News

When people think about the automotive industry, data probably isn’t the first thing that comes to mind. But make no mistake: data is one of the underlying currents keeping the automotive industry running.   Data answers all sorts of questions for OEMs, lenders, dealers, and consumers. And recently, with electric vehicles (EVs) growing in popularity, a new set of questions around battery health has emerged for dealers and consumers alike. Understanding battery health is particularly crucial for dealers when assessing trade-ins, and for dealers or consumers purchasing a used EV. Oftentimes, battery health is a more informative metric than those traditionally looked to assess a vehicle, such as milage, or vehicle age. This information hasn’t been readily available for dealers or consumers, until now. To that end, Experian announced a strategic alliance with Recurrent, the battery range and analytics company, to offer Recurrent’s Battery Report alongside Experian’s AutoCheck® vehicle history report (VHR). The Recurrent Battery Report offers additional data and attributes on an EV’s battery health that no other VHR presently offers, including current and future range estimates, climate impact, remaining battery warranty, and more. Offering the Recurrent Battery Report with an AutoCheck vehicle report will bring a level of assurance dealers have been previously unable to attain when buying or selling used EVs, increasing transparency and easing range anxiety for consumers. Through this alliance, we’re doubling down on our commitment to helping dealers buy and sell used vehicles with confidence, and this commitment extends to used EVs, as well. The data shows that EVs have reached a tipping point, comprising more than 5% of new vehicle registrations in 2022, and growing. Dealers are going to see them come back to the showroom as trade-ins more frequently, and being able to quickly assess them, as well as sell them with transparency will be key to longevity in the market. Experian is on the forefront and has been leading the charge in EV data, leveraging vehicle registration data to help OEMs, lenders and dealers understand where EV market share is growing the fastest, model popularity, and more. Additionally, we have EV audiences, built with our extensive marketing resources, that help dealers find the most interested potential EV buyers. But this is just the beginning. As EVs continue to penetrate the market, Experian is committed to innovating and constantly pursuing new data sources to anticipate market needs and help inform strategic decision-making.

For all of the ways money – and access to it – affects our lives, it’s unfortunate that it is not discussed regularly with young people. Sadly, when it is discussed, it’s often in response to highly emotional financial stress or difficulty rather than as a positive learning opportunity. Establishing a positive, fact-driven relationship with money early in life can be a critical factor in future success. Equitable access to financial tools and resources to create a better tomorrow can help everyone achieve their life’s goals. That’s why we’re proud to announce the launch of the Center for Financial Advancement® (CFA) Credit Academy. CFA is a key initiative of HomeFree-USA, and we’ve been partnering with the organization to provide complementary training to their housing counselors on financial and credit education information and resources. This new six-month program is for 250 scholars from 14 Historically Black Colleges and Universities (HBCUs). My colleagues on Experian’s Credit Education team are leading the program to help scholars gain an understanding of credit and its importance. The hope is they’ll become knowledge ambassadors for their peers, family and their communities. Experian research shows there are 28 million US consumers who are unable to participate in the mainstream financial ecosystem today because they don’t have a financial identity. Credit invisibility more frequently impacts underserved communities with 26% of Hispanic consumers and 28% of Black consumers unscoreable or invisible compared to 16% of White and Asian consumers. That can make homeownership, the greatest driver of generational wealth, an even bigger challenge for underserved communities. Ensuring these students are aware, informed and visible within the credit ecosystem will help them access more equitable lending when they’re ready to take steps to buy a car, own a home, and build generational wealth. In addition to live sessions and self-paced content, the CFA Credit Academy culminates with a hackathon competition in April, challenging all students to form teams of four at participating HBCUs to build the next best credit education program for their peers. The winning team will earn a $40,000 scholarship, sponsored by Experian. We can’t wait to see what the scholars come up with, and we look forward to sharing their ideas. To learn more about Experian’s work in diverse communities: visit www.experian.com/diversity.

I recently came across a quote that said, “The world you see is created by what you focus on.” As I look back on my last 16 years with Experian, I see a lot of truth in this. While Experian has historically been recognized as a business-to-business organization, over the last several years, we’ve had a transformational shift in focus that’s fundamentally changed our business. This shift has made our world look a lot different than it used to. Today, consumers are at the center of everything we do. They’re the driving force behind our innovation and growth. Every day, millions of consumers come to Experian looking for ways to improve their financial health and we’ve been building one of the largest global member bases. These direct relationships put us in a unique position. We can listen to consumers to hone our focus – and we do. Just like in everyday relationships, listening builds trust and respect. It helps us understand what consumers want and allows us to innovate to meet them where they are on their financial journey. In 2019, we heard consumers’ call for more control of their data and responded with Experian Boost®[1]– a first-of-its-kind feature that allows consumers to contribute information directly to their Experian credit file. To date, we’ve helped 8.6 million consumers instantly improve their FICO® Scores[2] with an average increase of 13 points. Since launch, we’ve continued to listen and enhance the feature to maximize the number of consumers who can benefit. Shortly after we brought Experian Boost to market, we wanted to ensure consumers who paid their monthly telecom and utility bills from their savings or credit cards could benefit alongside those who paid these reoccurring bills through their checking account, and we did. Against the backdrop of the COVID-19 pandemic, at a time when television streaming had skyrocketed, we wanted to ensure consumers who subscribed to video streaming services, including Netflix®, Hulu™, HBO Max™, Disney+™ and others, could use these monthly payments to build their credit histories, and we did. We regularly connect new streaming service partners to Experian Boost. Most recently, consumers who subscribe to Paramount+, Peacock, Showtime® and ESPN+ can also contribute their on-time bill payments directly to their Experian credit file through Experian Boost. Earlier this year we introduced Experian Go™ - a free, first-of-its-kind program to help “credit invisibles,” or people with no credit history, begin building credit. Within minutes, credit invisibles who enroll in the program can have an authenticated Experian credit report, tradelines and a credit history by using Experian Boost and instant access to financial offers through Experian Go. Since launch, more than 84,000 consumers have established an Experian credit report through Experian Go and become visible to potential lenders. As a next step, today we’ve announced a new beta release of Experian Boost that allows consumers to contribute qualifying, “positive” residential rent payments directly to their Experian credit file.  This capability makes Experian Boost the only feature that can instantly improve a consumer’s FICO® Score 8through positive rent payments at no cost. This is the next step in our commitment to helping consumers get the credit they deserve. With the beta release, consumers who rent from over 1,500 of some of the largest U.S.-based property management companies, and who pay their rent directly to their property management company or through platforms like AppFolio Property Management, Buildium®, Yardi® Breeze and Zillow® Rental Manager, can add qualifying positive rent payments to their Experian credit file through Experian Boost. Based on preliminary analysis[3] highlighting the potential impact of positive residential rent payment reporting through Experian Boost, we estimate 66% of consumers will see an instant increase to their FICO® Score 8, a FICO® Score 8 improvement of nearly 10 points on average for those who receive a boost and are new to using Experian Boost. And we’re not done yet. To ensure more renters can benefit, we’ll continue to add new property management companies over time. In later phases, we’ll update the feature further to add individual landlords and smaller property management companies over time. I’m proud of what we’ve accomplished so far and, as we look ahead, I’m excited for the ways we can help consumers that are yet to come. With our focus on consumers and our ability to listen and innovate, I believe we’ve just scratched the surface in terms of our capacity to help bring financial power to all.    [1] Results will vary. Not all payments are boost-eligible.  Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost®. Learn more. [2] Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more. [3] Analysis completed using FICO® Score 8 with Experian data. Experian and the Experian trademarks used herein are trademarks or registered trademarks of Experian and its affiliates. The use of any other trade name, copyright, or trademark is for identification and reference purposes only and does not imply any association with the copyright or trademark holder of their product or brand. Other product and company names mentioned herein are the property of their respective owners. Licenses and Disclosures.

Mental health problems remain a huge issue, so it’s essential that employers are set up to support their employees who may be struggling. Also every organisation depends on having healthy and productive employees, with valued and supported staff far more likely to perform better and achieve peak performance. At Experian we have been working hard to ensure everyone can get that support, and that we are constantly evolving and improving. That’s why I’m proud to announce that we have been recognised with a Gold Award in Mind’s sixth annual Workplace Wellbeing Index. I think this is a huge achievement as it signifies the progress we’ve already made as an organisation in recent years – ensuring mental health is embedded into our policies and practices, and demonstrating our long-term and deep commitment to our employees’ mental health. Mind’s Workplace Wellbeing Index is a benchmark of best policy and practice, celebrating the good work employers are doing to promote and support positive mental health, and importantly also providing key recommendations on the specific areas where there is room to improve. This award demonstrates that we are on the right track, but we won’t stop here. We’re always looking for new ways to do things and to improve as a business. We are committed to driving towards even better ways of working, where supporting the mental health of our people is a fundamental part of everyday business. Andrew is the UK & Ireland Mental Health Sponsor & Managing Director of Experian Data Quality

We welcome this week’s response by the UK Government in relation to its work on the new UK Data Strategy, and the commitment to creating a new UK Data Act.  Innovative data use has a crucial role to play as Britain takes its place on the global stage. Data has the ability to change people’s lives for the better. It can help build a stronger, smarter future, whether that is through existing products and services or by enabling new and innovative solutions to the problems people and society face today. We share the Government’s goal of using data to deliver better outcomes for people across the UK, and to supercharge its economic success.  Already today we see data doing great good in the world: it is enabling the deployment of resources from charities and Government where they are most needed; reducing the number of credit-invisible people and combatting loan sharks; preventing fraud and supporting those who fall victim to fraudsters; and delivering unique new insights that set creators and entrepreneurs on the path to their next success. Data played a transformative, positive role in people’s lives during the pandemic, and has the potential to do so much more as we look to the future.  It is crucial that data is used and managed within a trusted, privacy centric framework, and that we as industry and Government together continue to educate and empower people to understand how their data is used, and to be confident in its security. Properly-consented, properly-secured data can empower people; it can support the vulnerable; it can help expand and accelerate our economy.  We have the talent, the drive and the ambition in Britain to do all of these things. The new framework sets a foundation to enable and empower, making Britain a desirable hub for investment; a great place to work and build a career; an ideal place to begin new ventures or find funding for existing ones. With the right foundations in place, the opportunity ahead will be limited only by our imaginations. For all of these reasons, Experian welcomes the Government’s goal of making this leap forward for the UK, and we look forward to seeing the detail of the new Data Act as it is released in the coming months. 

Two of Experian’s core values – innovation and financial inclusion – are on full display with Experian Boost™ being selected for Fast Company’s 2022 World Changing Ideas Awards, which celebrates the “broadest ideas … that have the potential to affect true systems change.” Experian Boost is a first-of-its-kind service designed to help consumers improve their credit profile and thrive financially. Nearly 9 million people have connected the service to report their on-time utility, telecom, and video streaming service payments. The service tackles inequity and exclusion from the credit economy by enabling consumers to add positive payment history that reinforces their personal financial reliability directly into their Experian credit file, which can potentially boost their credit score instantly. At Experian, we continually focus on expanding credit to underserved communities. Most recently we introduced Experian Go™, a brand-new program that can potentially help the nearly 50 million people in the United States who have a nonexistent or limited credit history. This Fast Company recognition also reflects our purpose and innovative culture focused on creating products and solutions that help consumers thrive, including Experian Boost in the UK and Serasa’s Score Turbo in Brazil. Every day at Experian we are investing in new technologies, talented employees, and innovation to help consumers and our clients maximize every opportunity we have to offer.

Last year, while still in the grip of the effects of the pandemic, Experian North America continued to reinforce our core purpose and People First approach through creating a workplace culture of belonging, employee wellness and personal and professional growth. It’s especially rewarding that this commitment, along with our financial planning and consumer education resources, were highlighted in this year’s Fortune 100 Best Companies to Work For award recognition. For the third year in a row, Experian North America was named to the prestigious national list that honors the “100 Best companies that adapted to massive changes in the workplace by prioritizing employee well-being, inclusion, purpose, listening and care wherever their employees are.” To determine this year’s 100 Best list, Great Place to Work®, America’s largest ongoing annual workforce study, surveyed more than 870,000 employees and gathered data from companies representing more than 6.1 million employees. The survey enables employees to share confidential feedback about their organization’s culture and the employee experience. Great Place to Work cited that “Experian has expanded benefits to include fertility, surrogacy, and adoption coverage and enhanced its higher education financial planning resources. It’s also tackling workplace equity from the very start of the hiring process with an in-house tool called Lingo that identifies gender-biased language in job descriptions.” In addition, “Experian began to hold conferences for employees to discuss their personal struggles during the pandemic. Since then, the company has continued to improve wellness initiatives, while staying committed to flexibility around employee schedules.” “At Experian we’re especially proud of our purpose-driven culture, where all our people play a role in making a positive impact in the day-to-day lives of the consumers, clients and communities we serve. This includes taking care of each other, celebrating our individual differences, and delivering on our purpose to create a better tomorrow for people everywhere,” said Jennifer Schulz, Chief Executive Officer of Experian North America. “This recognition from Fortune reflects the very best Experian offers to all those we help, and I couldn’t be prouder of our people and the work we’re doing.” At Experian, we believe bringing together unique experiences, diverse backgrounds and individual differences creates a dynamic, innovative and inspiring workplace — one reflective of the clients and communities we serve around the globe. This is why it’s such an honor to be recognized alongside other outstanding brands on the Best 100 list that prioritize their employees. This recognition continues the momentum we’ve built in recent months with other industry accolades and awards. In February, Experian North America was named a “Best Place to Work for LGBTQ Equality” for the fourth year in a row in the Human Rights Campaign Foundation’s Corporate Equality Index 2022, receiving a perfect score in the foundation’s evaluation. Last year, Experian North America was named to the Fortune Best Workplaces for Women™ 2021 among large organizations and 100 Best Large Workplaces for Millennials. In addition, we were ranked the #1 Top Workplace in 2021 by the Orange County Register for the second consecutive year.

At Experian we pride ourselves on having a great People First culture, it’s something we are all proud of and want to protect. We do this through a dynamic, positive and inclusive working environment for all employees, with the tools and support they need to grow and develop. With that in mind, we are hosting our first ever Careers week for our employees around the world. During Careers week, 70 sessions are taking place across different time zones, with a mix of inspiring speakers, bitesize learning events and insights into new career resources and tools coming in 2022 supporting the ongoing development and learning of our people The theme for this year’s Careers week is ‘Be World Ready’. Put simply this means: Being Aware – having a good understanding about what is happening to jobs and careers in the marketplace  Being Relevant – keeping your skills and experiences fresh and meaningful Being Marketable - making sure you stand out from the crowd Our employees will get the chance to hear from internal and external speakers, including experts in their fields sharing the latest thinking on career development and learning. Leaders from Experian, Google, AWS, Microsoft and many others are part of this exciting event. The whole week has been designed to give people the space to learn and reach their highest potential. To find out more about careers at Experian, visit our global careers page.

For the past several years, we’ve been on a journey to improve financial access for millions of people around the world. We’ve made it our job to help consumers get the best financial outcomes. This focus on consumers defines us and informs everything we do. In 2019, we reshaped how consumers access credit with Experian Boost™. Since then, nearly 9 million consumers have connected to the product. While we are proud of what we have and continue to accomplish with Experian Boost, we know there is more to be done to ensure more consumers can access fair and affordable credit. Improving outcomes for underserved consumers When credit is used responsibly, it can create new opportunities from getting a college degree, buying a car or home and starting or expanding a business. These are milestones that help people establish careers, build wealth and ultimately achieve greater financial freedom.  Yet, there are millions of consumers who are unable to participate in the mainstream financial ecosystem today because they don’t have a financial identity. In fact, our recent research shows there are at least 28 million credit invisibles in the U.S. with an additional 21 million consumers who are unscoreable by the credit score models most used by lenders today. Without an established credit history, these consumers struggle to qualify for everything from an auto loan to a mortgage and even an apartment or employment. This problem more frequently impacts communities of color with 28 percent of all Black and 26 percent of all Hispanic consumers currently unscoreable or credit invisible. Increasing financial inclusion depends on creating opportunities for underrepresented consumers to succeed. And this starts with ensuring all consumers have a financial identity. Bringing financial power to all with Experian Go The challenge is many consumers who are not in the credit ecosystem today are unsure where to start. Today, we reached a pivotal and exciting milestone in our commitment to consumers with the launch of Experian Go™. This new program opens the front door to the financial ecosystem for millions of consumers by helping them establish their financial identity and move from credit invisible to scoreable. Within minutes, credit invisibles can have an authenticated Experian credit report, tradelines and a credit history by using Experian Boost™[1], and instant access to financial offers through Experian Go. In fact, early analysis shows 91 percent of consumers with no credit history who connect to Experian Boost, a free feature that allows users to contribute their on-time cell phone, video streaming service, internet, and utility payments directly to their Experian credit report, can become scoreable in minutes with an average starting near-prime FICO® Score of 665[2]. Throughout the experience, we’ll provide ongoing credit education and access to tools like Experian Boost™ to make it easy for consumers to learn how to use and responsibly grow their credit histories. Until now, our industry has struggled to verify the identity of credit invisibles. Over the last several years, we’ve introduced new identity verification technologies to our toolbox. With Experian Go, we’re leveraging these technologies to verify a credit invisible’s identity and get them in the front door to start building credit. No other credit bureau or organization is doing this today. During our pilot, we helped more than 15,000 consumers establish their credit history. This is a great start.  Now that Experian Go has launched, I look forward to helping millions more consumers get the credit they deserve. To learn more about Experian Go, visit www.experian.com/go. [1] Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. [2] Experian analysis based on an anonymized and statistically relevant sample of consumer credit reports with only Experian Boost tradelines included and FICO® Scores. December 2021.