NEWPORT NEWS, Va. – Langley Federal Credit Union has launched CreditBuilder, a program designed to help members with no credit, little credit or unfavorable credit. CreditBuilder works by depositing proceeds of the loan into a savings account, which earns the standard savings rate and is held as collateral, according to the credit union. When the loan is paid off, the money is released. By making regular payments on time, credit has now been established for those with no credit score, and members with poor credit have potentially improved their rating. "By improving your credit score, you are likely to get better rates on loans and save a lot of money in the process," said LFCU President/CEO Jean Yokum. "This new product will give a number of LFCU members the opportunity to improve their credit rating." Langley FCU serves 140,000 members and has $1.1 billion in assets.