CU*Answers, the 100% credit union-owned, data processing CUSO, recently determined the sixth month statistics for alert items posted between July 1 and December 31 of 2019. In total, CU*Answers posted 171 alert items – 83 of these were posted in Q3 and 88 were posted in Q4. Breaking these figures down month-by-month, July and August…
The VantageScore model was introduced in 2006 and developed by the three credit bureaus: Equifax, Experian, and TransUnion. It works differently than the FICO model where it uses an identical algorithm at all three of them. If each bureau had the same trade lines reported, the score would be identical from bureau to bureau. Beginning…
Cooperate core processing CUSO CU*Answers announced that $20M Hamilton, Ohio-based AllWealth Federal Credit Union recently executed a contract to change its existing core data processing platform to the CU*Answers CU*BASE® system, the CUSO’s flagship solution. AllWealth Federal Credit Union CEO Kim Eads said: “AllWealth Federal Credit Union is delighted to be working with CU*Answers for…
CU*Answers has begun development of a new reputation-based decision model. CLR Path – an acronym for “Consumer Lending on Reputation” pronounced “clear” – is a new in-house decision model that takes a look at a member’s status and relationship with the credit union to help determine a loan approval decision. With CLR Path, credit unions…
This fall CU*Answers launched a major initiative to rethink the future of teller platforms from a big-picture, strategic point of view. One project under that initiative is to create a new format for teller receipts produced by CU*BASE®. In the long term, this project will not only build a completely native solution for preparing, printing,…
Imagine being able to open a new loan with the click of a button. That is what CU*Answers has on the horizon with instant CD-secured loans through online banking. The feature works by securing unpledged certificate funds to instantly qualify for a loan in that amount. The member is presented with the loan terms in It’s…
AuditLink, the audit and compliance division of CU*Answers, has seen continued growth in their Abnormal Activity Monitoring services. The CU*BASE® Abnormal Activity Monitoring tool was developed to quickly sift through transaction activity from various origins in order to identify accounts that warrant additional research and review. Two options are offered: the first is a one-time…
The West-Michigan based cooperative CUSO, CU*Answers, published another OnDemand video to promote the online banking demonstration account(s) made available to clients using It’s Me 247 Online Banking. These practice accounts offer credit union’s a safe environment to train their newly hired employees on how to navigate through Online Banking and pairs nicely with the Show…
OpsEngine, the data center operations group that serves CU*Answers, just migrated a new process to their parallel team and the hosts of their high availability system, Site-Four located in Yankton, SD. This most recently shared processing tool is designed to purge old data as a part of regular system clean-up. This is part of an…
CU*Answers announced that $96M Sycamore, Illinois-based Illinois Community Credit Union recently executed a contract to change its existing core data processing platform to the CU*Answers CU*BASE® system, the CUSO’s flagship solution. Over 10,500 Illinois Community Credit Union members will be converted in October 2020. Illinois Community Credit Union CEO Thor Dolan said: “ICCU is excited…