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Progrexion Joins Utah’s Fight Against Hunger

Across nine locations, including call centers and corporate offices, Progrexion assembled 90,000 meals to help feed those in need.

What is hunger? To some, it’s a rumbling stomach or a minor inconvenience. To others, it’s a matter of life and death. Rise Against Hunger is an international organization dedicated to ending the hunger epidemic by the year 2030. As ambitious as this goal may sound, it is equally possible if the world can come together and mobilize the necessary resources—everyone, everywhere.

Last month, Progrexion, a local company that enables American consumers to repair their credit, joined the fight against hunger. Across nine locations, including call centers and corporate offices, Progrexion assembled 90,000 meals to help feed those in need. You too can make a difference in the fight against hunger, by visiting RiseAgainstHunger.org and donating your time or money.

As for Progrexion, this trend of giving is one that’s going to stick. Progrexion is a growing (and caring) company that seeks to better not only the lives of its employees, but the lives of all those in need. At the core of Progrexion’s values is the belief that everyone deserves access to the tools of success. While that certainly includes food, it also extends to where you work. If you’re interested in starting a career at a company that rewards hard work and a helpful attitude, head online to www.progrexion.com/careers or text CAREERS to 444222.
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Three Key Basics to a Great Candidate Experience – A 15 Second Risk

Diversity People Recruitment Search Opportunity Concept

Several years ago, I decided to leave my career in the Latin American recruiting consulting field and transition back into corporate recruiting management. During this move I quickly realized how critical a new candidate’s experience is to a company’s overall culture. Even more important; this experience, good or bad, will have serious ramifications on a company’s reputation as a great place to work. As I interviewed for various positions, I became discouraged in my search, realizing that most companies tend to miss the mark in three key recruiting basics: attention, persuasion and experience.

  • Attention: The new candidate experience begins the moment a potential candidate hears about a company, regardless of the method. But once this person has heard of a company, what drives them to apply for said company over its competition? What draws their attention? Is it a key message, a single word, phrase or simply curiosity? If you are a recruiting or hiring manager; are you willing to bet your career on attracting someone’s attention in less than 7 words, or in 15 seconds? You better. With a passive candidate, that’s all you get. A 15 second phone call drew me to my current role at Progrexion. Keep your messaging simple. The best candidates will have a natural curiosity and will start to ask questions, do research and contact your company based on the simple messaging used.
  • Persuasion: At Progrexion, we offer each candidate a life changing experience. We stand by our motto, “Uniquely Different on Purpose” as an introduction to why Progrexion’s culture stands out against the competition. Would that persuade you to apply? What about benefits, culture or money? Is it more important for a company to offer community service or free food? In a candidate run world, and much like marketing, recruiting has the ability to persuade people into buying what you are offering. Moving them from their current status, location or job is all about marketing and the employee value proposition. What else can you offer to persuade today’s new top candidates?
  • Experience: Finally, the most important part is the candidates overall experience. To determine if the candidate had an excellent experience, ask yourself these questions: Can the candidate apply quickly over the phone? Can they find necessary company information, and is it clear what your company does and offers to consumers? Is your interview process streamlined? If it is a more drawn out process, is the candidate willing to stick around? How fast do you call to set up the first interview, and when do you set the face-to-face interview? How BOLD are you during the process? Are you willing to tell a potential candidate they might not be the right fit for a position? How is your tempo during the interview? Do you move so fast the candidate feels they are being sold something superficial? How is the onboarding and day one process? *SHRM research shows that 90% of new employees decide whether or not they will stay with a company in the first six months, with up to 17% leaving in the first 90 days. How much paperwork does it take to onboard, and are you prepared? What is the new hire’s experience on day 1, 30 and day 90? Do your new hires have mentors to help them succeed? If you miss the mark on these key items, your new hires will be gone in less than six months and will only stay with the company until the next job comes along.

Final thoughts: As I mentioned, the candidate experience begins the moment they hear about a company and does not end until well after the candidate has been hired and on boarded. Remember that candidates not selected are just as important as those hired. What story will candidates tell about your company?

During my transition back to corporate recruiting, I met and interviewed with several companies. To this day, two of those companies stand out because my candidate experience was so great, and I still refer people to them seven years later.

Candidate experience is ever changing, and what you do today will be different six months from now. As markets and generations change, the three key basics will always stay the same: attention, persuasion and experience.

Happy Hunting!

Ryan Reeder, Senior Director Talent Acquisition

*https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/onboarding-key-retaining-engaging-talent.aspx

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Women in Leadership Spotlight: Lisa Kimball

Meet Lisa Kimball,Women in Leadership Spotlight, Lisa Kimball Vice President of Partner Relations for Credit.com, working out of the Salt Lake City office. Lisa came onto the Credit.com team in April to manage strategic partnerships, account management and sales operations. She has more than 15 years of experience in banking and has worked in a wide variety of roles, including relationship management, operations management, process improvement and finance.

 1. Tell us a little bit about your day-to-day.

My days are very different depending on our team’s focus for the week and what kind of partner initiatives are underway. I love the variety. I switch gears from outlining strategies to optimize marketplaces for partners like Experian and myFICO, to working with our advertising partners on the inventory of offers we have available and placement of those offers, to reviewing operational and compliance processes. I enjoy working with the team and ensuring the success of our partners (which then drives our success).

2. When you first started your career, what were your ambitions? Have they changed?

I started my career as a CPA focused on corporate tax and forensic accounting. I found out fairly quickly that I didn’t love that work and began to consider how to switch gears. I was able to leverage my accounting background to work as a consultant specializing in system implementations for large financial and HR/Payroll systems. That led me into roles in finance, procurement, operations and relationship management. My career ambitions have been fairly consistent – to continue to grow and develop professionally while contributing to an organization that makes a positive impact. I have had to balance that ambition with a need for flexibility and stability to allow time to raise a family and enjoy activities outside of work.

3. What were some of your biggest challenges when you first started to take on leadership roles?

The biggest challenge in shifting to leadership roles was understanding that the work I did individually needed to take a backseat to making sure the team could accomplish their work. Basically, that the most important role of the leader is to set the vision, ensure it’s well communicated and help the team with any barriers that get in their way of executing. Making that shift, and letting go of the “doing it myself” mentality was very challenging.

4. How has mentorship impacted your career?

I have benefited from a handful of very impactful mentors – some were my direct managers and others were colleagues who were willing to take the time to provide useful feedback. In a variety of situations, those mentors have helped me tackle tough problems, provided encouragement and celebrated successes. I am grateful for each of these mentors and the help that they have given me.

5. How would you describe your leadership style?

I aspire to be a supportive leader – helping each person on my team to be successful. That includes providing direct and thoughtful feedback alongside encouragement and removing barriers and roadblocks. I tend to be very results focused and enjoy helping find creative solutions to our business problems.

6. What female leaders do you admire and why?

When I think of female leaders, I tend to think of women that I have known personally.  My grandmother is a great example – she had many challenges during her life and forged through them with amazing strength. At the same time, she instilled her values of hard work, fairness and service to her children and grandchildren.

7. How does diversity impact your team?

Diversity is an important aspect to my team because it helps us to see things from a variety of perspectives and to solve challenges in more creative ways. Valuing the contribution that each team member can make, especially when their experience and opinions differ from mine, is a key element of success.

8. How do you identify potential leaders on your team?

I believe that everyone is a leader – that individual actions have an impact on those around us whether or not that is part of the job title. I encourage my team to be aware of their own influence and to leverage that to help themselves and others be successful.

Learn more about our careers at https://www.progrexion.com/careers

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Progrexion 2015 Community Impact

2015 Progrexion giving poster_Page_1

Progrexion Community Impact

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Credit Matters: The Importance of Credit, an Employee Perspective

Credit Matters photo

 

Trouble Breathing?

Take a deep breath (Yes, reader that means you) take a deep breath. Now hold that breath . . . hold it . . . okay, let it go. Did you feel the air fill your lungs? Your chest expand? How often are we so busy bustling through the day that we don’t even really notice we are breathing? Would we notice if we all of a sudden stopped breathing? Undoubtedly. When speaking of the importance of credit, Curt Fullmer, Director of Workforce Management for Progrexion, Efolks, and CreditRepair.com said, “Honestly, credit to me is like air. You don’t ever think about it until you need it, and when you need it, there is nothing more important in the whole, wide world. And that’s credit, you don’t think about it until you’re trying to use it, or get something with it, and at that point it’s now blocking you from moving on in your life, so it becomes the most important thing in your life.”

What makes credit so important that it would be compared to air, the very element that is necessary for life? Ty Weston, VP of Operations and Strategy, provides a concrete, yet simple answer for this. “Credit is really the ticket to the modern world, modern economy. It used to be the handshake with the banker in your town of a thousand people; now it’s your credit report. From an opportunity standpoint if you don’t have good credit, you don’t understand it, you don’t know how to use credit to help your family in this modern world, this world can be a rough place.”

Now that it’s been established that credit is a vital part of our lives, what words come to mind when you hear the term? When asked, our interviewees gave their personal thoughts; some words included: Opportunity, Reliability, Freedom, Adult Report Card, Credibility, Money, and Reputation.

poll for employees regarding credit

Going Back in Time

The reason a person chooses to have their credit pulled may be similar to another’s reason; however, each situation and outcome is uniquely different. For some, this experience is like a game of Russian roulette and for others it is like taking a walk in the park. This is especially true for the first time credit is pulled and the experience it leaves with us.

“The very first time I went in to get credit,” Curt said, “I had pretty smart parents, who when I was 16 years old were going to buy a new couch set and decided they were going to put me on there so that I could start building a credit report. When the company first pulled it, they said, ‘Oh, no problem. He’s got great credit because he’s paid back that other car he bought.’ I had never bought a car or anything, but someone had used my credit, but in an odd twist of fate had paid everything back faithfully and built my credit up. It was quite amazing. I was the victim of identity theft, but in a positive way.” Our personal credit journey begins before we even know what money is. In a recent survey, we asked respondents to tell us the age they were when they were first introduced to the term credit. Results showed that only 12.65% of respondents were introduced to the term credit at an age of 11 or younger; another 15.36% were introduced to the term credit between the ages of 12 and 14. Children are an easy target for identity theft. Because of his first credit pull, Curt, now a parent, said, “Personally, I have three children: 4, 6, 10 and I have frozen their credit lines for that very reason; they say it [identity theft] is very common for children (because children are definitely not checking their credit reports under the age of 18,) to be the victims of identity theft.”

For Candice Sherman, Sr. Director of Customer Loyalty, her motivation for pulling her credit report was to have a safety net as she started her entrance into the adult world. “It was either my senior year or freshman year of college. I had a bank account, but I needed an overdraft line of credit on my account in case I accidentally overdrafted. I had accidently overdrafted [before] and got some fees and so I thought ‘oh I want just a little bit of a line of credit.’ I was with Zions and so you go in and they give you a $200 line of credit and pull your credit, but I don’t think I had any. I had enough to get only a $200 line for an overdraft, and that was where I started building it.”

Also from the same survey previously mentioned, 27.70% of respondents pulled their credit for the first time in order to apply for a car loan. Ty shares the same reason with these respondents. “I remember the first time I went to go get credit, and I don’t think I looked at my report. I was trying to buy a used car and I was able to get the car, but I remember him coming back saying ‘hey ya know, your credit isn’t that great.’ So I don’t know if he was using that was a tactic, I don’t know what the deal was, but I just remember when it happened feeling kind of powerless. I didn’t know anything about it, I didn’t understand credit.

I was a young kid, so who knows, maybe it was bad because there wasn’t anything on there, but having somebody tell you your credit isn’t good, you take it a little personally, like ‘What? What’s the matter? What’s the matter with me? I got something flawed or something.’” When asked what their reaction was to having their credit pulled for the first time, a portion of respondents echoed Ty’s feelings. They answered: Confusion (12.22%), Frustration (13.22%), and Shock (4.99%).

Credit Report difficulty

 What is So Hard to Understand?

What is it that makes understanding a credit report so difficult? It is an essential part of personal and familial success, and yet it seems so difficult to understand. Rachel Poulos, a Paid Search Strategist, only has had a credit pull done on her credit report when applying for large purchases. We asked Rachel if understanding her report was difficult. With humor she replied, “I’ve only ever pulled soft credit pulls [on her own], but yeah, it was a little complicated.” Taking it a step further, and talking about what specifically made it complicated, she continued, “I would say the credit score. What is a good credit score? You’re not really told what’s a good credit score, especially if you want to get, well with my experience was with buying a house. I didn’t know what it was that I needed in order to get a house, a good loan.”

Candice, a 9 year veteran in the credit industry, told us, “I think the hardest part to understand is the score, the complexity of the score, and what could positively or negatively affect that score. Of course we know the five factors that affect it, but it’s really quite complicated, especially for most people that don’t know what those five factors are, and even from where I’m standing in the industry, ‘oh, okay, your payment history makes up this percentage, your credit mix makes up this percentage,’ but really there are just so many dynamics in it.”  Vanessa Kerr, an Offline Media Strategist, when discussing the score said, “there’s just so many different elements that it’s hard to know everything,” Curt remarked “I’ve always be baffled by the fact that simply someone pulling my credit report lowers my score. That seems odd to me, so I think the score is the most mysterious part of the entire process.”

Does Credit Matter? The Collective Take

This year the concept “Credit Matters” has been looked at from various standpoints and from many differing views. Vanessa said, “I think credit matters to me because it definitely helps you achieve that American Dream of buying a house, and unless you have a ton of money and you want to pay for everything with cash, you need to have credit. It’s very important.”

For Rachel, “Credit matters because it can prevent you, or it can help you achieve your dream: your goal, your dream house, your dream car, or anything that you need; Maybe you need a car to get to work, anything necessary in life . . . I believe your credit tells creditors how you handle your money, and how they can trust you would pay them back.” Vanessa’s and Rachel’s answers of why credit matters appeals to the long standing belief proclaimed in our country’s Declaration of Independence that “Life, Liberty and the pursuit of happiness” are available to all men and women without exception.

Does Credit Matter? The Personal Take

Just as each person has their individual reasons for pulling credit, monitoring credit, and perhaps even hiding from credit, the reason credit matters to each person is a unique story. When asked why credit mattered to him personally, Ty said, “My kids are getting older. I have an 18 year old daughter now, she’s heading off to college in the fall, and I look at my kids and I put myself back there in their position, and I realize how important it is for them to understand how this works as they go forward in their lives and what an impact it can have on them. It’s pretty personal for me right now as my daughter is going out in the world a little bit. To make sure that she understands how that works and what’s going on. So that part of it is really personal for me right now.”

 Does Credit Matter? The Impact Take

Employees on a daily basis hear stories of how a person’s credit was destroyed and why they need it back. Often these calls are very difficult and the stories are heartbreaking. Ty told us, “Being a part of servicing our clients, in talking to clients, in taking phone calls, you understand and see what an impact this has on families, and so that’s where I’ve related it to my family. Credit can either be a great, wonderful thing that helps families achieve all their dreams of home ownership, or jobs, or whatever; or it can be a brutal thing for families that’s very difficult for them to overcome and causes a lot of heartache, problems, and even causes some families to separate. I would say that credit is a big factor in families not being able to stay together.” If you hang around an employee of Progrexion long enough, you begin to see that as time goes on, working for Progrexion isn’t just about having a job, it becomes so much more. This is a company that is one person at a time, on a personal level, changing lives. Candice shared why credit matters to her. She said, “Credit matters to me because this is what I love and this is what I do all day. It matters to me because I see it give opportunities to people, and I’ve been a part of interviews where it’s given opportunities to people and changed their lives. In that way it’s given me opportunities. I may not be the person that is going to leverage credit the most, or necessarily have a lot of credit problems, but I come to work thinking about credit, and think about how it is affecting the lives of our customers.”

*All survey and other statistical data courtesy of Survey Monkey’s “Credit Matters: Credit Education” survey results

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LEAD Program: Leadership Education and Development

Human Resources Team LEAD Program

The LEAD program is a way to build leadership capability. The program launched in June 2014, and in its first 6 months saw a 30% certification rate. Now, well into 2015, we plan to have a 100% certification rate for all front line leaders by the end of the year. The LEAD program is a great platform to deliver training with a unified message to all leaders.

One of my favorite things about the program is that there is cross-company participation; just last week I taught a class at the Decker Lake site that included leaders from Member Services, Progrexion Quality Assurance, Progrexion Teleservices and Sales.  It provides improved perspective to hear from those leaders who may be having similar experiences in other locations, departments, etc. I love the program and hope that it will continue to grow as time goes on.

Human Resources Objective 

The Human Resources objective for the Leadership Education and Development (LEAD) program is to build leadership capabilities within the organization. This investment in our leaders will provide a better understanding of the latest principles, strategic concepts, philosophies, and advanced leadership applications to effectively manage others within a growing company.

 HR LEAD Program Certification

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MCS Team Spotlight


Progrexion MCS Team

How does your team collaborate/work with the marketing department? 

MCS supports OTS/NCOTS, Efolks, and LETS/CRETS. These applications have very
direct ties within marketing; including lead and affiliate management, campaign tracking and reporting, call center scripting and reporting, and remarketing.

We enjoy great collaboration with the marketing directors and meet on a regular basis to discuss new system enhancements and opportunities to increase sales.

 How does the MCS team support the company? 

MCS is all about converting leads. Our call center application (OTS) assists our agents in turning interested leads into happy clients. Efolks manages and monetizes affiliate leads and our marketing campaigns. The performance of these affiliates and campaigns is managed in our tracking applications (LETS/CRETS).

MCS also provides a variety of web services that are consumed by our UI team to support Progrexion web sites and landing pages. We also provide a variety of personalities to enjoy: from stickler to barbarian.

In what ways does your job impact the credit space? 

MCS applications help make that critical connection between someone having a hard time with their credit, and products that can get them the help that they need.

 What was the most memorable project you contributed to for Progrexion in the past 6 months?

We were able to write IWC from the ground up using a service based architecture that makes the code much more maintainable and enjoyable to work on moving forward. The project proved to be a great collaborative experience between MCS and our call center colleagues, and provided a much better sales experience.

List 3-5 words that can explain your department?

Marketing application development gladiators.

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Industry Impact

Map of U.S.A Progrexion Impact

One of the critical factors in Progrexion’s innovation is participating in industry events, conferences, and trainings nationwide. The Progrexion team creates a competitive advantage by staying up to speed with the latest technologies and methodologies available, and then driving tests and initiatives to leverage new approaches back at the office.

Adobe Test & Target Training

San Francisco, CA

Taylor Kenney

I attended a 3 day training for Adobe Target in San Francisco. This training provided detailed, hands-on instruction in regards to how to use the Target Classic interface and laid the groundwork so that we could achieve a working knowledge of how to plan, build, and execute A/B and multivariate testing campaigns, as well as how to correctly read and interpret test results.

Google Think

Riverside, CA

Josh Aston

From cardboard glasses that act as a virtual reality device to a speaker that came in on roller-skates, Google never disappoints. More than ever, as consumers we expect what we want, when and where we want it. Our lives are full of “moments” and not all moments are created equally. As Marketers, it is our job to either create those moments or to be a critical participant of those moments. If we can be there at the right moment, we can transcend the persuasion of even the largest brands by stealing the moment with the consumer.

 Joint Statistical Meeting

Seattle, WA

Tyler Larrabee, Natalie Johnson

From August 9th – 12th, the Marketing Analytics team had the opportunity to travel to Seattle, Washington to attend the 2015 JSM (Joint Statistical Meetings) conference. JSM is the largest gathering of statisticians held in North America. While there, Natalie and Tyler had the opportunity to attend presentations and workshops about how to conduct better analysis and make use of cutting edge statistical software.

Site Visit

Phoenix, AZ

JR Curtis, Jesse Beal

Jesse and I traveled to Phoenix during the hottest week of the year to make sure that the Phoenix call center hadn’t melted. We were extremely impressed by how much the call center had grown and how good everything looked. We also visited some key partners that gave us some valuable face to face time to discuss optimization opportunities and future growth.

Site Visit

Phoenix, AZ

Sable Petersen

Speaking at the Client Services Movie Day in Phoenix, the final stop after presenting to agents that represent multiple brands.

Testimonial Visit

Austin, TX

Sable Petersen, Marianne Barnes

We had a phenomenal response from members and clients in Austin, TX. Scheduling two full filming days, we were able to capture the stories and experiences consumers have with the brands. Joined by the offline team, our group totaled 12 people.

Vendor Visit

Austin, TX

Talmage Call, Vanessa Kerr

Talmage and Vanessa joined the brand team in Austin for the member testimonial shoot. It was very valuable for us to be involved in as it inspired many creative ideas for the Offline Channel.  We also met with our radio agency Hybrid.

Affiliate Summit East

New York City, NY

Stan Bonnemort, Liz Helm, JR Curtis, Bradford Davis, Thomas Ablao

On August 2, 2015, the Progrexion Marketing team attended the yearly Affiliate Summit Conference in New York City.  Once at the show, I was quickly reminded why we should always attend industry conferences.  As a growing company, Progrexion’s presence is a sign of strength and prosperity. In the online Marketing world, new companies are always being established or quickly dissolving.  Representing Progrexion at these shows reinforces our growth and stability with current and new partners.  Not to mention, current partners and myself, love to interact face to face to speak about business and personal life.  Human interaction is a must in any business.

LeadsCon

New York City, NY

Stan Bonnemort, Reagan Nickl, JR Curtis, Jesse Beal

LeadsCon NY is an incredible opportunity to establish Progrexion’s visibility and credibility within a growing industry and market. This particular trip proved fruitful as members of the Strategic Partnership team travelled to the Big Apple and looked to build new relationships, while strengthening existing ones.

The team met with existing relationships and discovered opportunities to grow in call volume and lead quality with such partners as, Rate Special, Rocket Daddy, Help Renters, AmOne, Lending Tree, and several others. The team also took time to reach out and meet with new potential partnerships such as, LendKey, Prospect Mortgage, LoanMe, Quantcast, and Inside Sales Lab.

The convention provides unique circumstances to discover and build opportunities that will aid in the achievement of Progrexion’s objectives and mission. With the opportunities that were discovered, the Partnership team looks forward to next year’s show.

 

 

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Credit Matters: The Enabling Power of Credit Education — An Executive Perspective

129374 Jon Pexton image

The Chief Financial Officer (CFO) of a company has the daunting task of managing, in essence, all fiscal decisions that are needed to ensure their company runs smoothly and effectively. They must understand the market they are a part of and handle the risk analysis to determine monetary next steps the company should
be taking.

For nearly 4 years, Jon Pexton has been the man to take on the role of being Progrexion’s CFO. He described his position as “Trying to understand what makes the business operate, making sure we are investing the right amount of money in the right areas to deliver a great experience for our customers, a great experience for our employees, and a return for our shareholders.” As CFO, through the nature of his position, Jon has to make difficult decisions. He expressed that these decisions don’t just affect him, they affect the entire company. “We have close to two thousand employees at Progrexion and the decisions that not only myself, but the executive team make in general are and can be impactful to a lot of people. We spend a lot of time trying to make the right business decisions.”

With 20 years of experience, Jon has been able to identify his ideal place to work and what characteristics make it that ideal place. Progrexion fits his ideal. “I like fast-growing companies [where you have] enough complexity and challenge to the job, yet it is still manageable. Unlike in a multi-billion dollar organization where you just get lost, we [at Progrexion] get to see the whole picture. We really feel like we can have an impact on the business, but yet we’re big enough to where, you know, we have a lot of complexity and challenges and I think that is a fun size of company to be in.”

It is not just the challenge and complexity of the job that Jon likes, he said, “When we get to hear the customer testimonials, and see the impact of our services on customers, it really makes you proud to be a part of such a great company and organization.”

Breaking it Down with Jon Pexton

Credit: The Enabler

“When I hear the word credit, I think of an enabler. Credit can be an enabler – a tool – and I also think the word responsibility comes to mind.”

“I recently was attending graduation ceremonies up at the university, and seeing all of these students come across the stage and get their diploma, it’s exciting to see that they are just on the verge of taking on these new professional lives. They’ve become skilled and specialized in something, and you think, many of those people relied on student loans to get through that process, but they are off on the great new adventure in their life and credit was an enabler. Without credit a lot of those people may not have been able to afford college and they’ll be able to pay it back. I think that’s a great example of credit enabling people to improve their lives, to improve society.”

“Credit does affect your quality of life. At times in life you are going to need to borrow money to get the pump started if you will, or to prime the pump. That initial funding can enable you to get a college education, get a car, get transportation, get a house, and that’s going to impact your quality of life and then give you the opportunity and empower you to get hopefully great employment and continue to improve your life and your quality of life.”

Credit in One Word: Responsibility

“I also think that responsibility – as a finance person, trying to run a company profitably, but also invest for the future and take care of the different constituencies – there is a lot of responsibility when you are dealing with financial matters and likewise with personal financial matters and personal credit, you need to be prudent and thoughtful about how you use credit.”

“There are a lot of people who think about department stores, for example, that will give you a credit card hoping that you will buy more product from them – maybe nice clothes that you might not be able to afford or that you shouldn’t buy on credit. The availability of credit, just because it is available, doesn’t mean that you should go down that road and use it.”

Credit: Lack Of Education in Our Society

“Does the lack of credit education affect our company? Yeah, I think absolutely.”

“The customers we are helping have credit issues. They have low credit scores and the reason behind that is sometimes it’s just a complex unfair system that we are trying to help people understand and be the professional advisor to those people, and educate those people and give them awareness as to what the situation is.”

Diagram 1“It’s a very complex world out there, particularly in the personal credit space. When people hear about the word FICO score, I don’t know if this is something they appreciate, but there are potentially more than 20 different scores that will have an impact, dependent upon what type of credit you are looking for or a job. You have other scores that are put out by the credit bureaus and how are those scores even put together? It is kind of a secret sauce, a black box, that a lot of people don’t understand. I think a part of what our company does is provide education to people, to take their specific situation and advise them on what’s the best path to ensure that they have a fair and accurate credit report. Beyond that we’ll help them with education and credit monitoring to ensure that they can maintain a fair and accurate credit report.”

Credit: Let’s Get Personal About Credit Education

“I can’t think of credit education that was offered in either college or high school when I was growing up.”

“You have to take personal responsibility to understand ‘how am I going to use credit in my life to enable my life to do better things and how am I going to refrain from some of these maybe easy offers and not go down that path.’ That requires thoughtfulness and education, and people would probably benefit from some good awareness in the high school level and/or college.”

“It’s interesting, my daughter is in middle school right now, she is going into high school and she was able to sign up for a jewelry making class. She hasn’t signed up for a personal financial class, and it may exist, I just haven’t heard that she signed up for that, but you’d think that would almost be a required class for people now-a-days so that they don’t get into trouble and so they understand the benefits and the risks associated with credit.”

“As a kid, I had a credit card pretty young. I would say right around when I was 16. That was when I had a car, I had auto insurance, paying for gas, and that’s when I got my first job and paychecks started coming. That’s really when I asked questions and my parents offered a lot of advice. My parents let me use [my credit card] and that was when they really hit it as to when and how this type of thing should be used and should be used correctly. It facilitates an easy life and an easy transaction, but I was always told to pay my bill off each month and never get ahead of it. You’re now trying to become a responsible adult and these are some things that you should be aware of and I think that is where it started for me.”Diagram 2

“In the public school system, it should be a required component. Again, they offer classes in technical trades, woodshop, and cooking classes. I don’t know why we would think that understanding how a credit card works and credit in general would not be a really important life skill to have.”

“When you use credit, credit comes with an interest rate. You need to think about and appreciate what that interest rate means. When you go and say, ‘I’m going to buy this pair of pants and I’m going to buy them on credit with a credit card,’ those pants are not only going to cost you that, but its potentially a 20% or more interest rate on top of that. Not really understanding the true cost of what you’re buying, and if you can afford it now, can quickly get you into trouble.”

Closing Thoughts

“Credit matters because again I think it’s a tool, it’s an enabler, and it can really help people improve their lives if it is used the right way. Credit matters because in today’s society, when we look at hiring somebody, when you look at trying to get your insurance rates, when you look at renting an apartment, when you look at trying to get a cell phone at times, [and when you look at] interest rates that you are paying on loans, all of those things people are going to understand what kind of credit risk are you and do we want to do business with you. Having a good credit score, having a fair and accurate credit report, will help people make the right decision about doing business with you and that is why credit matters.”

*All survey and other statistical data courtesy of Survey Monkey’s “Credit Matters: Credit Education” survey results

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Accounting Spotlight

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How does your team interact with the marketing department?

Recently, Accounting supported the Marketing team in ensuring proper accounting treatment for a very significant contract and ongoing relationship with Adobe.

The Accounting team is currently supporting Marketing through efforts to implement an enterprise grade incentive compensation software tool; this will enable Marketing to have better analytics, modeling capabilities, and other flexibilities that don’t exist in the current environment.

How does the accounting team support the company?

Our team supports the Company by ensuring timely and accurate transaction processing, accounting and consolidation of financial results. We deal with specialized finance related to significant or complex corporate transactions. The Accounting team also insures compliance when reporting on financial results to parties outside of our organization.

In what ways does your job impact the credit space?

The Accounting team is directly responsible for ensuring that a credit repair customer is billed accurately and in accordance with agreed upon terms.

What was the most memorable project you contributed to for Progrexion in the past 6 months?

The Accounting team recently implemented back up payment processor relationships to diversify risk. Another very impactful contribution from both Accounting & Finance teams has been the improved periodic reporting and analytics on financial results and operational performance. This enables business leaders to better understand their respective functions in our organization.

List 3-5 words that can explain your department?

Reliable & diligent team players

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