FROM : THE WASHINGTON POST - 3/17/2023
Advice by 
Michelle Singletary
Consumers rip into credit bureaus as complaints climb again
Grievances against TransUnion, Equifax and Experian dominated Consumer Financial Protection Bureau complaints in 2022 TransUnion, Equifax and Experian did it again.
The three major credit bureaus topped the list of complaints submitted to the Consumer Financial Protection Bureau in 2022, amassing nearly twice as many as the year before. Though, to be fair, they also did a better job responding to those grievances.
Consumers reached out to the CFPB for help with errors in their files as well as problems with investigations of their complaints. All told, there were 604,221 complaints tied to the credit bureaus, compared with 307,548 in 2021, according to a report released this month by the U.S. PIRG Education Fund, a nonpartisan consumer advocacy group. That’s more than any other category of financial firms.
Issues with your credit history aren’t just a paper headache. They can result in lower credit scores, which in turn can affect the cost of a loan and other financial issues.
To: SECU Board of Directors
Dear Chairman Ayers,
Getting to seem that everybody but you and the SECU Board understands the
problem with credit scores. The credit bureaus have told you that
credit scores cannot predict individual member defaults - period. Yet, you persist in using this imperfect, highly discriminatory measure as an excuse for overcharging 50+ % of the membership on loans.
Why is it again, that you choose to believe a credit bureau score and not believe the honest, trustworthy members, who may have experienced an unexpected, real life problem? And, with the dismissal of the Member Loan Review Committees, you now refuse to even listen to your fellow members!
And, why do SECU members have to spend their time correcting someone else's reporting error on their credit report; while you and the SECU Board pull a "Pontius Pilate"...?
... you, Mr. Ayers, can try and "wash your hands" of the responsibility for this debacle, but no one thinks your hands are clean.
This decision by Hayes and BOD is unconscionable! Don't tell me you all have forgotten about COVID this soon...How many of SECU members lost their jobs, and had to take lesser jobs, or were told by lenders and SECU pay what you can and so on and so on in our woke culture. Lives were changed...credit scores were changed...and now you want to penalize us again. Great move by an organization that's motto is People helping People. One reminder for you all...SECU is owned by US, it's Members and ..North Carolina is bigger than Raleigh.
ReplyDeletePlease don't be mislead...this is not a BOD or an Exec Team decision...this decision RBL and all the other bad decisions...took both. Think Specializing, some employees sitting with nothing to do while others can't keep up with their workload...not allowed to answer a ringing phone or worse phones cut off so they won't ring? Years of training & knowledge wasted..cause that's not your job. Who loses?SECU Member Owners. What does it take, not alot of knowledge, just common sense. Is there not anyone on the Exec Team willing to say this is not working! I remember a leader who was once called "the credit union's Moral Compass."
ReplyDeleteI think his name was Bobby...he sure has been missed...no one out there willing to follow his lead and admit this NEW direction is not working and get us back on track?
Word on the street is that very early on at least one legacy executive did attempt to ensure that SECU’s moral compass was maintained. That legacy employee is now no longer a part of executive management. If your opinion differs, you get pushed out or down.
DeleteFor sure! Look at all the previous senior management and EVPs that have taken an "early retirement" or were moved to a lesser role. If you don't agree with Jim you better have that resume ready!
DeleteOn a Positive note, think of the many active SECU employees with at least 10 yrs of service - some nearing 40 years of service, maybe in the range of 4000 employees. We already drank that SECU Kool Aid with our Previous Administrations, you know the Ones we could always place our Faith and Trust in and They Always delivered the Best for our Members and Us. The ones who showed us we could grow our credit union services and products by the simple, 0 Cost Method of "Word Of Mouth".
DeleteNo Marketing Department, Costly Ads needed. There is strength in numbers when it comes to Word of Mouth campaigns.
^Very true. Speaking of word of mouth, spread this blog among trusted colleagues at the managers meeting next week... I'll be there!
DeleteSECU staff can't save the CU alone though. There needs to be a true grassroots movement of passionate members and dedicated staff working together!
The damage is done.
ReplyDeleteWe were a proud, hardworking, humble and loyal organization. We were different than all the other “banks”. We had swagger because we knew we were the best. It was hard work, but it was worth it.
The loyalty we had was deserved, it was a true belief in the members, the organization and belief in the system.
That loyalty and those plans were erased with two moves. New CEO, new CIO. New CEO who claims to have a technical prowess and a new CIO who hates legacy employees almost as much as he loves himself. I've never seen a "leader" create a Hunger Games situation, pitting employees against each other, until now.
After COVID and the datacenter projects we were poised to finally work on Core replacements.
Remember, legacy employees didn’t know what we were talking about. New execs shouted that it would take 18 months to replace the core. Here we are 18 months later and not only it is not replaced, but the vendor has not even been chosen. Essentially, they are now 18 months behind where we would have been, all while chasing off the hard working, loyal and knowledgeable employees who had the expertise, experience and knowhow to keep the legacy systems running while the new core is established.
The next 12 months will be even worse. The new “leaders” will make it even more miserable on Legacy employees than the last 18 months in an effort to run off even more of them. They continue to say “no layoffs”, they won’t need to layoff. Look around at how many have left. Do you really think that the Cornerstone “efficiency study” is about raising salaries? Consider the order it took place – they took away our responsibilities, then did the study. It will show that they can do the same job with half the people. It will be wrong, but they will use it.
SECU is only a handful of critical employees away from having massive system issues with no way to resolve them. They don’t care because they will continue to blame the “old guys”, they will use it to prove they were right.
The days of 25 year employees are gone, but those who make it through to the other side should be O for a couple of years while they work to make us just like every other institution. What will be the advantage to the members once we’re just like all the rest?
They haven’t won yet. I have enough grit to run the Interlopers off. As more members learn about the take over by the elite Interlopers (It was a 6-5 vote to hire Hayes!!) there will be more and more opposition to this out of touch do what everyone else is doing board. They really don’t know how to think. They’re the folks that follow all the fads. Please don’t lose heart
DeleteHayes and the BOD can be defeated. It’s already not looking good for them.
DeleteNew employee here! Been here for roughly 6-7 months and I can tell you that I and another new employee at the location I’m at do not like what is going on. I don’t think the popularity for Jim hayes will grow but only shrink.
DeleteIt is very disappointing when there is NO rationale of someones low score. No rhyme or reason why it is so low. And the member gets penalized with a higher interest rate now. Sad.
ReplyDeleteAs an employee, we have those quarterly tests and there's the one focuses on being transparent and fair to our membership. (Isn't it called UDAAP?) Ironically, I'm feeling like we are participating in unfair and deceptive practices now with RBL and within many other areas of our new way of "running things". Anyone else?
ReplyDeleteAgreed! How many times have you seen a previous Chp 7 Bankruptcy on a report, member walked out on thousands in credit card debt, repossessions and still showing a score in the 600 & 700's? And then you have an application for a member who has been thrifty (credit union way)all their life, don't belief in credit card debt and paid off their mortgage years earlier reflect a much lower score? Can't believe your eyes and look at the scoring factors at the bottom which tell you 0 revolving credit and no mortgage history. But now, be sure to remember what our CEO said and keeps repeating, SECU has been using RBL/TBP for years. Can someone in Raleigh tell Gym we North Carolinians are much more intelligent than he thinks.
DeletePersonally, I use to think Gym Haze was a very intelligent manipulative CEO, but he isn’t. He is actually a VERY DUMB CEO. He keeps tripping over his own feet landing into more mud. Not doing these moves that are intentionally bad for the credit union, but more of so not in an intelligent evil smart way. He is struggling with a takeover so badly right now…I just don’t see Gym Haze being here another 2-3 years. He will be gone. I know some feel doubtful, but good grief it’s been a 1 1/2 years and this man is already got the N State Employees Association after him and none of his staff like him at all. The membership is starting to wake up and complain. It’s only a matter of time. Keep applying the pressure!
ReplyDelete