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Our latest State of the Automotive Finance Report: Q1 2023 showed the average new vehicle loan amount reached $40,851, and today’s average used vehicle loan amount is $26,420. While the growth of average loan amounts is slowing, and in some cases, decreasing from previous years, rising interest rates are pushing monthly payments higher for many consumers. This news comes at a time when many consumers are looking for ways to save money and are holding onto their vehicles longer. In fact, as of Q1 2023, the average length of ownership for new vehicles purchased as far back as 2010 is 4.19 years. At the same time, the cost of vehicle repairs has many consumers feeling financially stressed. Whether to eliminate the burden of rising costs of goods and services, or to plan for big ticket items like vehicle purchases or repairs, our research shows saving money is top of mind for many consumers. Two-thirds tell us they are actively looking for ways to trim expenses from their monthly budget. If you’re shopping for a new set of wheels, or trying to keep your old ones on the road longer, here are four steps you can take to save money: Use credit as a financial tool A good credit score could help you qualify for better interest rates and better terms for loans. Whether you’re looking to purchase a new vehicle or finance repairs, a positive credit history can be a powerful financial tool. Your credit score can also impact the rates you may pay for insurance. Work to keep your credit card balances low and make your payments on time. Using tools like Experian Boost[1] allows you to add your positive payments for telecom and utility bills as well as video streaming services – and now rent payments – to your Experian credit file to potentially increase your FICO®[2] Score instantly. Cut costs where you can We are committed to helping consumers save money in multiple ways and auto insurance is one area consumers may be overpaying. To combat this, we now offer an auto insurance shopping service that delivers tailored rates based on your current policy and vehicle directly from our mobile app. Consumers can potentially save on average more than $900 per year through our service, which is significant. Plan ahead to save on interest rates Interest rates are a key consideration if you’re shopping for a new or used vehicle. Our latest State of the Automotive Finance Market Report showed the average interest rate for a new vehicle is 6.58%. Oftentimes when shopping for a vehicle the main priority is securing a low monthly payment, but it’s also important to assess the total cost of the loan, particularly amid rising interest rates and vehicle prices. With this in mind, some new vehicle shoppers who were in search of lower interest rates opted for shorter loan terms in Q1 2023. Determine how much you can afford to spend each month and opt for shorter loan terms to save on interest. Don’t get a lemon With prices increasing, we know many people are opting for used vehicles. While this can help with costs, it’s important to know what you’re buying before you sign on the dotted line. Request a vehicle history report, like an Experian AutoCheck report, before committing to the purchase. These reports include how many previous owners the vehicle had, or if there were any reported accidents. This can help you avoid surprises down the road and give you a better idea of the value of the car. In addition to a vehicle history report, we recommend having the vehicle inspected by a licensed mechanic. We rely on our vehicles every day. By leveraging the right tools, and with proper planning, you may view them less as a financial burden and more as a means to enjoy the freedom of the open road. [1] [Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. Learn more. [2] FICO is a registered trademark of Fair Isaac Corporation

We are pleased to share that during last night’s annual Credit Awards, Experian scooped a special recognition award for our work supporting consumers, businesses, and the UK economy through the cost-of-living crisis. Part of this support focused on delivering financial education to marginalised groups – including younger people who were acutely feeling the pressure of rising costs and economic uncertainty. A great example of this was our work alongside the influential voices of Young Money blogger, Iona Bain, and celebrity footballer Bayo Akinfenwa, promoting credit education and helping young people take control of their financial health through a series of original videos on social media. The campaign reached over 1 million 18-25 year olds and guests at the ceremony were treated to a viewing of one of the campaign videos. In addition, Experian’s #EaseTheSqueeze campaign has been helping people manage their budgets, with tips and guidance about how they can take control of their finances. So far, we have managed to reach 8.5 million people in the UK. And, finally, our annual Credit Awareness Week campaign continues to help people develop a better understanding of credit, including how credit scoring works, dispelling common myths, and tackling issues such as credit refusal. We have also made huge strides developing an exciting pipeline of unique solutions in response to the cost of living crisis. For example, Experian’s Support Hub aims to help consumers with support needs to better connect with financial institutions and other services they need to access. By 2030, it is hoped the Support Hub will help more than 7 million disabled people. Judges from across the credit industry presided over the Credit Awards 2023, which was organised by Credit Strategy magazine and held at London’s Grosvenor House Hotel. The ‘Outstanding Company Contribution to the Industry’ award celebrates the continuous work from one company for betterment of the industry. Commenting on Experian’s win, Credit Strategy’s Group Editor Michal Lodej said: “Experian has worked tirelessly to improve the publics’ knowledge about their finances and have developed numerous tools for consumers to evaluate and improve their financial health. Their dedication to make a difference has provided much-need value for millions of people as well as the wider credit industry. For that reason, Experian were worthy winners of this year’s ‘Outstanding Company Contribution to the Industry’ award.” As the current economic environment adds extra pressure on households around the world, we recognise the significance of the role we can play to help ensure people can get through this period of financial pressure. It’s important that we continue to do all we can to keep pace, and we remain committed to equip people with the knowledge and tools to help them manage their finances effectively.

Understanding how credit works is key to protecting your financial health in any environment – and this is especially true today. What’s new: To see how America’s youngest consumers are faring, we recently deployed a national survey looking at: Gen Z and millennial’s understanding of credit and personal financeHow recent economic news is impacting their financial health What would make them feel more optimistic about their situation  Why it matters: As we look ahead, millennials and Gen Z consumers will be the biggest drivers of spending and our economy. Ensuring they have access to trusted financial education and resources is key.  Survey highlights include: Building a strong credit history is key to unlocking many things we want in life, yet many younger people do not understand its importance until they get older. The bottom line: Our research revealed many Gen Z and millennial consumers are simply unsure how to successfully build credit and are hungry for trusted resources of personal finance information. “We believe in financial power for all and ensuring America’s youngest consumers are empowered to be financially independent adults is key to achieving this,” said Christina Roman, consumer education advocate at Experian. “Personal finance and credit education are central to our mission. We are committed to being a trusted resource for consumers looking to improve their financial health during our current economic environment and beyond.” How Experian Can HelpThere are free and easy steps consumers can take to help improve their financial health with Experian, including: Getting a free copy of your Experian credit report and FICO[1] Score®[2] at www.experian.com or via Experian’s mobile app. Our app also has free personal finance and credit building tools Add positive telecom, utility, video streaming service and qualifying rent payments to your Experian credit report through Experian Boost[3] for an opportunity to improve your credit scores by visiting www.experian.com/boost. Young consumers without an established credit history can download Experian’s mobile app and enroll in a free Experian membership to establish, use and grow credit responsibly with Experian Go™ Joining Experian’s #CreditChat hosted by @Experian on Twitter with financial experts every Wednesday at 3 p.m. Eastern timeVisiting the Ask Experian blog for answers to common questions, advice and education about creditLearn how to build and protect your credit with Experian’s Credit Essentials for Everyone flipbook and find additional credit education resources at resources at http://www.experian.com/consumereducation. Find additional money-saving resources from Experian by visiting experian.com/savings Survey MethodologyExperian commissioned Atomik Research to conduct an online survey of 2,008 adults between the ages of 18-42 years old throughout the United States, with even distribution between Generation Z (N=1,005) and millennials (N=1,003) participants.  The margin of error is +/- 2 percentage points with a confidence level of 95 percent.  Fieldwork took place between March 31, 2023, and April 4, 2023.   Atomik Research is an independent, creative market research agency.    [1] FICO is a registered trademark of Fair Isaac Corporation [2] 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. [3] Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. 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.