Experian®, the world’s leading global information services company, today announced Experian Boost™ as the winner of the “Consumer Lending Innovation Award” in the 2020 FinTech Breakthrough Awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global fintech market today.
Experian Boost, which is available at no cost to all credit active adults in the United States, empowers consumers to contribute positive telecom and utility payment history directly into their Experian credit file for an opportunity to instantly increase their FICO® Score. By adding eligible accounts to their Experian credit file, consumers can build a stronger payment history, while helping lenders make more informed decisions about prospective borrowers. Consumers can seamlessly switch the service on and off at any time – putting them in complete control of their information. There’s no limit to how many times a consumer can use Experian Boost to contribute new data.
Since launching in March 2019, more than 2.4 million consumers have connected to Experian Boost and have cumulatively added more than 18 million points to their FICO® Scores. On average, two-thirds of consumers who use Experian Boost see their credit scores increase with an average improvement of 13 points. In addition, 12 percent of Experian Boost users move up a credit tier.
“At Experian, we have a fundamental mission to be a champion for the consumer,” said Alex Lintner, group president of Experian Consumer Information Services. “And, like many fintechs, our goal is to help more consumers gain access to the financial services they need. Experian Boost is an example of our mission brought to life. It’s Experian’s first and currently the only service in market from any bureau to truly put consumers in control of their credit. We’re proud of this recognition from FinTech Breakthrough and the momentum we’ve seen with Experian Boost to date.”
“Experian Boost is knocking down a critical barrier for hard working Americans, helping them build a positive credit profile. For the first-time, millions of consumers can benefit from payments they’ve been making for years that were never reflected on their credit reports,” said James Johnson, managing director, FinTech Breakthrough. “By incorporating data around responsible financial behavior that hasn’t been traditionally included in credit reports, Experian Boost represents a true ‘breakthrough’ in putting the individual in control. Experian has earned our ‘Consumer Lending Innovation Award’ for putting the consumer first and disrupting the status quo. We’re excited to recognize Experian as a winner in our 2020 FinTech Breakthrough Awards program.”
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2020 FinTech Breakthrough Award program attracted more than 3,750 nominations from across the globe.