Healthy Financial Habits Equal Lower Interest Rates for 45,000 BECU Members
SEATTLE (November 9, 2017) — Thanks to efforts to improve their credit score and make timely payments, more than 45,000 BECU members received lower interest rates last month on their BECU loans that total an estimated return of more than $3.6 million. Over the past 13 years, the credit union's loan reprice program has saved its members more than $14.7 million.
Unique for the financial services industry, BECU's reprice program is designed to reward members who have shown responsible use of credit. BECU evaluates the credit score and payment history of each member with a credit card, line of credit (LOC), personal loan, auto, boat or RV loan, lowering rates for those who have made sufficient credit score improvements*. Rates are not negatively adjusted for members whose credit scores have decreased.
“As a member-owned cooperative, one of BECU's core values is to ‘do the right thing.' If our members have taken positive steps to improve their credit score and make timely payments, we feel strongly that if we're able to, it is only right to automatically reduce their rate,” said Scott Strand, BECU senior vice president of Lending and Wealth Management. “This is just one way we can say ‘thank you' to our members, while encouraging positive financial habits.”
For members hoping to take advantage of next year's annual reprice program, BECU has made it easier for members to review their credit standing. Free access to FICO® Scores is now available to all BECU members through Online Banking. FICO® Scores are one way for members to view an evaluation of their credit health and key factors that affected their scores.
Committed to continued financial education, BECU shares advice and information on credit scores and money management through articles and webinars on www.BECU.org. The credit union also offers free one-on-one sessions with trained specialists to help members make decisions and take immediate action on savings, budgeting and debt management through its Financial Health Check program.