VIENNA, Va.—The $190-billion Navy Federal Credit Union has partnered with Bloom Credit to use Bloom+, a data product that helps members build credit through rent and utility payments, Mobile ID World reported.
This move comes as Navy Federal enhances its digital services following a major mobile banking disruption earlier this year.
The integration of alternative credit scoring methods represents a significant evolution in financial services authentication and verification, building on the credit union industry’s broader adoption of advanced identity technologies. The development follows similar initiatives in the sector, including CULedger’s successful pilot of MyCUID, a digital credential system designed specifically for credit unions, Mobile ID World said.
“The partnership emerges amid significant changes in the banking industry, including the $35-billion merger between Capital One Financial and Discover Financial Services, reflecting broader transformations in the financial services sector. The industry has seen a marked shift toward digital-first services and enhanced authentication methods, with major institutions implementing various forms of passwordless authentication and biometric verification systems,” Mobile ID World said.