MoneyWise

Rob West

Secret Consumer Scores

January 15, 2021
00:00 0

We all know that our FICO score has a huge impact on our finances, but did you know another number could be just as important and you may not even know about it? It’s called your “Secret Consumer Score” and most of us don’t even know we have one. Today, host Rob West and Steve Moore explain this little-known measurement and the affect it can have on your money.

 

·      These consumer scores can impact other things, not just our buying decisions. Another name for this is, “Secret Surveillance Scores.”

 

·      There are several companies doing the surveilling, including Sift, Zeta Global, and Retail Equation. They compile huge amounts of data on you and from that they determine your secret consumer score, which they then sell to those who want information on your buying habits.

 

·      Sift specializes in protecting companies against fraud, and they concentrate more on transactions than people. Zeta Global rates your value as a customer, and retailers use that data to determine what services they’ll offer you and how they’ll treat you as a customer. Retail Equation tries to identify customers committing fraud. Big retailers use it to determine whether they’ll allow you to return a purchased item.

 

·      Your secret consumer score could be used to determine the offers you receive, maybe even the prices you see when shopping online. Some landlords use it to determine whether you’re likely to pay rent on time and how much you can afford in the way of future rent increases.

 

·      Make sure you shop around before making a major online purchase and be wary of ads you see while doing it, because they’re not likely to be the best deals out there.

 

·      Try using a privacy window in your browser so your shopping can’t be tracked. That way, the offers you see may not be based on your secret consumer score.

 

·      Adjust your privacy settings for your smartphone to prevent background data from being shared.

 

Here are a couple of questions we answered from our callers on today’s program:

 

·      I have $17,000 of revolving credit card debt. Should I take out a home equity loan and get it paid off? (Rob mentions ChristianCreditCounselors.org).

 

·      I want to make sure that I’m investing in the right ways, and I want to get the right financial advisor for me. What would you recommend I do? (Rob mentions InspireInvesting.com and InvestEventide.com).

 

 

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About MoneyWise

MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio programs MoneyWise and The MoneyWise Minute heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


 

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