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02 November 2020 is a day we’re really proud of at Experian – our Danish Credit Bureau turns 150 years old!    As we prepared to celebrate this milestone with our people, our customers and all our wider stakeholders, we delved into our archives.  We found extraordinary pieces of our history that still resonate with us, with how we do business, today.  On this historic day, it’s my pleasure to share some of these here.   In 1783, a Danish merchant wrote a polite request to a potential customer who was asking for credit to provide information about their circumstances rather than their “Happiness and Piousness”.  It’s the earliest example we have of a credit check.  Businesses still need that information today, and it’s a demand Experian helps meet globally every day.     Købmandstandens Oplysningsbureau, or KOB, is a name that still appears on Experian products.  Evidence of not only offering data and information services that meet businesses and consumers’ needs, but being a trusted provider of accurate data and information.  We continue to publish a quarterly analysis of start-ups across industries in the Nordics, which started when we first printed a solvency book in 1930.    In 1928, KOB had a woman on its Board of Directors.  Mrs M C Gazette served alongside three men, and during her tenure created the Gazette Fund, a hardship fund to which employees could apply in times of need.  The fund ran until 2016, when it moved to a different structure for fiscal reasons.    In 1938, the German Information Agencies demanded the names of Danish businessmen of Jewish descent be given to them.  We uncovered a news article from 1945 showing our Chairman rejected this demand, safeguarding the trust those consumers placed in our business, and morally doing the right thing.    Both actions by former Board members exemplify principles we continue to hold dear at Experian today.  Operating in the Experian way, we safeguard the information we hold, we embrace diversity, are inclusive, and strive to ensure all our people feel free to bring their whole and unique self to work at our Company, contributing to our high performance culture.  What is clear from these examples and others in this celebratory digital storybook published today, is data has been at the heart of all we do for 150 years, and it will continue to be in future.  From the early days, when we helped Danish businesses assess creditworthiness of their customers, through to today, we’re still empowering businesses and consumers to manage their data with confidence.    We’re grateful for the many years our customers have trusted us to provide them with data and insights that help their businesses to thrive.    We’re proud of our employees in the past, and those we have with us today.  As a team, we work daily to value each other, safeguard our future and delight our customers.     It has been an exciting journey, and we have only just begun. We are investing in the future, through new technology, talented people and innovative solutions that power opportunities that create a better tomorrow for our employees, our customers, consumers and the communities in which we operate.   We’re celebrating today, and we’re excited about the opportunities ahead of us too.   

If you’re anything like me, you’re likely spending much more time online these days. From online shopping to grocery and food delivery and thumbing through our social media feeds – the COVID-19 pandemic has many of us spending more time in our homes and “plugged in” than ever before.   The COVID-19 pandemic has also contributed to an increase in fraud activity. According to the FTC from January to early October 2020, consumers have reported losing a total of more than $156 million to COVID-19-related fraud.  At Experian, we are committed to protecting consumer financial health during the pandemic and beyond. Educating consumers about how to protect their personal information online is key to supporting this effort.   As we prepare to enter the holiday season in our virtual world and in honor of National Cybersecurity Awareness Month, I’d like to share a few ways you can protect your financial health online:   Shop Safely Online   As I mentioned, the amount of shopping you do online has likely increased significantly since the start of the COVID-19 pandemic. This is a trend that’s expected to continue. In fact, according to a recent report from Experian, as many as half of consumers globally expect their spending online to increase in the next 12 months. Practicing safe online shopping habits is always important. This is especially true now.   While you may not be spending as much time in airports or your local coffee shops, it is a good practice to avoiding using your financial information to make purchases online if you are on a public WiFi network. Without a password protected network, you have a higher risk of fraudsters gaining access to your banking information which could significantly damage your financial health. Using a virtual private network or a VPN can be an added layer of protection when you are entering your financial information online.    Using a credit card to make your online purchases is also a useful way to protect yourself against losses tied to fraudulent charges. According to the federal Fair Credit Billing Act if your credit card — the physical card — is stolen and used to make fraudulent purchases, your issuer can hold you responsible for up to $50 in fraudulent charges. However, if you report the card stolen before any fraudulent charges are made, you have no liability. If your card number is stolen but you’re still in possession of the card, you’re not responsible for any fraudulent charges.  Avoid Falling for Phishing Emails   Phishing is an attempt to obtain sensitive information for criminal and fraudulent purposes through email. Against the backdrop of the pandemic, there have been increased reports of phishing attempts around COVID-19 testing, vaccines, treatments and cures. Keep in mind that generally if something sounds too good to be true, it likely is. To prevent damage to your identity or your financial health avoid opening any suspected phishing emails and never click on included links.   While phishing emails are getting more sophisticated, there are a few clues that can help you identify one in your inbox.  If you receive a suspicious looking email, look at the sender name or email address. Phishing emails tend to have suspicious email addresses that are often different than the name of the sender (it could be anything from a slight misspelling of the senders name to an email address that is completely different). It’s also common for phishing emails to use urgent language and include unusual attachments or links.   While reputable organizations may sometimes ask for personal information over email, pay close attention to the details of the email before sharing any of your information. It may be a better idea to call the requesting organization and find out if there is a more secure way to do whatever it is they may be requesting. Always think twice before clicking any links. When in doubt, type the organization’s name into an internet search and visit the site directly.  Protect Your Passwords  This is a basic point, but one that is commonly overlooked. Using complex passwords can be your first line of defense against potential cyber threats. I know it can be challenging but avoid using the same password for multiple online accounts. When you’re creating unique passwords, it’s best to include a minimum of eight characters with a variety of letters, numbers and symbols.  Keeping track of your passwords for your online bank accounts, email, social media, shopping apps and online medical portals can be a lot to manage. A password manager subscription can be a convenient and secure way to manage your passwords. They are affordable and more secure than writing down all your passwords or using the same password for multiple accounts.    Avoid Over Sharing on Social Media  Oversharing on social can lead to unwanted implications. For example, fraudsters and criminals can learn a lot about you from the data included in the photos you share online, including where you are and when you are there. Avoid photos of items that can be used to determine more information about you such as your license plate or the front of your home. Keep in mind, that while it may be tempting to share photos of your family vacations on your social networks, this may also tell unwanted visitors that you are not home.     Use tools to Combat Fraudsters   Checking your credit report regularly can help you stay informed about potentially fraudulent activity. In an effort to encourage consumers to monitor and understand the information in their credit reports, Experian joined forces with the other U.S. credit reporting agencies, to offer free weekly credit reports to all Americans through April 2021 via www.annualcredreport.com.      Credit monitoring services can help you spot potential fraud early. Experian offers free and paid services that provide daily credit monitoring alerts for things like new inquiries and accounts opened in your name, changes to your personal information and suspicious activity detected on your Experian credit report.   You can find more National Cybersecurity Awareness Month resources to protect yourself online here.  

As the nation’s leading Credit Bureau, we have two primary goals. On one hand, we want to provide lenders the data necessary to assess the risk that a loan applicant represents. On the other hand, we want to help consumers build credit and improve access to credit. This bifurcated set of objectives is the inspiration behind our annual State of Credit report.  Each year, this report provides a view into how consumers are managing credit, including their debt levels, on-time payments and utilizations rates.  Now in its 11th year, our latest report shows promising signs in terms of how consumers are managing their debts against the backdrop of the COVID-19 pandemic. While there is no question the global pandemic has created many financial challenges for consumers, this report shows something I’ve always believed: many American consumers are resilient, they make smart decisions in light of a difficult environment and they adjust their financial habits. Specific evidence for that assertion can be found as we compare 2019, the year prior to the pandemic and 2020, the year marked by the impacts of the pandemic. Year-over-year, consumers lowered their credit card balances, decreased their utilization rates and reduced delinquency rates on the recurring monthly payments they need to make to service their debt. These factors attributed to an average credit score of 688 — a six-point increase from the same period in 2019. You can view additional findings from this year’s report here. The Value Credit Data in America When determining whether to extend an offer of credit to a consumer, lenders can gain excellent insight into a consumer’s risk profile from the information included in a consumer’s credit profile. It details a consumer’s financial track record and delivers a historical view of how a consumer is managing and repaying debt over time.  This information helps lenders determine who can fulfill their financial obligations and ensures consumers continue to have access to credit. Recently, there are reports of using alternative means to assess consumer creditworthiness such as cash-flow data. While Experian is a recognized leader and advocate for the use of alternative data, the use of cash flow data alone can be risky. For example, consumer’s savings have also increased since the start of the pandemic. If a consumer is responsibly and regularly investing in some form of savings, this would narrow their cash flow, which may be misleading and constrain financial access. Looking at a consumer’s credit utilization rate, payment histories and credit balances through traditional credit data remains the primary means to effectively assess lending risk for most American consumers. When necessary, layering traditional credit data with alternative credit data can provide lenders with a more detailed view of a borrower’s stability, ability and willingness to repay. For example, innovations like Experian Boost empower consumers to contribute on time payment histories for additional monthly recurring financial obligations, such as their cable, utilities, mobile phone or Netflix service, directly to their Experian credit report. These payment histories can demonstrate to lenders how reliably consumers are servicing these payments. Incorporating this information has been proven to increase the predictiveness of a consumer’s credit reputation and can complement the data derived from their lending history. Of course, not every American consumer is in a position to adjust their financial habits and make the commensurate smart decisions.  Some have had the rug pulled out from underneath them.  The CARES Act stimulus was effective in increasing the number of consumers who could maintain their financial health, but still some need more help as we embark on the road to economic recovery from the COVID-19 pandemic.  At Experian, we feel that educating consumers about the information included in their credit report and ways they can improve their credit histories will be another factor in getting the economy as a whole humming again and helping those most in need.  We pride ourselves to be “The Consumers’ Bureau” and, as such, education will continue to be a primary focus for us. In an effort to encourage consumers to regularly monitor and understand the information in their credit reports, Experian joined forces with the other U.S. credit reporting agencies to offer free weekly credit reports to all Americans through April 2021 via www.annualcreditreport.com. Experian also offers consumers free access to their credit report and ongoing credit monitoring at Experian.com. For additional ways to maintain a healthy credit profile, I encourage you to: Join Experian’s #creditchat hosted by @Experian on Twitter with financial experts every Wednesday at 3 p.m. Eastern time. Visit the Ask Experian blog for answers to common questions, advice and education about credit. Add positive telecom and utility payments to your Experian credit report for an opportunity to improve your credit scores by visiting experian.com/boost[1] For additional resources, visit https://www.experian.com/consumereducation or experian.com/coronavirus.       [1] Results may vary. See Experian.com for details