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CU Members Save $20M in Interest via Credit Score Analysis Program
Wednesday, June 29, 2016 6:55 AM

FAA Credit Union has helped members save $20 million in potential interest through its Credit Score Analysis program (CSA). With this program, members receive a personal review of their credit report, including details of their score, how it's calculated, ways to improve it, and opportunities to save. Since its inception, more than 8,000 members have had a CSA with an average potential savings of $2200.

With the CFA, FAA CU members receive a written plan of action and can sometimes lower their interest rate during the meeting. This includes all types of loans such as credit card, auto, and home. The amount saved is calculated by comparing total interest paid over the life of the loan. 

Credit scores can impact auto and home loans, job opportunities, insurance rates, utilities, and relationships. The CSA program was established in 2013 in an effort to help members understand credit scores and the effects of their scores on their ability to buy and save.

FAA Credit Union President/CEO Steve Rasmussen said, "When we started this program a couple of years ago, our goal was to save members two million dollars in the first year. We quickly realized the savings potential and are proud of the impact it has made for our members and the communities we serve." 

How the CSA Program Works 

  • A trained financial service representative reviews the member's credit report and explains how it works, what contributes to the report, and problem areas within the report.
  • The CSA program provides members with a step-by-step work plan with recommendations to potentially increase or improve their score. 
  • If the member qualifies, FAA Credit Union will be able to offer lower interests rates on existing loans, saving the member money over the life of the loan.

This is just one more way FAA CU is serving the community. With headquarters in Oklahoma City and seven branches in the greater Oklahoma City area, FAA CU has been serving members for 70 years. Today, the credit union has 51,000 members in Canadian, Cleveland, Grady, Lincoln, Logan, McClain, Oklahoma, and Pottawatomie counties. Membership is open to anyone who resides, works, worships, or attends school in our eight-county service area. FAA CU has assets in excess of $580 million. Learn more at faaecu.org.