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As I sit here on the day of the launch of the most comprehensive small business stimulus program in our nation’s history in response to the COVID-19 pandemic, my mind turns to the small business owners. Starting today, business owners can start applying for loans that are forgivable under the Small Business Administration’s $350 billion Paycheck Protection Program as long as those businesses maintain payroll to most of their staff and use the funds for eligible expenses.   You’ve heard that small businesses are the heartbeat of the U.S. economy, the statistics back that up – small business represents a 47% of all employees and generate 43.5% of the Gross Domestic Product (GDP).   More than their contributions to our economy, small business owners and their employees are the pillars of our communities, providing products, services, entertainment, and more. After the last few weeks, I think we can all appreciate the role small business plays in each of our lives.     We, at Experian, take our purpose very seriously – creating a better tomorrow by creating opportunities for businesses to succeed.   One thing we can count on in America is that small business owners rise to a challenge, it’s in the foundation of this great nation. Small business owners have the passion, fortitude, and downright grit to take them through the most challenging times – this time will be no exception.   But I also know that now and then a little help is needed, and right now we need to help small business owners who are dealing with the immediate implications of the COVID-19 pandemic. Beginning today, an unprecedented level of government support will be made available through the Small Business Administration and other government bodies.   At Experian, we applaud the signing of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) as it’s a great step toward economic recovery. The CARES Act provides grants and loans to small businesses with an unprecedented loan forgiveness program.   We also feel an obligation to do our part to ensure that small businesses, who are dealing with the immediate implications of this economic crisis, have additional resources at their disposal to make informed decisions at this critical time. That’s why I’m proud to share that we have made available to every small business in the United States free access to their Experian Business Credit report until May 1st. Small business owners can get their reports at www.freecompanycredit.com.   We also feel a deep obligation to our clients, the lenders, trade creditors, utilities, insurance underwriters, and more as they strive to support small businesses during this time. To further help small businesses gain access to capital they need, Experian also launched its free COVID-19 U.S. Business Risk Index to assist lenders and government organizations in understanding how to make lending options available to the business segments that need it the most. This new risk index can help business risk professionals better understand the impact that the pandemic may have on commercial operations based on several key factors. We also hope that our data and advanced analytics enable our clients to offer fair and responsible lending to small businesses that need it most during this time.   I’ll close by urging the small business community to please take advantage of accessing your free Experian business credit report while continuing to show the grit and innovative spirit that has helped make America the most robust economy in the world. I’ll leave you with one of my favorite quotes, from Arianna Huffington, “Fearlessness is not the absence of fear. It’s the mastery of fear. It’s about getting up one more time than we fall down.”   Sincerely,  Hiq Lee 

These unprecedented times call for unprecedented measures. Experian supports the signing of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). We are encouraged by this historic effort to protect consumers and businesses alike. The relief bill is a great step toward economic recovery, directly supporting Americans through expanded unemployment coverage and by providing grants and loans to small businesses. At Experian, we have an unwavering commitment to help consumers and clients manage through this unprecedented period. We are actively working with financial institutions, lawmakers and regulators on tools and initiatives to protect consumers from potential adverse consequences to credit reports and credit scores as a result of financial hardship caused by the COVID-19 outbreak. Additionally, we remain focused on ensuring data integrity as we lead industry initiatives to provide financial institutions methods to clearly identify consumer accounts that are subject to financial hardship as a result of COVID-19 and ensure that such information is properly reflected in credit reports and scores. We’ve built a culture of continuous innovation at Experian, from the way we work to the solutions we create. This has formed a workplace where our teams across the world have a sense of purpose, with a collective desire to help change the lives of millions for the better. Now, more than ever, this is a crucial role we play as we work to create innovative solutions and tools for consumers and businesses to successfully navigate this evolving financial landscape moving forward. Our support of the CARES Act is just one step of many, as we support consumers and customers alike to help bolster the financial ecosystem.

At Experian we have an unwavering commitment to help consumers and clients manage through this unprecedented period. We are actively working with consumers, lenders, lawmakers, and regulators to help mitigate the potential impact on credit scores during times of financial hardship. In response to the urgent and rapid changes associated with COVID-19, we are accelerating and enhancing our financial education programming with the goal of helping consumers maintain good credit and gain access to the financial services they need. This is in addition to processes and tools the industry has in place to help lenders accommodate situations where consumers are affected by circumstances beyond their control. These processes will be extended to those experiencing financial hardship as a result of COVID-19. As the Consumer’s Credit Bureau, our commitment at Experian is to inform, guide and protect our consumers and customers during uncertain times. With expected delays in bill payments, unprecedented layoffs, hiring freezes and related hardships, we are here to help consumers in understanding how the credit reporting system and personal finance overall will move forward in this landscape. One way we’re doing this is inviting everyone to join our special eight-week series of #CreditChat conversations surrounding COVID-19 on Wednesdays at 3 p.m. ET on Twitter. Our weekly #CreditChat program started in 2012 to help the community learn about credit and important personal finance topics (e.g. saving money, paying down debt, improving credit scores). The next several #CreditChat events will be dedicated to discussing ways to manage finances and credit during the pandemic. Topics of these #CreditChats will include methods and strategies for bill repayment, paying down debt, emergency financial assistance and preparing for retirement during COVID-19. “As the consumer’s credit bureau, we are committed to working with consumers, lenders and the financial community during and following the impacts of COVID-19,” says Craig Boundy, former Chief Executive Officer of Experian North America. “As part of our nation’s new reality, we are planning for options to help mitigate the potential impact on credit scores due to financial hardships seen nationwide. Our #CreditChat series and supporting resources serve as one of several informational touchpoints with consumers moving forward.” Being fully committed to helping consumers and lenders during this unprecedented period, we’ve created a dedicated blog page, “COVID-19 and Your Credit Report,” with ongoing and updated information pertaining to how COVID-19 may impact consumers’ creditworthiness and – ultimately – what people should do to preserve it. The blog will be updated with relevant news as we announce new solutions and tactics. Additionally, our “Ask Experian” blog invites consumers to explore immediate and evolving resources on our COVID-19 Updates page. In addition to this guidance, and with consumer confidence in the economy expected to decline, we will be listening closely to the expert voices in our Consumer Council, a group of leaders from organizations committed to helping consumers on their financial journey. We established a Consumer Council in 2009 to strengthen our relationships and to initiate a dialogue among Experian and consumer advocacy groups, industry experts, academics and other key stakeholders. This is in addition to ongoing collaboration with our regulators. Additionally, our Experian Education Ambassador program enables hundreds of employee volunteers to serve as ambassadors sharing helpful information with consumers, community groups and others. The goal is to help the communities we serve across North America, providing the knowledge consumers need to better manage their credit, protect themselves from fraud and identity theft and lead more successful, financially healthy lives. COVID-19 has impacted all industries and individuals from all walks of life. We want our community to know we are right there with you. Learn more about our weekly #CreditChat and upcoming schedule here.