Credit data company Experian has launched Experian Go, a free program to help almost 50 million “credit invisibles,” or people with limited or no credit history, start building credit by creating an Experian credit report, according to a Wednesday (Jan. 26) press release.
Experian research showed there are 28 million credit invisible consumers and another 21 million who have a limited credit history, the release stated.
Within minutes of creating an Experian Go account, these credit invisibles can have an authenticated Experian credit report, tradelines and a credit history by using Experian Boost, as well as access to financial offers without going into debt first, according to the release.
Early analysis of Experian Go showed that 91% of users with no credit history who connect to Experian Boost can get a credit score within minutes, and they average a starting score near the FICO prime minimum score of 665, the release stated.
Since the pilot launched in October, Experian Go has helped more than 15,000 people establish their credit reports and become “visible” to potential lenders, according to the release.
“Living with a nonexistent or limited credit history can be a significant barrier to financial opportunity in America,” said Experian North America CEO Craig Boundy in the release. “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.”
Earlier this week, Experian said it is seen increasing demand for buy now, pay later (BNPL) services.
Read more: Experian Sees Growing Demand From Clients for BNPL Products
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