Pioneer FCU’s credit score analysis focuses on raising credit scores, lowering monthly payments, and eliminating high-interest debt.
The credit union has completed more than 5,000 analyses in two-and-a-half year, gained 20,000 new members, and made $84 million in direct auto loans.
Pioneer Federal Credit Union ($442.6M, Mountain Home, ID) is adding members and loans alike by analyzing credit scores and inviting new members to join the cooperative.
The Idaho credit union began its Credit Score Analysis program in January 2015. Since then, it has completed more than 5,000 credit reviews and has helped even more members than that boost their scores through refinancing and financial checkups.
CU QUICK FACTS
HQ: Mountain Home, ID
Data as of 09.30.17
12-MO SHARE GROWTH: -3.3%
12-MO LOAN GROWTH: 1.8%
Pioneer offers credit score analysis to members and non-members alike in its 14 branches, on the credit union’s website, over the phone, or through email or chat.
“This is an ongoing program that we offer to all our members and anyone in the community,” says Elizabeth Thomas, Pioneer’s vice president of marketing and development.
The credit union focuses on raising credit scores — members with a score of 720 or higher qualify for the 720 Club, which ensures the best loan rates Pioneer has to offer — lowering monthly payments, and eliminating high-interest credit card debt. The result: These programs have helped Pioneer add 19,598 new members from January 2015 through August 2017 and make 4,883 direct auto loans totaling $83.9 million.
Elizabeth Thomas, VP of Marketing and Development, Pioneer FCU
“We didn’t set specific goals for the CSA program and 720 Club because we didn’t know what to expect,” says Pioneer president and CEO Curt Perry. “Anecdotally, though, we’ve realized much deeper relationships between our members and employees.”
The deeper relationships result from helping borrowers get out of high-interest loans whenever possible and financial checkups that keep members on the right path, especially when times are tough.
“The best time to strengthen partnerships with our members and community is in their time of need, not just when they’re at the height of success,” says marketing VP Thomas.
Curt Perry, President/CEO, Pioneer FCU
Those times of need include during deaths, divorces, or mounting medical bills.
“If we can help them during some of the most difficult experiences of their life, we’ve created great levels of loyalty with them,” CEO Perry says.
Pioneer markets its CSA program through television, radio, web, and print as well as during special events. The Gem State credit union has found personal connections have proven particularly powerful.