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…
eDOC embraces cooperative principles, supporting both the national credit union community they serve and local community where they live. Christmas is a time that should be filled with joy and merriment. However, it can sometimes become stressful when worrying about providing for your family. This year, the staff at eDOC donated several gifts to a…
Xtend’s Bookkeeping team announced record volumes in their stand-in days processed for credit unions during this holiday season. During the month of December, Xtend stood in for a total of 92 days for 27 credit unions, which is an increase from 69 days of stand-in for 25 credit unions in December 2018. Xtend’s stand-in services…
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…
Xtend, a Grand Rapids-based CUSO, recently announced the creation of two new positions for the organization: Vice President of Accounting and Vice President of Business Development. Danielle O’Connor, an eleven-year veteran of the CUSO, has been promoted to the role of VP of Accounting. O’Connor started her career at Xtend as a bookkeeper and has…
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…
The board of directors for Xtend, the Grand Rapids, Michigan-based multi-owned cooperative CUSO, has appointed Carma Peters to a two-year term as board chair. Peters is the president and CEO of Pontiac, Michigan-based Michigan Legacy Credit Union and has been serving on the Xtend Board of Directors since June 2014. The change comes after Mark…
In a letter to stockowners last week, Xtend, a Grand Rapids, MI-based CUSO with 80 credit union and CUSO owners, announced its 2019 fiscal year reached record numbers. The CUSO sets annual goals for its stockowners, stressing the importance of putting the owners first. This year, the firm announced another year of increased dividends to…