At CreditVisible, we empower financial wellness for consumers across the country as they begin their journey to establish credit. We are creating a world where financial health and learning is safe and accessible to everyone – giving people the freedom to pursue their dreams.
CreditVisible FWA® (Financial Wellness Assessment) is a tiered model based on eight payment categories: rent, utilities, subscriptions, medical bills, overdraft occurrences, after-pay, childcare, and extracurricular activities. Our groundbreaking algorithm provides a precise and accurate analysis of consumer behavior and their everyday recurring payments.
To provide a financial wellness assessment model that helps credit issuers expand their customer base and supports individuals who lack established credit in their journey to financial freedom.
A financial services industry that provides an even playing field to everyone, helps close the wealth gap, and embraces a broader assessment of credit worthiness.
4 Pillars to Financial Wellness:
- Provide financial literacy and health to millions of consumers across the country
- Leverage data and innovation to develop a credit-decision model that reaches all consumers
- Expand credit access and increase inclusivity by assessing consumers where it matters to them most
- Provide banks and lenders entirely new financial data and open doors to our country’s credit invisible customer base.
Our co-founder was 23 years old when she set out to rent her own apartment. Even though she lacked credit history, the landlord took a chance on her and decided to rent to her anyway. She offered her advice: open a credit card and establish some credit.
She has had a bank account since she was 15 years old. A bank employee tried to get a credit card approved for her and it was repeatedly denied. After he fought for her for 2 days, he finally got her approved for a credit card worth $500.
Growing up, she was told to put all of her utility bills in her name throughout college because it would help establish credit later in life, however, she found out that wasn’t the case. On the contrary, these bills could only hurt her credit.
We know first hand that the current credit scoring models are flawed. How can you establish credit if you don’t have any existing credit? What if you don’t have family members who can help you?
At CreditVisible, we know that good payments such as paying rent on time, utility bills, subscription services, and medical bills, demonstrate creditworthiness.
Market & Segmentation Strategy
We plan to segment by geography and demographic. Our focus will start with local and regional banks in highly populated areas on the East Coast from DC to New York City. In these areas we will target banks that are located in and near underserved communities and universities such as Temple University, West Chester University, and Wilmington University. The population that our service will mostly benefit will be in these areas.
We plan to market CreditVisible, our new financial wellness assessment model, to local and regional banks in and around university areas. Smaller banks are more likely to use our service versus a large bank. We plan to survey students in and around the college areas to gain insight about their desires to go with a local bank who would use our credit scoring model versus signing up with the large corporate banks. We will then use this collected data to show the local banks that the customers do exist and are interested in our company.
Marketing and sales materials like infographics, business use cases and customer personas can be used in in-person sales pitches. Additional efforts can include paid advertising or email marketing to our businesses prospects.
Another selling point to banks is that: Gen Z is worth approximately $140 billion which will be the largest spending demographic. Building trust with the customer at the age where they are just starting their financial journey will bring lifelong customer loyalty and relationships. Being able to open credit to a wider population will also help smaller banks bring in more customers and more diverse customers. Adding customers from new, local demographics will grow the surrounding community and create a prosperous customer base.
CreditVisible will also be very transparent about how data is collected and how it is being used. Consumers today are very concerned about the personal data they are providing to corporations and whose hands it could end up in. The data collected will be accessed and stored securely.
The oldest of Generation Z is starting college and becoming financially responsible for the first time, which makes them a prime marketing target at the college level. We plan to focus our marketing strategies on targeting them and build long-lasting relationships that will create loyalty as well.
Generation Z is the most digital savvy generation as the majority of them grew up with computers, smartphones and the internet. They also are more likely to research and verify companies via social media and online reviews prior to making any purchasing decisions. CreditVisible will try to make a strong digital appearance across multiple channels including Instagram, TikTok, Facebook and will try to advertise on live streaming services as well.
Social Media Platforms: We will incorporate financial literacy into our posts to engage our customers by teaching how to make smart choices about their finances, how to successfully use our product, and help set them up for success in the future. 80% of Gen Z users are concerned about money and engaging with our customers to teach them about finances and how to build credit, will build valuable relationships.
Community Initiatives: Even though Gen Z primarily uses apps, they still enjoy face-to-face initiatives. We will market CreditVisible by holding financial workshops at the high school and college level in the regions where we are targeting our customers. This way we can position the banks we are selling to as community leaders.
Overall with our social media marketing and community outreach, our goal is building trust. During the pandemic, Gen Z saw companies break promises and parents accumulate debt. Because of this, they tend to not trust big corporations unless there is a high level of transparency. Once you build trust with Gen Z, they are very loyal. The key to marketing to Gen Z is to try to create value-driven programs, products, and services that will help them without attempting to make a sale.
Brand Positioning & Brand Profile
FICO (Introduced in 1956)
- Market penetration: FICO clients include more than half of the top 100 banks in the world, more than 600 personal and commercial line insurers in North America and Europe including the top 10 US personal lines insurers, 400+ retailers and general merchandisers, including one-third of the top 100 U.S. retailers, 95 of the 100 largest financial institutions in the U.S., and all the 100 largest U.S. credit card issuers and more.
- Tools: Videos, blog, events, webinars, social media
- Social presence:
- LinkedIn: 338,450 followers
- Twitter: 9,388 followers
- Facebook: 4,800 followers
- YouTube: 2,810 subscribers
VantageScore (Introduced in 2006)
- Market penetration: Used by more than 2,600 financial institutions, 9 of the 10 largest banks, 43 of the 100 largest credit unions
- Tools: Videos, podcast, blog, website, social media, research and white papers, consumer credit insights
- Social presence:
- LinkedIn: 2,222 followers
- Twitter: 48,400 followers
- Facebook: 63,405 followers
- YouTube: 1,410 subscribers
Similarities: Both FICO and VantageScore use the same categories for determining your score – payment history, amount owed, credit mix, new credit, length of credit history
Differences: While the categories are the same, the weight differs for each model; VantageScore ignores collections for less than $250; VantageScore uses a letter grade, while FICO uses a number grade; FICO requires at least six months’ worth of credit history and at least one credit account that has been reported within the last six months. On the other hand, the VantageScore model only requires one month’s worth of credit history and one credit account reported within the last two years.
Brand positioning statement
For young professionals and college students who haven’t been afforded the opportunity to prove his or her creditworthiness, CreditVisible is a disruptive financial wellness assessment model that is based on a comprehensive history of debt repayment so they can increase their credit visibility and sustain a healthier financial well-being.
Our brand logo is a representation of who we are as a company: simplistic, yet creative and innovative. The yellow to orange gradient going across the “V” makes it have a unique property, allowing it to stand out; just like us.
CreditVisible will launch a mobile-responsive website with an open API to be able to integrate our financial wellness scoring model into the apps of local and regional banks with the end goal of helping credit issuers expand their customer base and include individuals who lack established credit. The scoring model will aggregate, analyze and categorize individuals into tiers to indicate their level of financial wellness using an algorithm.
- Gather information using surveys and existing research to identify opportunity: how many new customers in specific regions.
- Partner with companies to gain access to payment history of rent, utility bills, subscription services, medical bills, etc. (Netflix, Spotify, Real Estate, Pepco, Hospitals/Doctor offices) OR enable customers to scan lease, utility bills, medical bill pay history and incorporate AI to sort and categorize.
- Create an algorithm to analyze individuals’ payment history and categorize into tiers to indicate their financial wellbeing.
- Test the algorithm
- Draft business cases for each customer persona (college students and disadvantaged individuals such as immigrants, divorcees/widows/widowers, etc.)
- Design financial literacy content and resources to be used on website and marketing promos.
- Launch API to be integrated with bank apps so that individual customers may see their financial wellness score.
Clients (B2B): Universities, FICO, regional and local banks.
Partners: Netflix, Pepco, real estate companies renting apartments, etc. Community members such as local non-profits or government agencies supporting disadvantaged communities.
End users: Individuals seeking to build credit with no existing credit.
- Project Manager | Andrea Mowers
- Marketing | Morgan Pastner Jaffe
- Sales | Chelle Johnson
- PR | Regina Olkowski
- Graphic Design | Brandyn Graham
- IT Architect | Ryan Hartman
- Compliance Manager/Photographer | Andrew Baer
Our team will work in one-week sprints as established in the Team Trello Board. The project working time duration is Aug. 15, 2022 through Dec. 14, 2022, for about an 18-week duration.
See budget sheet to view conservative $14,160 budget which includes an approximate 10% of labor hours for contingency fund. Other costs for materials such as marketing collateral will need to be included as the project continues.
Ballard CFS Group. (2018, September 20). The CFPB’s Latest Credit Invisibility Report: What Should We Make of It? Ballard Spahr LLP. https://www.consumerfinancemonitor.com/2018/09/20/the-cfpbs-latest-credit-invisibility-report-what-should-we-make-of-it/.
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Glazer, E. (2009, September 14). School-based bank partnerships are lucrative, but students end up paying. The Pitt News. https://pittnews.com/article/20684/archives/school-based-bank-partnerships-are-lucrative-but-students-end-up-paying/.
Owen County State Bank. (2017, October 12). Why it’s Better to Use a Small Bank. Owen County State Bank. https://pages.services/blog.ocsbank.com/home/articles/why-it-s-better-to-use-a-small-bank.
VantageScore. (n.d.). Consumer Credit Insights. VantageScore. https://vantagescore.com/consumers/tools/consumer-credit-insights/#charts.