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Experian And Black Opal Leverage Credit Decisioning Technologies To Help U.S. Immigrants Build Credit

To help increase financial access for consumers who have recently come to the U.S., Experian announced the integration of Experian’s PowerCurve and CrossCore platforms into Black Opal’s credit decisioning process. This process will be used on the new Black Opal credit card, which is available now.

Black Opal is dedicated to helping U.S. immigrants build credit so they can integrate into society and improve their financial health. Experian’s capabilities will enable Black Opal to make real-time credit decisions and manage identity verification and fraud prevention.

“We understand that many expatriates, professionals and immigrants lack access to traditional credit,” said Robert Boxberger, Experian’s President of Decision Analytics, North America. “That’s why we’re proud to work with Black Opal to incorporate our data, advanced analytics and technology to enable real-time decisions while also mitigating fraud risks. Experian is committed to driving financial inclusion and providing clients with data-driven solutions that enable effective, secure decisioning in today’s dynamic environment.”

Black Opal provides a range of essential services to people who’ve moved to the United States, namely the Black Opal credit card for expatriates. “As an Australian, I’m passionate about driving financial inclusion because I know first-hand how hard it is to develop a credit history in a new country,” said Matthew Holden, Founder and CEO of Black Opal. “Black Opal’s mission is to help our customers who have moved to the United States. We chose Experian because of its extraordinary breadth and depth of tools that enable Black Opal to make better decisions and make a real difference for our customers.”

Experian’s integrated digital identity and fraud risk platform, CrossCore, will help Black Opal respond to fraud risks. It combines risk-based authentication, identity proofing and fraud detection into a single cloud platform. With flexible decisioning orchestration and advanced analytics, CrossCore enables clients to reduce fraud losses while maintaining a frictionless experience for the consumer.

Experian’s credit decisioning solutions powered by PowerCurve include Prequalification, which is a robust data gathering and decisioning offering that prequalifies consumers for loan products in real-time, prior to loan application. It’s initiated by the consumer and, if criteria are met, provides them with credit options. Prequalification is a soft inquiry and doesn’t affect a consumer’s credit score. Once the consumer chooses to move forward, Instant Credit helps determine, in real time, if a consumer meets lending criteria so a lender can make decisions about opening new credit products or line increases for customers.