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EXPERIAN AND GALILEO HELP CONSUMERS BUILD CREDIT WITHOUT THE DEBT

Experian and Galileo Help Consumers Build Credit without the Debt

November 21, 2023

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 debit card programs that enables users to improve their credit score.

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.

Location: Headquartered in Dublin, Ireland, and operating across 32 countries.

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 the payments are added to the consumers’ Experian credit file to potentially increase consumers’ credit scores.

Experian’s consumer debit card program 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 to Experian Boost via their existing checking account or credit card. These consumers saw an average FICO Score 8 increase of 13 points, among those that saw an increase, since Boost’s launch in 2019.”

Disclosure: The Experian Smart Money™ Debit Card is issued by Community Federal Savings Bank (CFSB), pursuant to a license from Mastercard International.

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