Harvard University Employees Credit Union earns high marks and member loyalty with PSCU’s enablement of FICO® Score Open Access
ST. PETERSBURG, FL (March 8, 2016) — Harvard University Employees Credit Union of Cambridge, Mass., is the latest PSCU Owner credit union to offer FICO® Score Open Access to help its members with financial literacy and transparency. PSCU recently partnered with FICO® and the three major credit bureaus, TransUnion, Experian, and Equifax, to provide this benefit to member-owners and help credit union members better understand their financial standings. With this new benefit, cardholders have access to their FICO® Scores, as well as educational resources that help them understand the factors that affected their scores. Access to the benefit is free to cardholders and is already having an impact on member retention at Harvard University Employees Credit Union.
FICO® Score Open Access is an example of PSCU’s many offerings that are designed to help credit unions increase their value to members. Thomas Murphy, the credit union’s SVP of Consumer Lending, said, “Since launching the program in December, we have been receiving very positive feedback from our members who appreciate that we provide them with their FICO® Scores, as well as financial educational information related to their own FICO® Scores and their specific situation. Our members have told us that knowing their FICO® Scores has given them more confidence in understanding their financial health as they plan for their financial future.”
The FICO® Score Open Access program enables financial institutions to share previously purchased FICO® Scores with their members through online or printed card payment statements. “This is the highest form of transparency between a credit union and its members, and is further proof that credit unions have the best interest of their members at heart,” said Scott Wagner, EVP of Membership Development at PSCU. “The fact that scores are automatically provided to members is a plus when it comes to facilitating actionable consumer financial literacy,” Wagner continued. “There is an endless amount of goodwill and loyalty that’s generated from something as simple as providing access to FICO® Scores for free.”
The FICO® Scores reflected on member statements are the same ones used by lenders in 90 percent of risk management decisions. In the case of Harvard University Employees Credit Union, members take managing their credit very seriously; as an integral part of an elite educational institution, learning and awareness are key to member satisfaction. “The FICO® Score Open Access Program represents another example of the credit union’s investment in providing financial educational benefits for the members of the Harvard University community. It represents another way that Harvard University Employees Credit Union supports our mission to help members improve their lives and financial situation,” said Murphy.
About PSCU
PSCU/Co-op Solutions is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America. PSCU/Co-op Solutions leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visit pscu.com and coop.org.
About Harvard University Employees Credit Union
Offering a variety of quality financial services, Harvard University Employees Credit Union has been serving its members since 1939. Built on a tradition of excellent service, HUECU provides a complete line of services for all of its members’ financial needs. HUECU exclusively serves the Harvard community, including the staff, students, and alumni of Harvard University, Harvard teaching hospitals, and other affiliated organizations. See more at huecu.org.
