Utility Bill Payments and Financial Health

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Over the past decade, research from the Center for Financial Services Innovation (CFSI) has developed a nuanced picture of U.S. adults who face financial challenges. Their findings have catalyzed work by others and when all the facts are put together, it is clear that this national challenge is far-reaching*:

 

  • 53M adults lack access to credit because they don’t have a credit score
  • 115M adults can’t find $400 for emergencies
  • 100M adults struggle to pay their bills on time each month
  • 76M adults have volatile income flows, making bill payment even more difficult
  • On average, employees spend 3 work hours per week on personal financial matters
  • The #1 concern for subsidized utility bill payers is getting help with managing on-time utility bill payments

 

These facts paint a vivid picture of financial stress. (And we didn’t even address medical bills and healthcare costs!)  Financial health can provide dignity and opportunity.

 

Here at WattzOn, we have expanded our mission.  We started the company to build a national platform that helps consumers save energy. Now we discovered these same tools help consumers manage utility bills AND improve their credit scores.

 

Take a look at our recent posts on how WattzOn helps consumers with credit challenges:

 

How Utility Data Improves Credit Scores

 

Strengthening Our Communities: Using Utility Bill Data to Improve Credit

 

3 Key Ways Utility Data Builds Credit

 

CFSI’s EMERGE is a 3-day conference in Austin, TX, focused on consumer financial health.  The conference makes connections between innovative companies, larger institutions and the problems at hand, spurring profitable product offerings that address real market needs.  We’re delighted to be attending this year!

 

If you’d like to meet WattzOn and integrate utility bill payment histories to your credit data, please contact Jon Enberg, VP of Partnerships. We look forward to engaging with you on this important topic!

 


*Sources: CFSI, California PUC Low Income Oversight Board, pwc

   

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