College Students Paying Attention to Credit Scores Due to Credit Card Project
September 16 2004 - 9:00AM
PR Newswire (US)
College Students Paying Attention to Credit Scores Due to Credit
Card Project Project and Campaigns Expanding to Additional College
Campuses SAINT PAUL, Minn., Sept. 16 /PRNewswire-FirstCall/ -- The
Credit Card Project, a comprehensive credit education and early
intervention project aimed at college students, recently completed
its initial campaigns. The project consists of a What's My Score
credit education campaign and early education tests conducted by
credit issuers. The project has shown to be effective at increasing
awareness of credit scores among college students and "at risk"
credit consumers. The comprehensive results from the What's My
Score campaign and early education tests will be presented at the
2004 ABA/Forword Financial Bank Card Conference on September 19.
"Building positive credit habits is important at any age, but
especially for college students who are at a critical stage in
building their credit history," said Lynn Heitman, senior vice
president of bank branded credit card products at U.S. Bank. "So
much depends on their ability to manage credit early in their
lives, which is why we feel so strongly about the collaboration
that is taking place with the Credit Card Project." The Credit Card
Project has found that credit education works for people who are
new to credit, especially college students. Three credit issuers
involved in the Credit Card Project conducted early education tests
on a nationwide scale to college students and "at risk" credit
users. The goal of the tests was to share best practices and
improve cardholder education. Credit education campaigns with
college students resulted in cardholders making larger, on-time
monthly payments, and a decrease in late and over-limit fees. These
behaviors result in better credit scores for consumers. "Wells
Fargo believes increased education and awareness, particularly with
those consumers new to credit, can improve both cardholder and
issuer experiences resulting in a win-win outcome for all parties,"
said Kevin Rhein, executive vice president of card services at
Wells Fargo. "Our early intervention program clearly indicates an
increase in positive credit behaviors for those card holders
completing the education modules." The What's My Score campaign,
initially launched at two Minnesota universities during the first
week of March 2004, consisted of traditional advertising and
non-traditional, grassroots tactics. The 10-week campaign was
designed to communicate the importance of a good credit score to
the lives and careers of new credit users. Print ads focused on
issues important and relevant to college students. For example, one
ad depicted a rusty, old, beat-up car with the headline, "When
you're ready for a nicer car, you'll be glad you have a good credit
score." Other ads showed the importance of having a good credit
score when looking to upgrade to a nicer entertainment system or a
better job. After successful inaugural campaigns, the Credit Card
Project will sponsor additional college campaigns and provide
campaign materials to several more schools this fall. "We were very
pleased with the results of the What's My Score campaign last
spring," said Kimberly Gartner, project director, The Saint Paul
Foundation. "The success of this project is really a testament to
the cooperation of all the stakeholders and credit industry
participants in this program. Everyone involved has been focused on
educating consumers and encouraging smart spending. We're thrilled
that we can roll out the What's My Score campaign on a larger scale
and continue to engage college students early in their credit
history." The Credit Card Project grew from research completed by
The Saint Paul Foundation that validated the problem of credit card
debt. Initial support from Target Financial Services, U.S. Bancorp,
Wells Fargo and The Saint Paul Foundation helped the Credit Card
Project. The project has support from card issuers, credit bureaus,
credit scoring agencies, credit counselors, foundations and
educational institutions. Companies interested in supporting the
Credit Card Project should contact Kimberly Gartner at
651-493-7471. About The Saint Paul Foundation The Saint Paul
Foundation is a nonprofit community foundation whose mission is to
contribute to the health and vitality of the community. Bringing
together card issuers, consumers, credit counselors, educational
institutions, foundations and regulators, the Credit Card Project
of The Saint Paul Foundation provides a unique forum for
understanding the factors that lead to credit trouble and devising
actions to alleviate the problem. DATASOURCE: Wells Fargo &
Company CONTACT: Kimberly Gartner, Project Director of Saint Paul
Foundation, +1-651-493-7471 Web site: http://www.wellsfargo.com/
Copyright