COSTA MESA, Calif.,
March 18, 2019 /PRNewswire/
-- In a game-changing move that many expect will
significantly improve financial inclusion for millions of
Americans, Experian today launched Experian Boost, a
first-of-its-kind financial tool. Experian Boost, which is
available at no cost to all credit active adults in the United States, empowers consumers
to add positive payment history directly into their Experian credit
file for an opportunity to instantly increase their FICO Score.
Experience the interactive Multichannel News Release here:
https://www.multivu.com/players/English/8302252-experian-boost-credit-score/
"There are more than 100 million consumers who either have thin
credit files or no credit history," said Craig Boundy, Experian North America CEO. "Our
goal is to help consumers across the country build credit and get
better access to credit. Experian Boost is one way we are doing
this and we're very excited to get this new tool into the hands of
consumers."
Since announcing Experian Boost less than four months ago,
Experian has tested the platform with thousands of credit-active
consumers. Initial results revealed:
- Two-thirds of consumers saw an instant improvement to their
FICO Score
- Depending on credit tier, 10 -15% of consumers moved into a
better score category
- The average FICO Score increase was more than 10 points
"Experian Boost is exactly what consumers have been asking for.
More than 70,000 Americans joined the Experian Boost waiting list,
underscoring how eager consumers are to control their data and
potentially increase their credit scores," added Boundy.
How Consumers Can Boost Their Credit Scores
After
signing up for a free membership on Experian's website, consumers
can grant permission for Experian Boost to connect to their online
bank accounts to identify utility and telecommunications payments.
Once a consumer verifies the data and confirms they want it added
to their Experian credit file, an updated FICO Score is
delivered in real-time.
While Experian expects the majority of credit-active consumers
to benefit from the new platform, consumers with thin credit files
(less than five trade lines) and scores between 580 to 669 are
projected to benefit most from Experian Boost.
"It's wonderful to see Experian taking a lead in empowering
consumers," said José Quiñonez, founder and CEO Mission Asset Fund,
a San Francisco-based nonprofit
dedicated to improving financial access. "Experian Boost will give
people with limited credit histories the opportunity to establish
their creditworthiness, which is critical to improving financial
inclusion in America."
Contributing payment histories to an Experian credit file
through Experian Boost will allow lenders to make more informed
decisions when considering prospective borrowers. Only positive
payment histories will be aggregated through the platform and
consumers can remove the data from their Experian credit file at
any time. There is no limit to how many times one can use Experian
Boost to contribute new data.
"With Experian Boost, consumers are in complete control. They
can opt-in and opt-out at any time," said Boundy.
To increase awareness of Experian Boost, Experian is kicking off
a marketing campaign to coincide with the National Collegiate
Athletics Association's (NCAA) March Madness tournament. The
campaign includes broadcast, print/digital advertising and a social
media program.
Experian Boost applies to many of the leading consumer credit
scores used by lenders. To try the platform, visit
www.experian.com/boost.
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 16,500 people operating across 39 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.
MEDIA CONTACTS
Greg
Young
Experian Public Relations
Greg.young@experian.com
Amanda Irving
Experian Public Relations
Amanda.irving@experian.com
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SOURCE Experian