Altura Credit Union has launched a new tool designed to helpmembers rebuild credit scores they saw drop dramatically during theGreat Recession.
|The $689 million credit union in Riverside, Calif., has createdthe Credit Builder Loan. Members, including those with low scores,can borrow up to $3,000 at a competitive rate, according toAltura. The borrowed funds are then placed into a sharecertificate at the credit union.
|Altura said the loan contributes to a high loan score in severalways, including an on-time payment history. Once the loan is paid off, the borrower has access to the cash,according to the credit union.
|“Altura created this loan as a way to offer people a lifelineand an opportunity to rebuild their score and move forward,” saidJennifer Binkley, chief operating officer at Altura. “We lookat a low credit score and see an opportunity to help.”
|With the tough economic conditions and job losses brought on bythe Great Recession, Altura said a disproportionate number ofpeople in the Inland Empire, where the credit union is based, wereunable to pay their bills and, as a result, their credit scoresdropped dramatically.
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