... here we go again!
Risk-based lending: The "A, B, C's" of discrimination.
✅ From the latest SECU CEO message to members [see here]
"The SECU Board also made some changes to our tier-based pricing model *1) where loan rates are determined by a member’s credit score on auto and consumer loan products. In April of 2024, *2) the Board reduced SECU’s 5-tier model to 3 tiers, with A credit score borrowers receiving an A rate, B borrowers receiving a B rate, and C, D, and E borrowers, as well as *3) borrowers with no score, receiving a C rate. Before the introduction of tier-based pricing, *4) SECU provided “one rate for all” that was a B- to C+ rate."
*1) "We" don't really care to hear your story, you're just a number (credit score) to us! Numbers don't lie, you might!
*2) "We" made a mistake with the 5-tier model, it was overcharging members. "We" are now overcharging you less! You're welcome!
*3) Many younger members, like new teachers, haven't had time to establish credit scores ("no score"). "We" have decided to charge young members like that the worst rate ("C"). Glad to help!
*4) This is the persistent "nose grower" statement, but why argue!
😎 Please take a look at an example of what will happen,
when you elect the 4 member-nominated candidates:
✅ Your rates under the incumbents: A = 7.25% B = 8.25% C = 9.25%
✅ Your rates under "4 More in '24!": A = 7.25% B = 7.25% C = 7.25%
😎 "End the Spin"!!!
Vote "All 4 in '24"!!!
Jean Blaine - Susie Ford - Julian Hawes - Kirby Parrish
