COSTA MESA, Calif. and DETROIT, May 1, 2019 /PRNewswire/ -- As part of its global commitment to financial inclusion and literacy, Experian today launched Boost America, a marketing and social media campaign that includes a collaboration to promote credit management with award-winning actor, author and philanthropist Hill Harper.
Experian's goal is to inspire and empower the more than 100 million thin-file (four or less trade lines) consumers in the United States who may not have access to quality credit to try Experian Boost™ - a revolutionary, free online financial tool that allows consumers to add positive payment history from utility and telecommunications accounts directly into their Experian credit file for an opportunity to increase their credit scores instantly. Only Experian offers consumers direct control over a credit file with the ability to immediately affect their credit scores.
"At Experian, our fundamental mission is to help consumers establish their creditworthiness. This is critical because a subprime credit score will cost the average U.S. consumer approximately $200,000 more throughout the course of their lifei," said Jeff Softley, president direct to consumer at Experian Consumer Services. "We believe partnering with Hill Harper, such a respected activist, will help us reach consumers across the country with credit education in a way that inspires Americans to want to better manage their credit profile."
Boost America Ambassador Hill Harper
Harper, currently playing Dr. Marcus Andrews on the ABC drama "The Good Doctor," is known for his activism promoting financial literacy and his bestselling financial books including "The Wealth Cure: Putting Money in Its Place." Today, he will be in Detroit at his Roasting Plant coffee shop to talk "credit over coffee" with local residents. Over the next few months, Harper will address credit management via speaking engagements, social media, blog posts, and videos.
To follow Harper and be a part of the discussion, go to www.experian.com/boostamerica and follow hashtag #BoostAmerica. Consumers can also engage with Harper during Experian's Twitter #CreditChat on May 15 from 12 p.m. to 1 p.m. PT.
"I'm always excited to empower Americans by helping to increase their financial literacy and, now with this campaign, bring awareness to the importance of credit scores in our lives," says Harper. "With more than half of U.S. consumers (56%) having a low credit score, the time is right for an education campaign focused on credit literacy and that shows how tools like Experian Boost can benefit individuals."
Consumer impact of Experian Boost
Since the Experian Boost launch in March, results show:
- Cumulatively, more than 3 million points have been added to FICO Scores via Experian Boost
- Nearly two-thirds of consumers who completed the initial Experian Boost process increased their FICO Score
- Among those who increased their FICO Score, the average score increase has been more than 13 points, and 13% moved up in credit score category
How to use Experian Boost
Consumers can visit www.experian.com/boost and sign up for a free membership with Experian. Once they have an account, they can grant permission for Experian Boost to connect to their online bank accounts to identify utility and telecommunications payments. When the consumer verifies the data and confirms that they want it added to their Experian credit file, an updated FICO® Scoreii is delivered in real timeiii.
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.
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.
i According to analysis by Credit Builders Alliance.
ii 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.
iii 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.
Experian Public Relations