IDIQ®, a financial intelligence company that offers the credit-building tool CreditBuilderIQSM, has released new data that details consumer credit concerns voiced by consumers and professionals in the real estate industry.
The report “The Modern Credit Challenge: Mortgage & Real Estate Professional & Consumer Research” highlights a growing need among real estate professionals to better address their clients’ credit challenges. CreditBuilderIQ provides a streamlined, effective solution to help real estate agents close deals faster by empowering clients with the tools they need to strengthen their credit while keeping them in their pipelines.
Research Overview
The study surveyed over 100 real estate and mortgage professionals and 200 prospective buyers while analyzing data from over 20,000 IDIQ users with credit scores below 700. The findings underscore how credit health impacts real estate transactions and what agents need to support their clients.
“We found that real estate agents were looking for a tool to keep prospective homebuyer leads in their pipelines while they were improving their credit scores to qualify for mortgages,” said Surya Pochareddy, executive vice president of credit services at IDIQ. “CreditBuilderIQ was designed and built to address this need. It puts the power of rebuilding credit in the hands of prospective homebuyers to help them achieve the American Dream of home ownership while generating qualified customers for real estate agents.”
Key Credit Challenges Facing Consumers
The survey revealed that consumers often face significant credit hurdles when trying to purchase a home, including:
- Not knowing how to strengthen their credit.
- Catching up on late payments.
- Dealing with inaccuracies on their credit reports.
- Managing unknown inquiries.
- Lacking access to preferential financing options.
Additional insights:
- 82% of consumers want to learn how to improve their credit.
- 76% have at least two derogatory marks on their credit report.
- 74% struggle with suboptimal credit utilization.
- 67% have a debt collection on their credit report.
- 59% plan to purchase a car or home within the next year.
These findings emphasize the critical role of credit in real estate transactions and the opportunity for agents to assist clients in overcoming these obstacles.
Real Estate Professionals’ Pain Points
Real estate agents are uniquely positioned to help clients achieve their homeownership dreams but often lack the right tools to address credit challenges. According to the study:
- 75% of real estate and mortgage professionals want to refer clients to DIY credit-building tools.
- 70% would like to track their clients’ credit progress in real-time.
- 50% want credit tools that provide actionable consumer score plans and measurable goals.
These needs highlight the growing demand for resources that simplify the credit improvement process while keeping agents informed and engaged in their clients’ journeys.
How CreditBuilderIQ Supports Real Estate Agents
CreditBuilderIQ is designed to meet these challenges head-on. For real estate professionals, it serves as a powerful partner by:
- Providing a DIY credit-building solution for clients, saving agents time and effort.
- It offers the ability to track client credit progress and helps agents understand when clients are ready to buy.
- Delivering personalized credit improvement plans, giving clients a clear roadmap to homeownership.
By integrating CreditBuilderIQ into their workflows, real estate agents can potentially:
- Convert more leads into buyers by addressing credit issues early in the process.
- Strengthen client relationships through added value and support.
- Earn residual income for each client who enrolls.
Why CreditBuilderIQ Matters
CreditBuilderIQ empowers real estate agents to grow their business. By potentially helping clients navigate credit management, agents can unlock more opportunities and build lasting client loyalty.
For real estate agents looking to stay competitive in today’s market, CreditBuilderIQ is the ultimate tool to turn credit challenges into opportunities for success.
For more information and to download “The Modern Credit Challenge: Mortgage & Real Estate Professionals & Consumer Research,” visit the CreditBuilderIQ report site.
Published by Stephanie M.
