A person’s credit score is an essential piece of their financial well being. However, 3 out of 10 adults in the United States reported they do not know what their credit score is.
As a part of the credit union philosophy, “people helping people” it is vital to educate your members and give them the tools they need for financial success. Whether they are preparing for significant life events such as a buying a home or even taking out a personal loan, it is important to educate them on not only knowing what their credit score is but also strategies to increase their score if needed.
Knowing Your Score
Your credit score is a number assigned to represent your creditworthiness.
Three credit bureaus, Equifax, Experian, and TransUnion, analyze things like payments made on time, the number of accounts you have delinquent loans and more. Then a number between 300-850 is assigned to you. A credit score of 700 or higher is usually considered good.
How Can I Raise My Score?
If you have checked your credit score and found you have room for improvement, there are several ways to increase your score. Apart from paying your bills on time, you might want to consider paying off debt or managing your revolving credit.
Your credit score may also be lower due to a lack of credit history. One way to remedy this situation is taking out a line of credit like a credit card. As a credit union, you have the opportunity to educate your members and help improve their overall financial health.
Member Access Pacific (MAP) is also here to help your members with financial literacy by offering useful, easy-to-use products designed for credit unions. MAP’s Visa credit card offers fraud risk management services, mobile payment solutions as well as lost or stolen card reporting. Your members will feel secure using these credit cards by knowing their credit union is watching out for them. The convenience of mobile payments will also help encourage your members to make their payments on time, which will help improve their credit score.
In addition to mobile payments, MAP’s mobile app also allows users to view their account information at any time making it easier to budget and keep track of your spending.
Show your members their trusted financial institution has their best interest in mind by helping them learn the importance of their credit score and ideas on how to increase their score. Contact MAP today to learn more.