Industry’s First Program Can Help Consumers Get Their First FICO® Score without going into debt
COSTA MESA, California, January 26, 2022–(BUSINESS WIRE)–To drive financial inclusion in the United States, Experian® today launched Experian Go™, a first-of-its-kind, free 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 no or limited credit history. Without an existing credit report, lenders cannot verify a consumer’s identity and consumers cannot access credit at fair and affordable rates. Often these consumers are caught in predatory lending cycles; cannot cover emergency expenses; and face limited housing options, higher insurance premiums and interest rates, employment challenges, higher deposit requirements and more.
The launch of Experian Go continues Experian’s mission to help consumers around the world access fair and affordable credit. In minutes, invisible credits can have an authenticated Experian credit report, trade lines and credit history using Experian Boost™1, and instant access to financial offers through Experian Go. The program can help consumers build credit and become accountants without going into debt. In fact, early analytics show that 91% of consumers with no credit history connect to Experian Boost, a free feature that allows users to contribute their cell phone, video streaming service, internet, and utility payments directly to their Experian credit report. , can become scoreable in minutes with an average starting FICO close to first® 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 lay the foundation for future financial opportunities.
“Living with no or limited credit history can be a significant barrier to financial opportunity in America,” said Craig Boundy, CEO of Experian North America. “We believe that every individual deserves the opportunity to reach their full financial potential and we’re proud to be the only credit bureau with a program to help unseen credit build their credit history in minutes. Innovations like Experian Boost and Experian Go are helping 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 research by Experian, 28 million consumers are credit invisible and an additional 21 million consumers have “unassessable” credit reports, meaning they have what is considered a thin credit report or limited credit history.3 The problem most commonly affects communities of color. In fact, a recent Experian survey found that one in five black consumers and one-third of Hispanic consumers have no credit to their name, with 65% of black consumers and 51% of Hispanic consumers unsure of what action to take. to establish or improve their credit.
“We recognize the correlation between credit ratings and opportunity in America and view creditworthiness – or lack thereof – as a barrier to financial mobility and success,” said John Hope Bryant, CEO and Founder of Operation Hope. “We are grateful for our partnership with Experian and stand with them as we work together to amplify an action plan that increases financial access for all.”
Easy Steps to Become Visible Credit: How It Works
Experian Go empowers people who are credit blind and people with limited credit histories to establish, use and grow their credit responsibly. Once a consumer downloads Experian’s free mobile app and signs up for a free Experian subscription, they will be asked to authenticate their identity using a government-issued ID. , a social security number and a “selfie”.
From there, personalized recommendations will help users add accounts, also known as business lines, to their Experian credit report. Users can receive information on how to become an authorized user or be prompted to apply for a credit card designed specifically for those new to credit. Others can contribute their on-time bill payments directly to their Experian credit report with Experian Boost, a breakthrough feature that has helped nearly 9 million consumers improve their FICO instantly.® Goal.4
Since launching in 2019, Experian Boost has helped over 10,000 previously unrated consumers receive a FICO® Score every month and add over 78 million points to FICO® Nationwide scores. 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 on how credit works and recommendations to deepen their credit history, including access to free Experian credit reports, credit monitoring and more. . Consumers can also get help setting and achieving their financial goals through Experian’s Personal Finances tool. Users must be 18 years or older.
To learn more about Experian Go, visit www.experian.com/go.
Experian is the world leader in information services. During life’s big moments – from buying a house or a car to sending a child to college to growing a business by connecting with new customers – we enable consumers and our customers to manage their data with confidence. We help individuals gain financial control and access financial services, businesses make smarter decisions and thrive, lenders lend more responsibly, and organizations prevent identity theft and crime. .
We have 20,000 people operating in 44 countries, and every day we invest in new technologies, talented people and innovation to help all of our customers maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are part of the FTSE 100 index.
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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 an improvement in scores or approval ratings. Not all lenders use Experian credit reports, and not all lenders use scores impacted by Experian Boost.
2 Experian analysis based on an anonymized, statistically relevant sample of consumer credit reports with only Experian Boost business lines 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 the FICO Score 8 model. Your lender or insurer may use another FICO® Score than FICO® Score 8, or any other type of credit score. Learn more
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