Consumers Want to Know How to Reduce Debt, Build Credit and Save More

Minneapolis, MN (February 1, 2010) – As the economic recovery slowly continues, consumers would like to learn more about how to gain a solid financial footing. Specifically, they are asking their financial institutions how they can raise their credit scores, reduce debt and build their savings. That’s according to the results from a financial literacy survey Wolters Kluwer Financial Services conducted with 175 banks, credit unions and mortgage lenders in December 2009.

The survey results show that one out of every five institutions says consumers are often asking how credit scores are determined and what they can do to improve them. One in five also says consumers commonly ask about savings accounts insured by the Federal Deposit Insurance Corporation or National Credit Union Administration. And nearly sixteen percent of institutions say consumers are likely to ask about budgeting, debt consolidation and repayment, and savings.

The survey also asked institutions what financial literacy materials they felt were most helpful in educating consumers on financial products. Those offering information on Individual Retirement Accounts (IRAs) led the way with 77 percent of respondents. Those focused on refinancing mortgage loans and obtaining home equity loans or lines of credit followed closely at 71 and 70 percent.

“The results of this survey help reaffirm that many consumers are interested in learning how to improve their financial standing,” said Lisa Fraga, vice president and general manager of Banking for Wolters Kluwer Financial Services. “By arming yourself with as much information as possible concerning financial products, you’re more likely to make the right choices that will benefit you the most financially.”

About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2008) €3.4 billion ($4.9 billion) and approximately 20,000 employees worldwide. Please visit our Web site for more information.

Contact
Jennifer Marso
Director, Corporate Communications
Wolters Kluwer Financial Services
612-852-7912
jennifer.marso@wolterskluwer.com
On Twitter: @JenniferMarso

Charles Miller
Senior Public Relations Specialist
Wolters Kluwer Financial Services
320 240 5457
Charles.miller@wolterskluwer.com
On Twitter: @CharlesWMiller