Give members these tools to stay financially vigilant as they migrate to a more remote banking environment.
The current economic state is uncertain and precarious. COVID-19 will undoubtedly have an impact on members’ lives and finances — to what extent is still somewhat unknown. This is a critical time for consumers to take the appropriate actions to monitor and safeguard their credit. Now, more than ever, your members are turning to digital channels to conduct their day-to-day banking transactions. Credit unions are well known for their dedication to the financial wellness of the communities they serve, and they must continue to evolve their digital strategy to accomplish their mission.
Here are four features credit unions should offer members to protect their credit:
1. Access to Credit Score and Credit Report
Members need to monitor their credit score and credit report just as diligently as they monitor their checking account balance. Noticing a sudden and unexpected drop in their balance is a major indicator that there could be fraudulent activity on the account. The same goes for credit. Your members should do a monthly review to ensure that all information on their credit file is accurate. They should immediately dispute any inaccuracies with the bureaus before it has a negative impact on their score.
Giving members a tool to proactively review their credit score and report will save them time in the long run. Plus, other credit score sites advertise products from the big banks and aren’t necessarily promoting your products and services. Keep members protected by offering easy access to their credit score and credit report, and away from the competition.