Financial Education

One of the largest barriers to financial inclusion is a lack of financial education. Experian is changing that. Our partnerships and initiatives are dedicated to getting the proper tools, resources and information to underserved communities so that consumers can best understand and improve their financial health. Read about our financial education news below:

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Understanding how credit works is key to protecting your financial health in any environment – and this is especially true today. What’s new: To see how America’s youngest consumers are faring, we recently deployed a national survey looking at: Gen Z and millennial’s understanding of credit and personal financeHow recent economic news is impacting their financial health What would make them feel more optimistic about their situation  Why it matters: As we look ahead, millennials and Gen Z consumers will be the biggest drivers of spending and our economy. Ensuring they have access to trusted financial education and resources is key.  Survey highlights include: Building a strong credit history is key to unlocking many things we want in life, yet many younger people do not understand its importance until they get older. The bottom line: Our research revealed many Gen Z and millennial consumers are simply unsure how to successfully build credit and are hungry for trusted resources of personal finance information. “We believe in financial power for all and ensuring America’s youngest consumers are empowered to be financially independent adults is key to achieving this,” said Christina Roman, consumer education advocate at Experian. “Personal finance and credit education are central to our mission. We are committed to being a trusted resource for consumers looking to improve their financial health during our current economic environment and beyond.” How Experian Can HelpThere are free and easy steps consumers can take to help improve their financial health with Experian, including: Getting a free copy of your Experian credit report and FICO[1] Score®[2] at www.experian.com or via Experian’s mobile app. Our app also has free personal finance and credit building tools Add positive telecom, utility, video streaming service and qualifying rent payments to your Experian credit report through Experian Boost[3] for an opportunity to improve your credit scores by visiting www.experian.com/boost. Young consumers without an established credit history can download Experian’s mobile app and enroll in a free Experian membership to establish, use and grow credit responsibly with Experian Go™ Joining Experian’s #CreditChat hosted by @Experian on Twitter with financial experts every Wednesday at 3 p.m. Eastern timeVisiting the Ask Experian blog for answers to common questions, advice and education about creditLearn how to build and protect your credit with Experian’s Credit Essentials for Everyone flipbook and find additional credit education resources at resources at http://www.experian.com/consumereducation. Find additional money-saving resources from Experian by visiting experian.com/savings Survey MethodologyExperian commissioned Atomik Research to conduct an online survey of 2,008 adults between the ages of 18-42 years old throughout the United States, with even distribution between Generation Z (N=1,005) and millennials (N=1,003) participants.  The margin of error is +/- 2 percentage points with a confidence level of 95 percent.  Fieldwork took place between March 31, 2023, and April 4, 2023.   Atomik Research is an independent, creative market research agency.    [1] FICO is a registered trademark of Fair Isaac Corporation [2] 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. Learn more. [3] Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. Learn more.

Published: May 23, 2023 by Editor

I don’t know about you, but the importance of a good credit score wasn’t something talked about around my family’s dining room table growing up. I knew the value of a dollar and the importance of saving and budgeting, but I didn’t realize how many things I’d want in life would depend on having an established credit history. It wasn’t until I went buy my first car that I realized just how important credit can be. I had been using credit, but I wasn’t using it as a tool that could work for me. In fact, in this instance, my credit score was working against me. Thankfully, my boyfriend at the time (and now husband), co-signed on my auto loan so I could get a better interest rate. This experience served as the wakeup call I needed to prioritize improving my credit and overall financial health.   I know my story is similar to many others. In fact, our recent research shows 77% of millennials and Gen Z consumers are striving to be more financially literate and nearly 80% are actively trying to increase their credit scores. Just as I was, these consumers are hungry for knowledge and 69% are actively seeking trusted resources for personal finance information. I’m thankful to work for a company that puts consumers at the heart of everything we do. Education is central to our mission and my job is to educate consumers about the tools and resources we have available to help bring financial to all. Talk about coming full circle!                                                                       So, if you’re looking for ways to improve your financial health, here are a few quick tips: Get engaged: Many people think checking their credit report will hurt their credit scores, but this is not true. This is one of the most common myths about credit reports. You can, and should, check your credit report regularly. This is one of the best ways to understand where you stand from a credit perspective. You can get a free Experian credit report and FICO® Score once a month through our mobile app. You can also get a free credit report from each of the three credit reporting agencies by visiting AnnualCreditReport.com. Use the tools available to you: There are a lot of helpful tools available today that weren’t even just a few years ago, including Experian Boost and Experian Go. Experian Go makes it easy for people with a limited or nonexistent credit history to establish, use and grow credit responsibly. And with Experian Boost, you can self-report your cell phone, utility, telecom, and video streaming service payments directly to your Experian credit report for an opportunity to instantly improve your credit score. Seek trusted resources: In this age of information overload and social media, it can be hard to find trusted sources of personal finance information, but we’re here to help. You can find answers to common questions by joining our weekly #CreditChats on Twitter or by visiting our Ask Experian blog. We also have free resources available at www.experian.com/consumerseducation. Avoid making mistakes with lasting financial impact: I know, I know. This can be easier said than done, but it’s an important consideration to protect your financial health. There are many times in life where it’s OK to learn by making mistakes, but credit and personal finance are not a time you want to do that if you can avoid it. If you’re using credit, make sure you have a plan for paying the debt you owe. Credit can be a financial tool, but debt is a financial problem. Make sure you understand your needs vs. your wants and try to keep your balances as low as possible. As the saying goes, knowledge truly is power. I know this to be true from experience and our research shows a better understanding of personal finance would make 75% of Gen Z and millennials feel more optimistic about their situation. This is good news as there are many easy steps consumers can take today to feel more educated and empowered. Getting engaged with your credit report and finding the right tools and resources are some of the best ways to protect your financial health in our current environment and beyond.

Published: May 23, 2023 by Christina Roman

For all of the ways money – and access to it – affects our lives, it’s unfortunate that it is not discussed regularly with young people. Sadly, when it is discussed, it’s often in response to highly emotional financial stress or difficulty rather than as a positive learning opportunity. Establishing a positive, fact-driven relationship with money early in life can be a critical factor in future success. Equitable access to financial tools and resources to create a better tomorrow can help everyone achieve their life’s goals. That’s why we’re proud to announce the launch of the Center for Financial Advancement® (CFA) Credit Academy. CFA is a key initiative of HomeFree-USA, and we’ve been partnering with the organization to provide complementary training to their housing counselors on financial and credit education information and resources. This new six-month program is for 250 scholars from 14 Historically Black Colleges and Universities (HBCUs). My colleagues on Experian’s Credit Education team are leading the program to help scholars gain an understanding of credit and its importance. The hope is they’ll become knowledge ambassadors for their peers, family and their communities. Experian research shows there are 28 million US consumers who are unable to participate in the mainstream financial ecosystem today because they don’t have a financial identity. Credit invisibility more frequently impacts underserved communities with 26% of Hispanic consumers and 28% of Black consumers unscoreable or invisible compared to 16% of White and Asian consumers. That can make homeownership, the greatest driver of generational wealth, an even bigger challenge for underserved communities. Ensuring these students are aware, informed and visible within the credit ecosystem will help them access more equitable lending when they’re ready to take steps to buy a car, own a home, and build generational wealth. In addition to live sessions and self-paced content, the CFA Credit Academy culminates with a hackathon competition in April, challenging all students to form teams of four at participating HBCUs to build the next best credit education program for their peers. The winning team will earn a $40,000 scholarship, sponsored by Experian. We can’t wait to see what the scholars come up with, and we look forward to sharing their ideas. To learn more about Experian’s work in diverse communities: visit www.experian.com/diversity.

Published: December 8, 2022 by Rod Griffin

Experian is a company built on purpose. Every day we help people make the most of their data to improve their financial lives. This is what drives us and you can read more about our progress in our inaugural Improving Financial Health report. It is our social mission to improve financial inclusion, because fair and affordable access to credit enhances opportunities in life. While we are proud of our achievements this year, we know there is more to do. Over a third of the global adult population still lack access to basic financial services, while one billion people don’t have official proof of identity. 1.7 billion people are also completely ‘unbanked’ and risk being overlooked by the entire global financial services system. And this problem exists everywhere. More than 63 million people in Brazil have unmanageable debts that are affecting their credit rating. Whereas in the US, 28 million consumers are ‘credit invisible’ and an additional 21 million consumers have “unscorable” credit files, meaning they have what’s considered a thin credit file or limited credit history. Much of this comes down to provision of appropriate education and knowledge around good financial management, alongside the tools and products that can empower people in gaining access to fair, affordable credit. Through our community investment programme, we have provided vital support to communities, which was reflected by our colleagues volunteering nearly 25,000 hours of their time over the last year. This is in addition to an investment of US$15.9m in programmes that support our communities, including enhancing financial literacy with partners in Brazil, the USA and the UK & Ireland. Examples here include financial literacy support for microentrepreneurs through Sebrae in Brazil, Words That Count with the National Literacy Trust and Number Confidence Week with National Numeracy in the UK, alongside partnerships in the USA with the National Urban League, Operation Hope and Saver Life which aim to empower Black Americans through financial education. In addition, our social innovation products reached over 21 million people this year, offering innovative ways to verify identity and to strengthen credit profiles. It is our aim to help everyone have fair access to finance, no one should miss out on the opportunities which can transform lives. As the current inflationary environment adds extra pressure on households around the world, we recognise the significance of the role we can play to help ensure people can get through this period of financial pressure. Our new report outlines the progress we have made and restates our commitment to helping everyone improve their financial health in the future. Please read more in the Improving Financial Health Report.    

Published: June 10, 2022 by Lloyd Pitchford

In the early 1960s, Simon Ramo had a vision of a cashless society made possible by information and technology. This vision led to the creation of our business in North America. Ramo believed information could change the way people lived. Today, we know this to be true and continually see the ways data and technology can create enormous good in the lives of millions of consumers. While much has changed since the 1960s, Ramo’s vision holds true and continues to fuel the way we work at Experian. These principles have put consumers at the center of our business, which has forced us to think outside the box and do things differently. Let me give you an example. Until 2019, consumers had never been able to contribute information directly to their credit report. When we launched Experian Boost, we fundamentally changed the game. We put consumers in the driver’s seat and empowered them to contribute their on-time bill payments directly to their Experian credit report. By doing so, we’ve helped millions of consumers instantly improve their FICO® Score. This was a game changing move that is making a tangible difference for consumers. In fact, Experian Boost users have accessed more than $1.7 billion in credit due to improved credit scores. While we are proud of what we continue to accomplish with Experian Boost, we know financial inclusion depends on all of us doing more. On all of us doing things differently. We recently released new research in partnership with Oliver Wyman which shows 106 million Americans, or 42% of the adult population, lack access to mainstream credit because they are credit invisible, unscoreable or have a subprime credit score. Communities of color are more likely to lack access to mainstream credit, with 28% of Black and 26% of Hispanic consumers unscoreable or invisible, which is perpetuating historic disadvantage. While we have made a lot of progress in recent years by incorporating new data in decisions, as an industry, we can and must do better to ensure all consumers have access to fair and affordable credit. The old way of doing things, the old tools, will not work to ensure more consumers can access the financial services they need when they need them. The score models historically used by lenders are leaving nearly 50 million Americans behind. We need better data and better technology to help more consumers. When advanced analytics and machine learning are combined with expanded data sets as they are with Experian’s Lift Premium™ score, 96% of the population can be scored, including an estimated 65% credit invisibles and the entire conventionally unscoreable population. This is significantly greater than the 81% of consumers that can be scored by conventional scores today. Scoring 100% of Americans and expanding fair access to credit to creditworthy consumers is our goal. This is an exciting time as we are nearing a point where we can say, no matter who you are, where you live or what part of your financial journey you’re on, we can score you and help you access the financial services you need. We can’t do it on our own. Financial inclusion depends on industry adoption of these new tools and insights. As we begin a new year, I believe the financial services industry is at an inflection point. And I am hopeful. I think we can all agree it’s time for a new way of doing things and today we have the tools available to make it happen.

Published: January 18, 2022 by Greg Wright

The United Nations identifies removing poverty as one of its 17 Sustainable Development Goals. There’s a reason it’s number one on their list: Access to affordable financial services opens the door to opportunities for people to transform their lives – from homes and healthcare to education and entrepreneurship.. At Experian, our focus is on increasing access to financial services, improving financial literacy and building consumer confidence; we help people take control of their financial health. We are using the power of data innovation to transform lives and help businesses grow, improving financial health for people around the world. We created a dedicated Social Innovation Programme to fund, build and recognize products that will have a positive impact on the financial health of consumers. Between 2013 and April 2021 we have invested over US$8m across 29 product ideas. Eighteen of those products have launched, reaching 61 million people, many of whom are from financially vulnerable backgrounds. In June, we opened applications for our latest round of annual Social Innovation funding and asked teams to come up with new innovative products that positively impact the financial health of our consumers and use data for good. Of these, seven projects were shortlisted and presented to our Social Innovation Committee, which I am privileged enough to chair. It was a tough decision, but we chose three truly diverse projects to receive this year’s Social Innovation funding and we are really excited about what they could achieve. These projects will give millions of people in India access to a more positive loan decision, allow citizens in the UK to manage their vulnerability data across multiple organisations, and help farmers in Brazil to access the credit they need to keep their businesses going. Between them, these three projects alone have the potential to reach over 85 million people in the next five years, which is a truly exciting prospect. We are proud to celebrate our culture of purpose-led innovation. Our social innovation products have reached 61 million people since 2013 and we aim to reach 100 million by 2025. Read more about how we are helping to create a better tomorrow.    

Published: December 7, 2021 by Editor

Growing up, my family rarely talked about money. So, in college, when I had the opportunity to get my first credit card, I also found myself in a little trouble when the first bill came. Most of us simply don’t learn about money matters until we find ourselves in these difficult situations. That’s one of the reasons why we’re excited to launch a creative and new program to teach young adults about the basics to building a financial legacy. “Protect The Bag” debuts today. It’s a six-part web series produced in partnership with Grammy-award winning artist, entrepreneur, author and community advocate, Lecrae. We first met Lecrae when he supported a United for Financial Health initiative in his hometown last year. “Protect The Bag” is a hip master class with finance and credit basics presented in an authentic way. Lecrae describes it as “edutainment” that includes scripted skits and interviews with everyday people. His friends Tyler Lockett, Coco Jones and WHATUPRG, among others, join him and share their financial health journeys as part of the shows as well. “Protect The Bag” is not just about credit. It’s about all aspects of personal finance. We’re proud of this innovative way to help consumers understand topics like saving, investing, budgeting and identity protection through someone they admire and trust. We hope you tune in every Tuesday, starting today, for the next six weeks. Episodes will appear on Lecrae’s YouTube channel starting at 7:00 p.m.EST/4 p.m.PST.

Published: November 9, 2021 by Abigail Lovell

The largest Hispanic civil rights and advocacy organization in the U.S., UnidosUS, held its LatinX IncluXion Summit this week and I had the pleasure of participating as a featured speaker. One of the conference’s themes this year was “Reimagining our Future” and that resonated with me quite a bit. As an immigrant who has had to reimagine my life and career many times over, I shared some advice on how we can reinvent ourselves, become empowered by those opportunities and give back to our communities. Experian’s support of UnidosUS is especially meaningful to me. As co-executive sponsor of Juntos, our Hispanic and Latino employee resource group, I’m proud to be part of our partnership launch that extends beyond the conference. As part of our United for Financial Health initiative, Experian is supporting the organization’s Financial Empowerment Network (FEN) which provides free, financial coaching for Latino families. I have always been passionate about financial inclusion because I believe it helps empower people to be independent and take care of their families. This is especially true for immigrant communities that already must deal with the challenges of acclimating to a new country, culture, language, and more. Since joining Experian, I have been involved in initiatives that look to expand access for disenfranchised consumers, and a huge portion of my volunteerism has been devoted to educating this community about the benefits of intentionally managing their budgets and what are the best ways to gain access and handle credit. It’s not just UnidosUS affiliates and members who will benefit from our cross-cultural work. Our new Spanish-language consumer education e-book, credit education articles in Spanish, and the new monthly #ChatDeCrédito launched during Hispanic Heritage Month are available to all consumers. Having credit education resources available in-language is just one of many ways we can help those who have faced barriers to accessing credit and financial tools. We look forward to our partnership with UnidosUS and continuing to empower the Hispanic-Latino community.

Published: October 8, 2021 by Editor

The historic civil rights organization, the National Urban League, kicked off its first-ever virtual national convention recently, and Craig Boundy, former Chief Executive Officer of Experian North America had the honor of joining them. National Urban League President and CEO Marc Morial and Craig announced our new partnership that will support financial inclusion and credit education. During the announcement, Marc mentioned one of the key findings of the Urban League’s 2021 State of Black America – The New Normal: close to 17 percent of Black households lacked basic financial services, compared with three percent of white households in 2017, the last year for which FDIC statistics are available. He characterized this as a “disastrous and disproportionate impact of the COVID pandemic on the economic stability of African American communities.” We believe working together will make a big difference in the lives of underserved consumers. As part of our United for Financial Health program, Experian is providing National Urban League members access to credit education tools and services like consumer credit reports and Experian Boost™, as well as resources for small businesses. As Craig mentioned in his remarks, “at the heart of this partnership is knowledge: when you understand financial services, you come to understand the financial system. You can take steps to create and improve a relationship with financial service providers. That can make a huge difference today, and for future generations.” This partnership is just the start of our relationship with the National Urban League, and we look forward to working together towards closing the wealth gap and empowering consumers to achieve their life’s goals.

Published: September 30, 2021 by Wil Lewis

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