TALLAHASSEE, Fla. -- In an effort to educate Florida credit union members on what their credit score means and how it affects the probability of securing their next loan, the FCUL Service Group has partnered with the credit bureau Experian to offer its ScoreRight product.
According to the FCUL Service Group, with credit scores being the most important factor in determining whether or not a loan application is approved and what interest rate is securing, the new service can be a strategic tool to increase loan volume for credit unions.
ScoreRight is a credit score illustration tool that assists credit unions in educating their members on how their financial decisions may impact their credit score. Providing customer-specific illustrations regarding how financial decisions may influence credit scores can lead to more loyal and profitable relationships said FCUL Service Group Chief Operating Officer Marvin M. Garland. He added that it can in turn result in improved loan-closing efficiency, reduced rate shopping, increase the potential for repeat business, strengthen member relationships, and attract new membership.
