I’m an Account Executive in Experian’s Consumer Information Services department. I’m also a millennial. So I know firsthand that millennials’ way of thinking — and spending — typically goes against the grain of traditional lending, especially given today’s focus on a sharing economy.
Most millennials don’t have a traditional credit history to prove we can be trusted to pay back loans or lines of credit from lenders. Using data, I’m working to change that while also helping small businesses by enabling them to do business with my generation.
At Experian, we look at alternative data sets — like paying rent and utilities — that show how a millennial is actually a low-risk candidate for credit, even if his or her credit score doesn’t reflect that. Through our data, we’re providing opportunities for people who wouldn’t ordinarily have access so they can buy their first house, get a car or start that business they’ve always dreamed about.
I see my role as a bridge between millennials and an older generation, connecting young consumers with the resources experienced lenders can provide. A lot of my clients are small-business lenders with strict underwriting criteria. My lenders need to improve their underwriting to win lifelong customers, but they’re understandably afraid of risk. With pinpoint accuracy, we can help them identify their best opportunities using data, including information like rent payments, they may have overlooked.
In my work, I get to take a hands-on approach of adapting to an emerging market and an ever-evolving technology landscape. I’m proud to be helping to create a new generation of customers for small businesses while giving my fellow millennials the financial access they need.