Experian and Galileo Help Consumers Build Credit without the Debt

In today’s world, many consumers are seeking ways to bolster their credit and, in turn, improve their overall financial health. This includes those looking to improve their credit profile, as well as younger consumers who are new to credit and not sure where to start in establishing a credit history – in a recent Experian survey, more than half (58%) of Gen Z respondents said they don’t know how to begin building credit.

As the world’s leading global information services company, Experian® is focused on filling this void–and Galileo Financial Technologies is helping the company achieve that goal. Galileo recently spoke with Triane Chang, General Manager and SVP of Consumer Services at Experian, about the company’s mission and its launch of one of the first digital checking account programs that enables users to improve their credit scores.*

Mission: Experian’s mission of expanding access to credit-building innovations that help everyone get access to fair and affordable credit is aligned with its core strategy of helping individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.

What Galileo does for them: Experian launched the Experian Smart Money™ Digital Checking Account & Debit Card. When consumers use the Experian Smart Money™ Digital Checking Account to pay bills that are eligible for Experian Boost®*–such as utilities, residential rent and telecom–Experian Boost adds the payments to the consumers’ Experian credit file to potentially increase consumers’ credit scores.

Experian’s consumer digital checking account was built on Galileo’s platform, and Galileo also provides Experian with a combination of processing and partner services. Galileo's platform allows Experian to evolve its products as the industry trends change so it can always deliver best-in-class offerings to its customers.

Impact: “We’re enabling people who pay bills regularly to leverage their positive payment history to build their credit profiles,” said Chang. “More than 14 million consumers have already connected their existing checking account or credit card to Experian Boost. These consumers saw an average FICO Score** increase of 13 points, among those that saw an increase, since Boost’s launch in 2019.”

*Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost®. Learn more at experian.com

**Credit score calculated based on FICO®  Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more at experian.com

Disclosure: The Experian Smart Money™ Debit Card is issued by Community Federal Savings Bank (CFSB), pursuant to a license from Mastercard International. Banking services provided by CFSB, Member FDIC. Experian is a Program Manager, not a bank.