Help for the Credit Impaired Equals Growth for Your Credit Union
by. Brian Scott
Several hot markets continue to make headlines, keeping them top-of-mind for financial institution marketers looking for innovative growth strategies. There is one market, however, that has a tendency to be overlooked – the credit impaired.
Like most market segments, the credit impaired is composed of customers of various types of backgrounds and situations. Yet they have one thing in common: a damaged credit history likely triggered by a major event, such as the loss of a job or a financially devastating health crisis.
Consider these qualities of the credit impaired as you work to meet your FI’s growth objectives:
- Members of the credit-impaired market are shopping for real solutions, making them a receptive audience.
- Individuals are not the only ones with troubled credit. Small businesses can lose their creditworthiness during tough economic times.
- With help and a plan, customers whose A-grade paper once made them extremely attractive can employ buckle-down strategies to get themselves back on track.
What You Can Do
Repairing creditworthiness can require drastic changes, yet these customers may not understand what those changes are. Your FI can not only offer guidance, but can also develop new products and services to support that guidance. What core values of your FI can transform traditional products and services into innovative credit-rebuilding solutions?
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