Earlier this year, Experian launched Experian Boost – a free and first-of-its-kind financial tool that empowers consumers to add positive telecom and utility payment history directly into their Experian credit file for an opportunity to instantly increase their FICO Score.
"There are more than 100 million consumers who are restricted by the traditional scoring methods used today," said
Developed in collaboration with Experian DataLabs, the company's advanced analytics research and development group, Experian Lift uses the most advanced analytics available today and combines traditional credit data and trended data, providing a view of consumer credit behavior over a 24-month period. Lenders can seamlessly integrate Experian's new score into their current models for better risk management and more agile decisions. In addition, lenders can use Experian Lift independently to help score a consumer with no traditional credit file.
"Knowing how a consumer is managing credit at a single point in time only tells part of the story. By looking at historical payment information through our trended data attributes, we can see how a consumer uses credit, or pays back debt over time, to create a more accurate risk profile," added Wright.
To help evaluate the creditworthiness of consumers who lack a traditional credit history, Experian Lift also integrates Experian's exclusive alternative data assets, including alternative financing information, rental data and full file public records information including professional licensures. Incorporating these assets into score models improves access for consumers excluded from the traditional credit ecosystem by looking at their financial stability, willingness to repay and ability to pay. All data analyzed through Experian Lift is Fair Credit Report Act (FCRA) regulated.
Experian Lift uses exclusively developed technology and machine learning methods for model development and explainability. Combining this with Experian's exclusive data assets empowers lenders to score previously unscoreable consumers while improving predictive performance across the credit spectrum.
"Experian is at the forefront of helping consumers and businesses make the right decisions and turn insights into action. As we head into a new decade, the trend of utilizing alternative data is only going to continue growing and will be critical to improving financial access," added Wright.
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 17,200 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
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.
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