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The rating company reshaped the industry by enabling folks with ‘thin’ payment histories to include phone and utility bills to show they are reliable customers. Here’s the backstory.
“This is the biggest product launch in Experian’s history.”
Those were the words used again and again leading up to the launch of Experian Boost.
Exaggerated? Maybe, maybe not. But this was an unprecedented, industry-first product that would enable U.S. consumers to voluntarily add payment histories for things like their mobile phone and utility bills to their credit profile. This is particularly relevant to consumers with “thin” credit files.
Over 100 million people in the U.S. have low credit scores, which can limit their access to doing things like purchasing a new car or leasing an apartment. But these scores sometimes don’t paint a full picture of an individual’s creditworthiness.
Consistently making mobile phone or utility payments has never been a factor in determining a credit score, let alone a consumer’s being able to control the addition of that information. This was a first in every sense of the word. It was more than a product launch; the new offering was awakening a new way of thinking about who Experian is as a company and what our role in society should be.
Consumer needs are at the forefront of our vision for a world where our innovations can improve the lives of millions of people—enabling and encouraging them to be active participants in the global economy.
Creating a new platform to empower consumers to potentially change their credit scores instantly wasn’t going to be easy. Knowing we wanted to kick open the doors of financial inclusion for millions, we reached out to key influencers, including advocates who champion communities that are challenged to participate in the financial system. We knew we needed their input to fully understand how these communities might respond to the opportunities our new platform would provide.
Once we incorporated the feedback of all parties involved and knew our expectations were validated, it was time to tell our story and build anticipation for what was the most significant change to the credit report since the credit report was first developed. We were confident the media would see and appreciate the revolutionary storyline. We also executed a fully integrated social media campaign, engaging consumers directly to help demonstrate the product and its benefits. After all, we can only help those consumers who choose to sign up and try this free product.
Within a 48-hour span, we landed a front-page story in The Wall Street Journal, full features in USA Today and The New York Times, as well as in-depth coverage on Bloomberg, CNBC and NPR. Over the last six months, we’ve secured 600 print, online and broadcast media placements.
Most important, since our launch we have seen more than 10 million points added to credit scores and 61% of Experian Boost users have raised their FICO score—and those who have increased their scores see an average 13-point bump.
A product launch has refocused our sense of purpose. And while we have helped millions instantly improve their credit scores and access to credit, there are tens of millions more who can benefit. We are just getting started.
View Gerry’s original post here.
Gerry Tschopp is Experian’s senior vice president and head of global external communications/chief communications officer, North America. Gerry Tschopp is responsible for global external communications for the world’s leading information services firm. He leads a team of communications professionals from all of Experian’s major regions, and his responsibilities include public relations, crisis communications and social media. He also serves as the chief media spokesperson for the company and has direct oversight of external and internal communications in North America. Find him on LinkedIn.