Experian Launches Program to Help “Credit Invisibles” Begin Building Credit

Last month, Experian launched Experian Go, a free program to help “credit invisibles”—or consumers with no credit history—start to build credit profiles. Nearly 50 million consumers have a limited or nonexistent credit history, which often means they are unable to access some forms of credit. The company says that its new offering is “the only program available today that helps consumers establish their financial identity by creating an Experian credit report.”

“Living with a nonexistent or limited credit history can be a significant barrier to financial opportunity in America,” said Craig Boundy, CEO of Experian North America, in a press release announcing the launch. “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.”

With Experian Go, credit invisibles will have their Experian credit report after confirming their identity, and will receive educational guidance on improving their financial health. Users will then receive their personalized recommendations and accept instant card offers, allowing them to quickly become scorable and build credit.

The program started piloting in October 2021 and in its first months has helped more than 15,000 credit invisibles establish an Experian credit report and become visible to potential lenders. Users can also add bill payments through Experian Boost, which has helped consumers raise their credit scores by more than 87 million points.

Experian Go allows thin-file consumers to more easily meet lending eligibility requirements, and applicants that are close to approval can move to a higher score band and qualify for better loan terms and conditions. Expanded data will also help lenders make a more accurate assessment of marginal consumers whose ability to pay isn’t entirely recognized by traditional credit scores.