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LEVERAGE signs Office Depot deal with Va. league

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BIRMINGHAM, Ala. and TALLAHASSEE, Fla. (10/22/12)--LEVERAGE, the League of Southeastern Credit Unions (LSCU) Service Corp., has entered into an agreement with the Virginia Credit Union League (VCUL) that would allow VCUL to participate in the Office Depot Business Services Division (BSD) Program.

Through collaborative purchasing power, the Office Depot program helps businesses get discounts on office supplies, machine supplies, paper, furniture, technology, custom stationery, digital printing, promotional products and break room products.

"We believe the Office Depot program offered through LEVERAGE will have cost savings for our member credit unions," said Terry Childress, VCUL executive vice president. "The program seems to be simple and easy to implement."

Through the program's discounted pricing, credit unions can save up to 70% off Office Depot's catalog list price. More than 1,100 credit unions participate in the program nationwide.

"Every credit union needs office supplies," said Patrick La Pine, LEVERAGE president/CEO. "It makes total sense to buy those products through the Office Depot BSD Program. When you can save money on supplies you already buy, those savings trickle down to more services you can offer your membership."

Equifax launches TIP scores for auto lenders

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ATLANTA (10/22/12)--Equifax has released a tool that helps auto lenders better market to consumers by using pre-determined identifiers, which measure borrowing propensity and delinquency likelihood at any given time.

True In-Market Propensity (TIP) Scores can help lenders, including credit unions, identify consumers in the market to purchase or lease and more effectively tailor marketing campaigns with timely offers to prospects, said Equifax.

The tool assigns consumers a digitized score, with a higher number indicating a borrower's increased likelihood to open a new loan and maintain timely payments in the future. Equifax's solution provides lenders a comprehensive view of borrowers and limits financial exposure to bad debt.

The auto industry is nearing a full recovery--Equifax's National Consumer Credit Trends Report indicates auto balances through September totaled $766 billion, an increase of more than $50 billion from same time a year ago. The most recent data also reported $243 billion in lending through July--the highest amount in five years.

"The auto lending market's performance has been the strongest lending improvement to date, and is evidence of an increasing consumer confidence within this specific industry," said Michael Koukounas, Equifax's senior vice president of analytics. "This has created a necessity to provide lenders the most cost-effective way to accurately identify and then meet the demand of appropriate consumers to maintain this success."