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While the credit reporting industry is designed to help lenders and creditors minimize risk and assess consumers’ ability and willingness to repay outstanding debt, let’s be clear: the consumer is our main priority. Every lending decision and action is made with the consumers’ best interest in mind. Because consumers rely on credit and other loan products to purchase homes and cars, pay for college, afford goods and services, and even bridge the gap during emergencies, the credit reporting industry has been at the forefront of broadening access to fair and affordable financial resources.   Risk-based pricing has made it possible for more consumers to access credit, particularly those with limited-to-no credit history or subprime credit profiles. Previously, lenders may have opted not to extend credit to consumers considered higher risk; but more and more, lenders are empowered to tailor borrowing terms based on a consumer’s credit history. In addition, because lenders don’t have to absorb unforeseen risk, lower borrowing costs can be maintained for all consumers. Experian has long advocated for expanded data sources, such as rent and utilities payments, to be incorporated onto consumer credit reports and considered in lending decisions. In 2019, we launched a product  that empowers consumers to add positive payment history for utilities, telecoms and video streaming services—and eventually residential rent—directly into their Experian credit report. Our efforts coincide with legislation, such as S.2417 – the Credit Access and Inclusion Act, introduced by Senator Tim Scott (R-SC) in 2021, which encourages the reporting of consumer payment history, including rent, utilities, and telecom services, to the nationwide credit reporting agencies. This is key to broadening access to fair and affordable credit for underserved consumers.  The industry needs to continue to explore other avenues that can help consumers improve their financial health, such as the role that buy now, pay later information can play in increasing financial inclusion. Empowering consumers to take control Beyond legislation or the use of expanded data, many non-profit and community based organizations are championing initiatives that drive greater financial inclusion. Organizations such as Inclusiv, Jump$tart Coalition for Personal Financial Literacy, HomeFree-USA, National Urban League and the Society for Financial Education & Personal Development, among others, are helping individuals and households from underserved communities navigate the mainstream financial system and take control of their financial lives. Experian and other financial institutions are partnering with non-profit organizations with deep roots in communities, allowing them to connect with community leaders and individuals on a more personal level. Every individual enters the credit ecosystem at a different stage so it’s important that banks and financial institutions listen to the specific challenges they’re experiencing. For example, individuals may be searching for credit monitoring and alerts, budgeting tools or ways to put more money back into their wallets, such as finding cost-efficient options for auto insurance. Providing individuals and households with the financial knowledge and access to tools better positions them to become financially independent. The credit reporting industry continues to provide more resources and transparency to help improve consumers’ financial health. All individuals deserve the opportunity to establish and build their credit so they are able to elevate and maintain their financial status.

At Experian, we’re proud to observe Veterans Day and celebrate the contributions of our teammates and their families who have served in the U.S. Armed Forces. This year, we’re especially excited to be ranked #20 on Forbes’ 2024 Best Employers for Veterans list. The list is based on input from over 24,000 veterans who were surveyed by Statista. These veterans, from the Armed Forces, Reserves, and National Guard, work for companies with more than 1,000 employees. They rated their employers on factors like work atmosphere, salary, health benefits, career development, and programs specifically designed for veterans. We’re grateful for how our Veterans Employee Resource Group (ERG) supports the military community, from participating in events like Wreaths Across America, Carry the Load, and the Murph Challenge, to building wheelchair ramps for veterans’ homes. The Veterans ERG just completed its 20th ramp last month. With a goal of bringing Financial Power to All™, Experian provides free credit reporting to active-duty members and supports financial literacy and education through our partnerships with Support the Enlisted Project (STEP) and Operation HOPE. As part of our observance of Veterans Day, we invite veterans to join us for this week’s #CreditChat, “Transitioning to Civilian Life: Financial Considerations for Veterans” on Wednesday, November 14, from 3–4 p.m. ET. Thank you to all who have served our country. And we thank our veteran colleagues who bring their leadership, dedication and passion to Experian every day.

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.

Having a diverse workforce is vital to help us innovate and deliver on the needs of our increasingly diverse clients and consumers. Over the years, we’ve made some great progress, but there’s so much more we can do and it’s going to take the collective effort of all of us to continue to move the needle. That’s why we’re gearing up to celebrate International Women’s Day (IWD). It’s a day celebrated in many countries around the world to recognize the achievements of women and drive equality among men and women. At Experian, IWD activities are extending throughout the month of March. Have a look at what’s going on around the world as Experian celebrates this important day: Asia Pacific The Asia Pacific region is hosting a range of activities across our offices in March, which will include round-table and speaker events as well as an opportunity to network and pledge their support for IWD. EMEA and UK&I EMEA and UK&I are joining together for IWD to support and celebrate diversity and inclusion. The week started with a video of employees from both regions reflecting on what diverse teams bring to our business. Employees will also be invited to a variety of events to engage and network with inspirational women and hear stories from our leaders on what diversity means to them personally. Latin America Throughout the month of March, Latin America has been running a campaign to share stories of achievements in their region and raise awareness about breast cancer prevention and other diseases more common in women. On IWD, there will be a panel of women leaders who will address issues such as the social inclusion of women in the region, women’s participation in the labor market, Experian’s commitment to female leadership and the importance of a work/life In Brazil, IWD is kicking off with a presentation by members of the United Nations to present their 50-50 Gender Equality program (which aims to eliminate gender inequalities by 2030) and how they are working with companies around the world to achieve this vision. Employees will have an opportunity to hear from leaders in our business about diversity and inclusion plans for the region, and listen to a panel of external speakers discuss diversity challenges and career development. North America Our employees in North America will be kicking off the week with celebrations across their ITS’ 13 offices in the region. Each office will have daily activities throughout the week, and all employees – including virtual and those based in smaller offices – will be invited to attend webinars focused on Diversity and Inclusion topics. On IWD, there will be panel discussions with senior leaders who will speak on various career development topics. To close out the week, there will be a special Book Club discussion on March 9. We will continue to update this blog post all week with pictures and other ways we’re celebrating IWD. Bookmark this page and come back.

I work at SEGA, a global games company. I first met Nakamura-san, my contact at Experian, about eight or nine years ago. I remember telling him at the time that I was a little sceptical of credit report and analytic companies – I thought they were either too expensive or their reports weren’t detailed enough. However, a year later I needed help from a company like Experian, and I thought I’d put them to the test.   My team and I were starting to communicate with overseas markets, to work with companies around the world. So, I phoned Nakamura-san. It was a business negotiation, so I had my poker face on – I played the usual mind games you have to, insinuating that if Experian did this job well then our company might be able to offer them even more business in the future.   Safe to say, they passed the test. We’ve been building a really positive relationship with Experian for the last eight years.   We’re working with companies in Hong Kong, Taiwan and London at the moment. To work with them, we need information – for instance, we need to know if they’re actually located where they say they are. Even if a company gives us an address, it’s always possible that it operates from a different country – we’ve all heard about companies and their tax havens. When we have these questions, Nakamura-san and his team at Experian collect and analyse data on these companies, and give us very thorough information – breaking it all down and explaining everything to us really clearly.   It’s really difficult to get the rich, detailed analysis of data you need, but Experian provides us much better data than any of our previous credit research companies managed to. They consult with us, and help us use this data to get our business to a better place. I’m very grateful for it – they’ve added great value to our business. Mr. Shinji Mutazono, Team Manager, SEGA Group Companies Finance Department, SEGA Holdings CO., Ltd. 

In Malaysia, nearly 280,000 people live without electricity. By volunteering with the Liter of Light program, we’re bringing solar panel lights to remote villages, transforming the quality of life and brightening the darker hours for families. In Malaysia, more than 1 percent of the population lives without electricity – one of life’s basic necessities – which equates to nearly 280,000 people living in darkness after the sun goes down. Some people have never had electricity in their life, making simple tasks like cooking or reading nearly impossible after dark. I wanted to change that. My day job is to support and enable individuals within Experian to pursue various career opportunities, but what I’m most passionate about is the way Experian helps me invest in my local community through the Heart of Experian Corporate Social Responsibility program. This year, my team and I had the chance to collaborate with Liter of Light (LOL) – a global, grassroots movement committed to providing affordable, sustainable solar light to people with limited or no access to electricity. In February, we joined one of their projects to install 60 solar street lights in the village of Orang Asli, an indigenous community in the Cameron Highlands.   Over the span of two days in February, a group of 30 Experian volunteers built and installed the solar panel lights. On the first day, the LOL team taught us how to build the panels, teaching us the skills needed to cut wire, assemble PVC pipes and drill holes. The second day, we rode in Jeeps through muddy roads and a three-foot deep river to reach the village. We spent hours unloading the lights and assembling the panel boxes, plotting the village maps and identifying the right spots to install the solar panel lights. I was happy to see some of the local villagers’ curiosity and participation throughout the day. Some helped us assemble the lights while others prepared the right spots for installation by building bamboo stands. The weather was kind to us, so by 5 p.m., nearly all the lights were installed – just before dark! After completing all the hard work, our team recorded a group video using a drone that all of the Orang Asli children chased after. Thanks to our service project providing light to a village in darkness, 150 villagers in Orang Asli will now have more productive, higher-quality lives during the dark hours of the day. I’m so glad I got to play a role in that.