The high cost of poor credit

Empower members' financial lives

Bad credit is an expensive burden that can cost credit union members much more than a low FICO® Score.  Bad credit doesn’t just affect members’ loans; it actually branches out to many other areas.  

Having bad credit can make it next to impossible to attain a new car, an apartment, a personal loan or even a home.  Even something as simple as getting a new credit card could be out of the question for a member with a negative credit history.  These tangible effects don’t even account for the emotional stress a member is likely to endure when dealing with these issues.

Bad credit also means members pay higher interest rates when they borrow. It can impact other expenses, like car insurance.  Insurers have figured out that people who wreck their credit are also more likely to wreck their cars.  Finally, it can hurt members’ ability to find work.  Many employers believe that those who aren’t responsible with their own money might not be responsible with the boss’s money either.

Managing and understanding credit scores is more than just managing money.  It allows members to understand their values, visions and goals, eventually making decisions that enable them to live fully satisfying lives.  It’s the moment that members realize taking control of their credit scores is so much more than just financial that is the difference maker.  Ser Tech has worked with over 3,000 credit unions to help their members for over two decades.  

We recommend credit unions empower members to recognize their credit health is more than just a score.  This provides tremendous opportunities for both the credit union and its members.  We believe there is a real need for products and services that can assist the credit union and its members in improving their credit awareness, education, credit score and ultimately their financial acuity.   Because of this, our company created Flitter™.

Educate members while increasing an enhanced experience with Flitter, which gives your members not those other education scores, but the real, authentic FICO® Score – the score that truly determines what loans and loan terms they qualify for.  Each Flitter report provides the member’s FICO® Score and the key factors affecting it, plus a thorough explanation.

Our recommendation is that credit unions provide readily and easily accessible score-focused education online, where members can learn about credit and what their individual reports mean.  Through enhanced personal and customized information, credit unions can learn more about their members and their credit concerns.

With Flitter, we’ve taken what we’ve learned and developed a unique approach that will help credit unions help their members build and grow their wealth, creating a comprehensive program that covers every aspect of their financial lives.  

Bottom line, credit unions should take the time to know members as individuals while partnering with them to create a plan to help them achieve financial peace.  By listening more and talking less, it will help members find their own answers and peace of mind.  By inviting members to talk honestly about their credit scores, you’ll be able to connect with them, learn more about their financial concerns and help them become even more empowered in managing their financial futures.

Shana Richardson

Shana Richardson

Shana Richardson began her career in financial technology with the Texas Credit Union League. Here, she managed the turnkey, pre-screen Auto Loan Recapture™ program, and later assumed broader responsibilities as ... Web: www.sertech.com Details

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