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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.

Digital commerce has changed the way consumers interact with businesses. More people are transacting online versus going into retail stores, and more than half of banking is done via mobile channels. Yet both businesses and consumers still want convenience and security, without increased fraud risk. And as interactions have become more anonymous in an online space, trust is based on businesses protecting consumers from fraud while still providing a great customer experience. So, what does it take to build trusted relationships online? New research from our 2019 Global Identity and Fraud Report shows that 74% of consumers see security as the most important element of their online experience, followed by convenience. In the past, businesses have often invested in one at the expense of the other, and our research suggests that consumers can expect both security and convenience without the trade-off. The availability of information consumers share with businesses make this possible, and consumers are willing to share more personal information if they believe it means greater online security and convenience. In fact, our research found that 70 percent of consumers are willing to share more personal data, particularly when they see a benefit. However, this value exchange of more personal information for a better online experience is the same information that puts consumers at a greater risk for fraud. Instead, businesses need to demand more from the information they already have access to and use more sophisticated authentication strategies and advanced technologies to better identify their customers and deliver tailored, streamlined experiences without increasing their risk exposure. Findings from the study reveal that consumers and business leaders agree that security methods enabled by new technologies and advanced authentication methods instill online trust. In fact, consumer confidence grew from 43 percent to 74 percent when physical biometrics was used to protect their accounts.  The report also found that businesses are beginning to embrace the changing technology, while half of organizations globally reported an increase in their fraud management budget over the past twelve months. And lastly, the report looked at transparency and how that impacts consumer trust. In order to create even more trust online, many businesses are proactively sharing with customers how they use their personal information. The report found that nearly 80 percent of consumers say the more transparent a business is about the use of their information, the greater trust they have in that business. And the good news is that 56 percent of businesses plan to invest more in transparency-inspired programs such as – consumer education, communicating terms more concisely, and helping consumers feel in control of their personal data. Fraud remains a constant threat and it should come as no surprise that nearly 60 percent of consumers worldwide have experienced online fraud at some point. However, both business and consumers are getting smarter about how they manage fraud and it comes down to the important theme of trust. In order for consumers to trust businesses, they need to feel secure. And by adopting better security measures, businesses can embrace the important role of protecting customers and giving them the experience they want and deserve. Download the new Experian 2019 Fraud & Identity report here.

Experian Health has announced a partnership with Change Healthcare, a leading revenue cycle management provider, to jointly provide an identity management solution to solve patient identification and duplication challenges most often occurring during the patient registration process. Accurate identification of patients across care settings is one of the most common challenges in healthcare today. Improper identity management plagues multiple aspects of the healthcare system and all stakeholders, including providers, payers, pharmacies, employers, and consumers. Without accurate record matching, patients can be put at risk. According to statistics cited by Pew Research Center up to 20 percent of patient records are not accurately matched within the same healthcare system—driving up costs, creating inefficiency, and risking patient safety. The solution delivered to the market will leverage Experian Health’s robust identity management capabilities, along with Change Healthcare’s Intelligent Healthcare NetworkTM connecting providers and payers, to accurately identify patients and match records within and across disparate healthcare organizations. With the companies’ extensive footprint across healthcare providers, and Change Healthcare’s ecosystem of over 700 channel partners, the partnership will aim to deliver trusted identity management capabilities that are integrated with healthcare workflow applications across the continuum. “It’s imperative the healthcare industry focus on accurate patient identification and data management to improve overall patient safety,” said Jennifer Schulz, group president, Experian Health. “This new partnership aligns with our commitment to connect and simplify healthcare in a data-driven world, and ultimately deliver an optimal consumer experience.” At launch, the solution is expected to be available to all providers and payers in the United States.  Currently, Experian’s Universal Identity Management solution, in particular, now includes 136.3 million people, representing 42.6% coverage of the U.S. population, and that number continues to grow every month. This partnership will expand the company’s reach even more with partners such as payers and smaller clinics to scale its identity solutions at a quicker pace and benefit the entire industry. “We are pleased to be able to move our business forward with key collaborations that will help us deliver a seamless and scalable identity management solution to more organizations,” added Schulz. “We look forward to working with Change Healthcare and exploring more partnership opportunities with them that can continue to address the healthcare industry’s most pressing operational issues through the power of data and analytics.”

I nearly made a bad mistake a couple of weeks ago after I received an email from a top online retailer stating there was a “problem with my recent order.” I had recently purchased several items and knew that any delay would jeopardize my holiday gift delivery. I was just about to click the “Login” button and then stopped. Thankfully, I had the presence of mind to double-check the sender, and, it wasn’t my favorite shopping site after all – just a really good fake email from a phishy sender. I had almost fallen victim to one of the oldest and most common fraud scams in the books — a phishing email. Phishing is the fraudulent practice of sending emails claiming to be from reputable companies. Fraudsters do this to get recipients to click a link and reveal personal information, like passwords and credit card numbers. Sometimes, they will even install malware on your mobile device or computer, directing you to a fake storefront to pilfer information like bank accounts or create new fraudulent accounts using your identity information. First, I thought, “Wow, what a dumb mistake, especially given our focus at work.” But phishing scams today have become more sophisticated and personal. We are all busy with life – our work, family, commute, and dinner plans, along with keeping up on the latest news cycle. Virtually anyone could be inclined to quickly click on a link stating there is an issue with their recent order. The best phishing scams are those that appear to come from a trusted source and reference real information about you, one of your recent shopping orders, or your personal preferences. Sometimes, a scam can even take the form of an “update” on the delivery of your recent orders, and you might rush into clicking links to resolve the problem. Know then trust What is it about phishing scams that make them so effective? It is the personal nature of the attack. The best ones are those that appear to come from a trusted source and discuss information about you, a recent order, your personal preferences, or even just to provide an “update” on delivery to rush you into clicking based on an issue or delay. One extremely lucrative attack that comes to mind is a recent UK bank attack where fraudsters obtained banking login credentials and accessed accounts in an attempt to submit fraudulent wire transfers. Posing as bank employees, the fraudsters contacted the accountholders to let them know that a fraudulent wire transfer attempt had been made on their account. And in order for the bank to cancel the wire, they needed the accountholders to provide a confirmation code that they would receive instantaneously through their mobile device to confirm their identity. What the accountholders didn’t realize is that the bank’s standard process for any wire transfer was to send a one-time password to the mobile phone number on file to confirm an abnormal transfer’s authenticity – not to stop fraudulent attempts. So, when the accountholders received the passcode, they unknowingly provided them to the fraudsters over the phone, effectively authenticating the transfers with the bank. Oh phishing fraud… Oh phishing fraud… But what about the holidays, you ask? Given our chaotic lives, fraudsters love to use phishing during the holidays. Attackers generally focus on major online retailers to enable the largest possible attack. Many consumers have established two-factor verification for accounts with top online retailers, but fraudsters can use this to their advantage if you’re not vigilant. For example, a scammer might send an email to suggest there is a problem with your recent order, then when you click on a link in the email to check on the issue, you might see a pop-up indicating that you’re using a different device than previously seen in the account. Without thinking too far into it, you’re given a one-time passcode that you enter to confirm your identity. The attacker can use your credentials and passcode to successfully log in as you, purchase goods using on-file payment information, and have the goods shipped to an alternate address. Another effective method for fraudsters is to leverage mediums that billions of consumers around the world use daily, like social media. This is the time of year where everyone is sharing photos and links with their friends and family – which is a prime opportunity for fraudsters to use malware or keyloggers to access social media accounts, masquerade as you, and amplify attacks by reaching out to all of your connections. And since fraudsters can just as easily take advantage of the latest AI and machine learning advances, scams are more sophisticated than ever before. Today’s attacks often use millions of servers worldwide to make attacks appear personal – to look like messages from a friend, family member, or other connection. They know your name, mention something personal that they found on one of your social media posts and ask you to do something – like click on the latest viral video or picture. This can all be done automatically and be sent to millions of people at the touch of a button. Send phishing scams on their way I know this all seems unsurmountable, but there are things that businesses and consumers can do to identify if they’ve been a victim and to avoid becoming a victim in these types of schemes. From a business perspective, the most effective approach is to assess users’ historical behavior. Are you seeing a large number of customers trying to move similar amounts to recently linked accounts or purchasing huge volumes of in-demand items? Perhaps the contact center is getting a lot of calls claiming fraud, which can be a sign of recent fraud attacks. Businesses can closely monitor transactions, educate their employees and customers to not click on untrusted links, and make sure there is more than one person to sign off on any account changes or large money transfers. For consumers, the number one thing you can do is to immediately contact the organization or financial institution where you were victimized. I know this takes time out of an already busy day, but it provides the best chance of recouping any lost funds. The other thing you can do is to immediately notify your social contacts about the scam if you’ve fallen victim. That way, others can protect themselves and help limit the damage and spread of any phishing incident. My experience with an “almost” phishing scam is that no one is immune. But the more everyone is aware of the potential consequences and how they can protect themselves, the less likely phishing attempts will be successful. Check out the Experian Insights blog to learn more about how Experian helps businesses and consumers during the holidays and throughout the year.

It’s an exciting time for all of us at Experian. When I became CEO, just over four years ago, we set a clear path to put an even greater focus on our relationship with consumers and how we can help them in their financial journey. Today, as we prepare to launch Experian Boost, we are marking a major milestone in that commitment. There are more than 100 million Americans who don’t have fair access to credit today. These consumers are often overlooked by lenders and forced to rely on high interest credit cards and loans. Too often they find themselves stuck in a never-ending cycle in which the best of intentions and the desire for a better financial future clash with reality. At Experian, we know that a credit score is the gatekeeper to better financial opportunities. It can make or break people’s access to the very things that help them thrive in today’s economy like getting a loan for a family car or access to a credit card with a lower interest rate. Unfortunately, many consumers have credit files that are considered too “thin”. And while they may be paying their utility, mobile phone and cable TV bills on time month after month, this responsible behavior hasn’t been acknowledged or rewarded with a higher credit score. Experian Boost changes this scenario and give consumers the credit they deserve. As a business, we want to ensure that as many people as possible can access and participate in the financial system and we believe everyone deserves a fair shot at achieving their financial dreams. Today’s Experian Boost announcement drives our mission forward by giving consumers more control over their credit score. This industry-first online platform will give consumers an opportunity to instantly improve their credit scores by adding positive telecom and utility payment information directly into their credit profile. Experian Boost is free and will be accessible to every credit-active adult in America. We recently briefed Experian’s Consumer Council, a group of 12 leaders from organizations committed to helping consumers on their financial journey, on Experian Boost with great feedback. Here’s what one of the organizations, the Credit Builders Alliance, had to say: “Limited credit activity and history are key barriers for consumers to achieve their financial goals,” said Dara Duguay, executive director, Credit Builders Alliance. “We fully support initiatives that promote financial inclusion and think Experian Boost could play an important role in overcoming that barrier. We look forward to seeing how Experian’s new platform impacts consumers.” Innovations like this and the modernization of an industry don’t happen easily. I couldn’t be prouder of our employees who have been working for past three years to make this platform a reality. We are pioneering a bright future for the world of credit with Experian Boost, a product which is emblematic of the innovation culture we foster at Experian. Experian has a fundamental purpose that is shared by colleagues around the world: to strive to be a champion for the consumer. With Experian Boost, we’re bringing our purpose to life and we can’t wait to share it with you. To find out more about Experian Boost, please visit: experian.com/boost.

Most of us have experienced the feeling of frustration when it comes to online security protocols. You need to log-in to an account, but you’ve forgotten your password. When you choose an option to reset your password, you are asked to answer one of your security questions. But you forget which movie you said was your favorite while you were growing up. You take a guess, but unfortunately it’s the wrong one and you find yourself locked out of your account. At this point, you’re annoyed and wonder why accessing your account is so difficult in the first place. Historically, the attempt to balance customer security and convenience has been one of the biggest challenges online businesses have faced. As consumer expectations for smooth online experiences increase, businesses aim to deliver security protocols that make customers feel safe and protected, while allowing for easy and convenient access. According to our recent Global Fraud and Identity Report, 66 percent of consumers like security protocols when they transact online because it makes them feel protected. In fact, the lack of visible security was the number one reason customers abandoned a transaction. However, while consumers may tolerate the nuisance of common barriers to accessing their accounts, including forgetting their password or having to re-renter other security controls like CAPTCHA or two-factor authentication, higher friction doesn’t necessarily mean better security or a better overall experience. If businesses were able to offer a frictionless customer experience that was as secure, if not more secure, than the experience today, they could potentially increase overall revenue and growth. One-third of the consumers we surveyed said they would do more transactions online if there weren’t so many security hurdles to overcome. And the number rose even higher in different age groups. For instance, the percentage rose to 42 percent when it came to millennials. We believe that a fundamental shift in the thinking is required. No longer, should businesses attempt to balance security against consumer convenience, but rather, we believe that with the right use of technology, analytics and data, both goals can be simultaneously achieved. In the name of both security and convenience independently, we are already seeing data-driven, artificial-intelligence powered systems operating behind the scenes. We believe that a merging of these two functions will yield significant benefits for the business as a whole. For this to work, businesses will need to gain and maintain the customer’s trust without the familiar perception of security. Customers want to be recognized and businesses want to address the growing fraud they are experiencing. Solutions that combine device and behavioral intelligence with other data points such as biometrics, processed via advanced machine-learning, could help businesses in the future, simultaneously recognize their customers more accurately, and do so without challenging them. Winning companies will move from balancing security against convenience, to achieving both goals via a synergistic approach, and ultimately will evolve trust through technology, data and analytics.