Industry first program can help consumers get
their first FICO® Score without going into debt
To further financial inclusion across the United States,
Experian® today launched Experian Go™, a free, first-of-its-kind
program to help “credit invisibles,” or people with no credit
history, begin building credit on their own terms. Experian Go is
the only program available today that helps consumers establish
their financial identity by creating an Experian credit report.
Nearly 50 million consumers have a nonexistent or limited credit
history. Without an existing credit report, lenders can’t verify a
consumer’s identity and consumers are unable to access credit at
fair and affordable rates. Often, these consumers are caught in
cycles of predatory lending; can’t cover emergency expenses; and
face limited housing options, higher insurance premiums and
interest rates, employment challenges, larger deposit requirements
and more.
The launch of Experian Go is a continuation of Experian’s
mission to help consumers everywhere get access to fair and
affordable credit. 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. The program can help consumers build
credit and become scoreable without going into debt. 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 6652.
Experian Go, which began piloting in October 2021, has already
helped more than 15,000 credit invisible consumers establish an
Experian credit report and become visible to potential lenders.
By helping consumers establish a financial identity through
Experian Go, Experian aims to help consumers build the foundation
for future financial opportunities.
“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.”
The role of credit in America
According to Experian research, 28 million consumers are credit
invisible and an additional 21 million consumers have “unscorable”
credit files, meaning they have what’s considered a thin credit
file or limited credit history.3 The problem more frequently
impacts communities of color. In fact, a recent Experian survey
revealed 1 in 5 Black consumers and one-third of Hispanic consumers
don’t have any credit in their name, with 65 percent of Black
consumers and 51 percent of Hispanic consumers unsure of the steps
to take to establish or improve their credit.
“We recognize the correlation between credit scores and
opportunity in America and view credit worthiness – or the lack
thereof – as a barrier to financial mobility and success,” said
John Hope Bryant, CEO and Founder of Operation Hope. “We are
thankful for our partnership with Experian and stand with them as
we work together to amplify an actionable plan that increases
financial access to all.”
Easy steps to becoming credit visible: How it works
Experian Go makes it easy for credit invisibles and those with
limited credit histories to establish, use and grow credit
responsibly. 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.4
Since launching in 2019, Experian Boost has helped more than
10,000 previously unscorable consumers receive a FICO® Score each
month and added more than 78 million points to FICO® Scores
nationwide. With the launch of Experian Go, millions more consumers
can improve their access to credit with Experian Boost.
As part of their free Experian membership, consumers will
receive ongoing education about how credit works and
recommendations to further build their credit history, including
access to free Experian credit reports, credit monitoring and more.
Consumers can also get help setting and meeting financial goals
through Experian’s Personal Finances tool. Users must be 18 years
of age of older.
To learn more about Experian Go, visit www.experian.com/go.
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 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.
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 trademarks 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.
FICO is a registered trademark of Fair Isaac Corporation.
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. 3 Financial Inclusion and
Access to Credit by Experian and Oliver Wyman, October 2021 4
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220126005268/en/
Amanda Garofalo
Experian Public Relations 1 714 460 37390
amanda.garofalo@experian.com
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