Spurring Innovations in Credit Counseling: Lessons from the Smart Growth Innovation Program
Reputable nonprofit credit counseling agencies are available around the country to help consumers worried about unsecured debt. Unfortunately, the nonprofit credit counseling industry is under pressure. Over the past thirty years, regulatory changes, reduced in consumer demand and market competition brought on a wave of consolidations and closures.
To help address these issues, Capital One launched the Smart Growth Innovation Program in 2015. The Program partnered a cohort of credit counseling agencies with Prosperity Now to discover a challenge facing clients, design a set of solutions that might address the challenge, and test the solution to assess its viability.
Prosperity Now hosted a webinar on Wednesday, July 19 from 3-4:30 pm EDT for attendees to learn more about the credit counseling industry and the Smart Growth Innovation Program.
This webinar featured representatives from Capital One, members of the Prosperity Now Applied Research team and the three nonprofit credit counseling agencies involved in the Smart Growth Project:
- Guidewell Financial Solutions
- Lutheran Social Services of Minnesota