Experian Marketplace: Empowering Consumers Financially

When people think of Experian, they automatically think of a credit bureau. After all, Experian is one of the “big three” credit rating agencies in the United States. However, there is much more to this highly diversified business than most people realize.

Experian Marketplace’s direct-to-consumer (D2C) business is a good example. Conceived six years ago as part of an incubation program, it has assembled a network of lending partners that allow the company to service offerings to its broad consumer base. The marketplace’s core mission centers around data, personalization and how they can be used to improve financial inclusion and restore financial power to consumers.

Rakesh Patel, SVP – Marketplace for Experian, explains: “Experian Marketplace is about giving consumers the confidence to search through pre-approved programs. It provides transparency to consumers about the offer they see in front of them – and this is through deeper integrations with our lending partners. It provides relevant experiences by utilizing personalization and data that we and our lending partners have collected.”

Experience “driving relevance and personalization” for borrowers

The relationship that Marketplace has with Experian’s credit bureau is not an accident, nor is it a team that takes for granted. Access to credit data provides the D2C platform with unparalleled benefits, including the ability to rapidly scale pre-approved programs. It also allows Experian to operate across multiple verticals, including credit cards, personal loans and – since the acquisition of Gabi in November 2021 – digital insurance.

This variety ensures that consumers get the support they need to save money across different areas of personal finance – something Rakesh Patel says is very important in light of current macroeconomic conditions. “Currently, 76% of consumers want to see a pre-approved offer. We want to take it to 100% of all consumers. We want to focus on the data assets we have across Experian and use that data to drive relevance and personalization for consumers.”

Speaking to us from California, Patel is standing in front of a large artwork depicting the All Blacks rugby team performing a traditional haka – a nod to his native New Zealand. For Patel, who started life at Experian 15 years ago in Australia before moving across the Pacific, something about the migrant experience gives him a deeper understanding of the challenges facing consumers.

“Honestly, it was pretty tough coming to the US seven years ago, not knowing how the credit ecosystem works and being penalized because of it,” he says. “In the US, when you want to start a credit relationship, the easiest way is to apply and get rejected. That’s how your credit report gets available at the credit bureaus. It’s not a consumer-friendly value proposition. Experian has dealt with that by saying that people no longer need to get turned down for something to start a credit relationship. They can come directly to Experian through Experian Go and start their credit relationship on a positive note.”

Forge a fruitful partnership with LendingClub

Experian has a long-standing relationship with LendingClub, both within the D2C market and the credit bureau. It has enabled Experian to create unique experiences for its consumers, and Patel believes the partnership will lead to a transformation in how Experian engages with customers. “We have common goals around that consumer sentiment of saving money,” he says.

“The LendingClub collaboration has been hugely successful. LendingClub and the D2C market have a vested interest in putting the consumer at the center of everything we do. With our vision of financial empowerment for all, LendingClub gives us the opportunity to proactively engage with our consumers around offers for which they may be pre-approved.”