One simple action can help boost your credit score, according to a new report. (via CNBCMakeIt)
"This change in payment behavior is quite large, especially given that less than half of treatment group members ever opened the email and an even smaller fraction ever logged in to view their score," they write.
The nudge also led to a "statistically significant" improvement in members of the treatment group's credit scores. Those who took the extra step of actually viewing their FICO score from the email prompt were estimated to see a credit score increase of 8.2 points, on average. That's important because a higher credit score can lead to lower interest rates on products like auto loans and mortgages,"Nudging" as a financial concept was introduced by legal scholar Cass Sunstein and Pulitzer Prize-winning economist Richard Thaler, who argued that humans are not completely rational beings.
Thaler's research is why many employers today automatically enroll their employees in a 401 program, rather than leave it to employees to opt in. This change nearly doubles 401 participation among new hires,
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