Have you ever noticed the contrast between the slick, enticing copy of a credit card offer and the confusing, legalese-laden fine print of your monthly statement? It’s hard to believe they came from the same company.
If you’re frustrated by the gobbledygook, you aren’t alone. The federal government’s financial industry watchdog agency, the Consumer Financial Protection Bureau, is fed up, too. The CFPB has been urging financial services companies to provide the public with clear, accessible “consumer-friendly” information about their products and the terms of their agreements.
The CFPB is right: clear consumer information benefits everyone
You should be able to understand the terms of your credit card agreement, your mortgage or your education loan even if you aren’t an attorney or don’t happen to hold an advanced degree in finance. It’s time for financial services companies to comply with the CFPB’s guidelines and communicate with consumers clearly, in plain language. The companies will benefit from increased public trust and confidence. Clarifying consumer information will also help them reduce risk and operate more efficiently.
Information Mapping’s 6 steps to clarifying consumer information
There are 6 steps financial organizations need to take to create clear consumer information that complies with CFPB guidelines. The 6 steps are described in the slideshare below. We've also summarized them in the table below the slides.