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This blog is written by Rachel Duncan, HR Director, at Experian. At Experian, we encourage our employees to bring their whole selves to work and have created a culture of inclusion that helps to fuel our continued product innovation. We understand the incredible value in having a truly diverse workforce and this means removing barriers and working through challenges we all may face in and outside the workplace.   That’s why we are proud to be supporting Stonewall’s ‘Trans Rights Are Human Rights’ campaign today to help reform the Gender Recognition Act (GRA) 2004. We believe that all trans people should be protected and supported with legal and policy framework that enables them to live with dignity, privacy and respect, free from fear, isolation and discrimination.  The GRA was introduced in 2004 to allow trans people to apply for legal recognition of gender in which they live. However, the process in doing so is expensive, intrusive and takes a very long time. To apply for a Gender Recognition Certificate (GRC), which allows someone to legally change their gender, the individual will have to overcome many psychological challenges and it can be very emotionally taxing.  It’s estimated that just 12% of trans people have a GRC, despite 92% of trans people stating in the National LGBT Survey (2018) that they would be interested in getting one. GRA reform is therefore a key step in allowing legal gender recognition to become accessible to this marginalised community.   The reform requests the removal of having to disclose a psychiatric report or proof of diagnosis in order to obtain legal recognition. It moves to allow trans people the human right to decide their gender for themselves and protect all trans and non-binary people’s rights to privacy and to family life.  As well as this, non-binary people should be able to legally change their gender to reflect who they are including amending their birth certificate to reflect this.  The reform should also include the removal of the spousal veto. This veto allows for the spouse of a trans person the decision as to whether they can change their gender and gives control over to someone who may not have their best interests at heart.  We are fully committed in ensuring LGBTQ inclusion which means, as well as evolving our own internal policies and practices, we must also contribute to external debates that campaign for equality.  Our Experian Pride network has been instrumental in helping us drive change throughout the business, whilst also educating and raising awareness amongst our colleagues about the LGBTQ community. This includes supporting a collaboration with Stonewall and our HR teams to create our new ‘Transitioning at Work’ policy, along with raising money for transgender charity, Mermaids.   Experian is part of a growing group of leading businesses who have joined forces to support trans equality, so we hope that together we can make a real difference to the lives of trans people across the UK. See our interview with Lewis Hayden, Service Desk Specialist and Experian Pride Network Member.

The COVID-19 pandemic reshaped Americans’ personal and financial lives. If you find yourself in a situation that could make fulfilling your credit card, loan, or mortgage payments challenging, you may be wondering what relief options are available to help navigate these changes.  The good news is there are options if you need financial support during this time. However, it can be difficult to know where to start. The two primary relief avenues are deferment and forbearance. While different in practice, these terms are often used synonymously, even by those within the credit industry.   While similar at first glance, there are significant differences between forbearance and deferment agreements. While both are intended to pause or reduce payments for a certain period, there are variances when it comes to how you must repay the delayed payments.   It’s important to understand how these two options work when speaking with your lender, so you can choose the best path for your personal financial situation. Whichever avenue you take, remember that deferment and forbearance are both temporary measures and shouldn’t be used as permanent solutions.  Pausing Payments with Deferments    You may have seen the term deferment in the news more recently with mortgage relief and student loan deferral options. So, what exactly is deferment? Through this option payments are put on pause and deferred until a later date. This is a longer-term strategy that enables you to pay back your loan over time, when your financial situation puts you in a position to do so responsibly. Interest can sometimes accrue during a deferment period, depending on the type of loan and the lender you’re working with, so it is important to talk with your lender to fully understand your agreement terms.    Periods of deferment vary in length – in some cases lasting as long as your financial situation requires. You should opt for deferment if your financial situation or an unexpected event, such as being let go from your job, creates an undue burden that makes it impractical or impossible to keep up with regular payments.  Temporary Relief with Forbearance    The other option to discuss with your lender is forbearance. Whereas deferment allows you to pay back a loan over time, forbearance is a relief strategy that typically requires the borrower to pay a lump sum and accrued interest at the end of the forbearance period. For example, if you paused payments for five months, at the end of those five months, you would pay your lender the total of paused payments and the accrued interest.   If you’re seeking forbearance for federal student loans, there are two different types of forbearance: mandatory and discretionary. With mandatory forbearance, lenders are required to pause payments if a borrower meets a set of financial criteria that could prevent them from making payments on time. Eligibility for mandatory forbearance includes: enrolment in a medical or dental residency program, payments on your federal student loans being greater than 20% of your total monthly gross income, and other circumstances that could hinder your ability to make payments. Confirm whether you’re eligible with your lender.  Discretionary forbearance means the lender makes the decision at their discretion to put payments in forbearance based on your unique financial situation.   Forbearance is generally a shorter-term option and the avenue to take if you don’t qualify for deferment. Consider forbearance in times of true financial crises, such as an unexpected medical bill, that would temporarily inhibit you from making a monthly payment.  How to Work with Your Lender on Relief Options  While discussing these options with your lender, it is critical to have a full understanding of what the agreement will entail – from interest rates to your timeline for payment – to ensure you’re in the best position to fulfill the agreement with your lenders once your payments resume.

While consumers throughout the U.S. continue to manage the impacts of COVID-19, aside from health and wellbeing, one of the most salient concerns has been around the health of consumers’ finances. With many falling under some form of stay-at-home order since the onset of the pandemic, local economies have been jolted and some consumers may be feeling the financial impacts.   As part of Experian’s commitment to improve the financial health of Americans and educate on debt and credit, we focused our research efforts to analyze internal and external data to show how consumer finances have changed in recent months.    Through our initial review, we found that certain measures of consumer finances, on average, had improved since the onset of the pandemic. Whether due to the unprecedented government stimulus, or changes in spending, consumers saw a reduction in average debt and increased average credit scores. Though the data is rapidly changing and the true financial implications of the pandemic may be partially obscured by governmental stimulus efforts, we wanted to take a snapshot and highlight how consumers are faring in the moment. By providing these insights, we can use data for good, helping organizations, experts, and others apply learnings that may positively guide efforts in the future for the benefit of all.     Our Main Findings from January 2020 to May 2020:   The average VantageScore has increased by 5 points   Total average consumer debt total declined by 1%   Average consumer credit card balances have decreased by 14%   The average credit utilization ratio has dropped 5 percentage points   These findings offer an important snapshot of consumers five-months into the COVID-19 pandemic stay-at-home orders. Though initially positive, we want to keep an eye on these trends as they could change over time as government policies and stimulus efforts are amended to adjust to future conditions. To continue providing relevant insights on prevailing trends in consumer finances, we will work to maintain updated research content as the data become available.     You can find links to our most recent research below, and check back at Experian.com/research for updated articles over the coming weeks.   Our Most Recent Research Articles:   COVID-19 Impact: Changes to Consumer Debt and Credit  COVID-19: Consumers Reduce Overall Debt During Pandemic  COVID-19: Credit Utilization Drops as Consumers Cut Spending