Credit Union Helps Educate Community About Credit
September 23, 2014
KALAMAZOO, Mich.� Educational Community Credit Union (ECCU) is launching a new financial literacy initiative to educate the residents of West Michigan about credit. Its new e-book, A Comprehensive Guide To Your Credit Score, is available for download at www.eccu1.org/credit-score, and free to anyone interested in learning more about credit.
"The public is barraged daily with messages about credit, ranging from free credit to no money down, or easy preapprovals," says ECCU VP/Lending Jeff DeShane. "As a financial institution, its up to us to take a responsible role to educate our members and community about the wise use of credit." The initiative is part of ECCUs ongoing commitment to financial literacy, specifically, educating the public about good credit practices.
The credit e-book shows the prominent role credit plays in everyday life. Individuals will learn what a credit score is and why its important, along with factors that impact their score. "Understanding how to build and use credit, including credit cards, cant be stressed enough," adds DeShane. "This variable alone greatly influences an individuals score for better or worse."�
Readers will also learn why its prudent to view their credit reports regularly, how to correct errors, and the steps to take to improve poor scores. "Members dont often realize the strong possibility their report contains errors," explains DeShane. He recommends individuals review their credit report at least once a year.
The credit e-book is one of many financial literacy initiatives ECCU has planned. The credit union has already launched credit seminars in area high schools for 11th and 12th graders preparing them for the future. According to DeShane, these will soon be expanded as a community-wide initiative with topics relevant for participants of all ages.
Staff is also integral to ECCUs financial education initiatives. "We encourage our loan officers to build relationships with members for current and future needs," explains DeShane.
At account opening, time is devoted teaching members how to manage a checking account or loan, and, if needed, ways to strengthen their credit score. "With our educational roots, it only makes sense we take this approach to serving our members," explains DeShane. "While we cant always approve every member for a loan, we can offer a plan to help improve their credit score so they can hopefully secure a loan in the future."
ECCU also offers affordable loan products for members with less-than-perfect credit. "These products are designed to assist members in rebuilding their credit," explains DeShane. For example, its Fresh Start auto loan program is an alternative to unscrupulous lenders who may charge members unreasonably high rates as high as 25-30 percent for an auto loan.��
"Promoting honest, open, and early communication is key especially for members who are struggling financially," continues DeShane. When a member does land in financial trouble, ECCUs Debt Solution Team offers a proactive, caring approach. "Were always willing to work with members and, more importantly, listen." The team will expand on its free credit counseling and educational resources by partnering with GreenPath Inc. later this year.
Anyone interested in downloading A Comprehensive Guide To Your Credit Score can visit www.eccu1.org/credit-score. "Were committed to helping our members and being a community resource," concludes DeShane. With seven convenient locations, ECCU is a full-service financial institution serving anyone who lives or works in a 21-county area in West Michigan. For details on credit union membership, visit www.eccu1.org.
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About ECCU
Established in 1935, ECCU has grown from serving only Kalamazoo school employees, to serving the greater educational community, to now providing a full range of financial products and services to anyone who lives, works, worships or attends school in any of our 21 Michigan counties. The credit union exceeds $424 million in assets and serves more than 37,000 members. Visit eccu1.org to learn more about membership and why ECCU just feels right, and our members feel right at home.
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