Program Designed by Elevate and RLJ Financial to
Empower Sub-prime Consumers through High Impact Financial Wellness
Tools
FORT WORTH, TX / ACCESSWIRE / June 16, 2015 /
CreditDNA announced it is lending its support to a Clinton Global
Initiative America (CGI America) Commitment to Action made by
Elevate, a leading provider of innovative online credit solutions,
and RLJ Financial, LLC, founded by businessman and Elevate board
member Robert L. Johnson, to identify and deploy financial tools
and content that will effectively help hundreds of thousands of
sub-prime borrowers improve their financial wellness. Vision
Critical, the leading customer intelligence platform provider, will
also partner with Elevate and RLJ Financial on the CGI Commitment
to Action to measure the impact of financial literacy content and
delivery methods.
"Elevate is committed to offering innovative credit solutions
that help sub-prime consumers meet today's financial challenges
while leaving them in a better position to meet future financial
goals," said Ken Rees, CEO, Elevate. "Sub-prime borrowers face a
number of challenges, and we believe that basic financial literacy
is key to improving their circumstances and integral in efforts to
end the cycle of subprime. With this CGI Commitment to Action, we
are seeking to identify the tools that will most effectively help
sub-prime consumers improve their financial wellness with the
ultimate goal of helping them move up the credit spectrum toward
prime credit solutions."
During the two year program, Elevate and RLJ Financial will
identify the subjects and forms of financial literacy that most
directly and positively impact the present day financial wellness
of sub-prime consumers. The program will aim to help consumers
improve credit scores, decrease debt, increase savings and better
manage their budgets and cash flow.
"I have always been passionate about the need for financial
solutions that meet the unique needs of underserved consumers,"
said Robert L. Johnson, Founder & Chairman, of The RLJ
Companies and RLJ Financial. "RLJ Financial has a lengthy track
record of fighting for better solutions for the sub-prime borrower
and we are proud to join with Elevate on this CGI Commitment to
Action. Many financial services providers offer financial literacy
tools and content, but the impact of these programs is unclear.
This program is a major undertaking that we hope will permeate
across the broader financial services industry and drive better
outcomes for millions of sub-prime consumers."
The Ending the Cycle of Sub-prime program will evaluate
financial literacy content with a broad set of consumers as
executed by Vision Critical. The content identified as most
effective will be implemented with Elevate's two U.S.-based
products, RISE and Elastic. Content will be tested using multiple
delivery methods, evaluating the impact across a wide variety of
measurements both quantitative and qualitative, including
improvement to FICO scores. By linking the financial literacy tools
to Elevate's existing short term credit products, Elevate will be
able to adapt the tools to the consumers' needs, improving
financial wellness outcomes for thousands of sub-prime
borrowers.
In addition to CreditDNA, contributors to this program include
TransUnion, a global leader in information and risk management; and
Financial Education & Literacy Advisors, a leading, independent
provider of financial education services and educational technology
solutions. Elevate will continue to identify additional
participants as well as content and technology contributors that
bring a unique perspective to financial wellness and further
strengthen the commitment.
About CreditDNA Inc.
CreditDNA Inc. created and offers an online portal for consumers
to view and interact with their credit reports 24/7. CreditDNA has
combined credit and financial literacy together along with
predictive and behavioral analytics. Using exclusive Point
Deduction Technology, a Scientific Analytical Mathematical Software
Program, consumers are provided with the only report that
recognizes many factors used in credit scoring and assigns a point
deduction number per item on a credit report. As an online
Financial and Credit Management company, CreditDNA, Inc.'s goal is
to enhance the quality of its customers' lives by improving their
financial and credit worthiness through education. This includes
making sure that credit reports accurately reflect financial
responsibility and educating the consumer about how finance and
credit impacts a vast array of today's decision makers whether they
be lenders, employers, insurers or other industry. CreditDNA seeks
to provide financial freedom for its customers by providing tools
such as target score and money simulators and easy to use budget
programs. www.CreditDNA.us
About Elevate
Elevate's innovative online credit solutions provide immediate
relief to customers today and help them build a brighter financial
future. The company is committed to rewarding borrowers' good
financial behavior with features like lower interest rates, free
financial training, and free credit monitoring. Elevate's suite of
groundbreaking credit products includes RISE, Sunny, and Elastic.
The company is privately held and is backed by respected Silicon
Valley venture capital firms including Sequoia Capital and
Technology Crossover Ventures.
About The RLJ Companies
The RLJ Companies, founded by Robert L. Johnson, is an
innovative business network that provides strategic investments in
a diverse portfolio of companies. Within The RLJ Companies
portfolio, Johnson owns or holds interests in businesses operating
in a publicly traded hotel real estate investment trust; private
equity; financial services; asset management; automobile
dealerships; sports and entertainment; and video lottery terminal
(VLT) gaming. The RLJ Companies is headquartered in Bethesda, MD,
with affiliate operations in Charlotte, NC; Little Rock, AR; Los
Angeles, CA; San Juan, PR; and Monrovia, Liberia. Prior to founding
The RLJ Companies, Johnson was founder and chairman of Black
Entertainment Television (BET). For more information visit:
www.RLJcompanies.com.
About Vision Critical
Vision Critical provides a cloud-based customer intelligence
platform that allows companies to build engaged, secure communities
of customers they can use continuously, across the enterprise, for
ongoing, real-time feedback and insight. Designed for today's
always-on, social and mobile savvy customer, Vision Critical's
technology helps large, customer-centric enterprises discover what
their customers want so they can deliver what they need. Unlike
traditional customer research, which is slow, expensive and gathers
dust on a shelf, Vision Critical's customer intelligence platform
replaces static data and cumbersome reports with real-time
actionable customer intelligence that companies need to build
better products, deliver better services and achieve better
business outcomes.
Hundreds of high-performance organizations use Vision Critical's
technology. Learn more at www.visioncritical.com. Follow us on
Twitter at https://twitter.com/visioncritical.
About CGI America
The Clinton Global Initiative (CGI), an initiative of the
Clinton Foundation, convenes global leaders to create and implement
solutions to the world's most pressing challenges. Established in
June 2011 by President Bill Clinton, the Clinton Global Initiative
America (CGI America) addresses economic recovery in the United
States. CGI America brings together leaders in business,
government, and civil society to generate and implement commitments
to create jobs, stimulate economic growth, foster innovation, and
support workforce development in the United States. Since its first
meeting, CGI America participants have made more than 500
commitments, which have improved the lives of nearly 2.4 million
people.
CGI also convenes an Annual Meeting, which brings together
global leaders to take action and create positive social change,
CGI University (CGI U), which brings together undergraduate and
graduate students to address pressing challenges in their community
or around the world. For more information, visit
clintonglobalinitiative.org and follow us on Twitter @ClintonGlobal
and Facebook at facebook.com/clintonglobalinitiative.
Media Inquiries:
Kelly Ann Doherty, 817-928-1534, kdoherty@elevate.com
Emily Serafin, 646-277-1245, emily.serafin@icrinc.com
Traci Otey Blunt, 240-743-7620, tblunt@rljcompanies.com (for Bob
Johnson & RLJ Financial)
SOURCE: Crednology Holding Corp.