As I reflect on the past two years and think about how the pandemic impacted the automotive industry, I realized that although it was a crazy ride, I believe there was a silver lining – at least for marketers at OEMs, agencies, and large dealer groups, who are tasked with advertising to consumers. I’ll explain more in a minute. First, let’s very briefly recap some trends we’ve recently experienced: Auto dealerships shut down showrooms to in-person shoppers Chip shortages paralyzed new vehicle manufacturing (and are ongoing) Shoppers rapidly shifted to online car shopping (and buying) Pre-owned vehicle sales went through the roof (and remain high) Streaming services went wild, and consumers continue to devour content Marketers shifted focus to more digital marketing to meet consumer demand So, the silver lining? Auto marketers certainly had to take a crash course in the new consumer buying journey. One result was an appreciation for the complexities of digital experiences and a new understanding of unique consumer behaviors and preferences. Here are a few things marketers learned: Consumers want to feel connected to their preferred brand(s) They want to be in charge of their shopping and buying journey Consumers want transparency and honesty from their brand (and dealer) They want the information they are looking for to be both instantly available and on their preferred devices Consumers want time to make a decision Before the pandemic, research revealed that about 88% of prospective car buyers researched options online before stepping into a dealership, and 60% of shoppers spent six or more months on their search, with up to 24 marketing touchpoints along the way.1 So, how do marketers ensure their advertising appears, front and center, for all these touchpoints? Today, the challenge for auto marketers is to stay on top of the consumer’s needs and be there when they are “looking or hearing” their message. This includes creating relevant messages across all media, including social, email, text, web, direct mail, Connected TV, linear, and Addressable TV channels. And don’t forget, consumers have multiple devices now, so it’s even harder for your message to “find them.” During their auto buying journey, consumers are a moving target! To succeed in today’s new world, auto marketers need to rely heavily on data insights that enable them to send targeted, relevant messages exactly where the consumer wants them. Is this even possible? In a word, yes. We’ve published a resource for auto marketers To help marketers stay on top of the latest data science trends and the insights this data produces, we’ve written, Using Data Insights to Drive Measurable OEM Marketing Strategies. We discuss the new consumer buying journey, the explosion of personal devices, the latest in data-driven insights, the increase in media channels, and how to best target, activate, and measure marketing campaigns while optimizing spend. We cover five areas that we believe auto marketers need to focus on to be successful: Identity: Learn the importance of linking fragmented data across channels, platforms, and devices to build unified customer profiles that enable a multi-channel customer experience. Insights: Understand how applying data insights can help make more strategic and effective marketing decisions regarding your audiences, channels, messaging, and goals. Audiences: Read about the value of leveraging automotive, predictive, and lifestyle data to build precisely segmented audiences for every marketing campaign. Activation: Learn how you can leverage our relationship with more than 100 media partners and digital platforms to launch and optimize your marketing campaigns across all channels. Measurement: Read about the importance of accurate measurement and determining the ROI of your online and offline campaigns to gain actionable insights for future campaigns. Get started by reading a complimentary copy of Using Data Insights to Drive Measurable OEM Marketing Strategies. Learn more about Experian's OEM marketing solutions. https://www.forbes.com/sites/forbescommunicationscouncil/2020/09/10/why-automotive-marketing-is-changing-and-how-to-meet-the-demand/?sh=16d583c9a3dd

We’ve listened to user requests and created a mobile app that offers a quick and simple way to scan (or enter) a VIN to view AutoCheck Vehicle History Reports (VHRs)! Along with our recently launched AutoCheck Member site, the mobile app continues our efforts to make information and insights easy to access. With AutoCheck VHRs, you can: • Better manage risk and confidently buy and sell the right vehicles • Make more strategic decisions when stocking the right inventory • Have the right combination of information and insights to more strategically market to consumers With the new mobile app and re-designed member site, AutoCheck makes staying informed easier than ever by putting AutoCheck at your fingertips on your mobile device. Leave your notepad on your desk when appraising a trade, and simply scan a VIN to view the VHR instantly. How to get started The AutoCheck mobile app is available for AutoCheck members using Android or Apple phones/tablets. Simply download the app to see how easy it is to access vehicle history reports. Quickly use the app during trade appraisals to pull a VHR on the spot! You can also use the app to quickly scan a VIN, eliminating the possibility of incorrectly “typing” in the wrong VIN. The full VHR is optimized to be easy to read on your mobile device, giving you all the necessary information to make a good acquisition decision. The AutoCheck mobile app also offers members access to a report history to quickly review past vehicle reports you have run. Did you know? AutoCheck has data from over 95% of U.S. auction houses with 99.82% manufacturer coverage of open recall data for vehicles on the road Experian aggregates and analyzes tens of thousands of distinct accident sources; many provided only to AutoCheck We’re the only VHR provider integrated on all the top consumer vehicle shopping sites In this short video, you will see sample mobile and tablet screens including how to enter or scan a VIN, view a Vehicle History Report, and learn how to see recently run VHRs. How AutoCheck can help improve your business You may also be interested in learning how AutoCheck VHRs can improve your business by reading Vehicle Detail Pages with a Free VHR Have Higher Lead and Sale Conversion Rates or how we helped a large insurance company better manage risk in our case study, LexisNexis Helps Manage Risk for National Insurance Company. For dealers interested in learning more about the benefits of becoming an AutoCheck subscriber, contact us today!

Experian recently announced Experian Identity and published an advertorial in American Banker outlining the integrated approach to identity that recognizes the full breadth of the company’s authoritative data solutions that help businesses better connect with their consumers in more personalized, meaningful and secure ways. The efforts address the rapidly changing definition and landscape of identity and take on the importance and needs for identity which span across the entire customer journey. From marketing to a specific consumer’s needs, to facilitating a friction-right customer experience, to protecting personal information. As such, there’s a gap for single-partner providers to help businesses navigate this change, while also putting the needs of the consumer first. “Identity data sets are constantly growing with inputs from new interactions. Many future sources of data have yet to be even conceived or developed,” said Kathleen Peters, Chief Innovation Officer, Experian Decision Analytics. “Staying ahead of the identity market curve is vital, and it requires building and continually evolving an enterprise-scale identity solution that interconnects with your own unique data and systems to create attribute-rich profiles of your customers that work across any identity application. That’s Experian Identity.” Experian Identity underscores the need businesses have to respond to increasing identity needs with interconnected, scalable technology, products and services that optimize the consumer experience.       While the integrated approach announcement is new, the capability is not. Experian has been trusted for decades to secure individuals’ identity around the most important decisions in their lives – think purchasing a car or home, being identified at the doctor’s office, and more. As such, consumers remain at the center of every action. Experian Identity offers identity resolution, verification, authentication and protection, and fraud management solutions that include first- and third-party fraud, account takeover, credit card verification, identity resolution and restoration, risk-based authentication, synthetic identity protection and more. Additionally, we’ve included a special blog post introducing Experian’s identity capabilities from Kathleen Peters on the Experian Global News Blog and additional coverage. Stay tuned for more updates. Experian Global News Blog - Making Identities Personal: Experian Helps Businesses Build Consumer Trust American Banker – Making Identities Personal: Building Trust and Differentiating Your Brand Experian White Paper - Making Identities Personal For more information about Experian Identity, visit www.experian.com/identity-solutions.

Experian’s latest Global Insights Report found that more than half of consumers have increased their online spending in the last three months, and 50% say it will increase in the next three months. Life online is here to stay, and consumer expectations have shifted, giving businesses and opportunity to sink or swim when building trust and gaining loyalty. This spring, Experian surveyed 6,000 consumers and 2,000 businesses across all industries to learn more about how, why, and where consumers are interacting with businesses online. Our research found that: Experience is top of mind, with 81% of consumers saying that a positive online experience makes them think more highly of a brand Digital payment options are on the rise with 62% of consumers using mobile wallets and 57% considering buy now, pay later as a replacement for their credit card Security is still a big factor, but 73% of consumers say the onus is on businesses to protect them online Download the report to get all the latest insights into consumer sentiment and how recent changes are impacting business priorities and investments. Download the report

The Marketing Rule of Seven means it usually takes at least seven impressions before a consumer is compelled to act. When extending firm offers of credit to consumers, lenders have long relied on direct mail and more recently email to reach their intended audiences. But what if there are more ways to deliver a credit offer? Let’s explore how digital display retargeting can help you maximize your campaign performance and profitability. What is digital display retargeting? Digital display retargeting allows lenders to present a firm offer of credit on digital and mobile to complement a direct mail or email prescreen campaign. This solution takes credit marketing to a whole new level — instead of relying solely on direct mail or email, lenders can amplify firm offers of credit on channels like social media or authenticated websites to maximize their reach. With spending more time on these channels, digital display retargeting can provide them  with an additional opportunity to respond. Reaching the right consumers with the right offer While echoing the same credit offer on multiple channels can help elicit higher response rates, how do lenders decide to which consumer to extend that offer to? Experian’s credit database provides lenders with fresh consumer information to help them determine what kind of credit offers may be most appealing to each unique individual. Through Amplified Prospecting, lenders can then gain accurate consumer identification and matching in digital display channels to ensure offers are reaching consumers most likely to respond. Maximize your campaign reach With the combined strengths of Experian’s consumer credit data and Amplified Prospecting, lenders can extend firm offers of credit to prescreened consumers across multiple touchpoints, helping them to achieve greater visibility and higher response rates. To learn more about how Experian can help you level up your credit marketing campaigns, visit us today. Learn more

It's one thing to make a corporate commitment to financial inclusion, but quite another to set specific goals and measure outcomes. What goals should lenders set to make financial inclusion a reality? How can success be quantified? What actionable steps must be taken to put policy into practice? The road to financial inclusion may feel long, but this step-by-step checklist can help you measure diversity and achieve goals to become more inclusive as an organization. Step 1: Set quantifiable goals with realistic outcomes Start by defining what you plan to achieve with a financial inclusion strategy. When setting goals, Alpa Lally, Experian's Vice President of Data Business at Consumer Information Services, recommends organizations "assess the strategic opportunity at the enterprise level." "It is important that KPIs are aligned across each business unit and functional groups in order to understand the investment opportunity and what the business must achieve together," said Lally. "The key focus here is 'together', the path to financial inclusion is a journey for all groups and everyone must participate, be committed and be aligned to be successful." Figuring out your short- and long-term goals should be the first step to kickstarting a financial inclusion strategy. But equally important is driving towards outcomes. For instance, if the goal is to increase the number of loans made to previously overlooked or excluded consumers, you may want to start by examining your declination population to better understand who is being left out. Or if financial inclusion is tied to a wider strategy or vision on corporate social responsibility, your goals may include an education component, community outreach, and a re-examination of your hiring practices. No matter what KPIs you're using, here are relevant questions to ask in four key areas – which will help draw out your organizational goals and priorities: Organizational awareness: What action is your organization taking to enhance Diversity, Equity and Inclusion and embrace Corporate Social Responsibility (CSR) around financial inclusion? If you already have financial inclusion programs in place, what are the primary goals? Barriers: What barriers prevent the organization from pursuing equity, diversity and inclusion programs? Education: How do you create awareness and education around financial inclusion? Which community or third-party organizations can help you reach consumers who aren't aware of ways to access financial services? Markers of success: What benchmarks will your organization use to measure and analyze success? Step 2: Do a financial inclusion audit Before developing and implementing a robust financial inclusion program, Lally recommends conducting a financial inclusion audit – which is a "detailed assessment of where you are today, relative to the goals and results you've outlined". In a nutshell, it allows you to assess your current systems and results within your financial institution. According to Lally, a financial inclusion audit should address the following key areas: Roadmap: What are your strategic priorities and how will financial inclusion fit within them? Tracking: Track the actual volume and distribution of different underserved populations (e.g., young adults, low-income communities, immigrants, etc.) within your book of business. Look at the applications and the approval rates by segment. In addition, assess the interest rates these consumers are offered by credit score bands for each group: “Benchmarking is critical. Understanding how they compare to national averages? How do they compare to the rest of your portfolio?" said Lally. Hiring practices: Is diversity, equity and inclusion (DEI) central to your talent management strategy? Is there a link between a lack of DEI in hiring practices and the level of financial inclusion within an organization? Affordability and access: Determine if the products and services you offer are easily accessible, can be understood by a reasonable consumer and are affordable to a broad base. Internal practices: What policies exist that influence the culture and behavior of employees around financial inclusion? Partnerships: Identify outside organizations that can help you develop financial literacy programs to promote financial inclusion. Advertising: Does your advertising promote equal and diverse representation across a wide range of consumer groups? Tools to measure: Are you financially inclusive as a company? How can you improve? The Bayesian Improved Surname Geocoding (BISG) method used by the Consumer Financial Protection Bureau (CFPB) predicts the probability of an individual's race and ethnicity based on demographic information associated with the consumer's surname. Lenders can use this type of information to conduct internal audits or set benchmarks to help ensure accountability in their diversity goals. Step 3: Tap into technology New technology is emerging that gives lenders powerful tools to evaluate a wider pool of prospective borrowers while also mitigating risk. For instance, scoring models that incorporate expanded FCRA-regulated data provide greater insight into 'credit invisible' or 'unscorable' consumers because they look at a wider set of data assets (or 'alternative data'), which allows lenders to assess a larger pool of applicants. It also improves the accuracy of those scores and better assesses the creditworthiness of consumers. Consider these resources, among others: Lift Premium™: Experian estimates that lenders using Lift Premium™ can score 96 percent of U.S. adults, a vast improvement over the 81 percent that are scorable today with conventional scores relying on mainstream data. Such enhanced scores would enable six million consumers who are considered subprime today to qualify for “mainstream" (prime or near-prime) credit. Experian® RentBureau®: RentBureau collects rent payment data from landlords and management companies, which allows consumers to leverage positive rent payment history similarly to how consumers leverage consistent mortgage payments. Clarity Credit Data: Clarity Credit Data allows lenders to see how consumers use alternative financial products and examine payment behaviors that might exist outside of the traditional credit report. Clarity's expanded FCRA -regulated data provides a deeper view of the consumer, allowing lenders to identify those who may not have previously been classified as "at risk" and approve consumers that may have previously been denied using a traditional credit score. Income Verification: Consumers can grant access to their bank accounts so lenders can assess their ability to pay based on verified income and cash flow. In addition, artificial intelligence (AI) and greater automation can reduce operational costs for lenders, while increasing the affordability of financial products and services for customers. AI and machine learning (ML) can also improve risk profiling and credit decisioning by filling in some of the gaps where credit history is not available. These are just a few examples of a wide range of cutting-edge solutions and technologies that enable lenders to promote greater financial inclusion through their decisioning processes. As new solutions are introduced to the market, it is imperative that lenders look into these technologies to help grow their business. Step 4: Monitor and measure Measuring your progress on financial inclusion isn't a one-and-done proposition. After you've set your goals and created a roadmap, it's important to continue monitoring and measuring your progress. That means your performance to gauge the impact of financial inclusion at both the community and business levels. Lally recommends the following examples: Compare your lending pool to the latest population data from the United States census. Is your portfolio representative of the U.S. population or are there segments that should have greater access? How does it compare against other lenders competing in the same space? Keep in mind that it has been widely reported that certain populations were undercounted, so you may want to factor this reality into your assessments. Work to understand how traditionally underserved consumers are performing in terms of their payment behaviors, purchase patterns and delinquencies. Measure the impact of financial inclusion on your company's overall revenue growth, ROI and brand reputation. Conduct an analysis to better understand your company's brand reputation, how it's perceived across different groups and what your customers are saying. Last word Financial inclusion represents a big step towards closing the wealth gap and helping marginalized communities build generational wealth. Given the prevalence of socioeconomic and racial inequality in our country today, it's a complex issue that disproportionately impacts marginalized groups, such as consumers of color, low-income communities and immigrants. Adopting more financially inclusive practices can help improve access to credit for these groups. For financial institutions and lenders, the first step is to identify realistic, quantifiable goals. A successful financial inclusion initiative also hinges on completing a financial inclusion audit, tapping into the right technology and continually monitoring and measuring progress. "It is paramount that financial institutions hold themselves accountable and demonstrate their commitment to make these practices a part of their DNA." - Alpa Lally. Learn more

“I saw an opportunity to create change instead of asking for it.” Day 2 was charged up with new technology; new ideas; and new, clearer visions of where we can drive change across our industries. Jeff Softley, President, Direct to Consumer, Experian Consumer Services, illustrated how the consumer is at the center of Experian’s business with countless statistics and how our consumer advocacy drives our focus, growth and mission. Wil Lewis, Global Chief of Diversity, Equity and Inclusion; Hiq Lee, President of Business Information Services; and Alex Lintner, Group President, Consumer Information Services, engaged in a panel discussion centered on reimagining inclusion.         Keynote: Allyson Felix Allyson Felix, five-time Olympian and most decorated Track & Field athlete, kicked off the day with an inspiring keynote touching on her athletic career, taking challenges head-on and using our platforms to make an impact. Felix, who is racing in the first race of her final season this weekend, is a tireless advocate, life-long learner, who seeks to empower others. “We can all start where we are,” she said. “Small things turn into big things.”       Day 2 session highlights From the breakout sessions, the theme of disruption was evident. We dove into how prescreen and prequalification have evolved, a demand that many must adapt to deliver in the post-pandemic world. Financial inclusion was a topic covered across the board, as were the strategies to be enacted to bolster these financial inclusion drivers. One such area addressed was how the rapidly growing buy now, pay later industry advances financial access and inclusion efforts. And speaking of evolution, retention must evolve as well — we heard how retention, recapture and risk strategies are transforming, particularly in the mortgage servicing space. Rapid Model Development and Deployment - Feedback from businesses reflects organizations’ desires for flexible deployment options, flexible integration with existing tech stacks, open source technology and the ability to incorporate multiple data providers. Today’s solutions address that feedback as well as solve for the most rampant market challenges in new, innovative ways.   Strategy optimization with Artificial Intelligence and Machine Learning - Over 50% of financial institutions surveyed are using AI/ML in at least one department. Challenges include data management, operation, evolving the analytics program. ML/AI starts with proper data management. For optimization, templatizing ML frameworks is a necessity.   ID Verification, Authentication and Fraud - There were $56B in identity fraud losses in 2020, $13B of which were traditional identity fraud losses and $43B related to identity fraud scams. Leveraging strategies is necessary to maintain the critical balance required for identity verification and fraud – mitigating losses and risk exposure, drive optimal customer experience, maintain regulatory compliance.   Maximizing Customer Value - The monthly data refresh is a thing of the past. When reimagining account review for risk and marketing purposes, remaining agile is key with increased data freshness for operational efficiency. Keynote: Ashton Kutcher The energy, insights and ideas have been reverberating throughout the venue for the past 48 hours, which set the stage for Ashton Kutcher’s closing keynote. The Chicago Bears fan talked about his career, how hard work wasn’t an option when he was growing up and how part of his assessment process for potential investments – determining whether they create efficiencies in the market – he sometimes thinks of a long-standing, personal benchmark – the air nailer. He talked about his philanthropy efforts, the mission behind his company Thorn, and the ability for people to impact change and achieve "a sense of agency" over the outcome of the future. “That’s the human spirit. That’s the spark that exists – that people understand that you can sit in despair, or you can do something,” he said. It has been an amazing two days – we can’t wait for Vision 2023!

“Disruption has caused enormous amounts of innovation,” said Jennifer Schulz, CEO of Experian, North America. “We must continue to be the disruptors in our industry which takes effort, data, technology, bright minds and vision for what the future will be.” Schulz kicked off the 39th Vision conference with a future-focused keynote delivered to a crowd of more than 400 attendees. Alex Lintner, Group President, Experian Consumer Information Services, talked about the next phase of great, highlighting the digital transformation that has taken place in the generations of the past and the disruption and innovation happening today and in the future. Keynote speaker: Dr. Mohamed A. El-Erian Dr. Mohamed A. El-Erian, renowned economist and author, President of Queens’ College, Cambridge, Chief Economic Advisor at Allianz, Chair of President Obama’s Global Development Council and Former CEO and Co-Chief Investment Officer of PIMCO, spoke about the Fed, inflation, negative interest rates and the labor market, as well as the importance of inclusion. El-Erian, who said he reads the Financial Times religiously, acknowledged that we will make mistakes on the journey as we work to be even more inclusive. To navigate what’s ahead, he said we will need resilience, optionality and agility. “It’s important to connect with information, acknowledge the insecurity, in a language people understand, in order to connect,” he said.     Session highlights – day 1 The conference hall was buzzing with conversations, discussions and thought leadership. Buy Now Pay Later A large audience was in attendance for a session that introduced Experian’s Buy Now Pay Later Bureau™ and explored how it’s the first and only solution of its kind — serving consumers, BNPL providers, financial institutions and regulators. Identity Identity is constantly evolving, and while biometrics and authentication may have become ubiquitous, there is much activity around the concepts of eIDs, identity wallets and identity networks. Experian is making identities personal and helping businesses to recognize, manage and connect customer identities in new ways using data, analytics and technology. Marketing In today’s hypercompetitive world, businesses need to engage the freshest data and increase velocity when it comes to time to market. An average of 120 days won’t cut it. Ascend Marketing speeds time to market and helps achieve higher ROI. Regulatory Landscape With so much happening at Capitol Hill, a panel of experts from DC discussed a number of topics and proposals (and their impacts), including the defense for risk-based pricing, the impact of suppressing negative data, and trending topics like Buy Now Pay Later and data portability. All the while, the tech showcase had a constant flow of attendees with demos ranging from data and decisioning to financial inclusion and technology. This is just the beginning. And as Schulz said, “There’s more to do.” More insights from Vision to come. Follow @ExperianVision to see more of the action.

Rewards are among the most appealing features of any credit card. While upfront benefits, like sign-up bonuses and cashback, are most influential in card acquisition, ancillary benefits, like fraud and identity protection, can amplify a card’s overall value.1 Credit card fraud ranked as the second most common form of identity theft in 2021,2 and is expected to become even more frequent as consumers continue to bank and shop online.3 42% of consumers are concerned for the safety of their banking and shopping transactions. With digital identity theft and fraud on the rise, it’s no surprise that safety measures are “very” or “extremely” important to consumers when deciding between different credit cards.4 In response, many card issuers have started to market their security and protection-related benefits more frequently to better capitalize on their cards’ value to consumers. The ways they’ve highlighted these benefits include: A fraud protection campaign From spotlighting their fraud protection benefits in card welcome kits to providing privacy tips on social media, credit card issuers have crafted compelling campaigns to demonstrate their commitment to protecting their customers from fraud and identity theft. In turn, issuers can differentiate their cards from the competition and improve response rates. Reminders about their fraud prevention efforts Issuers have also sent out ongoing reminders outlining the protections their credit cards offer, such as credit monitoring services 5 that notify cardholders of suspicious activity on their credit report. By consistently promoting their efforts to keep their customers’ accounts and data safe, issuers can earn their cardholders’ trust, build loyalty and drive card usage. While benefits like cashback and travel points can help with card acquisition, fraud and identity protection benefits can help drive long-term customer relationships, especially now that card fraud is becoming a growing concern.6 To learn more about how businesses have worked to meet the consumer demand for secure interactions, check out our 2021 Global Identity and Fraud Report. Learn more 1Jonathan O'Connor. "Most Consumers Aren't Aware of Their Credit Cards' Ancillary Benefits. How Does This Impact Card Acquisition and Usage?" TSYS, January 2019 2FTC. "Consumer Sentinel Network" Data Book, 2021 3April Berthene. "Coronavirus pandemic adds $219 billion to US ecommerce sales in 2020-2021" Digital Commerce 360, March 2022 4"Consumers Consider as Many as Six Factors When Choosing Credit Card" PYMTS.com, December 2021 5David McMillin. "Identity theft is a major problem, but these 5 credit card protection programs can help keep you safe" Business Insider, June 2021 6"New FICO Survey Finds Overconfidence Could Put US Consumers at Risk From Scams" Business Wire, February 2022

Crises come in many forms, without warning, and can be devastating for any size business. A company’s ability to manage crises, specifically with a crisis response notification plan, directly impacts consumers’ trust and perception of their brand. In today’s digital world, consumers are more informed than ever before and consumer trust is what keeps businesses afloat. If that trust is broken or their needs are not met, consumers will take their business elsewhere. Companies cannot afford to lose customers. Research from Frederick Reichheld of Bain & Company, the inventor of the Net Promoter Score, shows that increasing customer retention rates by 5 percent increases profits by 25 percent.[1] When a crisis occurs, 90 percent of consumers are more forgiving of companies that have a response plan in place.[2] Despite that information, 51 percent of companies admit to not having a crisis response notification plan.[3] While crisis communication can be fairly reactive, it helps to have a crisis communication plan in place to make the process easier. Experian Crisis Response Management features a notification system, call center deployment, and crisis specialists to help companies build trust and confidence knowing that their consumers will be taken care of, which breeds customer loyalty. Our team of experts can help you develop a crisis response notification plan to reach out to your customers during any type of crisis. Here are five key steps to developing an effective crisis response notification plan Step 1: Define Your Objective Before you begin, you must first set a clear goal for your plan. This objective should include what the plan should accomplish, when the plan should be executed, and who needs access to the information being shared. For example, “This plan creates a communication structure with external stakeholders in the event of a crisis that affects the reputation of the company.” Step 2: Create a Contact List To ensure the crisis is well-managed, it’s important that all stakeholders are kept informed. Create a contact list of all employees, customers, users, partners, investors, media outlets, the government, and social media followers. Determine the best method of contact for each of these stakeholders (i.e., print mail, email, phone call, etc.) and include that in the contact list document. Step 3: Determine an Information Sharing Structure Depending on where a crisis originates and the threat level of the crisis, protocols may differ by scenario. To avoid confusion, form a hierarchy outlining how information should be shared within the company. Your hierarchy may begin with notifying the CEO, followed by the head of public relations or CTO. The plan needs to define what information should immediately be disclosed to each individual or team in the hierarchy, such as the source of the crisis and the protocols in place to handle the situation. Step 4: Prepare for Possible Questions and Concerns Customers will want answers and if you are not the one supplying them, they will search elsewhere to uncover the truth. Create a running fact sheet that documents the known information of the situation. This helps to prevent rumors or misinterpretations from spreading to media outlets, keeps all responses in alignment, and makes it easier to field customer questions. Step 5: Assess Your Risks Identify the risks you might face under each plan so that, if it does backfire, you’re prepared for any additional losses. By being prepared for this, you’ll be ready for anything that goes wrong with steps to recover faster. Fulfilling your notifications Once you have determined who will receive your crisis response notifications, it is time to fulfill your obligations. Ensure every access point is covered by creating a notification system with Experian for direct emails, call center processes, and a landing page users can go to for fast information. 1. Notification Options Notification requirements vary depending on the crisis at hand and your customers’ preferred method of contact. Some common examples include: Paper mailings Email notification Web announcement Phone calls You may also consider a multipronged approach, which includes email or paper notifications, supported by a website FAQ and a call center where consumers can get more information. 2. Outbound notification and inbound response management Experian offers sufficient phone, website, and application capacity to absorb the spikes of crisis volume on top of normal operating volumes. This service includes address validation, delivery that covers 100+ countries, reporting and analytics of the notification channels, and a dedicated account manager that oversees the entire process. 3. Experienced team of agents Our team of dedicated account managers have serviced over 50,000 incidents, delivered over 30 million print and email notifications each year, and developed a comprehensive range of products for every need. We stay with you as a resource throughout the crisis process and work with you to recover, repair, and protect your business for the future. No one ever expects a crisis to hit, but when it does, it’s important to have a plan in place. Having a dedicated team who can help you navigate through difficult times is essential to quick recovery. At Experian, we understand the importance of customer trust and we help companies recover from crises quickly. Our team of experts are available to help when you need it most. Learn more about our Crisis Response Management services ____________________________________________ [1] Bain & Company. 2001. Prescription for Cutting Costs. [2] Experian. 2019. Data Breach Consumer Survey. [3] Deloitte. 2020. A crisis of confidence.

Easily access an Open Recall Report for all your listed inventory whenever you need it and as often as you like. Run the report in real-time to learn which of your units have an open recall and what that recall information is: the recall date, the recall detail, and the recall.

Experian’s in-person Vision conference returns next Monday, April 11 in Los Angeles, Calif. The event is known for premier thought leadership, net-new insights and the latest and greatest in technology, innovation and data science. This year’s agenda promises to have intentional discussions around tomorrow’s trending topics including financial inclusion, buy now pay later, open banking, the future of fraud, alternative data strategies, and much more. A few spotlight sessions include: Top trends including the future application of the cloud and emerging technologies, emerging regulatory legislation and the broader implications and opportunities of DeFi. A deep dive into strategies around the targeting/marketing revolution and how to deliver in the post-COVID-19 market environments and bolster financial inclusion decisions. An introduction to Experian’s Buy Now Pay Later BureauTM, the industry’s first and only solution designed to address the needs of consumers, BNPL providers, financial institutions and regulators alike. A roundup of sessions addressing innovation in action spanning from real-time verifications, to data-driven automation, and unified platforms from data to deployment to decisioning. Several sessions highlighting future-looking strategies and solutions that leverage alternative data that can increase conversion rates while concurrently reducing risk. Multiple sessions centered on the rapidly changing identity environment and combatting emerging fraud threats. The event will also include a Tech Showcase, where attendees can get a taste of tomorrow today with more than 20 demos and the latest innovations at their fingertips. And, as always, the event features marquee keynote speakers sure to inspire. This year’s featured speakers are Dr. Mohamed A. El-Erian, President of Queens’ College, Cambridge, Chief Economic Advisor at Allianz, and Former CEO and Co-Chief Investment Officer of PIMCO; Allyson Felix, Olympic Gold Medalist, co-founder of Saysh, a footwear and lifestyle brand for women, and Right to Play and Play Works ambassador; and the closing keynote will feature actor, investor, entrepreneur and philanthropist, Ashton Kutcher. Stay tuned for additional highlights and insights on our social media platforms throughout the course of the conference. Follow Experian Insights on Twitter and LinkedIn.  

For decades, the credit scoring system has relied on traditional data that only examines existing credit captured on a credit report – such as credit utilization ratio or payment history – to calculate credit scores. But there's a problem with that approach: it leaves out a lot of consumer activity. Indeed, research shows that an estimated 28 million U.S. adults are “credit invisible," while another 21 million are “unscorable."1 But times are changing. While conventional credit scoring systems cannot generate a score for 19 percent of American adults,1 many lenders are proactively turning to expanded FCRA-regulated data – or "alternative data" – for solutions. Types of expanded FCRA-regulated data By tapping into technology, lenders can access expanded FCRA-regulated data, which offers a powerful and complete view of consumers' financial situations. Expanded public record data This can include professional and occupational licenses, property deeds and address history – a step beyond the limited public records information found in standard credit reports. Such expanded public record data is available through consumer reporting agencies and does not require the customer's permission to use it since it's a public record.1 “Experian has partnerships with these agencies and can access public records that provide insight into factors like income and housing stability, which have a direct correlation with how they'll perform," said Greg Wright, Chief Product Officer for Experian Consumer Information Services. “For example, lenders can see if a consumer's professional license is in good standing, which is a strong correlation to income stability and the ability to pay back a loan." Rental payment data Experian RentBureau draws updated rental payment history data every 24 hours from property managers, electronic rent payment services and collection companies. It can also track the frequency of address changes. “Such information can be a good indicator of risk," said Wright. “It allows lenders to make informed judgments about the financial health and positive payment history of consumers." Consumer-permissioned data With permission from consumers, lenders can look at different types of financial transactions to assess creditworthiness. Experian Boost™, for example, enables consumers to factor positive payment history, such as utilities, cell phone or even streaming services, into an Experian credit file. “Using the Experian Boost is free, and for most users, it instantly improves their credit scores," said Wright. “Overall, those 'boosted' credit scores allow for fairer decisioning and better terms from lenders – which gives customers a second chance or opportunity to receive better terms." Financial Management Insights Financial Management Insights considers data that is not captured by the traditional credit report such as cash flow and account transactions. For instance, this could include demand deposit account (DDA) data, like recurring payroll deposits, or prepaid account transactions. “Examining bank account transaction data, prepaid accounts, and cash flow data can be a good indicator of ability to pay as it helps verify income, which gives lenders insights into consumers' cash flow and ability to pay," Wright added. Clarity Credit Data With Experian's Clarity Credit Data, lenders can see how consumers use expanded FCRA-regulated data along with their related payment behavior. It provides visibility into critical non-traditional loan information, including more insights into thin-file and no-file segments allowing for a more comprehensive view of a consumer's credit history. Lift Premium™ By using multiple sources of expanded FCRA-regulated data to feed composite scores, along with artificial intelligence and machine learning, Lift Premium™ can vastly increase the number of consumers who can be scored. For example, research shows that Lift Premium™ can score 96 percent of American adults ­– a significant increase from the 81 percent that are scorable with conventional scores relying on only traditional credit data. Additionally, such enhanced composite scores could enable 6 million of today's subprime population to qualify for “mainstream" (prime or near-prime) credit.1 How is expanded FCRA-regulated data changing the credit scoring system? The current credit scoring system is rapidly evolving, and modern technology is making it easier for lenders to access expanded FCRA-regulated data. Indeed, this data disruption is changing lender business in a positive way. “When lenders use expanded credit data assets, they see that many unscorable and credit invisible consumers are in fact creditworthy," said Wright. “Layering in expanded FCRA-regulated data gives a clearer picture of consumers' financial situation." By expanding data assets, tapping into artificial intelligence and machine learning, lenders can now score many more consumers quickly and accurately. Moreover, forward-thinking lenders see these expanded data assets as offering a competitive edge: it's estimated that modern credit scoring methods could allow lenders to grow their pool of new customers by almost 20 percent.1 Case study: Consumer-permissioned data To date, over 9 million people have used Experian Boost. The technology uses positive payment history as a way to recognize customers who exhibit strong credit behaviors outside of traditional credit products. “Boosted" consumers were able to add on average 14 points to their FICO scores in 2022 so far, making many eligible for additional financial products with better terms or better product offerings. Active Boost consumers, post new origination performed on par or better than the average U.S. originator, consistently over time. “In other words, having this additional lens into a consumer's financial health means lenders can expand their customer base without taking on additional credit risk," explains Wright. The bottom line The world of credit data is undergoing a revolution, and forward-thinking lenders can build a sound business strategy by extending credit to consumers previously excluded from it. This not only creates a more equitable system, but also expands the customer base for proactive lenders who see its potential in growing business. Learn more 1Oliver Wyman white paper, “Financial Inclusion and Access to Credit,” January 12, 2022.

What if there was a way to assess your data security readiness before a breach happens? Imagine the worst thing that could happen to your organization. Your system is hacked, exposing proprietary and confidential information including upcoming projects and consumer data. Consumer identity theft incidents skyrocket under your name. Competitors begin to take notice and pounce on their opportunity to move into your customer base. Your employees begin to fear for their job security and your consumers fear for their financial safety. With so much at stake, you need to have a solid plan in place before a data breach occurs. The best way to improve your organization’s cybersecurity is by conducting data breach simulation, which means testing yourself for vulnerabilities before threat actors do. Verizon’s Data Breach Report shows that 85% of breaches involved a human element, while only 3% involved vulnerability exploitation.[1] Unfortunately, humans are prone to error. According to the results of Terranova Security’s 2020 Gone Phishing Tournament, almost 20% of all employees are likely to click on phishing email links.[2] Verizon’s report also found that stolen or misused credentials were responsible for 61% of data breaches. The most dangerous passwords to have stolen are those that provide privileged access to your organization’s networks. It is critical to have a Password Manager to protect your assets. Experian offers data breach simulation and breach response exercises that test your digital defenses. We will assess what you can do before, during, and after a simulated attack to enhance your response plan. Before: Consider how often you want to run these tests. They can take place once a year, every six months, quarterly, monthly or any other desired frequency. Determine if you want to use in-house staff or hire internal teams to conduct the exercises. Research potential threat actors who are most likely to target your industry and compile a list of possible aims and methods for each one. Identify targets and also non-targets — resources that are off-limits. Form clear objectives. For example: Infiltrate specific business network, steal the credentials of the IT administrator, and exfiltrate financial data. Define the parameters of the plan by determining where the simulated attacker got their information (i.e., insider information or public knowledge) and what they would know. During: Launch the attack (Example: send a phishing email to get a victim to install malware through link) Monitor both physical and digital access points Take note of departments and staff that are most likely to be targeted in an attack. Assess internal threats and openings for security breaches. After: Review incident response plan with gap analysis Did an internal employee make an error of opening a malicious email attachment? Did the simulated attacker gain access to an area they shouldn’t have been in? Did any alerts go off in the process, or fail to go off? Was physical security able to stop threats on the ground? Rank vulnerabilities and weak spots in order of which need to be fixed first. Test the changes by repeating the attack to see if the problem has been solved. The best way to fight a threat actor is to understand their methods and fix your vulnerabilities before they can be exploited. Through data breach simulation attacks, you can find out where your weaknesses lie before an actual attack takes place and let the assessment inform the development of risk mitigation strategies and action plans. For more information on how you can protect your business from data breach threats, visit us at Experian Data Breach Resolution. Experian has the tools and resources you need to stay ahead of the curve in today’s digital world. Visit our website [1] Verizon. 2021. 2021 DBIR Master’s Guide. [2] Terranova Security. 2020. Gone Phishing Tournament.

The State of the Automotive Finance Market: Q4 2021 report broke down alternative fuel financing trends—specifically how electric vehicle (EV) financing doubled year-over-year.