Experian, one of the three major credit bureaus, unveiled a new credit insight program late last week. With the Experian Credit Insight Program, financial institutions will have the opportunity to provide their customers with credit scores and credit education. These will undoubtedly empower consumers with more than just a credit score. Along with providing customers with their credit score for free, the customer will also receive “a more comprehensive picture of his or her credit standing with insight into items from his or her personal credit report that influence his or her score the most.” So, everyday consumers will have the tools to understand what their credit score means.
According to Wall Street Journal, “Providing a credit score along with rich, detailed educational content as well as key information from their credit report is what makes the Experian Credit Insight Program unique.” A consumer’s credit score alone may be just a number that means nothing to them (other than good or bad). With these new tools, such as personalized insight into the main things affecting credit, like credit utilization, delinquencies, and the number of open accounts, consumers will now know what matters and can make changes to their budgets and spending habits accordingly.
This program is currently available to financial institutions of all sizes. Once set up, these institutions will be able to provide their consumers with Experian’s unique insight program.
Source: Wall Street Journal
