Best of NAFCU’s 48th Annual Conference and Solutions Expo (Video and Educational Highlights)

Credit union leaders from around the country gathered to network and discuss the most pressing issues impacting the industry during NAFCU’s 48th Annual Conference and Solutions Expo in Montreal, Canada. The conference was NAFCU’s largest event in nearly a decade.

Here’s a quick video of some highlights from this year’s conference:


During the conference, attendees heard from NAFCU management and leading industry professionals that included keynote conference speakers such as TrendHunter.com Founder and CEO Jeremy Gutsche, and MasterCard’s General Counsel and Chief Franchise Officer Tim Murphy.

Solutions Expo at the NAFCU 48th Annual ConferenceThis year’s conference included the annual Solutions Expo, spotlighting the latest technologies, applications, and resources available to help improve credit union operations.

Our Preferred Partners exhibited during the conference and shared their thought leadership, innovations, and solutions during educational sessions throughout the conference.

The complete list of sessions and available presentation slides are available on www.nafcu-annual.org. Here’s a quick listing of key topics presented during the conference to help your credit union grow, retain members, manage risks, protect members, and improve overall operations:

Topic Category Presentation Title Preferred Partner
Growth & Retention Building A Strong Payments Strategy Vantiv
Health Savings Accounts, IRAs and Millennials: A New Generation Presents New Opportunities  Ascensus
Using Credit Scores to Grow and Engage Membership VantageScore
Why Your Credit Union Should Offer Wealth Management Services to All Members Money Concepts
Risk & Security A Deep Dive Into EMV Implementation MasterCard
Cybersecurity Risk Mitigation: Protect Your Member Data Knowledge Consulting Group (KCG)
Top Ten Fraud Risks That Impact Your Financial Institution Allied Solutions
Uncovering the Faces of Fraud Q2
Using Moneyball Tactics and Risk Rating Assessment Models Wolters Kluwer Financial Services
Financial & Insurance Trends in the Retirement Plan Industry Pentegra Retirement Services

Thanks again to the 2015 Annual Conference signature sponsor MasterCard, our 5-star preferred partner sponsors Allied Solutions and Vantiv, and all of our partner sponsors, exhibitors, and speakers.

We’re looking forward to seeing you all at NAFCU’s 49th Annual Conference and Solutions Expo in Nashville (Music City) next year! Get more information, sign-up for updates on the latest conference details, and register by visiting www.nafcu-annual.org.

VantageScore’s Top Five Most Popular Questions at NAFCU’s Annual Conference

Credit Scoring with VantageScoreWritten by Jeff Richardson
Vice President, Communications and Public Relations

NAFCU members aren’t exactly known for being shy or reserved.  So you can imagine how many questions I fielded about credit scoring, both during my breakout session presentation and while chatting with conference participants in VantageScore’s networking lounge during NAFCU’s Annual Conference and Solutions Expo in Montréal, Canada last month.

Because some of the questions during the conference were particularly popular, I thought it might be helpful to compile and share the five most common questions that came my way. Here are those questions and related answers, presented in no particular order.

1. How does the VantageScore® credit scoring model help credit unions grow?

One of the key differentiators of the VantageScore® model is its ability to score more of your credit union members. Your lending portfolio will benefit from capturing the widest possible base of qualified and relevant prospects within your target demographics and risk strategy, without having to relax credit standards to attract more members.

Traditional credit scoring models limit your lending universe to a smaller percentage of qualified U.S. adults than the lending population available with the VantageScore® 3.0 model. The VantageScore® 3.0 model gives lenders, like your credit union, access to 30-35 million consumers who are invisible to traditional credit scoring models. That’s a group larger than the population of Texas!

  • VantageScore® 3.0 credit scoring modelThe model expands the lending universe by using broader and deeper credit file data and more advanced modeling techniques that capture unique consumer behaviors more accurately.
  • Nearly 25% of these newly scoreable consumers are actually prime or near-prime credit quality—excellent candidates for mainstream lending products.

A terrific infographic that provides a more detailed explanation is available on our website.

2. Why does your member’s credit score go down after he/she opens a new credit account?

One of the characteristics that contribute to the calculation of a VantageScore® credit score is opening a new credit card account. This is far less influential than the main factors that affect a score, such as missing payments or maxing out a credit card account, but it does have an impact.

A small drop in a person’s credit score is possible after opening a new credit card because that new account represents new risk of potential overextension, with no available history to demonstrate that the consumer can effectively manage the new account. Applying for a new account also likely involved a credit inquiry with one or more of the three credit reporting companies (CRCs: Equifax, Experian, or TransUnion). That inquiry is also likely to cause a slight drop in an individual’s score.

As long as your member doesn’t max out the credit card or miss any payments on the new account (or any others), the member’s score should return to its previous level in about three months.

3. Who uses the VantageScore® model?

Nearly one billion VantageScore ® credit scores were used in 2014, by over 2,000 lenders and other industry participants, including 6 of the 10 largest banks. In that same vein, credit unions should know that the National Credit Union Administration (NCUA) recognizes the VantageScore® model, and there are no regulatory hurdles for credit unions that want to take advantage of the model.

4. How can our credit union switch to VantageScore®?

The VantageScore ® model is marketed and sold exclusively through licensing arrangements with the three major CRCs (Equifax, Experian and TransUnion). Your credit union likely already has a relationship with one or more of these companies and can obtain more information about VantageScore® through your CRC representative. Get contact information for the three CRCs on our website.

5. Did I win the VantageScore® Drone Giveaway?

VantageScore's DJI Phantom 2 VISION GiveawayVantageScore’s giveaway of the DJI Phantom 2 Vision personal drone generated almost as much attention as our presentation session. Inspired by our company tagline, “A Higher Level of Confidence,” the high-flying prize was a constant object of curiosity – and longing by conference attendees.

Thanks to all who submitted a business card or had their badge scanned for a chance to win. You’re all winners in our book, but only one lucky NAFCU Annual Conference attendee could take home the drone. Congrats to credit union attendee Michael O. who is the new owner of a DJI Phantom 2 VISION!

It was a real pleasure meeting you all at the conference. And, if you want to connect with VantageScore® further, sign up for our e-newsletter The Score, and follow us on Twitter: @VantageScore®In the meantime: À l’année prochaine (Until next year)!

Download your copy of the free white paperMaximizing the Credit Universe” to get valuable insights into ways to revise current strategies to manage risk, while expanding the ‘credit accessible universe.’

VantageScore LogoVantageScore Solutions, LLC is NAFCU Services Preferred Partner for credit scoring. For more information on VantageScore’s products and services, visit www.nafcu.org/vantagescore.

Don’t Wait Until 2015! Do The Following Before The End of 2014

This article originally appeared in the December 2014 issue of VantageScore Solutions’ monthly newsletter, The Score. Subscribe here.

Guest post by John Ulzheimer, Nationally Recognized Credit Expert

John Ulzheimer

New Years resolutions are great, but before you start focusing on them, take a look at this list of personal-credit resolutions to fulfill before New Years.

Claim your free credit reports. For over a decade, everyone in this country has had the right to claim his or her credit reports once every twelve months, for free, from each of the three major credit-reporting companies (CRCs) – Equifax, Experian, and TransUnion. Nevertheless, many free credit reports go unclaimed every year. Don’t let yours for 2014 go unclaimed!

Depending on where you live you may be entitled to additional free credit reports because of your state’s law. You can claim your Federally-guaranteed reports at www.AnnualCreditReport.com and state-guaranteed reports at each national credit reporting company’s website: www.Equifax.com, www.Experian.com, and www.TransUnion.com. Remember, the CRCs have no obligation to proactively send you credit reports.  You have to actually ask for them.

Read more

“I Always Pay My Bills on Time! Why Don’t I Have a Perfect Credit Score?”

This article originally appeared in the September 2014 issue of VantageScore Solutions’ monthly newsletter, The Score. Subscribe here.

By John Ulzheimer, Nationally Recognized Credit Expert

It’s a question that comes up often in credit-scoring discussions with consumers – including some consumers who are also financial-industry pros. “I’ve never missed a payment in my life, so I have perfect credit and I should have a perfect credit score, right?”

The question seems logical enough. If you have a perfect track record of making payments on time, it seems safe to assume you’ll have a perfect credit score. What’s critical to understand, however, is that credit scoring models consider more than just your payment history when calculating your credit scores. They consider a wide range of data elements from your credit reports, all of which have proven over time to be reliable predictors of credit risk. Along with your payment history, factors such as your total debt, the age of your credit files, your credit-shopping practices, and your depth of credit all contribute to your credit scores.

When you look solely at the payment history metrics from your credit report, it’s likely that they’re only responsible for around 30 to 40 percent of the points in your credit score.  That means how you pay your bills is important, but not as important as performing well across all scoring categories. In fact, it’s entirely possible to have never missed a payment in your life and still have below average credit scores.

The formula for earning and maintaining a solid credit score is actually quite simple.

Read more

Preferred Partners to Shine at the 47th Annual Conference in Las Vegas

Join the more than 1,200 credit union leaders, experts, and solution providers gathering next week at NAFCU’s 47th Annual Conference and Solutions Expo to discuss the most pressing issues impacting the industry. A wealth of education, innovation, and networking opportunities will energize you and your team and positively impact your operations and bottom line.

Be sure to schedule an hour on Wednesday afternoon to hear John Ulzheimer’s thoughts on Credit Scoring: Separating Myth from Reality. John, a nationally recognized credit expert, always gives fascinating insights on the credit union universe. This session, presented by VantageScore Solutions, is scheduled at 1:00 pm and repeats at 2:15 pm.

Many of our Preferred Partners will also be in Las Vegas to meet you and to share their innovations and solutions at 16 educational sessions outlined below. Note that many sessions will be repeated this year so you don’t have to choose. Download a schedule at a glance with times and room locations.

It’s not too late to join your colleagues in Vegas. Register for the convention here.