– Survey Finds Top Consumer Credit Concern is Not Knowing How to Effectively Strengthen Their Credit Profile –

TEMECULA, Calif. – June 20, 2024 – 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 as IDIQ currently offers three-bureau rental payment reporting for tenants who currently reside with multi-family partners of IDIQ

For more information or to download the full report, click here: The Modern Credit Challenge: Mortgage & Real Estate Professional & Consumer Research.

For more information on partnering with IDIQ to offer CreditBuilderIQ, visit the CreditBuilderIQ Partners page. 

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.