The Latest Experian Update: What You Need to Know
Are you aware of the recent changes made by Experian, a global information services corporation? If you haven’t heard about it, then keep reading this article to understand everything you need to know about the latest Experian update.
Background on Experian
Experian is a credit reporting agency that provides credit reports and other services related to consumer credit history. Its services are essential for lenders, employers, landlords, and other entities that use credit reports for decision-making purposes. Experian collects data from various sources and compiles it into a report, which contains information such as an individual’s credit cards, loans, payment history, public records, and more.
The Latest Experian Update
On September 21st, 2020, Experian announced changes to its credit report format by adding “Opt-out” boxes that will allow consumers to opt-out of having their personal information shared with Experian’s marketing partners. Consumers often receive credit card and loan offers based on their credit history, and those offers are made possible through a process called prescreening. By opting out, consumers can prevent their personal information from being included in prescreening lists.
Additionally, Experian has revised its reporting standards for public records information, such as bankruptcies, tax liens, and civil judgments. According to the new standards, Experian will only include public records if it has complete information regarding the individual, which includes their name, address, and either their social security number or date of birth.
What Does This Mean for Consumers?
Firstly, the ability to opt-out of prescreening means that consumers can have better control over their credit information and avoid receiving unwanted offers. The revised reporting standards for public records aim to increase accuracy and prevent erroneous information from affecting a consumer’s credit score negatively.
Secondly, the changes made by Experian show that the credit reporting agency is taking necessary measures to ensure that credit reports accurately reflect an individual’s creditworthiness. Consumers’ financial lives are essential, and credit reporting agencies play a critical role in making sure that financial information is accurately reported to lenders and other decision-makers.
Final Thoughts
Experian’s latest update is a step in the right direction in promoting transparency, accuracy, and control for consumers. The inclusion of opt-out boxes will give consumers a sense of control and the revised reporting standards will promote accuracy and fairness in assessing creditworthiness. As a consumer, it’s essential to understand how credit reporting agencies like Experian operate and how their services can impact your financial life.
