SAN FRANCISCO – In response to a new survey showing 78 percent of Americans want to learn more about money management with 53 percent specifically wanting to learn more about credit, Wells Fargo & Co. launched Path to Good Credit, a series of interactive websites that offer consumers information about building and improving their credit.
Path to Good Credit allows consumers to navigate through quizzes, videos, tips and infographics that illustrate how good credit can help them succeed financially.
“We want to provide our customers with an informative and engaging experience that can help them chart a path to better credit.”
“Understanding how to manage credit is an important ingredient in economic self-sufficiency and success,” said Gary Korotzer, an executive vice president in Wells Fargo’s Consumer Credit Solutions Group. “We want to provide our customers with an informative and engaging experience that can help them chart a path to better credit.”
New websites
The new free Path to Good Credit websites offer:
- Interactive videos, tips, infographics and quizzes, in English and Spanish, that allow consumers to test their knowledge and learn ways to build and rebuild their credit.
- User-friendly content available via mobile devices for on-the-go lifestyles.
- Key topics and tips on how to build and rebuild credit, like making minimum payments on time for every account and the importance of reviewing their credit report regularly to check for any incorrect information.
- Clarity on common misconceptions about rebuilding credit, including the need to keep using credit even if a person has had credit trouble in the past.
The new sites join an existing Path to Good Credit site, launched in late 2014, that was designed to help millennials understand credit.
Ipsos, on behalf of Wells Fargo, surveyed more than 3,000 American adults ages 18 to 65 in June 2014 online to understand attitudes and perceptions of current economy and personal financial situations.
Weighting on age, gender, education, diverse segments and income was applied to the results to achieve a nationally representative population. The “How America Buys and Borrows” survey was first conducted in 2013 and will be conducted annually.
The survey also revealed
- When respondents graded their understanding and management of money:
- 39 percent grade their understanding of how credit scores work as average, below average or poor.
- 43 percent grade their understanding of credit and loan products as average, below average or poor.
- 43 percent grade their understanding of what banks consider when approving a credit product or loan as average, below average or poor.
- 75 percent of respondents say having a good credit score is important, yet only 54 percent say they are proud of their credit score and 37 percent are concerned about their credit score.
- 56 percent believe a person’s credit rating is a reflection of how responsible they are with money and 45 percent regularly monitor their credit report.
- 2 in 5 feel more knowledge would increase their confidence in decision-making.
- 2 in 5 aren’t fully confident they know enough to make good decisions about borrowing.