Lender*VP, a division of CUSO CU*Answers, recently announced that it has updated more than one million credit records through its soft pull credit score service for 72 participating clients since the beginning of the 2017 fiscal year starting October 2016.
The service is available to credit unions on the CU*BASE® core processing platform and provides credit unions with members’ current scores, improving the effectiveness of lending practices. With current credit scores, lending teams can more effectively target members who qualify for a better deal, and promote the correct loan rate. In addition to the benefits to acquiring new loans, keeping current with members’ credit scores helps the CUs identify members with financial challenges, allowing them to proactively help those members. The soft pull credit score service is available with the credit bureau of the CU’s choice, and is based on parameters defined by the credit union.
“Credit unions are really starting to see the value of pulling credit scores,” said Beth Barron, Lender*VP account executive. “Not only do they get a boost to their lending effectiveness, but they can also identify struggling members sooner and help get them headed back on the right path.” To get started with this process and learn how you can benefit from credit score soft pulls, visit the CU*Answers website.