By Rod Griffin, Senior Director of Public Education and Advocacy for Experian
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 20,000 people operating across 44 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
We actively engage with people through social media, the Ask Experian blog, and more traditional ways to help share knowledge about credit reports, credit scores and other topics. And we provide innovative tools like Experian Boost and our newly launched Experian Go program, giving people greater control over their credit. Our goal is to help people improve their financial health and well-being.
Moving Financial Literacy Forward
Did you know nearly 50 million consumers have a nonexistent or limited credit history? These consumers are considered credit invisible.
As a result of their credit status, credit invisibles face many financial hurdles, including limited housing options, higher insurance premiums, employment challenges, higher interest rates, larger deposits, and they are more likely to find themselves caught in cycles of predatory lending. This problem more frequently impacts communities of color.
Last week, Experian announced the launch of Experian Go™– a free, first-of-its kind program that helps credit invisible consumers enter the credit ecosystem and begin building credit on their own terms.
Once a consumer downloads Experian’s free mobile app and enrolls in a free Experian membership, they’ll be asked to authenticate their identity using a government-issued ID, Social Security number and a “selfie.”
From there, personalized recommendations will help users add accounts, also known as tradelines, to their Experian credit report. Users may receive information about becoming an authorized user or be invited to apply for a credit card designed specifically for those new to credit.
Others may contribute their on-time bill payments directly to their Experian credit report with Experian Boost, a game-changing feature that’s helped nearly 9 million consumers instantly improve their FICO® Score. This option gives consumers the ability to build credit without taking on debt.
Additionally, every consumer will receive ongoing education and recommendations to further build their credit history as part of their Experian membership.
“Living with a nonexistent or limited credit history can be a significant barrier to financial opportunity in America,” said Craig Boundy, CEO, Experian North America. “We believe every individual deserves the opportunity to reach their fullest financial potential and we’re proud to be the only credit bureau with a program to help credit invisibles build their credit history in minutes. Innovations like Experian Boost and Experian Go help to ensure people can access the credit they need when they need it. This new program is a direct reflection of our mission to bring financial power to all.”
In 2021 Experian’s Consumer Education and Advocacy Team launched the Credit Essentials for Everyone flipbook. This free resource offers critical information about fundamental credit reporting and scoring topics, and it highlights Experian’s commitment to diversity and inclusion. We believe that making information about fundamental credit principles simple to digest and easy to access will empower consumers to overcome barriers and achieve financial success. We hope you will share this resource with your students, your family members and your communities.
#CreditChatLive ft. Rod Griffin and Laura Levine
Experian’s Consumer Education and Advocacy Team was honored to have Laura Levine join our #CreditChatLive video series with Rod Griffin this past November. Rod and Laura discussed the importance of financial literacy in the classroom and how we can empower teachers with financial literacy resources to effect change. Although the conversation took place in November, we think you will find the information is evergreen and relevant to the work we are all doing as members of the National Jump$tart Coalition. You can watch the full conversation here.
Connect With Experian
You can join us for live conversations about credit reporting, credit scoring, fraud and identity theft and other personal finance topics on Twitter, Twitter Spaces, Facebook, and Instagram.
Tweet this: “Experian hosts educational Twitter chats that cover a wide range of topics every Wednesday at 3 p.m. ET. You can view the upcoming topics here: ex.pn.creditchat #CreditChat”
- Twitter (@Experian) Join @Experian in its weekly #CreditChat on Twitter every Wednesday at 3 p.m. Eastern time. Experian’s public education professionals and personal finance industry experts will discuss popular topics and ways consumers can change their financial behavior.
- Facebook (@experian)
- Instagram (@experian, @experian.us)
Connect With Jump$tart
- FINRA Nominations Open for 2022 Ketchum Prize
- Tackling America’s Financial Literacy Crisis
- Getting Schooled on Financial Literacy
- Resources to Teach Your Child Financial Literacy Wherever You Live
- 7 Black Financial Influencers to Follow in 2022
Give the gift of information and share the love of financial literacy this Valentine’s Day! Visit our website to learn more about the work Jump$tart is doing to move financial literacy forward. Love is amplified when you give it away! The Jump$tart team is sending some love your way, so your cup is always full, and you always have enough to give. Thank you for your generous support of Jump$tart!