NA – North America

We’re at a critical point in our nation’s history. We need to make a stand and address the root causes of financial instability in this country. I believe the lack of financial education and access to cheaper financial products are two of the key contributors impacting people’s financial health today.

For any company to remain competitive in today’s rapidly changing marketplace, innovation must play an integral role in its business model. Industry’s greatest innovators are successful not only because they deliver superior products in the present, but also – and perhaps more importantly – because they continuously solidify their place in the future through a culture of discovery that encourages modernization and disruption. The amount of data is expected to increase up to ten times the current amount by 2020, and Experian looks to innovation to bring answers to the problems such increases can pose. We’re finding new ways to help business across a multitude of industries integrate the latest in data technology into nearly every aspect of their operations. Data is powering everything we do.  A great example of our commitment to continuous improvement through innovation is Experian’s DataLabs operation, which Greg Satell profiles in his new book Mapping Innovation: A Playbook for Navigating a Disruptive Age. At Experian, we saw opportunity to innovate and adapt, and proposed the creation of a separate division with the sole purpose of pursuing disruptive opportunities where there was no existing market to measure – we called it DataLabs. As Satell notes, Experian DataLabs was designed to work with our customers to map out their problems, identify new opportunities, build solutions around those opportunities and develop new capabilities for the company. With an increasingly competitive market, Experian is committed to being inventive and agile. Embracing and sustaining this innovation has worked.  In the United States alone, DataLabs has launched eight products, and has another twelve in development. We continue to work with our customers to address new problems and remain agile so we can develop new capabilities. These insights have real world application that can help tens of thousands of Americans. As an example, small businesses - the classification of businesses that create nearly two-thirds of net new jobs in the United States - notoriously struggle to obtain loans to grow because of a perceived lack of data on their credit worthiness. Without access to credit, these businesses aren't able to grow further, preventing them from hiring more people. DataLabs' latest experiment concerned whether social media sites can help businesses obtain credit. By looking at social media sites we were able to help small businesses with credit verification. DataLabs also works to help companies more efficiently use resources to target the right consumer. As an example, Experian's DataLabs scientists analyzed billions of credit and debit card transactions to understand how population segments spent money and then used that information to build predictive behavior profiles. With this information in hand, credit card companies were able to market credit cards to specific population segments and make rewards programs more attractive to consumers in the   process. Perhaps more importantly, though, DataLabs ensures that Experian has a place in tomorrow’s economy by keeping Experian relevant in an ever-evolving marketplace. To quote Satell, “every enterprise is a unique combination of business model, strategy and culture.” Experian is the manifestation of a culture of discovery that enables us to grow and evolve while remaining at the forefront of innovation. Experian’s innovations continue to be recognized and we are proud to be included in Greg Satell’s  insightful book. To read the complete profile of Experian, including more information on its formation, work to-date and plans to continue disrupting the future, check out Mapping Innovation: A Playbook for Navigating a Disruptive Age here.

  Health care can be expensive and unaffordable for many Americans. By developing a financial assistance screening tool and raising hospital donations through local charities, Experian makes sure those in need have financial support to put their health first. For many Americans, health care costs can be brutal. Insurance may not cover enough for some people, resulting in expensive out-of-pocket costs. Others may not even have insurance, forcing them to shoulder massive bills they can’t afford to pay. A few years ago, Experian created a financial assistance screening tool that helps patients quickly find out if they are eligible for financial support by asking a few questions about income and household size. We are proud that we get to say to many low-income patients, “Don't worry about your bill, it's going to be covered – just focus on getting better.” But while it’s wonderful to witness the relief on people’s faces when they find out their medical expenses are covered, we also noticed that many individuals with a moderate income were unable to pay for unexpected medical expenses, even with this screening tool. The financial burden of a sudden health issue could tip their family budget over the edge, leading them to default on credit cards, struggle to pay rent or their mortgage, or even get pushed into bankruptcy. They’re not poor enough to get financial support, but they’re not rich enough to pay for all out-of-pocket expenses, so they fall through the cracks. Unsatisfied with this reality, my team and I created a way to help middle-income families in need, using both the Experian Health Care financial assistance screening tool and the support of generous donors. We ask third-party donors, such as charities and companies – and our fellow Experian employees – to help us assist patients who are struggling to pay their bills. Their donations help create a fund for hospitals that can cover for these types of emergencies. When hospitals run Experian’s screening tool and identify a patient struggling to pay their medical bills, we can tell the patient they're covered. Rather than worrying over bills, they can focus on what truly matters – their health. It's really exciting to take an Experian product that already works for those in need, and use it to help even more patients. Right now, there are more than 700 hospitals using our screening tool. It blows my mind to think about how many more millions of patients this donation fund will help each year.

Five years ago, I began volunteering as an Experian Ambassador, teaching personal finance to local high school students. It is so rewarding to share my credit knowledge with young people, and to see their eyes light up when they understand how credit works. I ended up starting my career at Experian 26 years ago because my passion for credit runs in my blood. I was raised in a household where reputation was everything to my father. The idea of having a good name, a good reputation and a good credit score was drilled into me. So, when Experian created the Ambassador Program to promote financial literacy in local communities through employee volunteers, I jumped at the chance to participate. At the time, I was an Account Executive and knew that for most consumers, credit is an obscure subject. I thought this program would be a great opportunity to apply my expertise and educate people in my community about the importance of taking their financial reputation seriously. As an Ambassador, I gave my first presentation on financial literacy to high school students, and the experience was so rewarding that I immediately contacted my son’s high school to see if I could teach the same class to his classmates. The program has grown to where I now go to the school twice a year, teaching the entire student body of 4,000 students about how they can responsibly build their credit. For each class, I share personal stories and anecdotal examples that are relatable to them. For example, to explain how credit scores affect consumers, I ask every student to think of number between 350 and 800. I then pick three volunteers to come to the stage – one who chose a number in the low range, one from the mid-range and third from the higher range. I then ask those three kids to agree on the dream car they would buy. Once they agree on the make and model, we talk about how the price of the car is the same for everyone, but that their credit score determines the loan financing. Someone with a higher credit score will pay much less over the life of a car loan than someone with a lower score. That’s the moment my students’ eyes light up, because they finally understand how credit works. Over the years, I’ve had kids come up to me in grocery stores and thank me for teaching them about credit. One young man in particular came up to me at a local farmer’s market, beaming. “I remember when you taught me about credit scores,” he said. “Because of you, I was able to save money, get a secured card, build my credit and buy my first car.” His pride was infectious. Credit has an impact in everyone’s life at some point. By speaking to students at a young age, in terms and language they understand, I’ve helped countless students successfully and safely build credit to help them reach their first financial milestones. I am proud of the opportunity I have been given at Experian to help young people to take control of their financial futures.

  Becoming a victim of identity theft and fraud can be a constant fear for many consumers. In fact, according to Experian’s recent Identity Theft Survey findings, 84 percent of respondents acknowledged concern about the security of their personal information online. Surprisingly, despite this overwhelming concern, our survey also found that nearly two-thirds (64 percent) of consumers also believe it’s “too much of a hassle to constantly worry about securing personal information online.” With personal vigilance declining and identity theft on the rise, developing the right consumer tools is essential. Today’s consumers demand easy-to-use, reliable identity protection products that give visibility to their personal and financial information’s possible theft and fraud exposure. In response to this growing need, we’ve launched IdentityWorks – a comprehensive identity theft protection product which helps consumers become actively engaged in defending themselves against identity fraud. For example, IdentityWorks’ dark web monitoring and alerts help consumers manage the risk of exposure in a place they can’t even see or access. Most consumers don’t really know anything about the dark web – other than it’s a bad “place.” The product also allows a user to instantly lock or unlock their Experian credit file, literally by clicking or tapping an icon via desktop or mobile device. It’s that simple. In addition to providing an array of user-friendly tools, IdentityWorks offers a set of resources to give consumers peace of mind. If suspicious activity is detected, Experian’s team of fraud resolution specialists are available to guide consumers through the process of repairing the damage done and shielding them from additional damage. Furthermore, while we work to secure your information, up to $1 million in identity theft insurance is available, just in case. * We know consumers perceive keeping track of, and protecting one’s identity as complex and inconvenient. According to our Identity Theft Survey, approximately 53 percent of individuals believe staying on top of financial transactions is a challenge. That’s why we believe IdentityWorks is exactly the right solution at the right time. It reduces the scale of that challenge into something much more manageable, with resources for both monitoring and remediating identity theft and fraud. The responsible use of credit can propel consumers’ livelihoods – helping to qualify opportunities like affordable mortgages and automotive loans – but identity theft can make it more difficult to obtain credit, making someone’s good credit history look poor. This is why IdentityWorks is so relevant to Experian. We are driven to help consumers achieve their long-term financial dreams. By enabling consumers’ active role in protecting themselves from identity theft and fraud, we help them buy a home, purchase a car or invest in their education. We hope the launch of IdentityWorks will empower consumers to manage their financial futures and remain vigilant against those who would take that away.       * Identity Theft Insurance is underwritten by insurance company subsidiaries or affiliates of American International Group, Inc. (AIG). 175 Water Street, New York, New York 10038. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.  

  I grew up in a major industrial city in Communist China just east of Beijing in a world where information was scarce. I was born into a pretty traditional Chinese family back in the 1960s and lived with my five siblings and parents in a small, crowded house. When the Cultural Revolution hit in 1966, the schools never officially shut down, but essentially nothing was taught at the time since students were expected to participate in the revolution. Throughout that period, almost all novels and movies were banned because they were not considered appropriate for educating students. But rather than causing me to lose my interest in learning, the ban led me to develop a habit for reading anything I could get my hands on, and my natural hunger for information grew. As my love for collecting and consuming information continued, I decided to become a data scientist. I moved to the U.S. to complete my Master’s degree and Doctoral Program. Today I work with “Big Data” at Experian, developing analytical solutions for financial telecommunication and insurance companies. What’s amazing to me about my job is the fact that 90 percent of the data in the world has been created in just the last two years. Data Scientists like myself retrieve, sift, analyze, process and store all the data according to a business or consumer’s needs. I believe that data tells a story; it’s business intelligence that can help an individual or business identify where they may need to change or adjust in order to move forward. For consumers, it can help them improve their credit scores and secure an affordable loan. It can help protect identities by detecting and stopping suspicious activity. For businesses, the data can mitigate risk, help prevent fraudulent transactions or even ensure they’re marketing to proper audiences. I believe that data has the power to transform lives and societies for the better. My job is to help clients and consumers understand the story of their data so they can take financial control, achieve their goals, and help meet the needs of customers. I have always told myself, “no matter the situation, do your best.” For me, doing my best is using this lifelong passion to help others succeed.  

When it comes to credit for small businesses, it’s a classic chicken-and-egg situation: you can’t get credit until you have credit history, and you can’t get credit history until someone grants you credit. I know this first-hand because my own parents were small-business owners in California. My parents had built an independent insurance agency. I distinctly remember as a kid sitting in the backseat of our car and overhearing the discussions they would have about their struggles to grow the business or how they would make payroll that month. Many small businesses don’t have access to small-business loans or business credit cards, so they rely entirely on the business owner’s personal credit to make purchases. This means that while there may be a credit history for the individual, there is none for the business itself. This also means that whenever my parents needed money to get through the month, they essentially had to put their livelihood at risk because there was no separation between personal and business loans. The lack of access to funds, and the consolidation happening in the insurance industry at the time, led my parents to take another big risk – they sold the business and our house, and they liquidated their retirement accounts and put everything into a restaurant franchise. They felt there would be more stability representing an established brand owned by someone else. When I graduated from my MBA program years later, one of the things that first attracted me to Experian was the opportunity I had to ease the burdens of small business owners through my work here. The work I do really hits home, because I’m working every day to open up small-business credit, using different types of data. In today’s economy, a lot of great business ideas – profitable ones, at that – never get a chance to see the light of day simply because they don’t have the capital they need to grow. Experian is making business ideas a reality by gathering, analysing, combining and processing a breadth of new data that allows us to develop credit scores for more people and paint the most realistic picture of a situation. By verifying a business’s history, its social media accounts, its website sophistication and traffic, and customer reviews, we can measure a small business’s legitimacy, how long they’ve been operating and how they’re growing. This information, coupled with transaction data, all help determine a business’s credit worthiness and allow us to give its owners greater access to capital. Data is a huge enabler for positive change because it can give small-business owners access to credit that they wouldn’t receive otherwise. When used in the right ways, data can empower and enable small businesses to get the funding they need to hire employees, invest in their business or open a new location. In many ways, I’m helping people just like my parents.

With your taxes filed (hopefully you didn’t have to extend), you may have the motivation to get your financial documents back in order and do some spring cleaning. What better time than now, during Financial Literacy Month.

Experian celebrates Financial Literacy Month #FLM2017 each year working with the Jump$tart Coalition. We want financial literacy, but more importantly, we want people to reach financial capability.