Experian Credit Insight Program unveiled to empower consumers with more than a score, combining credit scores and credit education on statements For the first time, consumers can receive personalized information with their credit scores on bank and credit card statements
COSTA MESA, Calif., April 10, 2014 /PRNewswire/ -- Experian®, the leading global information services company, today announced its Experian Credit Insight Program, which currently is available for financial institutions of all sizes and offers them a unique opportunity to provide their customers with credit scores and credit education as an added-value with their online and offline credit card and bank statements.
With the Experian Credit Insight Program, the customer receives not only his or her VantageScore® credit score, but also a more comprehensive picture of his or her credit standing with insight into items from his or her personal credit report that influence his or her score the most.
"The Experian Credit Insight Program provides the tools that banks need to further differentiate themselves in an industry that is changing and evolving continually, but most importantly, it empowers consumers with more than just a credit score," said David Proctor, vice president, Consumer Information Services, Experian. "Quite simply, a score is not enough. Providing consumers with a deeper understanding of specific elements on the credit report and knowing what is behind the number is a valuable service that only Experian is offering. This is another extension of our commitment to consumer credit education and helping consumers take a more active role with their credit."
Credit health is measured by more than just a number. Consumers need context as to what the number means and how to influence their credit health. Providing a credit score along with rich, detailed educational content as well as key information from their credit report is what makes the Experian Credit Insight Program unique. Its features include:
- Consumer access to VantageScore credit score and key factor codes that contribute to the score. These factor codes include both negative and positive items. VantageScore offers consistency across bureau platforms along with the ability to score a broader population.
- The ability to track the score over time to provide a longitudinal view of a consumer's credit health.
- Personalized insight into several core factors that impact credit, such as credit utilization, delinquencies and the number of open accounts, on every statement.
- An option to offer a full credit report to consumers, providing true transparency into what drives the credit score and insight into what lenders use to make decisions.
- Score-focused online education tools and assistance via phone, helping consumers learn about credit and what their individual report means*.
With the Experian Credit Insight Program, consumers not only can learn more about their credit health and make changes to their budget planning and daily spending habits, but also can engage in new ways with their financial institution, creating a stronger, more cohesive relationship. More information on the Experian Credit Insight Program, including a perspectives paper, is available online.
Additional consumer education resources
For more than 20 years, Experian has been committed to improving consumer financial literacy and is dedicated to providing products and services that help consumers manage their credit reports and credit scores better, so they can get the credit they need when they need it.
Consumers can connect with Experian and learn more about credit in other ways, including by:
- Joining the #CreditChat, hosted by @Experian_US on Twitter with financial experts and consumers every Wednesday at 3 p.m. Eastern time
- Reading about Experian's perspective on trends and news at the Experian News Blog
- Visiting Experian's help site for answers to common questions, advice and education about consumer credit
- Asking credit questions on Experian's Facebook page at https://Facebook.com/ExperianUS
Experian also offers personalized phone-based credit education sessions through the Experian Credit EducatorSM service. This approximately 35-minute one-on-one session provides consumers with their credit report, VantageScore credit score and insight for making future credit decisions. For a one-time fee of $39.95, consumers are provided with the knowledge of an Experian Credit Educator agent, empowering them with the foundational education for understanding their credit situation and ways potentially to improve their VantageScore.
Consumers who want to take the next step in reaching or maintaining a healthy credit profile can visit http://www.experian.com/crediteducator or call 1 877 903 1009 to initiate a personalized education session.
VantageScore Solutions, LLC (www.vantagescore.com) is the independently managed company that owns the intellectual property rights to the VantageScore credit scoring models, including the recently announced VantageScore 3.0 model which provides up to 25 percent predictive improvement over earlier models and has the ability to formulate a score for 30 – 35 million previously unscoreable consumers. Initially developed by America's three national credit reporting companies (CRCs) — Equifax, Experian and TransUnion — VantageScore Solutions' highly predictive models use an innovative, patented and patent-pending scoring methodology that provides lenders and consumers with more consistent credit scores across all three national credit reporting companies.
Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2013, was US$4.7 billion. Experian employs approximately 17,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
VantageScore® is a registered trademark of VantageScore Solutions, LLC.
*Credit Insight can be customized by each financial institution and offer differing levels of consumer education. Education tailored to content of individual consumer reports is not available in all levels
Experian Public Relations
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