Leading credit reporting bureau Experian is set to launch a first-of-its-kind initiative to help identify and directly support underserved and vulnerable communities.
The new initiative, “Inclusion Forward — Experian Empowering Opportunities,” harnesses Experian’s data, analytics and technology to help clients create and provide more affordable credit access, the company said.
“At Experian, we believe every consumer deserves access to fair and affordable credit,” said Craig Boundy, Experian North America CEO. “In fact, it’s our mission to drive financial inclusion and help facilitate that access. Through Inclusion Forward, we will expand our work in helping clients better serve and provide greater financial opportunities for all consumers.”
The initiative is the latest step in Experian’s work to help the more than 100 million consumers who are restricted by traditional scoring methods. In 2019, the company introduced “Experian Boost,” empowering consumers to contribute positive payment history for accounts including cellphone, utility, streaming service and internet bills directly to their Experian credit report, which could help improve credit scores.
And last year, Experian introduced United for Financial Health to empower and protect vulnerable people and communities, enabling them to improve their financial well-being through education and action.
“Closing the wealth gap is key in racial equity efforts,” said Wil Lewis, Experian’s chief diversity, equity and inclusion officer. “By unlocking the power of Experian data, clients can better understand the financial challenges consumers from diverse backgrounds may face and help achieve their diversity, equity and inclusion goals. This can lead to creating solutions and education for all consumers, so they can achieve their life goals.”
