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New Experian Credit Solution Brings Enhanced Predictive Performance

Just under a year after launching its Experian Boost credit solution, the global information services company is back with another resource – this time to increase the predictive power of its creditworthiness assessment technology. Experian Lift, announced last week and available to lenders early next year, combines traditional and alternative credit data with trended data assets to build a more complete picture of the consumer’s ability to repay their debts.

Experian Lift was developed in partnership with Experian’s advanced analytic research and development group, Experian DataLabs. The suite of credit score products uses advanced analytics to provide insights into consumer behavior over the most recent 24-month period. The technology leverages alternative data – such as alternative financing information, rental data, and public record information – to provide lenders with a FCRA-regulated analysis of a customer’s creditworthiness. The company noted that Experian Lift improves predictive performance by 23% compared to other scores used to provide underwriting to what it called “credit invisibles.”

Experian Consumer Information Services EVP and Chief Product Officer Greg Wright put Experian Lift in the context of the company’s overall efforts to help creditworthy consumers get the financing they need. “Through Experian Boost, we’re empowering consumers to play an active role in building their credit histories. And, with Experian Lift, we’re empowering lenders to identify consumers who may otherwise be excluded from the traditional credit ecosystem.”

Experian Boost helps consumers increase their FICO scores by allowing Experian to include their positive telecom and utility payment history in its credit analysis. The company said the tool is especially helpful for consumers with thin credit files and credit scores between 580 and 670.

“We are committed to financial inclusion, and Experian Boost is the latest example of our efforts to increase consumer awareness of credit’s impact and value while giving them greater control,” Experian Global CEO Brian Cassin said when the solution was unveiled last December.

Experian demonstrated its cloud-based credit decisioning technology at FinovateFall 2018. The company, founded in 1996 and maintaining headquarters in Dublin, Ireland; Costa Mesa, California; and Nottingham, England, has been active on the international front of late in particular. Experian acquired leading Peruvian credit bureau Sentinel Peru, provided Open Banking solutions to U.K. fintech solution provider incuto, and announced a strategic investment in Indian smart data platform Vserv – all this month.

Experian has a workforce of more than 17,000 across 44 countries and reported fiscal 2019 revenues of $4.9 billion. A member of the FTSE Top 35, Experian is considered one of the top three credit reporting entities along with TransUnion and Equifax.