Critical Shifts:
-
Fast-Tracked Onboarding: The platform eliminates the traditional, weeks-long manual credentialing process. Independent dealers can now use a fully digital, self-service application to gain authorized access to credit data, allowing you to get up and running in days rather than weeks.
-
Smarter Risk Assessment: By utilizing VantageScore 4.0, the platform provides a 24-month view of consumer credit behavior using machine learning. This "trended data" is a massive advantage for independent lots, as it helps identify customers whose credit is actively improving, even if their current score is low.
-
Integrated Fraud Defense: The platform includes built-in access to Experian’s Fraud Shield and PreciseID tools. For smaller operations, this provides "big bank" security to verify identities and flag high-risk applications before a vehicle ever leaves the lot.
___________________________________________
Experian, a global data and technology company, announced the launch of Experian Express, marking the first time a credit bureau has offered a self service platform that enables community banks, credit unions and other small volume lenders to digitally credential, onboard and access consumer credit reports through a fully online process.
Designed for U.S. lenders with lower-volume credit report access needs, Experian Express streamlines their access to high-quality credit data. The new platform provides small financial institutions with real-time credentialing through a guided online application process that allows clients to access Experian consumer credit data for lending workflows more quickly and efficiently.
“Small lenders play a vital role in expanding consumer access to credit,” said Molly Poppie, Chief Product and Analytics Officer for Experian. “Driven by our commitment to financial inclusion, Experian Express brings digital onboarding to a traditionally manual process, giving lenders a faster, more efficient way to obtain the credit insights they need to confidently extend credit and support consumers across the communities they serve.”
Experian Express offers two subscription plans built for common credit workflows. It uses VantageScore® 4.01, which combines trended credit data with machine learning and offers a more dynamic view of consumer credit behavior across 24 months. Depending on the plan, clients can also mitigate risk with built-in Experian fraud prevention tools such as Fraud Shield or PreciseID.
