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New report explores the partnership between Financial Well-Being additionally the contents of and engagement with credit history

New report explores the partnership between Financial Well-Being additionally the contents of and engagement with credit history

Today the customer Financial Protection Bureau (Bureau) released an Innovation Insight report which defines a primary of the sort research exploring the partnership between subjective financial wellbeing and objective credit history traits and customers’ engagement with monetary information through academic tools. “Credit Characteristics, Credit Engagement Tools, and Financial Well-Being” presents the findings of a joint study amongst the Bureau and Credit Karma, an individual finance technology business supplying free fico scores and reports and credit-related academic tools. This report could be the very first to examine the connection between monetary engagement and well-being with economic information centered on a survey of customers matched with real information on engagement.

Building from the Bureau’s past research efforts on economic wellbeing, this research makes use of the Financial Well-Being (FWB) Scale developed by the Bureau to determine customers’ subjective monetary wellbeing and relates the derived FWB score to objective measures of consumers’ monetary wellness, specifically, customers’ credit history traits. The research additionally seeks to connect customers’ subjective well-being that is financial customers’ engagement with economic information through academic tools, including use of a credit score simulation device, information regarding credit facets, and email messages with information and recommendations.