Experian money-saving resources help consumers spring into savings

Rhea-AI Summary

Experian has partnered with finance expert Andrea Woroch to help consumers save money amid rising expenses. A recent survey revealed that 66% of Americans are looking for ways to cut costs, with 56% of respondents having already eliminated unnecessary expenses in the last three months. Experian offers resources like CreditWorks™ to assist consumers in comparing auto insurance, finding suitable credit cards, and negotiating lower monthly bills, which can save consumers more than $900 annually on auto insurance and an average of $263 on bills. Additionally, Woroch will participate in a Twitter #CreditChat on April 19 to share money management tips. For further savings insights, consumers can visit Experian's dedicated savings page.

Positive

• 66% of Americans are seeking cost-cutting measures, showcasing a strong market interest in financial savings.
• Experian offers services that can save consumers over $900 annually on auto insurance.
• CreditWorks™ membership can help negotiate and lower expenses, with average savings reported at $263 per member.

Negative

• None.

A recent Experian survey shows that 66% of Americans are actively looking for ways to trim expenses from their monthly budget

COSTA MESA, Calif.--(BUSINESS WIRE)-- To help keep more money in consumers’ wallets and bring financial power to all, Experian® is partnering with nationally-recognized consumer finance and budgeting expert Andrea Woroch to share financial tips and create awareness about a variety of Experian resources that can help consumers find savings now.

Andrea Woroch is a nationally-recognized consumer finance and budgeting expert, writer and on-air contributor who is passionate about helping families find simple ways to spend less and save more without radically changing their lifestyles, which she actively promotes across multi-media platforms. As a sought-after expert on all things money and savings, Andrea has appeared on hundreds of popular TV shows across the country including Today, Good Morning America, NBC Nightly News and Inside Edition. In print and online, her articles and advice has been featured in New York Times, Money Magazine, Forbes, Reader's Digest and many more. Andrea is also a regular contributor to popular personal finance and lifestyle websites, was named top 100 moms by Modern Mom and is a member of the finance review board at BankRate. (Photo: Business Wire)

According to Experian data, consumers are actively taking steps to cut costs with 56 percent of survey respondents revealing they’ve nixed unnecessary expenses within the last three months. Additionally, nearly 2 out of 3 (64%) of those surveyed say even an extra $50 dollars per month would help relieve their financial stress and some have found different ways to keep more money in their pockets every month, including using cash back or rewards programs (41%) and negotiating rates and plans on their bills (19%)ⁱ.

As consumers continue to seek new ways to keep money in their pockets, Experian is a resource offering various services that could make saving a reality.

Find different ways to save

Consumers may not realize they are leaving money on the table paying various expenses. Experian offers resources that can potentially help consumers save on the cost of their auto insurance, monthly bills like their cable and cell phone bills, and find the best credit card for their financial needs. With a CreditWorks™ membership, consumers can access these benefits:

• Compare auto insurance policies: Consumers can comparison shop to potentially find a better rate on their current policy and save, on average, more than $900 per yearⁱⁱ on auto insurance. The free Experian service delivers multiple, tailored rates from up to 40 leading and well-established auto insurance carriers, allowing consumers to quickly find and purchase an auto insurance coverage plan that meets their needs.
• Find the right credit card: Looking for credit cards with zero APR or travel rewards? Experian’s free marketplace makes it easy for consumers to compare different credit card options. Experian matches consumers’ financial information against lender’s requirements to match them with the tailored offers.
• Lower recurring expenses: For paid CreditWorks Premium members, consumers can stop overpaying and start saving by getting help with negotiating lower rates on eligible monthly bills for an average savings of $263ⁱⁱⁱ. Experian negotiates the cost of eligible bills directly with many providers like Spectrum, AT&T, DirecTV, and SiriusXM, with 81 percent^iv of bills negotiated resulting in savings.

Learn from the expert

With over a decade of experience sharing consumer finance advice and tips, Woroch will be a guest on Experian’s Twitter #CreditChat on April 19 to address ways consumers can stretch their dollars in the current economic environment and answer consumer questions.

“No matter the circumstances, it is important to practice a few basic money management techniques, such as following a well laid-out budget and looking for different ways to cut back on living expenses,” said Andrea Woroch, consumer finance and budgeting expert. “I am excited to partner with Experian to show consumers new ways they can save more money quickly and set themselves up for a stronger and more secure financial future.”

For consumers looking for more ways to keep money in their wallets, Woroch recommends reducing monthly spend on debt by consolidating credit card debt to a 0% balance transfer card, avoiding impulse shopping by deleting payment and shipping details stored in online retail accounts, unsubscribing from store emails, and consider meal planning to be more strategic and avoid any food inadvertently going to waste. Follow her on Instagram for additional budgeting tips.

Additional savings and credit education resources from Experian:

• Read Experian’s latest blog post with tips from Andrea about saving money
• Watch the “In My Bag” Financial Health Video Series featuring actress-singer Coco Jones for tips on how to save
• Join Experian’s #CreditChat hosted by @Experian on Twitter with financial experts every Wednesday at 3 p.m. Eastern time
• Sign up for Experian Boost™^v, a free feature that enables consumers to add positive payment histories for telecom, utility, video streaming services as well as rent directly to their Experian credit file for a chance to potentially improve their FICO® Score instantly, which can potentially help obtain better rates and terms for credit

To start saving today, please visit Experian.com/savings.

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. With corporate headquarters in Dublin, Ireland, we are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

ⁱ Experian commissioned Atomik Research to conduct an online survey of 1,012 adults across the United States. The margin of error for the overall sample is +/- 3 percentage points with a confidence level of 95 percent. Fieldwork took place between March 28 and March 31, 2023. Atomik Research is an independent Market Research agency.
ⁱⁱ The average savings number was calculated using actual Gabi purchasers’ final savings when comparing the new policy issued with the prior policy. Results may vary and some may not see savings.
ⁱⁱⁱ Results will vary. Not all bills are eligible, savings are not guaranteed, and some may not see savings. BillFixers™ customers save $263.69 on average. The average savings was calculated using anticipated savings from consumer negotiations completed in 2021 that resulted in savings.
^iv Results will vary. Not all bills are eligible, savings are not guaranteed, and some may not see savings. Of bills negotiated by BillFixers™ in 2021 with eligible providers where sufficient bill and verification information was received, 81% resulted in savings. Available with eligible paid memberships.
^v 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230418005615/en/

Sandra Bernardo

949-529-7550

sandra.bernardo@experian.com

Source: Experian

FAQ

What findings did the Experian survey reveal about consumer spending behavior?

The Experian survey found that 66% of Americans are actively looking for ways to trim expenses, with 56% having cut unnecessary costs in the last three months.

When is the Twitter #CreditChat with Andrea Woroch scheduled?

The Twitter #CreditChat with Andrea Woroch is scheduled for April 19.

How much can consumers potentially save from using Experian's services?

Consumers can potentially save over $900 annually on auto insurance and an average of $263 on negotiated monthly bills through Experian's services.

What resources does Experian offer to help consumers save money?

Experian offers resources for comparing auto insurance, finding suitable credit cards, and negotiating lower monthly bills through CreditWorks™.