Experian Boost

Organization: Experian
Duration: 9 months

Objective:

Help consumers with subprime or less-than-640 credit scores gain access to credit by enhancing their credit profiles with alternative data.

Solution:

Led the initiative to incorporate alternative data, such as monthly bills (phone, internet, cable), into consumer credit files to improve their credit scores.

Process:

1. Market Research:

   • Conducted research to determine consumer willingness to provide the necessary transactional data and identify the credit score increase needed for data sharing.

2. Validation:

   • Validated the impact of alternative data on credit scores and confidence using sample data. 

   • Ensured this data improved scores and provided higher confidence than existing data.

3. Voice of the Customer:

   • Engaged with lenders to confirm their acceptance of this alternative data.

Outcome:

• Consumer Impact: 

  • Launched Experian Boost in February 2019, revolutionizing how consumers perceive Experian. 

  • By June 2023, 12 million people registered for Experian Boost, with an average FICO score increase of 13 points.

Tools & Technologies:

• Project Management: Atlassian Suite

• Design & Methodologies: InVision, Agile Methodology (Scrum and Kanban), Design Thinking

Awards:

• 2022: World Changing Ideas List by Fast Company

• 2020: Consumer Lending Innovation Award by FinTech Breakthrough Awards

• 2019: Creating a Better Tomorrow Award by Experian

Key Expertise Demonstrated:

• Innovation

• Agile Methodology

• Market Research

• Design Thinking

• Assumption Validation

• Testing