CDCU Federation’s Rosenthal Discusses Credit Building Options

(February 22, 2011 – New York, NY)  For millions of Americans struggling to regain their financial footing following the loss of a job, a home foreclosure, mounting debt, or bankruptcy, rebuilding credit is essential to accessing mainstream financial services and getting back on track.  However, repairing credit is not an easy process, it takes time and diligence, but according to a recent article from the February 19 New York Times’ “Your Money” section, there are several ways for consumers to speed up the process, including reaching out to local credit unions who “may be more likely to consider alternative credit scores, offer free credit counseling or have products tailored for people with poor credit histories.”

In the article, Federation President/CEO Cliff Rosenthal, recommended that consumers “talk to a credit union,” citing credit unions’ specialized financial products aimed at helping people in need, products that include credit rebuilder loans.

“Credit unions should be the natural first stop for any consumer seeking to repair their credit,” explains Rosenthal. “The Federation’s member community development credit unions specialize in serving low- and moderate-income consumers, and many have pioneered financial products and services that help members struggling with their credit.  The [New York Times] article mentioned credit builder loans, but there are a host of other programs and products, such as financial literacy, credit counseling, alternative credit reporting and much more, that are offered by credit unions nationwide to help struggling Americans.”

“It’s gratifying to see our industry being recognized for the vital work it does day-in and day-out, but we must continue to tout the credit union difference” Rosenthal added.

A version of the article appeared in print on February 19, 2011, on page B1 of the New York edition of the New York Times.

The full article is available online at: http://www.nytimes.com/2011/02/19/your-money/19money.html?_r=2&nl=todaysheadlines&emc=tha25.

© 2011 National Federation of Community Development Credit Unions.