In June, we asked our customers to answer questions regarding their sentiments surrounding their Personal Finance. Our survey results touched on the relationship with budgeting, financial technology and loans, debt and insolvencies. We discovered that 52% of respondents do not budget. When it comes to preparing for emergencies, such as COVID-19, 68% of our respondents were not financially prepared. As a company that specialized in a financial technology solution that helps rebuild credit, we wanted to gain insight into how our customers viewed their credit score and figure out what relationship they had with it. How can we at Marble help our customers more?
We asked our Marble customers about their credit score confidence. Here’s what we learned.
Sometimes, out of fear, many Canadian’s can be afraid to check their credit score. This can generally derive from the worry of seeing a bad or unsatisfactory score. Our respondents agreed, with 40% being afraid to check their score. In contrast to this, we discovered that 83% of respondents knew their credit score. Marble then learned the breakdown of what each respondent’s credit score was, with the majority of our Canadian’s having a very poor score (300-579).
We wanted to gain insight into what credit score knowledge our consumers had. Our survey confirmed that 57% of respondents were confident discussing their credit score, and 72% were happy to speak about it. This helps us know our customers may need some extra help with improving our credit score but allows us to know they’re open to discussing it. Many people across Canada find it difficult to obtain a financial product due to a low credit score. When asking our customers have they experienced this, a majority ruled with 92% finding it difficult to obtain a loan, credit or any financial product because of their credit score.
You can view all our results of our Personal Finance Sentiment Survey here:
Part 1: Financial Technology
Part 2: Loans, Debt & Insolvency
Part 3: Budgeting in Uncertain Times
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Marble Financial (CSE: MRBL; OTCQB: MRBLF). We are a group of forward-thinking financial technology experts that understand Canadian’s occasionally need help in achieving longer-term credit health. Through our industry-leading proprietary technology solutions Fast Track Loan, Score Up, and Credit Meds. We guide our customers back to mainstream credit 50% quicker than traditional methods. Since 2016, We are proud to have empowered thousands of Canadians to a positive financial future. With this, we continue to establish ourselves as a leader in financial wellness.
[Source: Survey of existing MyMarble users]