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CU Says it Has Saved Consumers Millions through Complimentary Credit Score Analysis Program
Friday, May 9, 2014 6:50 AM

Through FAA CU’s unique Credit Score Analysis (CSA) program, Oklahoma residents have reportedly saved more than $10 million in an 18-month period. Credit union officials say this is accomplished through a thorough review of a consumer’s credit report, followed by a comparison of the consumer’s current interest rates to what they are eligible for with FAA CU. The amount saved is calculated by comparing what the consumer would have paid in interest over the life of the loan versus the new, lower interest loan options.

According to the credit union, the program offers more than possible lower interest rate and reduced monthly payment options. It also helps inform the consumer about their credit score. It is commonly understood that a credit score can potentially affect interest rates, but a score can also have an impact on utility deposits, insurance premiums, job opportunities and even your next date. Therefore it is critical to know your score and take steps to improve and maintain a healthy score.

The credit union explains how the CSA program works:

  • Specially trained FAA CU representatives review the consumer’s credit report while explaining how the report works, what contributes to the report and problem areas within the report;
  • Following this review, a step-by-step plan is provided to the consumer with ways to potentially increase his score;
  • At the completion of the CSA, FAA CU representatives are often times able to offer lower interest rates on existing loans, saving the consumer money over the life of the loan.

“FAA Credit Union is the only financial institution in central Oklahoma providing this type of service,” says FAA CU President Steve Rasmussen. “We understand the importance of credit scores in today’s world and we want to do everything we can to help our neighbors save money.”

In addition to providing the complimentary CSA program, FAA CU operates www.seeyourscoresoar.com, a website designed to help consumers understand their credit score, and how a higher score can save them money as well as calculators that allow them to make side by side comparisons.