Margins and Paddings Update

Experian’s 34th annual Vision Conference is quickly approaching. This year’s theme of “Think Big: Data, Analytics, Insights, Growth” will be explored through more than 80 breakout sessions with thought-provoking perspectives, best practices and solutions for addressing emerging business issues for clients. Each year, Vision combines in-depth research, cutting-edge technology and expertise from industry leaders to help Experian’s clients strengthen their balance sheets and plan for sustained growth.

A recent report by the Consumer Financial Protection Bureau (CFPB) found that many people are confused and frustrated about how to check credit reports and scores and they feel they lack information to take action to improve their credit histories. I have to admit that I was not surprised by some of the survey’s results, and I suspect my colleagues in financial literacy weren’t either. We devote our careers to educating consumers, financial educators and businesses about how to empower people to understand credit and the role it plays in their everyday lives. But it’s a steep uphill climb. As a new federal agency, the Consumer Financial Protection Bureau is a relative newcomer to the financial literacy arena, but many of the people working in its education division have years of knowledge and experience in the field. I’ve met and worked with a number of them, and I have great respect for the focus they are bringing to such an important issue. Many others — in the public sector like the Federal Trade Commission, and non-profits like the Mission Asset Fund and the Consumer Federation of America’s America Saves, and companies like Experian — invest in, conduct and work together on programs with the sole focus of helping people become more financially capable.

As more and more finance apps fill the marketplace, consumers have the opportunity to be increasingly selective with their download choices. App availability is widely accessible to smartphone users, and many users are progressively feeling the need to keep a close tab on their finances when on-the-go, whether away from their home base, or simply in their daily routines between bank visits. When they make the decision to bring a financial app into their device, how do security concerns versus the convenience factor play out? A recent study by Experian explored these decision-making evaluations and the motivations behind them, finding that nearly half of consumers currently use financial apps to gain confidence and control over their financial welfare (46 percent).