FARMERS BRANCH, Texas (5/12/14)--By taking the mystery out of credit scores, FAA CU, Oklahoma City, Okla., has put money back in the pockets of consumers.
The free Credit Score Analysis (CSA) program has reportedly saved Oklahoma residents more than $10 million over 18 months (Leaguer May 9). The $551 million-asset credit union thoroughly reviews a consumer's current credit score and identifies areas of improvement.
The amount saved is calculated by comparing what the consumer would have paid in interest over the life of the loan vs. the new, lower interest loan options.
In addition to the financial benefit, consumers walk away with greater knowledge about how a healthy credit score positively affects many areas of their lives such as insurance premiums, utility deposits and job opportunities. They also can use FAA CU's SeeYourScoreSoar.com website to learn more.
"FAA Credit Union is the only financial institution in central Oklahoma providing this type of service," President Steve Rasmussen told Leaguer. "We understand the importance of credit scores in today's world and we want to do everything we can to help our neighbors save money."
Following a review by specially trained FAA CU representatives, consumers receive a step-by-step plan with ways to potentially increase the credit score. Once the CSA is completed, the credit union is often able to offer lower interest rates on existing loans.
"FAA Credit Union is the only financial institution in central Oklahoma providing this type of service," says FAA CU President Steve Rasmussen. "We understand the importance of credit scores in today's world and we want to do everything we can to help our neighbors save money."
Appalachian Community FCU, Gray, Tenn., is turning its credit score analysis toward the needs of the small business owner. The Kingsport Office of Small Business Development and Entrepreneurship, the Kingsport Chamber of Commerce and Small Business Development Center ETSU--Kingsport Affiliate also will be on hand for the May 22 session.
Candy Craig, executive director of community development of the $170 million-asset credit union, said, "Many of us want to take advantage of flexibility in our spending plans by using credit. When used wisely, credit can be a great tool."
"Boost Your Credit Score in 2014" is open to anyone interested in learning the ins-and-outs of bettering their credit score, especially as it relates to small business capital.