News
What’s happening in our industry and what we’re doing
At Experian we believe that data is good. Good for our economy, good for consumers and good for society. Analytics and technology designed to help marketers put their data to use and become truly customer-centric is just one example of using data as a force for good. The following column was written by Emad Georgy, senior vice president of development and global head of development at Experian Marketing Services, as part of a “Data-Driven Thinking” series for AdExchanger.
Today Experian Vision 2015 conference kicked off to great start with a full house here to learn the latest about how data and analytics can transform the way we do business today, drive growth and solve some of our biggest business challenges.
At the start of the Vision 2015 Conference, Experian® announced a new dedicated enterprise Fraud and ID business in North America. This newly established business unit allows Experian, the leading global information services company, to more aggressively address the growing variety of fraud risk and identity management challenges businesses, financial institutions and government agencies face.
Experian is all about turning insights into action... using data for good.
Our commitment is to work with our clients, consumers, non-profits and other parties to help ensure that we, as a company and within society, continue to properly leverage big data for good.
As part of that effort, every other week we bring you Experian Insights – a round-up of news and resources highlighting how data is used for positive business, consumer and societal actions in many ways and across multiple sectors.
Do you know the requirements of Fair Credit Reporting Act (FCRA) section 623? How accurate is your data? How do you know? These are the questions data furnishers should be asking themselves as they start thinking about how to meet their regulatory obligations related to data accuracy. Minimizing regulatory risk and exposure is certainly top of mind for anyone that is engaged in the credit eco-system – the lender, the credit bureau, the consumer. While heavy fines and penalties can take a toll on an organization’s checkbook, the reputational impact to the company’s brand and customer experience can have a lingering, and often worsening, effect. It’s important to think about the consequences of inaccurate credit data from the consumer perspective; inaccuracies can have an impact on a consumer getting a job, buying his or her first home, or getting a low interest rate. Experian® understands the value of an accurate credit report. We have the ability to help data furnishers not only understand regulatory requirements, but help to drive a positive experience for the consumer through Experian Data Integrity ServicesSM. Hear more about our products and services that provide robust data-quality analysis. What do the FCRA furnisher rules really mean? Why does it matter? The Fair Credit Reporting Act (FCRA) section 623 mandates that when providing consumer credit information to the credit bureaus, data furnishers (regardless of size) must ensure accuracy and completeness. Without this, financial institutions will experience more regulatory pressure, higher dispute volumes and unhappy customers. While ensuring data accuracy and completeness may seem like a very broad mandate that can be a bit overwhelming, Experian can help. The first step to compliance is to understanding what the rules mean and the reasons behind them. During our Vision 2015 session, Experian will break down section 623 of the FCRA and describe the specific obligations of data furnishers related to sending accurate data to the credit bureaus, correcting errors, and what it means to investigate and understand disputes. See Experian Data Integrity Services in action during a live demo of our dashboard which provides financial institutions with a deeper understanding of their disputes and how they compare to their peers and the industry. Not only has the FCRA set requirements on dispute investigation and response, but the Consumer Financial Protection Bureau (CFPB) also is paying close attention. Recent announcements indicate that the CFPB wants more information about the credit eco-system to gain more data about consumer disputes. At Experian we understand the complexities that exist with a dispute and partner with financial institutions and regulatory agencies to shed more light on why a consumer disputes data on their credit report and how together we can resolve the issues and improve the customer experience. Join this Vision 2015 session to hear about Experian’s National Credit Assistance Center (NCAC) and how the team assists consumers with disputes and dedicated fraud assistance. Our agents had conversations with consumers more than 2.5 million times last year. The NCAC’s highly skilled and knowledgeable agents know that their role goes beyond processing disputes — it has been proven that educated consumers are more creditworthy and have higher credit scores than those without credit education. For that reason, for many years our center has employed a Stop the Clock philosophy where agent performance is measured on how well he or she assists a consumer and not how long a call takes. Our agents understand that calling a credit bureau can be intimidating so they deliver red carpet service,—making sure the consumer understands the process and walks them through any concerns and questions they have about their credit report. When it comes to data accuracy, the NCAC management team has more than 100 years combined of credit bureau experience and is dedicated to working in partnership with data furnishers in data accuracy and dispute processing initiatives. They routinely work with data furnishers on issues such as training, processes and procedures and offer consultative expertise. Hear more about how the NCAC makes a difference for Experian’s clients and for their customers. Remember… Data accuracy is more important the ever. Get a copy of the FCRA booklet, read about data-furnisher obligations, and start testing and sampling data right away. Learn more about how Experian Data Integrity Services can help validate data accuracy and provide insight into disputes. Consider visiting the NCAC to see firsthand how the Experian team assists with disputes, truly “stops the clock,” and goes above and beyond for our clients’ customers.
In the wake of some of the largest data breaches in history, which were specifically payment card breaches, we thought it would be insightful to take a closer look at how companies are dealing with the aftermath.
Millennials are considered the “Me Me Me” generation. Why shouldn’t they be? Aged 18–34, millennials have everything going for them in today’s economy. The job market is favorable, and as the creators of advancing technology, they’re poised for growth. According to the U.S. Census Bureau, the “millennial” generation is projected to surpass the outsized baby-boomer generation this year to be the nation’s largest living generation. How are millennials handling credit? This is a generation unique in its behaviors and mindful of its financial position going forward. The choices millennials make as they enter their peak spending years will have a direct impact on the credit market. This is a ballooning opportunity for lenders, and it makes sense for marketers to design their brand experience to target this generation. However, lenders need to understand what appeals to millenials to reach this group. As part of our upcoming Vision 2015 session, we’re giving lenders the analytical insight they need to understand this generation better. This session will explore housing, auto, bankcard and student loan trends in credit establishment, and how millennials compare to Gen X when they were the same age. Our analysis shows that millennials haven’t fully embraced credit. They understand the importance of building credit; however, they’re adopting bankcards at a slower rate than their Gen X counterparts when they were the same age. Forty-six percent of Gen Xers had bankcards when they were 18–34 years old. On the other hand, 27 percent of millennials have bankcards, which is half the rate of the previous generation. Every generation is different and every business is trying to capture the millennials’ attention. How should lenders go about building trust and a lasting relationship with millennials? We took to the streets to speak to millennials firsthand to give you an opportunity to hear their perspective. Come join us to discover “Four great insights about millennials in 40 minutes” and rethink how you can reach millennials at the right time with the right message.
With the objective of supporting the local community and helping Orange County residents overcome financial issues, we have partnered with the Orange County Rescue Mission (OCRM) to spread financial literacy by providing residents with the insight and resources to guide them on a journey to independence.
With 90 percent of the data in the world being created in the last two years, now more than ever, we need to know how to get the most out of our data-driven economy because the power of data can be a tremendous force for good in the world.