ConsumerCents® Financial Empowerment Program

Are you turning away potentially valuable prospects due to past or current credit problems?
Do your members know where to turn for help when dealing with financial difficulties?
Are too many of your members falling behind with their loans and credit card payments?
Are you closing too many accounts due to financial mismanagement?

AAA Fair Credit Foundation (FCF) is instrumental in helping credit unions reduce loan losses, prevent consumer bankruptcies and foreclosures, enhance member retention and be proactive by reaching out to those dealing with financial crisis or headed for trouble.

Through FCF's innovative ConsumerCents program, we offer credit unions the opportunity to provide its members various value-added resources.

Linking members to help before they lose hope is crucial. Credit Unions will benefit by knowing their members dealing with financial difficulties will receive professional financial counseling and advice from an accredited agency they can trust. With proper counseling and support methods, so called “at-risk” members will become strong, credit-worthy members. The losses you may be incurring due to delinquencies and overextension of credit will be reduced and funds can be redirected back into your profit stream. This results in lower interest rates, and better qualified members.

Services
FCF offers the following programs and services as part of the ConsumerCents program:

Personal Credit & Debt Counseling
Our Certified Personal Finance Counselors will assess your members current financial situation to determine the most effective financial strategies to address current problems and meet future goals. We'll also help develop a customized action plan to avoid financial pitfalls  

Debt Management Program
Our Debt Management Plan (DMP) provides a systematic way for your members unable to meet their financial obligations to pay down outstanding unsecured debt. We'll work with your members to design a manageable, tailored plan that will minimize monthly payments, interest and related fees--and eliminate stressful collection calls. Once enrolled in a DMP, your members make a single convenient monthly deposit that is disbursed equitably to their creditors. As an agency partner, your members receive reduced program administration service fees.  

Housing Counseling
FCF is certified by the U.S. Department of Housing and Urban Development (HUD) as a housing counseling agency. Our HUD-trained and certified housing counselors provide expertise to help your members through a variety of issues and concerns--including pre-purchase, mortgage default, rent delinquency, post occupancy and declined loan application.  

Reverse Mortgage Counseling
We provide reverse mortgage counseling, when appropriate, to your members over the age of 62.  

Homebuyer Workshops
We offer HUD-approved "First-Time Home Buyer" workshops, a step-by-step guide to buying a home that helps assess your members financial readiness. Participants receive a certificate of completion, which is required for most down payment assistance programs.

Educational Workshops
We offers a variety of financial education programs and workshops designed to motivate your members to take control of their finances. Your partnership with FCF includes educational programs for your members and your staff. These presentations can be conveniently conducted at your credit union location(s). In collaboration with our partners, the FCF Education Department can also customize presentations to meet members’ needs  

Online Tools
Credit Union members can explore various online tools and resources to manage their personal finances with confidence. 

No-Cost Member Benefit
Our programs and services are designed to improve the overall financial situation and stability of your members without adding any additional financial burden. Counseling and financial education programs are provided without cost to you or your members and can be provided via telephone, in-person or online.

Staff Productivity
Providing a reputable resource for the resolution of your members’ financial difficulties can help improve your staff productivity. Explaining the intricacies of credit reports, credit scoring, and personal financial management principles distracts employees from their regular income generating responsibilities. Your staff could refer many of these time-consuming issues to FCF, freeing their time to make loans, collect on delinquent accounts and cross-sell products and services.

Long-Term Member Loyalty
Your members will receive unbiased information and assistance from independently certified financial education counselors. By offering programs and services like ours, your members will recognize the value and you will be demonstrating to your members that members needs come first. When your member is ready to take the next steps necessary towards reaching their financial goals, FCF refers them back to your credit union for the product or service they wish to obtain.

Enhance Your Image
Members in need demonstrate or exhibit certain financial hardship characteristics such as:

• May be delinquent or behind on loans or other bills
• Member has made past-due payment promises they were unable to satisfy
• Were denied credit/loan
• Consistent late payments

Please call (801) 656-1600 to discuss how AAA Fair Credit Foundation can partner with you.