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I was recently invited to a panel discussion as a part of Money 20/20 titled Do Credit Scores Still Matter? Closing the Chasm through Data and Innovation with Lauryn Nwankpa, Head of Social Impact at Dave and Jay Moon, General Manager of Credit at Credit Sesame. We discussed how important data and innovation are right now to ensure that consumers get access to credit that they need.   As the largest credit bureau in the country, and in service of our mission to be the consumers’ bureau, we at Experian have a responsibility both to consumers seeking credit and to lenders who seek to assess the risk that a loan applicant represents.  As part of this, we’ll continue to extract value from the data that lenders are used to getting from us and we innovate by providing new forms of data that can help the many Americans who either face barriers or sometimes pay more for credit because of a lack of credit history or having a credit file that’s too thin.   I’m especially passionate about this as I myself was an immigrant and a thin-file customer at one point. When I came to this country, it was incredibly hard for me to develop a credit profile that I felt accurately reflected my financial situation and the (lack of) risk that I, as a borrower, would represent. But I was lucky as my first lender at the time was patient, just as I needed to be. They spent months seeking additional information about my situation, eventually enough to extend a firm offer of credit.  It is not only immigrants who may face this or similar challenges. The impact of COVID-19 has created a difficult economic reality for many Americans. At Experian, we’re dedicated to having a culture of continuous innovation, from the way we work to the solutions we create to help consumers on the road to recovery.  Especially during times of economic uncertainty, finding innovative means to effectively assess the creditworthiness of these consumers is critical.   That’s exactly what we focus on at Experian in order to help consumers gain financial access and stability.  Alternative data plays a critical role in achieving this. We’re finding new ways to use consumer-permissioned and alternative credit data in the credit scoring process, which can help lenders identify consumers who are excluded from the traditional credit ecosystem, but who can fulfill their financial obligations.  I’ve seen firsthand how our data and technology can help transform the way businesses operate and have spoken to many consumers who leveraged our innovative services to help them thrive in society.  Consumers want to be in the driver’s seat of their credit journey and we’re seeing a greater openness to providing data, which in turn enables lenders to make more informed decisions. This change is disrupting the status quo. Experian Boost is a great example of this. It’s a free and first-of-its-kind financial tool that empowers consumers to add positive telecom, utility and Netflix payment histories directly into their Experian credit file for an opportunity to instantly increase their FICO Score and access quality credit. More than 2.5 million have seen their scores improve with Experian Boost.  So, do credit scores still matter? My answer is that credit reports are more relevant than ever. They matter more than the score alone as they detail a consumer’s financial track record and deliver a historical view of how a consumer is managing and repaying debt over time. This information helps lenders determine who can fulfill their financial obligations and ensures consumers continue to have access to credit so I don’t believe credit reports are going anywhere.   As we navigate the road to recovery, it will be critical that all of us in the financial ecosystem work together to safeguard consumers and to maintain the integrity and openness of the credit market.  The credit report, augmented by consumer-consented and alternative data, is a foundational pillar to achieve both of those objectives. 

People’s engagement with financial information and their understanding of how organisations use it to make decisions about the products and services they can access has been growing for many years.    Experian has played a role in this journey. We were the first to allow people to view their credit report at any time and see their Experian Credit Score with the launch of CreditExpert in September 2003. It has allowed people to view their own information through a lender’s eyes, so they can understand how to improve their situation.   We’re excited to announce the next huge leap forward – the launch of Experian Boost in the UK.    Now for the very first time, people can instantly increase their credit score to help them access more financial products and services at better rates.  Experian Boost is a free service which allows people to use a secure Open Banking platform to share their everyday transactions – from council tax to digital entertainment subscriptions, such as Netflix and Spotify. These payments have never been factored into a credit score before, so adding them should broaden access to financial services.  Our analysis shows that more than 50% of people will see their credit score increase from using Experian Boost. But, crucially, the service will not make people’s score go down when they sign up to Boost.   People are also in total control of their data. If they wish, they can withdraw their information with a few clicks, and they are still free to re-join at any time. But by keeping Boost activated on their Experian account they can build a stronger payment history which could help them get their credit card, loan or mortgage they want.  We’re confident this is going to be a significant moment in how people represent their financial profile to organisations. Five million people have signed up for Boost in the US since it launched last year, with three million of those seeing their score increase.  At Experian, we strive to put people in control of their financial data and the launch of Boost is entirely in line with this goal.   Now it’s over to you – give your credit score a Boost.

October marked Black History Month (UK) – a celebration of the culture, heritage and achievements of Black people past and present. Although we weren’t able to celebrate in person this year, our Black at Experian employee network were still able to serve up an incredible range of inspiring webinars, videos, articles and podcasts covering topics discussing Black British culture, ways to discuss race and racism with our children, as well as the importance of being an ally. This exciting schedule of activities has been the perfect opportunity to learn more and many of us were personally touched by the stories of our Black colleagues who have openly and courageously shared their thoughts and experiences with us all. But as Black History Month comes to an end for another year, it’s essential that our support doesn’t stop here. As an organisation, we are committed to promoting equality and diversity for all. And our Black at Experian network has already been instrumental in helping us understand how we can improve in some of these areas. Part of this includes signing the Business in the Community (BITC) ‘Race at Work Charter’. By working alongside BITC, as well as our other employee networks, it’s helping us create initiatives that will continue to drive positive change and inclusion for all. We are committed more than ever to leverage our differences as individuals and use this broad range of talents to develop our competitive advantage as a business. We’ve made good progress in a short space of time, but this is just the beginning. We are looking forward to continuing this important journey in building a workplace that embraces a more diverse and inclusive culture.

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.