Experian Launches Program to Help 'Credit Invisibles'

Experian Go makes it easier for people with no credit history to create one.

Experian launched a new program on Wednesday, designed to help "credit invisibles" to establish a credit history. The service, called Experian Go, has helped 15,000 consumers with no credit history to establish one since its pilot program began in October 2021.

Key Takeaways

  • Experian has announced a new program, with the hopes of helping consumers with no credit history to establish one.
  • Experian Go was launched after a short pilot program that began in October 2021.
  • The service takes credit invisibles through the process of establishing their credit history with available tradelines and provides educational resources to help them build their credit file over time.

How Experian Go Can Help Credit Invisibles Get Seen

In the latest data provided by Experian, roughly 28 million American consumers are credit invisible, which means they have no credit history. Another 21 million people have unscorable credit files due to a lack of recent credit history.

Having no established credit score makes it difficult for these consumers to gain access to financing when they need it, particularly with favorable terms. Data shows that this issue disproportionately affects communities of color, revealing that roughly 20% of Black consumers and a third of Hispanic consumers have no credit in their name.

In response, the major credit reporting agency has launched a new program with the hopes to address this issue.

Experian Go is designed to help credit Invisibles build their credit history on their own terms. Upon signing up for the program, users will get a free Experian membership, which includes access to their Experian credit report, their FICO credit score based on Experian data and credit monitoring features. They'll need to provide a government-issued ID, a Social Security number, and a selfie to get started.

Once registered, users will get personalized recommendations about the best path for them. This can include adding current utility, phone and streaming accounts through the Experian Boost program. It may also provide information about how to become an authorized user on a credit card or personalized recommendations for new credit cards for consumers who are new to credit.

According to Experian, the short pilot program helped 15,000 consumers establish an Experian credit report and become visible to lenders. While the program isn't a quick fix to establishing a credit history, it can provide important resources and advice to help consumers who are unsure of the steps they need to take.

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  1. Business Wire. "Experian Go Program Will Allow Millions of Credit Invisibles to Start Building Credit in Minutes."

  2. Experian. "Jump-start your credit with Experian Go."