Experian, Thursday announced the structure of its new consumer credit education program.
The new program will be launched in phases, with most components available by July 1, 2001, and will provide consumers with the ability to receive their credit reports and dispute them online, receive a credit risk score, and learn how to better manage their financial health through a variety of educational tools.
All services will be available through Experian’s recently announced consumer credit Web site, [www.CreditExpert.com].
“Consumers have an increasing desire to take charge of their personal financial information including receiving and understanding their credit risk scores,” said Steve Krenzer, chief operating officer of Experian’s E-commerce Solutions business unit.
“A comprehensive education process must accompany this new information so consumers can reap the maximum benefit. [www.CreditExpert.com] will offer the most features of any online credit information site in an incredibly user-friendly format.”
Upon launch consumers will have access to the same industry-leading information that businesses have used in making credit decisions. Scores range from a low of 340 to a high of 820 as risk indicators for credit grantors.
In addition to their Experian risk score, consumers will receive score factors, education about how to interpret them and suggested steps to take in improving their scores. The risk score will be available for $6. The price of a credit report will remain $8.50, or as authorized by individual state laws.
“We’re excited about providing consumers with the industry’s most complete array of credit tools to better manage their personal finances,” said Laura DeSoto, Experian’s vice president of CreditExpert.com.
“CreditExpert.com offers a meaningful look at the consumer’s total credit picture — credit reports, risk scores, the ability to question credit entries, interpret the scores and model changes in their credit profiles — all in real time. Consumers can determine, and then make, real changes that may improve their credit standing and they can be confident they’re doing so on Experian’s highly secure Web site.”
Additional features available on July 1 include: Credit Manager, a comprehensive credit management service designed to help consumers better understand, protect and manage their credit health; an electronic registration and protection service for debit/credit and other in-wallet consumer information; the automated dispute of credit report entries and tri-bureau credit report services.
Technology: Experian’s delivery service was developed using a secure Web server allowing users’ browser programs to interact with Experian via an encrypted session. Experian employs a Secure Sockets Layer (SSL) 128-bit connection that scrambles ordinary text or data into cyphertext to safeguard sensitive information.
Experian is an information solutions company. It uses the power of information to help its clients target prospective customers, manage existing customer relationships and identify opportunities for profitable growth. Through multi-channel delivery of its Web-based products and services, Experian enables its clients to conduct secure and profitable e-business.
Experian is a subsidiary of The Great Universal Stores PLC and has headquarters in Nottingham, U.K. and Orange. Its 12,000 people support clients in more than 50 countries. Annual sales are about $1.5 billion. For more information, visit the company’s Web site, [www.experian.com].