While it’s common knowledge that good credit scores allow consumers to purchase the cars and homes they need at interest rates they can afford, only recently have consumers begun personally monitoring their credit scores. Access to this knowledge has given consumers the power to make progress on their financial goals, including improving or maintaining their credit scores.
A recent report by TransUnion has explored these consumer credit score monitoring trends. According to the report, among consumers who monitored their credit, 43% learned credit score management; debt decreased by an average of 11%; debt was reduced by 24% of consumers; and 33% of consumers monitoring their credit scores also monitored their account balances, for better overall financial health. After one year of monitoring their credit scores, consumers saw their scores improve five points more than those who weren’t monitoring, for an average credit score improvement of 28 points.
CBE Group has always been committed to approaching consumer interactions with respect and care. Our highly trained associates emphasize the importance of a good credit score to encourage the consumer to promptly act on their debt. Consumers’ increased attention to their credit scores can only make collection efforts more efficient: as the consumer better understands the negative effect an unpaid bill will have on their credit score; they will be more interested in paying their bills on time and more likely to resolve any collections issues quickly. This will benefit consumers, collections agencies, and the organizations consumers owe, since debts will be resolved faster and with more goodwill as all parties work toward a mutually beneficial outcome.
No matter the industry, from utilities and telecoms to universities and local governments, every organization affected by consumer debt can benefit from ordinary consumers taking an increased interest in their personal credit scores.
About CBE Group
Founded in 1933, CBE Group is a national provider of outsourced contact center solutions. For over 90 years, CBE has continued to invest in developing and nurturing leaders throughout the organization by creating an environment where individuals thrive, creativity is valued, and organic growth is achieved. CBE employs nearly 1,200 people, including a large work-from-home community.
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