Rocket Mortgage Soft Credit Experience
Help clients understand their credit profile, how they can improve it and how their credit can help them achieve their financial goals around Rocket. Unlock the ability for the business to provide a nurturing and engaging credit monitoring and qualification experience to their clients.
Rocket Mortgage Landing page
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Soo Yoo (product designer)
Jackie Conti (UI designer)
Kaitlyn Crigler (content designer)
Michael Angolia (product manager)
Ashleigh Belisle (product owner)
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Within 3 months we were able to launch the soft credit monitoring experience (from consent form to prefilled data) across all Rocket platforms.
Background:
After extensive quantitative research and a better understanding of the purchase ecosystem with key stakeholders, we embarked on an initiative to redesign the purchase application for legacy and new clients who are using Rocket Mortgage.
Problem:
Stakeholders realized that serviced clients would rarely visit their accounts especially if they are on autopay. We sought to seek out what ways can become a personalized and educational platform for our clients.
The Research
What we found in our research, noticed that consumers tend to overestimate their credit scores. This implies in our case that consumers may have feelings or beliefs about their credit quality and what it should be but are unable to map these feelings into the same. variables used by credit rating agencies. Thus, these beliefs result in overconfidence, which in turn leads them to overestimate their creditworthiness or credit quality. Other research shows that people don't really know what a good number is, this happened to be more true for people with lower incomes, and within those who are less formally educated in their finances.
The First Design Approach:
We shared out the research findings, test results, and opportunities areas, as well as wireframes and mocks to our stakeholders.
The Opportunity:
Through user testing, we found out that some users did not know the term of soft credit check, which meant we needed to focus on writing the right copy, that will thoroughly educate our users while eliminating any confusion for our users. Other users didn't know what would happen or expect next if they were to enroll in this soft credit experience.
Insights from the user test:
- Users understood that the credit score displayed at the end of the flow was sufficient and nothing shown was confusing
- The majority of users found the process straightforward and the information easy to understand
- Most users stated that having this feature would not influence their decision on a mortgage provider as this is a service that can be obtained. However, 40% of the participants voiced out that this would be a benefit since their largest loan is a home.
- A few users did not understand the term soft credit check other users have expressed that an additional piece of information on "tips and tricks" of how to improve their score would be even more beneficial to them
Takeaways:
Copy on entry point/null state card needs to be concise and transparent that will foreshadow what the user will and where they will land on.
Change visuals on the credit score meter by designing a precise indicator on where their score lies.
Consider those who have low credit scores, rather than displaying just a score how might we help improve their score as well.
Launch date: Expected to launch on January 18, 2022.
Expectations: Expecting to start on V2 designs for the soft credit experience (which will expedite our client's pre-qualification process as well as other loans processes)
