To further financial inclusion across the United States, Experian® today launched Experian Go to help “credit invisibles,” or people with no credit history, begin building credit on their own terms. Experian Go is the only program available today that helps consumers establish their financial identity by creating an Experian credit report.
Nearly 50 million consumers have a nonexistent or limited credit history. Without an existing credit report, lenders can’t verify a consumer’s identity and consumers are unable to access credit at fair and affordable rates. Often, these consumers are caught in cycles of predatory lending; can’t cover emergency expenses; and face limited housing options, higher insurance premiums and interest rates, employment challenges, larger deposit requirements and more.
The launch of Experian Go is a continuation of Experian’s mission to help consumers everywhere get access to fair and affordable credit. Within minutes, credit invisibles can have an authenticated Experian credit report, tradelines and a credit history by using Experian Boost, and instant access to financial offers through Experian Go. The program can help consumers build credit and become scoreable without going into debt. In fact, early analysis shows 91 percent of consumers with no credit history who connect to Experian Boost, a free feature that allows users to contribute their on-time cell phone, video streaming service, internet, and utility payments directly to their Experian credit report, can become scoreable in minutes with an average starting near-prime FICO score of 665.
Experian Go, which began piloting in October 2021, has already helped more than 15,000 credit invisible consumers establish an Experian credit report and become visible to potential lenders.
By helping consumers establish a financial identity through Experian Go, Experian aims to help consumers build the foundation for future financial opportunities.
“Living with a nonexistent or limited credit history can be a significant barrier to financial opportunity in America,” said Craig Boundy, CEO, Experian North America. “We believe every individual deserves the opportunity to reach their fullest financial potential and we’re proud to be the only credit bureau with a program to help credit invisibles build their credit history in minutes. Innovations like Experian Boost and Experian Go help to ensure people can access the credit they need when they need it. This new program is a direct reflection of our mission to bring financial power to all.”
