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).
Are you in the dark with your finances? Take control this April during Financial Literacy Month and join Experian as we provide education and resources to help light the way to financial literacy.
Experian is a long-time advocate for financial education and empowerment for consumers. As a result, we are teaming with the Jump$tart Coalition® this month to encourage people to take time to think and talk about their own money matters. We want to encourage people to take full advantage of all of the available resources designed to improve their financial literacy and well-being.
Experian is all about turning insights into action... using data for good.
Our commitment is to work with our clients, consumers, non-profits and other parties to help ensure that we, as a company and within society, continue to properly leverage big data for good.
As part of that effort, every other week we bring you Experian Insights – a round-up of news and resources highlighting how data is used for positive business, consumer and societal actions in many ways and across multiple sectors.
Data is one of the most valuable assets in our society and drives many decisions.
For businesses, data can reveal insights about customers and prospects, product trends, areas for investment and efficiency improvements. For consumers, data provides more personalized interactions with brands, including targeted deals or coupons, and geo-location services.
For more than 40 years, Orange County has been the home of Experian’s North American headquarters. We have strong roots here. And as part of that, Experian and our employees work and volunteer with organizations around the community to help make the OC a better place to live.
Just as looking in the rear view mirror can help you navigate your next move, looking into recent trends can serve as a guide to where the industry should head in the future.
With that in mind, let’s take a step back and look at some of the trends in the automotive industry that finished off 2014. After all, it’s the insights from these trends that enable dealers, manufacturers, aftermarket retailers and lenders to take the right action to uncover growth opportunities and improve profitability.