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 El Futuro CU has been certified as an Acceptance Agent by the IRS. Read More This year will mark our 40 th year in serving the community.
We are looking for volunteers who might be willing to participate on a celebration committee.Read More |
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El Futuro Credit Union has developed its own scoring model as a tool in the decision-making process. The model also includes objective criteria that can be used in place of the score when there is no FICO score to assure that low income residents can also benefit from the better rates. This model will help to determine the level of lending authority required to approve a loan and will establish what rate to charge if the loan is approved. Deviation from this policy requires approval by the Credit Manager.
It is the policy and practice of El Futuro Credit Union not to discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract) receipt of public assistance, or immigration status, or the exercise in good faith of any right under the Consumer Protection Act. Therefore, we will use the benchmarks set by a survey of local credit unions as the basis for determining risk scores to use in determine pricing.
The following tables show the grade of paper and the corresponding score:
Pricing
Management will set and adjust the rate structure according to risk. Loans will be reviewed periodically to determine how closely the actual score distribution matches the projected distribution. Losses according to score will be tracked to help determine pricing.
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