01/31/2013 09:22 am ET Updated Apr 02, 2013

2013 Credit and Lending Trend Predictions

Over the past few years, the state of the credit world has been tumultuous, from the enactment of the CARD Act to the recent addition of surcharge fees. So what credit and lending industry trends can consumers expect in 2013? Here are my predictions:

"Big Data" technology will proliferate to the benefit of consumers

The application of more analytics to credit data will mean more customized credit products. Consumers will increasingly be able to use this technology to pre-qualify for credit and loans with the best rates relative to their credit score. Rate shopping will also become faster and easier.

Identity theft and improved credit data analytics will prompt consumers to become increasingly conscious of personal credit data management

Consumers will demand more, and better credit data information. They will expect to know how they are being evaluated and whether the data they are being judged on is accurate. Technology tools that help them monitor their credit scores on an ongoing basis will become increasingly more valuable.

Consumers will increasingly utilize mobile devices to apply for credit and initiate credit transactions

Credit Sesame expects 50 percent of its subscribers will be interacting with the service via mobile device in 2013, up from 40 percent in 2012. This number could be as high as 70 percent by 2014. Mobile interfaces will become increasingly available for managing personal finances, and will be better designed and easier to use.

A stabilizing economy means interest rates will gradually begin to rebound in 2013

Interest rates on credit cards, consumer loans and student loans may climb (mortgage rates will take longer). Lending guidelines will gradually begin to loosen up and consumers will find that access to credit is easier to secure, but not as cheap. Having the right portfolio of credit and the ability to find the best rates using tools like will become increasingly important to preserving wealth.