SAN FRANCISCO, April 21, 2020 /PRNewswire/ -- Credit Sesame today introduced SesameThrive, a comprehensive platform to help consumers navigate their financial journey amid COVID-19, from managing daily cash and credit concerns to long-term recovery. SesameThrive incorporates educational resources, virtual tools and services with community insights and support to help consumers manage, recover, and thrive post-pandemic.
Credit Sesame gradually rolled out SesameThrive at the beginning of the COVID-19 outbreak, and approximately 1.4 million consumers have already used this resource. Additionally, more than 10,000 Credit Sesame members have participated in various surveys and have provided nearly 2,000 comments around their COVID-19 experiences.
Credit Sesame surveys reveal that consumers' top three financial priorities since the crisis began continue to be: improving their credit score, paying down debt, and saving money. Of those expecting to receive stimulus payments, 21 percent planned to put the money in savings, while 19 percent planned to use it for bills and rent, and 18 percent wanted to help pay off some debt.
"We are consistently hearing from consumers that they are struggling with their cashflow, but they do not want to jeopardize their credit. They are looking for support to help manage both," said Adrian Nazari, CEO and founder, Credit Sesame. "Through SesameThrive, we are creating a one-stop resource for consumers to minimize the impact of COVID-19 while steering them on a path to recovery and financial stability as soon as possible. We don't want to just help them survive this difficult time—we want to help them thrive on the other side of it."
To meet the needs of consumers who have been affected financially and help them make informed decisions that can maximize and improve their cash and credit, SesameThrive provides the latest information regarding government assistance programs, budgeting tips, virtual tools and calculators, personalized credit recommendations, and more relating to consumers' financial journey.
- Saving money and dealing with a loss of income today: Addressing consumers' immediate and day-to-day financial concerns, SesameThrive helps navigate unemployment resources, provides the latest updates on the stimulus packages, and offers recommendations for spending buffers. For example, Credit Sesame provides a curated list and personalized recommendations of emergency credit cards based on consumers' credit scores. Credit Sesame also offers a free digital banking account, Sesame Cash, where consumers can manage their cash and credit with no minimum, fees, or penalties while improving their cash and credit.
- Managing your bills and cash: Looking ahead to monthly expenses, SesameThrive includes lists of lenders, banks, and other providers that are offering payment relief programs to help consumers prioritize their bills and budget accordingly. Through a personalized portal, Credit Sesame will pair customers with the relevant contact information for each of their credit and loan providers that is offering payment relief options to help save them the time and hassle of finding the right number to call. SesameThrive will also include a list of recommended budgeting tools and an interactive community where members can share their own tips based on their personal experiences.
- Managing your credit: While many consumers are focused on short-term challenges, Credit Sesame helps minimize the negative impact to consumers' credit, as well as helps them to protect it and rebuild it. SesameThrive includes a virtual Credit Coach feature, which offers personalized credit tips, videos, and recommendations to help consumers manage and improve their credit scores. In addition it helps consumers understand the impact of their credit decisions to their credit score better and avoid negative marks.
"I had questions regarding financial issues during the coronavirus pandemic," said Joyce, a Credit Sesame customer from Utah. "After reading the resources they had available, my financial burden has been relieved. They are very knowledgeable and provided the best advice for what I needed."
Credit Sesame was born after the last financial crisis to democratize access to credit and credit wellness. The company has a deep understanding of credit and has emerged as a leader in personalized and automated credit management applying AI and machine learning to help millions of consumers achieve better credit and financial wellness. It has the playbook on how consumers can manage, recover and thrive and is uniquely positioned to help consumers post COVID-19.
Credit Sesame has been operationally profitable since 2016. The company's success has been driven by the value consumers derive from its platform: 61 percent see their credit score improve within the first six months—50 percent of members see their credit score improve by more than ten points in their first six months, and 20 percent see their credit score improve more than 50 points in their first six months.
SesameThrive will continue to expand as new developments arise and consumer needs evolve. For more information, visit thrive.creditsesame.com.
About Credit Sesame
Credit Sesame's mission is to help consumers work toward financial stability and ultimately create better opportunities for themselves and their families. Strong credit health is inextricably linked to financial health and stability, and with the launch of Sesame Cash, Credit Sesame will help consumers manage both. Credit Sesame has helped millions of consumers improve their credit scores, increase their approval odds, lower the cost of credit and save money. Credit Sesame is funded by leading venture capital firms and strategic investors, including Menlo Ventures, Inventus Capital, Globespan Capital, IA Capital Groups, Symantec, Capital One Ventures, and Stanford University, among others. For more information on Credit Sesame, visit www.creditsesame.com and follow on Facebook, Twitter and LinkedIn.
SOURCE Credit Sesame