How to Help Your Members Be "Credit Smart"
By Ashley LaBombard, Marketing Associate, Sharetec
October 24, 2023
As a credit union, providing your membership with resources to boost their credit health should be a priority. Here are some tools and activity ideas your credit union can use to help current and future members be “credit smart.”
Offer Online Resources
Your website probably has a page about credit cards, interest rates, card benefits, and how to apply. Some other information you may want to present on this page – or redirect users to – may include:
- How to check your credit card balances with your credit union’s home and mobile banking platform
- How members can get a free credit score through your credit union, as well as what credit score ranges are
- Information on the minimum payment for cards
- What personal information they will need to have on hand when applying for a card
Ensure this page is up-to-date and provides as much helpful information as possible.
Also, include a "Contact Us" link so your members can reach out with any questions. If you have enough money, an AI chatbot can always help your members without hiring more staff. You can pre-program questions and answers to help your members understand credit and the application process.
Your blog is a great place to answer the question, “What is credit?” Here are some trending blog topic ideas that will help boost your members’ credit knowledge:
- Paying off student loans
- Getting the right car loan
- How to apply for a HELOC
- Steps to paying off debt
- The importance of making timely monthly payments
Be sure to check with your compliance department on what you can and cannot share. You’ll want to focus more on credit cards and how to use them rather than improving scores, as credit unions aren’t technically credit advisors.
Provide Youth Financial Education Activities
Some credit unions offer in-person financial education for young people, whether it’s going to local elementary schools to discuss the importance of saving money or visiting high schools to ensure students know how to write a check and budget for adult life. It’s never too early for kids to learn about financial literacy. Here are some activity ideas for each age group:
- Elementary School
- Set up an annual meeting with elementary school math classes where you discuss when to start saving, the importance of setting financial goals, how to open a youth savings account, and other basic financial literacy topics.
- High School
- Create a hands-on program that shows graduating teens the importance of budgeting, saving money, paying their bills, using credit cards properly, and having a good credit score.
Give Your Members Control Over Their Credit
As a Sharetec partner, your credit union has access to several amazing integrations that benefit your membership. The best way to help your members be “credit smart” is by offering them access to their scores, reports, personalized money-saving offers, and financial education tips.
Connect with Sharetec to learn more.
Sharetec is a cutting-edge technology company providing the latest in core processing software. Sharetec’s robust, yet easy-to-use, web-based core includes everything needed to run credit union operations and create an effective digital experience for members.