In a recent report, the Consumer Financial Protection Bureau (CFPB) estimated that there are more than 45 million American consumers that are “credit invisible,” meaning that they either have no credit history or a credit file too thin to receive access to mainstream credit products.
This limits their ability to get an affordable loan for a car, realize the dream of homeownership or even restricts access to capital to start a small business. More frequently, a lack of credit history forces consumers to turn to more expensive, short term lending options.
While credit invisibles may not have a traditional credit history, many make their cable, utility and mobile phone payments on time. However, this on-time payment data is not being included in their credit file.
The Orange County Register recently recognized Experian as one of the Top Workplaces among hundreds of leading companies in Orange County for the third year in a row.
In addition, we were recognized for our efforts to make our communities better, earning a separate award as the top large business for Social Responsibility.
This was based on Experian contributing more than 4,000 hours in volunteer time to various charities, including our work with Big Brothers Big Sisters of Orange County, volunteering time at 25 high schools and providing counseling and help at the OC Rescue Mission.
The selection process is based solely on employee feedback gathered from a survey. This methodology is important because it reflects what our employees think of Experian. It shows that we’re more than just a place where people work, rather we’re a community where our team members take pride in contributing.
There are many things that can cause angst for consumers during the holiday season including travel delays, overeating, and picking a New Year’s resolution.
One of the biggest stressors is often the financial impact of holiday shopping. In fact, according to a national survey by Experian, many respondents are concerned about the financial stress of gift buying and adding debt, as well as becoming an identity theft victim.