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Consumers across America empowered to potentially boost their credit score by adding telecommunications and utility bill payments to their credit fileCOSTA MESA, Calif., March 18, 2019 /PRNewswire/ -- In a game-changing move that many expect will significantly improve financial inclusion for millions of Americans, Experian today launched Experian Boost, a first-of-its-kind financial tool. Experian Boost, which is available at no cost to all credit active adults in the United States, empowers consumers to add positive payment history directly into their Experian credit file for an opportunity to instantly increase their FICO Score. Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/8302252-experian-boost-credit-score/ "There are more than 100 million consumers who either have thin credit files or no credit history," said Craig Boundy, Experian North America CEO. "Our goal is to help consumers across the country build credit and get better access to credit. Experian Boost is one way we are doing this and we're very excited to get this new tool into the hands of consumers." Since announcing Experian Boost less than four months ago, Experian has tested the platform with thousands of credit-active consumers. Initial results revealed:
"Experian Boost is exactly what consumers have been asking for. More than 70,000 Americans joined the Experian Boost waiting list, underscoring how eager consumers are to control their data and potentially increase their credit scores," added Boundy. How Consumers Can Boost Their Credit Scores While Experian expects the majority of credit-active consumers to benefit from the new platform, consumers with thin credit files (less than five trade lines) and scores between 580 to 669 are projected to benefit most from Experian Boost. "It's wonderful to see Experian taking a lead in empowering consumers," said José Quiñonez, founder and CEO Mission Asset Fund, a San Francisco-based nonprofit dedicated to improving financial access. "Experian Boost will give people with limited credit histories the opportunity to establish their creditworthiness, which is critical to improving financial inclusion in America." Contributing payment histories to an Experian credit file through Experian Boost will allow lenders to make more informed decisions when considering prospective borrowers. Only positive payment histories will be aggregated through the platform and consumers can remove the data from their Experian credit file at any time. There is no limit to how many times one can use Experian Boost to contribute new data. "With Experian Boost, consumers are in complete control. They can opt-in and opt-out at any time," said Boundy. To increase awareness of Experian Boost, Experian is kicking off a marketing campaign to coincide with the National Collegiate Athletics Association's (NCAA) March Madness tournament. The campaign includes broadcast, print/digital advertising and a social media program. Experian Boost applies to many of the leading consumer credit scores used by lenders. To try the platform, visit www.experian.com/boost. About Experian 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. Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group. MEDIA CONTACTS Amanda Irving
SOURCE Experian |