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In a constant search to find ways to help consumers improve their credit profile, U.S. Bank has partnered with Sage Software to provide their customers’ access to a new accounting product dubbed AP Organizer (Improved Credit).
U.S. Bank believes that doing so will help their customers, especially Millennials, find ways to better manage their resources to improve payment patterns on their debts, thus improving their credit profile and their chances of owning a home. Good idea.
With Fannie going to the use of the new trended credit data in September, the timing and method of debt repayment become more important to the process of a mortgage approval. The amount of the monthly payment, along with the consumers’ timing of the payments, may be the difference between approval and denial, even when all payments are made timely.
Do you find it a little concerning that Experian’s 2015 report found that the Millennial generation is not as savvy when it comes to managing their finances and debt repayment? I thought this group was more educated and knowledgeable when it came to such things. What did they learn with all those years of schooling?
What happened to good old budgeting? Didn’t anybody teach them the basics of survival? Guess not. Kind of like asking a child today to tell time using a clock with numbers and hands, instead of a digital read out.
Lenders can take a cue from U.S. Bank. Not just Millennials, but more and more consumers can use some help and guidance in managing their credit. Believe it or not, people need help and education when it comes to preparing to purchase a home, understanding the process for the approval and closing. Then, some direction in managing their budget to maintain a home once owned.
