April 16, 2021
It’s no secret that fraud has been steadily increasing over the years. With this rise, many consumers have turned to credit monitoring as a safeguard against identity theft. Credit monitoring allows consumers to identify changes made to their credit reports so they can take swift action against the potential misuse of their personal information.
With this in mind, LUSO Federal Credit Union recently launched Credit Sense, a financial education tool powered by SavvvyMoney, that allows members to take control of their finances.
“We’re always looking for ways that we can help our members pay down their debts and become more financially savvy,” said Jennifer M.G. Calheno, President and CEO of LUSO Federal Credit Union. “This free service that we offer via our online banking and mobile app will help them to not only understand their current credit health but look into ways that they can improve it.”
Key Features of the new Credit Sense service are:
- Instant credit score access and improvement tips
- Recommendations for pre-qualified loans
- Credit report monitoring and alerts on credit changes
- Ability to dispute credit report items, if needed
- Tips on strengthening credit
A 2017 survey by Fiserve, Inc., a leading global provider of financial technology solutions, showed 64 percent of U.S. consumers think it’s important to know their credit scores. While 39 percent said they already know their score, 48 percent said they know only the general range of their score and 13 percent indicated they have no clue what their score is, including 33 percent of millennials age 18 to 24.
“These figures give us insight into the pain points of the populations that we serve and allow us to appropriately plan products and services to help them increase their financial health,” said Calheno. “Additionally, services like Credit Sense give LUSO the opportunity to increase engagement with our members via our online and mobile banking platforms, providing them with both educational resources and actionable steps to take control of their finances.”
Credit Sense offers instant access to members’ credit scores, credit reports, credit monitoring and money-saving tips, all at no-cost. Each time a member logs into online or mobile banking, they can view and monitor their credit score based on a soft pull of their credit, which will not penalize them for review.
LUSO is a not-for-profit, member-owned financial cooperative dedicated t providing members with quality financial services and products. We pride ourselves on serving the financial needs of our members and helping them save for the special occasions in life. LUSO Federal Credit Union is federally insured by the NCUA and is an Equal Housing Lender.