COSTA MESA, Calif.,
Nov. 7, 2019 /PRNewswire/ -- In
a move designed to help credit invisible and thin-file consumers
gain access to fair and affordable credit, Experian today announced
Experian Lift™ - a new suite of credit score products that
combines exclusive traditional credit, alternative credit and
trended data assets to create a more holistic picture of consumer
creditworthiness. Experian Lift, available for lenders in early
2020, is another step in Experian's commitment to helping improve
the financial health of consumers everywhere.
Earlier this year, Experian launched Experian Boost – a
free and first-of-its-kind financial tool that empowers consumers
to add positive telecom and utility payment history directly into
their Experian credit file for an opportunity to instantly increase
their FICO Score.
"There are more than 100 million consumers who are restricted by
the traditional scoring methods used today," said Greg Wright, executive vice president and chief
product officer for Experian Consumer Information Services. "We're
committed to improving financial access while helping lenders make
more informed decisions. Experian Lift is our latest example of
this commitment brought to life. Through Experian Boost, we're
empowering consumers to play an active role in building their
credit histories. And, with Experian Lift, we're empowering lenders
to identify consumers who may otherwise be excluded from the
traditional credit ecosystem."
Developed in collaboration with Experian DataLabs, the company's
advanced analytics research and development group, Experian
Lift uses the most advanced analytics available today and combines
traditional credit data and trended data, providing a view of
consumer credit behavior over a 24-month period. Lenders can
seamlessly integrate Experian's new score into their current models
for better risk management and more agile decisions. In addition,
lenders can use Experian Lift independently to help score a
consumer with no traditional credit file.
"Knowing how a consumer is managing credit at a single point in
time only tells part of the story. By looking at historical payment
information through our trended data attributes, we can see how a
consumer uses credit, or pays back debt over time, to create a more
accurate risk profile," added Wright.
To help evaluate the creditworthiness of consumers who lack a
traditional credit history, Experian Lift also integrates
Experian's exclusive alternative data assets, including alternative
financing information, rental data and full file public records
information including professional licensures. Incorporating these
assets into score models improves access for consumers excluded
from the traditional credit ecosystem by looking at their financial
stability, willingness to repay and ability to pay. All data
analyzed through Experian Lift is Fair Credit Report Act (FCRA)
regulated.
Experian Lift uses exclusively developed technology and machine
learning methods for model development and explainability.
Combining this with Experian's exclusive data assets empowers
lenders to score previously unscoreable consumers while improving
predictive performance across the credit spectrum.
"Experian is at the forefront of helping consumers and
businesses make the right decisions and turn insights into action.
As we head into a new decade, the trend of utilizing alternative
data is only going to continue growing and will be critical to
improving financial access," added Wright.
About 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 17,200 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.
Learn more at www.experianplc.com or visit our global
content hub at our global news blog for the latest news and
insights from the Group.
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian and its
affiliates. Other product and company names mentioned
herein are the property of their respective owners.
Contacts:
Annie Russell
Experian Public Relations
1 714 830 7927
Annie.Russell@experian.com
Amanda Garofalo
Experian Public Relations
1 714 830 7923
Amanda.Garofalo@experian.com
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SOURCE Experian