Experian, the global information services company, has agreed to join FDATA in support of its Open Banking initiatives around the world. The commitment includes membership in the UK, US, and EMEA. It reflects Experian\'s strategy for rolling out Open Banking services across its global footprint that includes South America, South East Asia including Australia and South Africa. Access to Open Banking will complement the organisation\'s network of credit bureaux, identity verification, and automated decision services that it already provides to consumers and businesses. Open Banking enables Experian to provide additional insight into consumers\' and businesses\' financial wellbeing. Lisa Fretwell, Managing Director of Data Services at Experian, said: \"Joining FDATA helps us to exchange knowledge, thought leadership, and drive innovation at a time when we are increasing our strategic commitment and investment plans for Open Banking. This will also include the UK\'s Open Finance initiative.\" Experian helps consumers and businesses to engage with and understand their finance through combining its bureau data with insights generated from Open Banking. Its consumer services business engages with more than 7 million consumers in the UK and more than 30 million in the U.S, empowering people to manage their money and access services at the best available rates. Meanwhile, Experian also works with a range of businesses – from financial services to utilities, and insurance to the public sector – so is well placed to drive successful Open Banking initiatives. Working with FDATA and its members will further improve Experian\'s prospects of encouraging governments and regulators to commit to delivering the highest possible standards in Open Banking. \"Our membership will help us gain insights into policy issues that affect Open Banking and drive initiatives so consumers and businesses can gain greater access to fair and affordable credit,\" said Paul Haddon, Vice President of Governance & Strategic Initiatives. \"Our launch of adding consumer-permissioned data to Experian credit reports called Experian Boost is a great example of how we are innovating and improving financial access for millions of people.\" Launched in 2019, Experian Boost allows consumers to add positive payment history for telecommunications and utility bills to their Experian credit reports, which can possibly increase their credit scores instantly. Gavin Littlejohn, FDATA Global Chair, added, \"FDATA is delighted at Experian\'s decision to broaden the scope of their membership, a strategy that aligns a significant global footprint with FDATA\'s ongoing expansion and engagement in multiple markets. A first step in the journey towards Open Finance, Open Banking is undergoing international proliferation. FDATA shapes and influences this dialogue at the earliest possible stages for the good of the consumer and the health of the ecosystem, providing invaluable insights from across market landscapes with regard to delivery and holding markets accountable for ongoing performance. These efforts rest on the pillars of rich, living repositories of comprehensive research, white papers and opinion pieces and, a proven history of successful lobbying and intervention on behalf of the membership. The addition of Experian\'s voice to the FDATA membership extends the collaborative capability of the combined membership, enhancing the synergy between the members themselves. The unprecedented economic crisis brought about by the COVID-19 pandemic has seen a surge of innovative responses from the Fintech community throughout the global ecosystem. FDATA is uniquely placed to facilitate these conversations between industry, governments, and regulators, encouraging the potential of products and services to yield the best possible outcomes for SMEs and populations as a whole.\"
At Experian, we’re dedicated to innovation and the COVID-19 pandemic has been an impetus for further innovation. Our driving force of successful innovation is our employees. We foster a culture of continuous innovation, from the way we work to the solutions we create. Global Hackathon As part of our effort to mitigate the impact of the pandemic, we’re launching Experian’s first-ever Global Hackathon. Taking place between June 1 and 5, we’ve invited all our employees to get involved and connect, share knowledge and find new ways to help our clients and consumers on the road to recovery from the COVID-19 pandemic. Mitigating COVID-19 Crisis Through Our Innovations In addition to the Global Hackathon, we’ve committed vast resources to develop innovative technologies and new sources of data and analytics to drive solutions that help people, businesses and society at large. For example, to aid in the United States re-opening efforts, Experian has made available a free interactive U.S. map showing populations at-risk of being most susceptible to developing severe cases of COVID-19. The Experian COVID-19 Outlook and Response Evaluator (CORE) tool is intended to help guide healthcare organizations and government agencies as they plan for COVID-19 recovery in the months ahead. The map leverages de-identified data such as pre-existing conditions and social determinants of health to form a comprehensive picture that predicts possible pandemic impact on communities. To help essential organizations during the pandemic, Experian also created At-Risk Audiences, which leverage our data assets to identify groups of individuals that are most likely to be impacted. These new privacy-compliant segments, offered free of charge, are designed to help these organizations find and communicate with at-risk populations, enabling them to deliver essential services as quickly as possible. In the UK, we’re working side-by-side with the government. As part of this, we’re building models to help predict how this disease will spread in local populations and predict the effectiveness of various treatment therapies. In Brazil, we’ve organized a coalition of universities, data companies and technology leaders to launch Covid Radar with the purpose of working together to minimize the impacts generated by the COVID-19 pandemic and contribute to the recovery of Brazil’s economy. The Covid Radar integrates companies to the hospitals and communities that need donations of ventilators, personal protection equipment, or other supplies. In addition to providing case monitoring and disease forecasting. The COVID-19 crisis has forced innovation and change on a scale and pace we wouldn’t normally see. We remain relentlessly focused on helping vulnerable communities, strengthening the resilience of businesses, and playing an important role in helping consumers and the world economy get back to strength. As part of our global innovation program, we’re hosting a global hackathon to help our employees create new ways to help our clients and consumers on the road to recovery from the COVID-19 pandemic. As one of the world’s most innovative companies, we’re doing everything at Experian we can to provide our unique insights back to key stakeholders so they can prioritize help those who need it most urgently.
Small businesses are the backbone of our nation’s economy, generating 44% of the nation’s overall revenue. When they take a hit, we all feel it. But as good neighbors – and frequent patrons – we can find a path toward keeping these small businesses on their feet and reopening their doors as soon as possible. At Experian, our obligation is to fight for small businesses that have been impacted by COVID-19. Main Street America reported in April that “COVID-19 has had a devastating impact on small businesses’ revenue…Approximately 35.7 million Americans employed by small businesses are at risk of unemployment as result of the COVID-19 crisis.” That is why we moved quickly to support the signing of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), providing relief to Americans through expanded unemployment coverage and by distributing grants and loans to small businesses. Acknowledging the unprecedented financial difficulties many are facing, lenders have established relief options for customers unable to make scheduled payments. In an effort to safeguard consumers against potential delinquency and protect credit, the CARES Act calls for creditors to adjust reporting systems for those taking advantage of these relief options. Simply put, your small business’s credit score shouldn’t be your biggest concern these days, and the CARES Act works to ensure that. We know there’s more work to be done to help small businesses navigate these challenging times. We’ve outlined the following steps to keep your business’s credit on track during the pandemic, taking advantage of resources and services we recently launched: Call Your Lender: If a customer or small business is unable to pay a bill, the most critical action they can take is to call their lender and inquire about available assistance programs. If consumers are able to get an accommodation, they can stop a missed payment from negatively impacting their credit. Business Resources Website: Experian has launched a website to help businesses prepare to manage increased attacks, push toward digital banking and understand regulatory changes as businesses find their footing in this evolving financial services landscape. Credit Report Access for All: Experian is offering all consumers access to a free credit report, FICO score and credit monitoring through our CreditWorks product, which also provides access to Experian Boost, a financial tool that has helped more than 2 million consumers increase their credit score to date. This is in addition to the free weekly credit score we are offering in coordination with our peers through annualcrediteport.com. COVID-19 U.S. Business Risk Index: Experian has launched a new service to help lenders and government organizations understand how to make lending options available to the business segments that need it most. This, in turn, directly helps small businesses gain access to capital they need. The public tool includes a risk simulator broken down by state to keep business owners updated on how COVID-19 is affecting specific industries in a particular region. As a nation, we have learned many lessons from the 2008 financial crisis. One vital lesson that sticks with us at Experian is that we’re better at tackling challenges as a collective financial industry, with transparency and a lending hand. At Experian, we’re committed to helping small businesses land back on their feet, and we’ll be there when the backbone of our economy needs additional support down the road.
To combat a growing threat that’s expected to drive $48 billion in annual online payment fraud losses by 20231, Experian® has announced the launch of Sure Profile™. Experian is the first company with an offering to combat synthetic identity fraud that is integrated into the credit profile with market-leading assurance. We are proud to be the first in our industry to actually put “skin-in-the-game” by sharing in fraud losses with our clients if the losses occur on assured profiles. Experian’s new offering validates consumer identities, detects profiles that have an increased risk for synthetic identity fraud and helps cover losses resulting from synthetic identity fraud for assured profiles. Leveraging the capabilities of the Experian Ascend Identity Platform™, Sure Profile utilizes Experian’s industry-leading data assets and data quality to drive advanced analytics that set a higher level of protection for lenders. Powered by newly developed machine learning and AI models, Sure Profile offers lenders a streamlined approach to define and detect synthetic identities early in the originations process. Experian’s Sure Profile differentiates between real people and potentially risky applicants, so lenders can confidently increase application approvals with less risk. We expect to authenticate most credit applications through Sure Profile. In the cases where the identity can’t be assured, the company will deliver additional fraud risk indicators, so that lenders can take the right next steps to verify the potential borrower’s identity and prevent fraud. To date, detecting synthetic identities has been a significant challenge for lenders because there’s not an industry standard or a single definition that can be used to establish the legitimacy of an identity. In addition, understanding the financial impact of synthetics has been difficult for lenders as losses tied to synthetic identity fraud are typically categorized as defaults or “bad debt.” With Sure Profile, we are reinforcing our position as a leader by creating a standard set of criteria to define a synthetic identity. Experian has always been a leader in combatting fraud, and with Sure Profile, we’re proud to deliver an industry-first fraud offering integrated into the credit profile that mitigates lender losses while protecting millions of consumers’ identities. Our investments in innovation, AI and machine learning and our data quality are enabling us to lead the way in identity protection and help protect consumers and lenders alike.
We are delighted to have announced our proposed acquisition of a 60% stake in Arvato Financial Solutions Risk Management division. Bringing together Experian’s global data expertise with AFS Risk Management’s market and sector experience will create a uniquely innovative organisation that can offer the best of both companies to the Germany, Austria & Switzerland (DACH) region. For us in Experian EMEA this is an incredibly exciting moment. Germany is Europe’s economic powerhouse and there is a huge opportunity to bring our Decisioning and Analytics expertise and products like Ascend Analytics on Demand to benefit existing and new clients of both organisations. Not only that, we have the privilege to work with a well-respected, established organisation like AFS Risk Management, with its deep focus on customer service, high-quality products, and solutions tailored for key industries like e-commerce, telecoms and insurance; and with the Bertelsman Group, one of Europe’s leading media groups. Following completion, our intention is to make a new, joint entity, made up of the best of Experian and AFS Risk Management, delivering broad coverage and a strong product and innovation roadmap across the DACH region. Clients of both organisations will quickly be able to benefit from the strengths each partner brings – as we deliver the best new technologies into the region, enabling them to make better, faster decisions, and ultimately delivering greater access to finance for people across the region. The acquisition now enters the EU’s standard competition review process.
As the COVID-19 pandemic continues to disrupt lives across the globe, fraudsters continue to take advantage of the vulnerable situation. The opportunistic nature of fraudsters means that times of crisis and pandemics open up additional breeding grounds for fraud and identity theft. Our latest CrossCore® release has never been more relevant for businesses than right now. Confidently recognizing consumers and safeguarding digital transactions is always a difficult balance – but now more critical than ever. With CrossCore, businesses can limit fraud losses and reduce unnecessary customer friction, at a time when safe and convenient access to financial services is essential. This new version of CrossCore, our integrated digital identity and fraud risk platform, combines risk-based authentication, identity proofing, and fraud detection into a single, cloud-based platform. This means that businesses have the capabilities and technology they need to rapidly respond to an ever-changing environment. With flexible decisioning orchestration, advanced analytics, and pre-integrated identity and fraud services, businesses can make real-time risk decisions throughout the customer lifecycle. And they can do all of this through simple self-service. We know there’s no silver bullet when it comes to fighting fraud, which is why we continue to develop our curated partner ecosystem. This gives companies access to all the technology and capabilities they need, in one place – whether it be Experian’s, our partners’, or their own. We combine this with advanced analytics and our own rich data assets plus a built-in strategy design and enhanced workflow giving fraud and compliance teams more control to adjust strategies based on evolving threats. This helps improve efficiency and reduce operational costs. Updates to the new version include the ability for clients to submit dynamic API request payloads, apply progressive risk assessments, apply parallel logic, enable self-service workflow configurations, and provide an online business intelligence (BI) module to view transactional volume reports. These updates will give CrossCore users a simpler way to manage complex orchestration; faster more scalable performance; and key performance indicators in near real-time, all while enabling a personalized and seamless experience for their true customers. More than 250 clients worldwide use CrossCore today, including capabilities from our third-party partners. To start leveraging best-in-class, pre-integrated identity and fraud services through simple self-service learn more about the Experian CrossCore platform.
Today kicks off Asian Pacific American Heritage Month. The Experian Asian American Employee Resource Group (ERG) is proud to recognize this special month by sharing how Experian is supporting a national campaign to address the adversity facing some of our most at-risk communities right now. Experian has joined ten non-profits and more than 80 companies from across industries and sectors nationally to support the #AscendTogether action agenda. It includes promoting inclusion, raising awareness of vulnerable groups, denouncing bias, supporting frontline healthcare workers, COVID-19 victims and families, and donating funds and resources to support vulnerable populations and impacted businesses. Led by Pan-Asian leadership nonprofit Ascend, this effort is designed to bring about unity at a time when fear about COVID-19 has led to rise of intolerance and racist acts, particularly against the Asian and Asian-American community. Experian is proud to step up as a leader in our industry to participate in this effort. As executive co-sponsors of Experian’s Asian American ERG, we hope you will join us in our efforts to be a champion for diverse communities, especially during this time. You can learn more about #AscendTogether here. Written by: Dacy Yee, Chief Customer Officer ECS Direct-to-Consumer and Jimmy Cheung, Senior Vice President of Technology and Engineering
With the impact of COVID-19, we’re certainly in uncharted territory. Many people are struggling with high unemployment, which is resulting in missed credit card, utility, and rent payments. In response, Experian is joining forces with the other U.S. credit reporting agencies, to offer free weekly credit reports to all Americans for the next year via AnnualCreditReport.com. A credit report allows people to monitor their finances and better understand their overall financial health. We’re proud our industry is uniting to make this possible for all U.S. consumers starting today. Credit reports are updated constantly, so the ability for an individual to look at their report weekly is helpful to monitor for lender updates and ensure there is no fraudulent or unfamiliar activity. During these difficult times, this is especially important. In addition to the free weekly credit report at AnnualCreditReport.com, Experian also offers consumers free access to their credit report, FICO score, and ongoing credit monitoring at Experian.com. This is a no-charge product. We want to give consumers multiple options to access and manage their credit report. At Experian, we’re committed to enabling fair and responsible lending through the power of our data. As the consumer’s bureau, our goal is to not only help consumers build credit but to get better access to credit. All of us are working diligently every day to keep our data as accurate, relevant, and secure as possible so that lenders can use the data to responsibly extend credit to people who need it most especially when the economy returns to strength. What You Can Do Now The most vital action someone can take if they are unable to pay a bill is to talk with their lender and inquire about assistance programs that may be available. If a consumer receives an accommodation it will have minimal impact on their credit score if their account is in good standing and if there hasn’t been previous delinquencies reported We remain committed to informing, guiding, and protecting people during these unprecedented times. Beyond our offer for free credit reports, we’ve created a dedicated website, with links to multiple resources and materials to help the community learn about credit and other important personal finance topics. We encourage everyone to visit the Experian COVID-19 Resources & Credit Education. Take care and stay healthy.
The pandemic’s full economic impact is still unfolding, and I can assure you we have not stopped evaluating and evolving our COVID-19 response nor our thinking about economic recovery for consumers and businesses alike. In the last month, we’ve been driven by two major priorities. The first is the health and safety of our employees. On top of that, we have placed a laser focus on putting our resources to work to help people and businesses during these uncertain times. While we have all been adjusting to our ‘new normal’ working environment, our employees in North America have not slowed down. In fact, they have worked hard to create solutions and tools designed specifically to help people successfully navigate the evolving financial landscape. From free credit reports to complementary ‘payer alerts’ for healthcare organizations to consumer credit education, we’ve launched a wide-range of initiatives. Here are a few highlights I’d like to share with you: FOR CONSUMERS: Experian Credit Report and Score: Consumers can sign up and access their FICO® Score, Experian credit report, and ongoing credit monitoring through Experian’s free CreditWorks product. Consumers can also sign up to Experian Boost, a free financial tool that has helped more than 2 million consumers increase their credit score. Consumer Resources Website: As the consumer\'s credit bureau, Experian’s commitment is to inform, guide and protect its consumers and customers during uncertain times. One way the company is doing this is through this dedicated website, with links to multiple resources and materials to help the community learn about credit and other important personal finance topics. COVID-19 and Your Credit Report: Being fully committed to helping consumers and lenders during this unprecedented period, Experian has created this dedicated blog page with ongoing and updated information pertaining to how COVID-19 may impact consumers’ creditworthiness and – ultimately – what people should do to preserve it. The blog will be updated with relevant news as Experian announces new solutions and tactics. #CreditChat: In response to the urgent and rapid changes associated with COVID-19, Experian is accelerating and enhancing its financial education programming to help consumers protect their financial health. With expected delays in bill payments, unprecedented layoffs, hiring freezes and related hardships, Experian seeks to aid consumers in understanding how the credit reporting system and personal finance overall will move forward in this landscape. Experian has launched an eight-week series of #CreditChat conversations surrounding COVID-19 on Wednesdays at 3 pm ET on Twitter and live video credit chats every Friday at 12:30 pm ET on Facebook Live. FOR BUSINESSES: Free Experian Business Credit Report: Experian is offering all American-owned small businesses free access to their Experian business credit report through May 1, 2020, to help small business owners impacted by the COVID-19 pandemic. By accessing a free business credit report now, small business owners can understand where their credit score stands and look for the best lending options for their business before they obtain funding. COVID-19 U.S. Business Risk Index: To further help small businesses gain access to capital they need, Experian launched its free COVID-19 U.S. Business Risk Index to assist lenders and government organizations in understanding how to make lending options available to the business segments that need it the most. This new risk index can help business risk professionals better understand the impact that the pandemic may have on commercial operations based on several key factors. This methodology combines business risk, anticipated impact on business industries and real-time COVID-19 case data to help businesses better simulate various impact scenarios down to the state level to help develop relevant strategies. Experian® Health Payer Policy Alerts: This is a free comprehensive list of COVID-19 and telehealth payer policy alerts for United States hospitals, medical groups, pharmacies and specialty healthcare service organizations. Payer policy alerts are provided by commercial, Medicare and Medicaid payers and summarize changes to medical coverage policies from those organizations. This public service to the healthcare community will continue to be updated and remain free as long as alerts related to the COVID-19 pandemic continue to be distributed. At-Risk Audiences: In an effort to help essential organizations, such as healthcare and government agencies, provide resources to those most in need during the COVID-19 pandemic, Experian is leveraging its data assets, free of charge, to identify groups of individuals that are most likely to be impacted. Experian developed new audience segments that are built in a privacy-compliant manner and designed to help these organizations find and communicate with at-risk populations, enabling them to deliver essential services as quickly as possible. Business Resources Website: This newly launched website was developed to help businesses prepare to manage increased attacks, continue to push toward digital banking, and understand regulatory changes as businesses find their footing in this evolving financial services landscape. FOR COMMUNITIES IN NEED: First Responders First: Experian North America is supporting first responder workers by donating funds for personal protective equipment (PPE) to COVID-19 for hotspots in New York City and New Orleans through the nonprofit organization, First Responders First. These funds will provide essential supplies, equipment and resources such as masks, gowns, gloves and more to those on the frontline. Heart of Experian Giving Opportunity: Experian is leading this effort in which employees can assist by making a donation to First Responders First through Experian’s Heart of Experian giving opportunity. Experian will match employee donations up to the annual limit of $500 per employee, while funds last. This donation is the latest support the company has provided to help minimize exposure for those most at risk. For example, in California, the company also donated 12,000 masks to the Hoag Medical Group. I’m proud of the work we’re doing at Experian to help those impacted by this crisis. We remain dedicated to our employees, consumers, businesses and communities – and we will continue to innovate and develop new offerings to help those in need. Craig Boundy CEO, Experian North America
