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The recent wildfires in Los Angeles are now among the most destructive recorded in California’s history. Thousands of structures have been damaged or destroyed, and many families are facing the heartbreaking loss of their homes, businesses and personal belongings. The fires have also tragically claimed lives and caused significant injuries.  In the wake of such devastation, the immediate priority for everyone is, of course, ensuring the safety and well-being of themselves and their loved ones.   As communities come together to navigate this challenging time, we are committed to being a resource to consumers. Our hope is to help those impacted by the fires preempt or prevent potential impacts to their financial health and identity where possible.   If you or someone you know has been impacted by the Los Angeles fires, here are some key points to keep in mind.   1. Safeguard Your Identity  Natural disasters can unfortunately create opportunities for identity theft. Important documents containing personal information may be lost or scattered. According to the Federal Trade Commission, instances of identity theft have nearly tripled over the last decade and scammers often exploit chaotic situations and vulnerable consumers.   Be Wary of Scammers: Sadly, following natural disasters, opportunistic fraudsters often deploy schemes tied to charity and donations, insurance, new financing, construction or clean up, and more. These perpetrators may lift and deploy tactics that were successful following natural disasters in other areas and deploy them to target those impacted by the LA wildfires. Stay vigilant against fraudsters who may try to steal your personal information or money through disaster-related schemes or offers that sound too good to be true.  Use Free Credit Monitoring and Fraud Alerts: Take advantage of these services to keep an eye on your credit activity. If you notice anything suspicious, report it immediately to your bank or financial institution.  Consider Freezing Your Credit: If your personal information has been compromised, freezing your credit with the three major credit reporting agencies can prevent new fraudulent credit applications. You can freeze your credit for free with Experian by clicking here or enrolling in its free app on your mobile device.   2. Contact Your Lenders  In times of crisis, many financial institutions are willing to work with affected consumers. If you’re worried about paying your bills on time due to the fires, reach out to your mortgage, auto loan, and credit card companies as soon as possible.  Your lenders can report accounts as deferred or in forbearance if you live in an area impacted by the fires. This means no late payments will be reported, allowing you to focus on immediate concerns. However, interest might continue to accrue on the balance, so be sure to understand the terms of any agreement.  3. Use Your Credit Report as a Financial Tool  Tracking down contact information for each of your lenders can be overwhelming. Your credit report, which you can access for free at annualcreditreport.com or via the Experian website or its free app on your mobile device, can be a helpful starting point.  While, understandably, protecting your credit history or identity may not be your immediate concern, taking a proactive approach could help prevent any or further damage to your financial health at a time when you need access to credit the most.  For more tools and resources to protect your credit standing and financial health, please visit Ask Experian.  

Experian is celebrating the one-year anniversary of The Legacy League Game Show™, a dynamic and interactive event that has revolutionized financial literacy education for students at Historically Black Colleges and Universities (HBCUs) and Hispanic Serving Institutions (HSIs). This innovative program, part of the B.A.L.L. for Life™ initiative, combines the excitement of a game show with essential lessons on credit and financial management. We marked the occasion where it debuted in 2023: at EntreprenUTSA at the University of Texas San Antonio. The Legacy League Game Show™ has traveled to ten universities such as Morgan State and Shaw Universities and major events across the United States. The National Urban League describes the event as transformational; HomeFree-USA calls it a “model for how to teach anything to Gen Z and other generations.” Thousands of students have participated across the country, and more than 99% report an increase in their financial literacy after the experience. As someone whose family didn’t discuss money matters growing up, this impact is especially gratifying. In addition to making learning fun, The Legacy League Game Show™ addresses a critical issue: financial invisibility among young consumers, particularly within communities of color. Forty percent of consumers under 25 are credit invisible, with 26% of Hispanic and 28% of Black consumers affected, compared to 16% of their white and Asian peers.   Special guests, including rapper and college basketball standout Flau’jae, comedian and actor Mike Merrill, Louisiana State University wide receiver Chris Hilton, Jr. and Grammy-nominated D Smoke have joined the game show, adding star power and excitement. Next year, The Legacy League Game Show™ will hit the road again, visiting more schools and events. We already have stops planned at the #IYKYK Pitch Competition in partnership with HomeFree-USA, the University of Illinois in collaboration with the Hispanic Alliance for Career Enhancement (HACE), and the UnidosUS National Conference. Check out the action from our 2024 stops by clicking here.Learn more about Experian’s commitment to underserved communities in The Power of YOU 2024: Diversity, equity, inclusion and social impact report.

Modernizing the conversation around credit and financial literacy is a key commitment for Experian, especially for young adults. That’s why we partner with organizations like the Singleton Foundation to produce “Your World on Money,” to meet young people where they are, with engaging, easy-to-understand video shorts about credit, budgeting, and saving and more.   We’re thrilled this commitment and creativity has earned both Gold and Bronze Anthem Awards, which recognize excellence in social good, celebrate the impactful work of organizations and initiatives that are driving positive change. Financial literacy is often not taught in schools, and the language around credit and personal finance can be intimidating. By normalizing these conversations, we hope to inspire confidence and action, helping young adults make informed financial decisions as they navigate life’s milestones. Our United for Financial Health partnership with the Singleton Foundation continues with our new series, the Finance Couch, where college students join our experts on a coach in the middle of a Los Angeles campus to answer their money questions. And our Anthem Award-winning series, HeartBroke, helps couples whose relationships are tested with financial issues to determine if they can work through it or end up HeartBroke(n).

Throughout time, we’ve seen examples of how new technologies can reshape the way we live our lives and manage our finances. As a millennial, the standouts to me are the start of the internet and the rise of the smart phone and mobile banking. Each innovation has opened new ways of learning and simplifying the way we do things.  Now, we find ourselves on the brink of another intriguing shift with the rise of generative AI. This development is especially timely, as we know consumers are hungry for information and resources to improve their credit scores and overall financial health. To get a better sense of how consumers are tapping into this technology, we deployed a survey which showed a significant number of Americans are already embracing generative AI. In fact, 63% of consumers are familiar with generative AI, including 84% of Gen Zers and 79% of millennials. Having learned about finances through trial and error (an approach I wouldn’t recommend), and now dedicating myself to consumer education advocacy, I find this incredibly exciting. Especially considering many consumers, nearly half, are also beginning to tap technology to help manage their personal finances. It’s perhaps no surprise this resonates most for America’s youngest consumers, with 67% of Gen Zers and 62% of millennials stating they use or are considering to use the technology to manage their personal finances. The good news is consumers who are using the technology for personal financial management are reporting an overwhelmingly positive experience – an impressive 96% reported positive experiences and 77% stated they use generative AI for personal financial tasks at least once a week. Key findings include: FINDINGSTOTALGEN Z (18-27)MILLENNIAL (28-43)GEN X (44-59)BOOMER (60-78)SILENT (79+)Indicate they are somewhat or very familiar with GenAI technology63%84%79%58%40%29%Indicate using GenAI to learn about a new topic or personal finances33%46%43%28%19%18%Indicate they are using or considering using GenAI powered tools or apps to help with managing personal finances47%67%62%41%28%23% As we continue to explore the benefits of generative AI, it’s clear this technology can be a valuable resource for improving financial literacy as we look ahead. We believe that the responsible use of AI can open new opportunities for consumers seeking to enhance their financial health. However, as with anything new, there are a few things consumers should keep in mind if they are currently leverage, or considering leveraging generative AI to learn about or manage their finances or credit scores, including: Don’t forget the basics: While there’s no question generative AI can be a helpful tool for managing your finances, consumers shouldn’t lose sight of the “old school” ways to protect their financial health and credit standing. This includes checking your credit report and scores regularly. You can get a free copy of your Experian credit report and FICO® Score[1] updated daily at www.experian.com or via Experian’s free mobile app. Consumers can also get a free credit report from each of the three credit reporting agencies once a week at www.annualcreditreport.com.  Verify your findings: Generative AI tools are only as good as the information they consume and there’s no shortage of misinformation about managing your credit scores and finances that exists online. Always cross-check AI-generated financial advice with reputable sources. You can find answers to many personal finance and credit-building questions on Ask Experian—Experian’s free credit advice blog. Be safe and use generative AI responsibly. Many of the generative AI tools that exist today collect and store user data. Be mindful of the personal information you share with generative AI tools to ensure your information is protected. In short, the rise of generative AI marks a pivotal moment in personal finance education, and an exciting one for me. As we embrace this technology, I believe we can create a more informed and financially empowered consumer base. [1] 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.

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.

Experian North America has once again proven its commitment to creating an exceptional workplace, earning a coveted spot on Fortune’s 2024 “Best Workplaces in Technology” list. This prestigious recognition showcases Experian’s dedication to cultivating a vibrant, innovative and inclusive culture where employees thrive. By prioritizing personal growth, diversity and overall well-being, Experian continues to stand out as a leader in the tech industry, ensuring its workforce remains at the heart of its success. A Testament to Experian’s Workplace Culture The Fortune Best Workplaces in Technology™ list, developed in partnership with Great Place to Work®, was based on surveys from more than 870,000 employees across various industries. Feedback captured factors like trust, respect, fairness and credibility, showcasing Experian’s efforts to build a culture where employees feel empowered and engaged. Innovation and Inclusivity Experian’s inclusion in the Large Workplace category reflects its commitment to fostering a collaborative environment. The company supports diversity through partnerships with AfroTech, Grace Hopper, Lesbians Who Tech and Out In Tech, further demonstrating its dedication to inclusivity. A Year of Notable Achievements In addition to the Fortune recognition, Experian earned a silver medal for innovation from Datos Insights and ranked 7th on the 2024 IDC FinTech Rankings, solidifying its leadership in data and technology. With more than 22,500 employees globally, Experian remains dedicated to innovation, employee development and helping businesses and consumers unlock opportunities.

Fraudsters are opportunistic. They are capitalizing on using new technology to create more sophisticated fraud schemes, underscoring the importance and urgency of prioritizing fraud prevention strategies. In fact, the FTC reported that consumers lost more than $10 billion to fraud in 2023, the first time losses have ever been so high.  As a leader in the fraud prevention and identity verification space, we’re dedicated to helping clients stay ahead of evolving fraud trends and challenges. To that end, today we released the findings of our 9th annual Experian Identity and Fraud Report, which provides an in-depth look at the current fraud landscape and the sentiments of both consumers and businesses. Some of the top findings include: Consumers’ top security concerns include: identity theft (84%) and stolen credit card information (80%), a 20% increase compared to 2023. Sixty-three percent of people say it is important for businesses to be able to recognize them online.  Eighty-one percent of consumers say they’re more trusting of businesses that can accomplish easy and accurate identification. People want more types of identity recognition techniques used to verify their identities with physical analytics (71%), PINs sent to a mobile device (70%) and behavioral analytics (66%) evoking the highest sense of security for consumers. Companies recognize the importance of focusing on Gen AI, with 70% saying they expect AI fraud to be the second greatest challenge for their business. Despite AI fraud concerns, businesses ranked detecting and preventing Gen AI fraud and deepfakes as the 12th most important investment area behind prevention for legacy fraud types. With these fraud concerns in mind, companies need to review their current fraud tools and strategies, and look for opportunities to add to or change current approaches, to not only mitigate risk but also keep their customers safe while providing a positive experience. Businesses should work with a trusted partner who can help them implement a multilayered approach to identity verification and fraud prevention and help them meet consumer expectations. Experian offers a full suite of automated tools that harness data and analytics to prevent fraud and mitigate losses. We’re dedicated to empowering clients with the insights they need to make informed, data-driven decisions that safeguard their customers and reduce risk.  Our recent acquisition of NeuroID, an industry leader in behavioral analytics, is a testament to this. To learn more about Experian’s fraud prevention solutions: please click here. To read Experian’s 2024 Identity and Fraud Report, please click here.

Amid the rise in usage of generative AI tools, companies across industries are looking for fraud detection strategies that enable them to combat sophisticated fraud schemes now and in the future. At Experian, we’re committed to ensuring our clients can make the most informed, data-driven decisions to protect the customers they serve while mitigating risk. To support this, today we’re excited to announce our acquisition of NeuroID – an industry leader in behavioral analytics. NeuroID combines the power of behavioral analytics with advanced device and network intelligence to create the first line of defense against malicious bots, bad actors, and fraud rings. This can help clients identify everything from identity theft to account takeover fraud from the very first interaction. NeuroID’s modern and frictionless capabilities amplify Experian’s fraud risk suite by providing a new layer of insight into digital behavioral signals and analytics observed for both new and returning users throughout the customer lifecycle. Together with NeuroID, we’re excited to build new blended offerings that detect risk but also empower businesses to confidently navigate the online landscape and trust in their transactions. Experian has a long legacy of providing award-winning fraud and identity solutions to protect companies and their customers. Last year alone, our identity verification and fraud prevention solutions helped clients avoid an estimated $15 billion in fraud losses globally. Adding NeuroID to the Experian family is another step in our commitment to continuous innovation in fighting fraud and helping clients and consumers keep pace with the evolving identity landscape. NeuroID’s behavioral analytics solutions are available now through CrossCore® on the Experian Ascend Technology Platform™ as a key fraud-detection capability. With NeuroID seamlessly integrated into Experian, clients can use one service provider to proactively monitor and analyze a user’s real-time digital behavior. To learn more, click here.

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.

Experian is wrapping up several inspiring days at the 2024 Disability:IN Conference. We are a proud Presenting partner, and as part of our support this year, we had the honor of being the key sponsor for the NextGen Innovation Lab Pitch Competition. This initiative brings together young adults to develop innovative products or services that benefit individuals with disabilities. It provides a platform for young minds to harness their creativity and technical skills to solve real-world challenges faced by the disability community. This year, we challenged these NextGen leaders to create a product or service specifically for young adults with disabilities that can help them build their credit or improve their financial literacy. Only 10% of working aged people with disabilities consider themselves to be financially healthy, according to a recent study. Eight enthusiastic and passionate teams shared their ideas and the top two vote-getters’ pitched live, “Shark Tank” style, in front of thousands of conference attendees. The winner: Team 7’s “Experian Expedition,” which enhances the accessibility of the existing Experian app and adds new experiences such as an accessible credit card that also features braille; voice-guided, American Sign Language and closed-captioned exercises; and an incentive program for young adults as they reach various financial health milestones with cash back and coupons. We congratulate Team 7 and all of the teams for their collaboration with Experian and each other. The ideas and services developed through the NextGen iLab have the potential to make a significant impact on the disability community, enhancing accessibility, independence, and quality of life for millions. Sponsoring the NextGen iLab is just one of the many ways Experian is committed to disability inclusion. For the third consecutive year, Experian has achieved a top score in the Disability Equality Index (DEI) 2024. This accolade underscores Experian’s ongoing efforts towards inclusivity in our workplace, products and services that are accessible and beneficial to individuals of all abilities, including the Support Hub, Financial Resilience Center, Inclusion Works, and the CMO/CCO Coalition. We’re proud our efforts are recognized by Disability:IN and the American Association of People with Disabilities (AAPD). To learn more about Experian’s commitment to inclusion, check out our Power of YOU Report 2024: Driving social impact and diversity, equity and inclusion in English, Portuguese and Spanish.