FinTech News
Experian Boost Bestowed with Consumer Lending Innovation Award from FinTech Breakthrough
Recently the market intelligence organization FinTech Breakthrough celebrated a long list of companies and their accomplishments, announcing the recipients of their 2020 FinTech Breakthrough Awards. While these awards honored firms in a variety of categories, one of the most interesting awards was in the field of Consumer Lending Innovation, with the award going to Experian for their Experian Boost credit score product.
Introduced in nearly one year ago, Experian Boost is a free service that allows consumers to have alternative types of payments (such as utility services, telecom bills, etc.) included in their credit report to help them establish credit. According to the company, more than 2.4 million people have taken advantage of this option so far, with FICO credit scores among these consumers rising by a total of 18 million points. Experian also states that approximately two-thirds of those who use Experian Boost see an increase in their credit score, with the average raise clocking in at 13 points. Notably, for 12% of users, this gain bumps them into the next highest tier of credit. Consumers are also welcome to use Experian Boost as many times as they’d like to add further data.
Acknowledging the award, group president of Experian Consumer Information Services Alex Lintner said in a statement, “At Experian, we have a fundamental mission to be a champion for the consumer. And, like many FinTech, our goal is to help more consumers gain access to the financial services they need.” Lintner continued, “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.” Additionally FinTech Breakthrough managing director James Johnson stated of the award-winning product, “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,” adding, “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.”
As mentioned, Experian was far from the only company recognized as several others were also named for FinTech Breakthrough’s 2020 awards. Among them, Self was awarded Best Consumer Lending Product, CIT Bank was named Best Personal Finance Product, and HSBC received the prize for Best Use of AI. Some additional awards included Best Digital Mortgage Company (Fiserv), Best Stock Trading App (SoFi Invest), Best Point of Sale Company (Toast), and Best Small Business Payments Solution (Honeybook). Those interested in learning more can view the full list of awards can be viewed on FinTech Breakthrough’s site. Meanwhile consumers can also explore the potential benefits of Experian Boost and get started with the service by visiting Experian.com.
