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Experian kicks off National Financial Literacy Month with new app and a study that demonstrates that users of financial mobile apps have a deeper understanding of the factors that help or hurt their credit
Costa Mesa, Calif., April 8, 2015 — Experian® today announced the release of its mobile app for iOS and Android devices. The app empowers Experian Credit TrackerSM members to interact with their credit, including their FICO® Scores based on Experian data, in new ways so they can make more informed financial decisions. A new survey, released today, shows that nearly half of all consumers (46 percent) use financial apps, and they feel that these apps make them more confident and more in control of their financial health.
“When consumers learn more about credit, including their FICO Score, that’s power — power to better understand credit and achieve financial goals,” said Guy Abramo, president, Experian Consumer Services. “The new Experian Credit Tracker app makes it possible for members to engage and interact with their credit anytime, anywhere, on any compatible iOS or Android device.”
The app is for existing Experian Credit Tracker members in the United States, and it lets them quickly access their Experian Credit Reports and FICO Scores and monitor their credit. Members also receive push notifications when key updates to their credit report are detected. Key app features include the following:
• App users can view their full Experian Credit Report, seeing the same kind of information that banks see — including credit accounts, inquiries and public records
• The member’s Experian Credit Report is updated automatically every day upon sign in
• A member can see his or her current FICO® Credit Score, track FICO® Score changes over time and see the key areas that influence it. FICO® Scores are used in 90 percent of credit decisions.
• Score Factors tell members which of their financial behaviors are helping and hurting their FICO Scores.
• The member’s FICO® Score, based on Experian data, is updated automatically every day upon sign in.
Credit Monitoring and Alerts
• Experian monitors changes to members’ credit profiles, such as when a new credit account is opened, an address change is reported or an inquiry appears on their credit reports
• When these changes occur, Experian sends members push notifications so they can view them on their devices, allowing members to respond quickly
• As data breaches become increasingly more common, monitoring and accessing credit information through a secure app is an essential component in the fight against identity theft
Credit at a Glance
• The Dashboard provides a snapshot of members’ most recent credit health and trends
• A Credit Summary shows members the five key elements that make up their FICO® Scores based on their Experian Credit Reports
“Since April is National Financial Literacy Month, it serves as the perfect reminder to learn more about something that affects our financial lives on a daily basis — namely credit,” continued Abramo. “The survey shows that when people engage with financial apps, including ours, they feel more confident about their financial situation.”
Key survey findings include:
• Financial information on the go: Most mobile device owners (60 percent) access financial information on their smartphone or tablet
• Why users download: More than half of consumers have downloaded a financial app; top motivators are checking balances, monitoring accounts and managing day-to-day finances
• App usage: Many consumers (46 percent) use financial apps, and they feel that these apps make them more confident and more in control of their financial health
• App users feel empowered: The majority of financial app users (80 percent) say that they feel more confident about their financial situation since they started using financial mobile apps
• App users are in the know: Consumers who use financial apps are more likely than those who do not to know their credit scores (76 percent compared with 56 percent)
For complete survey details, please visit http://www.slideshare.net/Experian_US/experian-mobile-app-survery-results-2015/1.
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About Experian Consumer Services
The Experian Consumer Services division provides credit monitoring and other informational products, such as identity protection, to millions of consumers via the Internet. The organization enables consumers to monitor their credit reports online, check their FICO® Scores and protect against identity theft. Its products include Experian Credit TrackerSM and ProtectMyID®.
Experian Consumer Services has established integrated, co-branded relationships with leading online financial destinations that provide consumers with a broad range of comprehensive online financial products and information essential to managing one’s financial life. For more information, visit http://www.experian.com.
This press release is provided for general guidance and information. It is not intended as, nor should it be construed to be legal, financial or other professional advice. Please consult with your attorney or financial adviser to discuss any legal issues or financial issues involved with credit decisions.
We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. We also help people to check their credit report and credit score, and protect against identity theft. In 2014, we were named by Forbes magazine as one of the “World’s Most Innovative Companies.”
We employ approximately 16,000 people in 39 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2014, was US$4.8 billion.
Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
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