EXPERIAN PLC S/ADR - EXPGY STOCK NEWS

The three major credit reporting agencies, Equifax (EFX), Experian (EXPGY), and TransUnion (TRU), announced changes to medical collection debt reporting on March 18, 2022. Beginning July 1, 2022, nearly 70% of medical collection debts will be removed from credit reports. Paid medical debts will not affect credit scores, and the reporting period for unpaid debts will extend from 6 months to 1 year. Additionally, debts under $500 will not be included in credit reports. These measures aim to support consumers facing unexpected medical expenses.

Experian introduces a new auto insurance shopping tool aimed at helping consumers save over $900 annually on auto insurance. This tool provides tailored rates from over 40 top insurance carriers, allowing users to easily compare and switch policies. In light of rising auto insurance rates in 2022, this innovative service allows for quick access to competitive quotes, enhancing consumer financial health. Experian's acquisition of Gabi empowers this service, reinforcing its commitment to offering comprehensive financial solutions.

S&P Dow Jones Indices and Experian reported a rise in consumer credit defaults as of January 2022. The composite default rate increased by three basis points to 0.43%, with significant hikes in bank card defaults up seven basis points to 2.02% and auto loan defaults up four basis points to 0.53%. Among major U.S. cities, New York led with an increase to 0.50% in defaults, while Miami saw a decrease to 0.93%.

The data reflects consumer credit health across key loan categories, impacting investor sentiment.

Experian is set to launch The Buy Now Pay Later Bureau in spring 2022, aimed at enhancing transparency in the booming buy now, pay later (BNPL) sector. This first-of-its-kind bureau will enable lenders to report real-time BNPL data while protecting consumer credit scores. With 45 million Americans using BNPL in 2021 and a 230% increase in spending since 2020, this initiative addresses the reporting gap that has previously hindered traditional lenders' ability to assess consumers' financial obligations.

Experian has launched Experian Go, a free program aimed at assisting credit invisibles in the US to build their credit history. With nearly 50 million consumers lacking a credit report, this initiative allows users to create an Experian credit report by using their on-time payment history. Early studies indicate that 91% of users can achieve a near-prime FICO Score of 665 in minutes. Since its pilot in October 2021, Experian Go has helped over 15,000 consumers establish their credit. This program is a continuation of Experian's mission to enhance financial inclusion.

The Big Three U.S. credit reporting agencies, Equifax (NYSE: EFX), TransUnion (NYSE: TRU), and Experian, are extending their offer of free weekly credit reports for consumers until the end of 2022. This initiative aims to assist individuals in navigating financial challenges posed by the ongoing COVID-19 pandemic. The joint statement from the CEOs emphasizes their commitment to helping consumers manage their credit and financial future amidst inflation and market uncertainty. Consumers can access these reports at www.annualcreditreport.com.

On January 24, 2022, Equifax (NYSE: EFX), Experian (LON:EXPN), and TransUnion (NYSE:TRU) jointly announced an extension of their pandemic response service to provide consumers with free weekly credit reports through the end of 2022. This initiative aims to assist consumers in managing their financial health amid ongoing economic challenges. The CEOs of the agencies emphasized their commitment to supporting consumers in tracking their financial well-being during these uncertain times, with credit reports playing a critical role in financial decision-making.