Wells Fargo Now Wants to Advise You on Credit Scores

According to a recent Wells Fargo & Company survey, 78 percent of Americans want to learn more about money management with 53 percent of respondents specifically wanting to learn more about credit. To help fulfill this need, the company today announced the launch of Path to Good Credit, a series of interactive websites that offer consumers information about building and improving their credit. Path to Good Credit allows consumers to navigate through quizzes, videos, tips, and infographics that illustrate how good credit can help them succeed financially.

Understanding how to manage credit is an important ingredient in economic self-sufficiency and success, said Gary Korotzer, an executive vice president in Wells Fargo’s Consumer Credit Solutions Group. We want to provide our customers with an informative and engaging experience that can help them chart a path to better credit.

About the new websites

The new Path to Good Credit websites are free and offer:

  • Interactive videos, tips, infographics, and quizzes that allow consumers to test their knowledge and learn ways to build and rebuild their credit.
  • User-friendly content available via mobile devices for on-the-go lifestyles
  • Key topics and tips on how to build and rebuild credit, like making minimum payments on time for every account and the importance of reviewing their credit report regularly to check for any incorrect information.
  • Clarity on common misconceptions about rebuilding credit, including the need to keep using credit even if a person has had credit trouble in the past.

The new sites complement the existing Path to Good Credit site, launched in late 2014, that was designed to help millennials understand credit.

The survey also revealed

  • When respondents graded their understanding and management of money:
    • 39 percent grade their understanding of how credit scores work as average, below average, or poor.
    • 43 percent grade their understanding of credit and loan products as average, below average, or poor.
    • 43 percent grade their understanding of what banks consider when approving a credit product or loan as average, below average, or poor.
  • 75 percent of respondents say having a good credit score is important, yet only 54 percent say they are proud of their credit score, and 37 percent are concerned about their credit score.
  • 56 percent believe a person’s credit rating is a reflection of how responsible they are with money, and 45 percent regularly monitor their credit report.
  • 2 in 5 feel more knowledge would increase their confidence in decision-making.
  • 2 in 5 aren’t fully confident they know enough to make good decisions about borrowing.