SEATTLE–More than 45,000 members of BECU have had their loan interest rates lowered thanks to efforts to improve their credit scores and make timely payments. As a result, the lowered rates will mean savings of more than $3.6 million for those members.
Over the past 13 years, the credit union’s loan reprice program has saved its members more than $14.7 million.
BECU said its reprice program is designed to reward members who have shown responsible use of credit. The credit union evaluates the credit score and payment history of each member with a credit card, line of credit, personal loan, auto, boat or RV loan, lowering rates for those who have made sufficient credit score improvements. When a member’s credit score has improved, BECU lowers their rate. 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’,” said Scott Strand, SVP-lending and wealth management. “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. 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 2018’s annual reprice program, BECU said it 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.
Saying it is committed to continued financial education, BECU noted it shares advice and information on credit scores and money management through articles and webinars on www.BECU.org. The credit union furthers 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.