An alternative to traditional FICO credit scores will soon be available to more than 2 million credit union members nationwide.
CU*Answers, a credit union service organization based in Grand Rapids, Mich., has announced a new partnership with VantageScore that will allow all of its member institutions to pull VantageScores on all members or gain additional insight into the credit history of consumers who do not have enough data for a normal FICO score.
According to a press release from CU*Answers, VantageScores have enabled as many as 35 million consumers to be given a nontraditional score before a FICO score could be returned.
VantageScore will also be integrated into the credit score vendor SavvyMoney, which provides score information to members and provides additional tools such as financial education. Scores will also be available for members to see through CU*Answers’ It’s Me 247 online banking system.
CU*Answers serves institutions representing more than 2 million credit union members with over $21.5 billion in assets.
6 December 2018
CU*Answers has partnered with VantageScore Solutions to allow credit unions to pull an alternative credit score to the traditional FICO score. Utilizing VantageScore will allow for additional insight into the credit history for those members who do not have enough data to return a valid FICO score. The VantageScore 3.0 platform has allowed between 30-35 million previously unscored consumers to be given score information before a FICO score could be returned. According to sources at TransUnion, “Borrowers that are new to credit or haven’t been using it recently could benefit from VantageScore, as it might be able to prove trustworthiness before FICO has enough data to issue a rating.” An additional feature of this credit score is the ability to display the score to members online in It’s Me 247, CU*Answers’ online banking solution.
In addition to the partnership with VantageScore, CU*Answers offers an integration with credit score vendor SavvyMoney. SavvyMonday brings VantageScore data directly to members and offers additional functionality including financial educational tools, payment and loan scenarios. Members can pull a VantageScore on demand, and track trends and changes to their scores using the It’s Me 247 online and mobile banking platforms.
About CU*Answers
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded in 1970, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 2 million members and $21.5 billion in credit union assets. For more information, visit www.cuanswers.com.