What’s in your credit union members’ wallets?

first_img 24SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Has the past month in the global economy brought to mind memories of the financial crisis? Today we tend to ‘sign-post’ things in terms of the great recession. There is news in consumer credit along those lines, according to Fair Isaac Corporation (FICO): The average FICO credit score is now 695 – the highest that average has been in a decade.Credit unions have a unique mission, educating their members in addition to providing them with financial services. That would be in contrast to taking advantage of unsuspecting customers, but I digress. Credit union member education begins something like this – basic money management (or how not to be broke):Pay your bills on time.Pay down that credit card debt.Seriously, do you really need those $200.00 jeans?Everyone has heard it all at this point, but interestingly people have actually began to do these things. For one reason, it’s a lot easier now for consumers to know what is going on with their credit. The Consumer Financial Credit Bureau, for instance has been pushing banks and creditors to give credit scores away for free. American Express has recently made FICO scores available to their card holders.  Could this trend be helping consumers raise their credit scores? Maybe. continue reading »last_img