obligations to access mainstream credit. A recent study by PERC and the Brookings Institution found that when energy utility and telephone firms report timely and late payment data alike, those who are deemed credit invisible shrunk to around 5 million. A separate study has also shown that the inclusion of this credit data would be a net positive for traditionally underserved populations, including minorities, young adults and the elderly. Moreover, a 2014 Experian study found that by including on-time utility payments in credit reports, there was nearly a 50 percent drop in subprime consumers with credit scores* between 300 and 600; a 54 percent increase in consumers considered nonprime with credit scores between 601 and 660; and a 15 percent increase in those with credit scores over 661, generally considered prime. I encourage lawmakers to take up this legislation and move it forward to ensure that consumers receive credit for meeting their financial obligations.

The Orange County Register recently recognized Experian as one of the Top Workplaces among hundreds of leading companies in Orange County for the third year in a row. In addition, we were recognized for our efforts to make our communities better, earning a separate award as the top large business for Social Responsibility. This was based on Experian contributing more than 4,000 hours in volunteer time to various charities, including our work with Big Brothers Big Sisters of Orange County, volunteering time at 25 high schools and providing counseling and help at the OC Rescue Mission. The selection process is based solely on employee feedback gathered from a survey. This methodology is important because it reflects what our employees think of Experian. It shows that we’re more than just a place where people work, rather we’re a community where our team members take pride in contributing. “Every day, our team members go to work with the aim of helping more people achieve their financial goals like buying a home, or helping businesses make better informed decisions through smart analytics,” said former Experian North America CEO Craig Boundy. “Every day, we’re driven to find new ways to use data for good, because corporate social responsibility lies at the heart of Experian.” We promote a culture of community volunteerism.  Last year, Experian employees contributed thousands of hours in volunteer time for our North American philanthropy partners, while raising and donating nearly a million dollars. For example, we provide credit education to people struggling to overcome a legacy of homelessness as part of our data for good mission.  We do this by working with the Orange County Rescue Mission, an organization that provides a host of potentially life-changing services: on-campus housing, drug rehab, counseling, parenting and life skills classes, and job search training. We also partner with the nonprofit American Student Assistance to provide support to recent graduates and students managing their student loan debt. We do this by offering our Credit Educator product at no charge to students, graduates and their parents who have been in touch with ASA and who need information about their credit and how their student funding decisions can affect their future creditworthiness. Social responsibility is at the very heart of Experian – and something that we encourage. “This third consecutive award recognizing us as a Top Workplace in Orange County reflects that our focus on professional development, a positive environment, and opportunities to contribute to our communities is well-received by our team members,” said Boundy. Experian employees continue to make a difference in the Orange County community, which we have called home for more than 40 years. We’re proud that the Orange County Register continues to view Experian as a Top Workplace.