IDIQ Releases Report on Top Consumer Credit Concerns as Shared by Mortgage, Real Estate, Lending Partners and Consumers
June 20 2024 - 2:52PM
Business Wire
– Survey Finds Top Consumer Credit Concern is
Not Knowing How to Effectively Strengthen Their Credit Profile
–
IDIQ®, a financial intelligence company that empowers consumers
to take everyday action to control their financial well-being,
today released a report detailing consumer credit concerns voiced
by mortgage, real estate, lending professionals, and consumers. The
report highlights credit health needs from a partner and consumer
perspective as well as the new credit-building tool IDIQ launched
as a partner-consumer solution – CreditBuilderIQ®.
The report, “The Modern Credit Challenge: Mortgage & Real
Estate Professional & Consumer Research,” identified consumers’
top credit concerns – including uncertainty as to how to strengthen
their credit profiles – along with consumer interest in better
understanding their credit profile and how to ensure their profile
is accurate.
Consumer highlights include:
- 82% of consumers want to learn how to improve their credit
score
- 76% have at least two derogatory marks on their credit
report
- 74% have non-optimal credit utilization
- 67% have a debt collection on their report
- 59% are planning to purchase a car or home in the next
year
Mortgage and real estate professional highlights include:
- 75% want to refer clients to DIY credit-building solutions
- 70% want the ability to track clients’ credit
- 50% wish current credit-building tools offered a consumer score
plan and goals to improve scores
The research included surveys of more than 100 mortgage and real
estate professionals, more than 200 prospective consumers, and a
study of proprietary data of more than 20,000 IDIQ consumers with
credit scores less than 700.
IDIQ commissioned the report because its mortgage and real
estate partners were asking for a credit management tool to educate
their own clients about credit building while trends among IDIQ
members indicated that those who were educated about their credit
profiles were able to take steps to improve their scores.
IDIQ built CreditBuilderIQ as the solution – a new all-in-one
smart software that brings personalized credit-building tools to
consumers’ fingertips.
“CreditBuilderIQ is a game-changing platform for our partners in
the mortgage and lending fields,” IDIQ CEO Scott Hermann said.
“We combined the most comprehensive consumer credit-management
tools in the market with a unique partner-oriented approach,” IDIQ
Chief Operating and Financial Officer Bryan Sullivan said. “By
placing personalized insights, action plans, and tools in the hands
of consumers, and allowing partners to transparently track client
progress, we help consumers achieve their financial goals and
partners close more deals.”
IDIQ recently launched CreditBuilderIQ with features that
benefit both partners and consumers. New platform features include
Score Trigger Alerts for partners that provide updates when clients
reach set credit score goals. For end-user consumers, the tool now
offers Gameplan Cards that provide education and actions they can
take to build credit, including increasing their credit limit,
becoming an authorized card user, and secured card and builder loan
options.
The comprehensive range of features also include:
- AI-driven interactive credit analysis so users can gain
valuable insights into their credit profiles and easily view
potential inaccuracies negatively affecting their credit
- Personalized score factors outlining key items negatively or
positively impacting a consumer’s credit with a gameplan for how to
proactively make changes to their credit profile
- Dispute generation that allows users to address inaccuracies on
their credit reports effectively and efficiently
- Credit reports and scores from all three major credit bureaus
so users have a comprehensive view of their credit profile
- Utility payment reporting as a tool in a credit-building
toolset, from establishing and building credit profiles to
enhancing positive factors to existing profiles
- Rental payment reporting coming soon with IDIQ currently
offering three-bureau rental payment reporting for tenants who
currently reside with multi-family partners
For more information or to download “The Modern Credit
Challenge: Mortgage & Real Estate Professional & Consumer
Research,” visit
www.creditbuilderiq.com/new-report-modern-credit-challenge-consumers.
For more information on partnering with IDIQ to offer
CreditBuilderIQ, visit www.CreditBuilderIQ.com/partners.
About CreditBuilderIQSM
CreditBuilderIQ, offered by IDIQ®, is a new data-driven platform
that brings credit-building tools to consumers’ fingertips.
Consumers are empowered to take their credit journey into their own
hands to reach their credit goals.
Partnership is in the IDIQ DNA! We have proudly served not only
more than 4 million members but also thousands of business
partners, empowering partners to offer their own clients innovative
and life-changing tools.
For more information, visit CreditBuilderIQ.com.
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Kristin Hudson Public Relations, IDIQ 951.397.7595
khudson@idiq.com