President Obama praised the $29 billion State Employees' Credit Union for providing its members with free access to their credit scores.
Obama mentioned the Raleigh, N.C.-based SECU along with JPMorgan Chase, Bank of America, USAA and Ally Financial for making free credit scores available to active borrowers during a Jan. 12 speech to the Federal Trade Commission in Washington, D.C., on his cybersecurity proposals.
"I'm pleased that more banks, credit card issuers and lenders are stepping up and equipping Americans with another weapon against identity theft, and that's access to their credit scores, free of charge," Obama said.
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He noted, "This includes JPMorgan Chase, Bank of America, USAA, State Employees' Credit Union, Ally Financial. Some of them are here today. I want to thank them for their participation. This means that a majority of American adults will have free access to their credit score, which is like an early warning system telling you that you've been hit by fraud so you can deal with it fast. And we're encouraging more companies to join this effort every day."
In a press announcement about the remarks, SECU said the credit union provides access to free credit scores to more than 800,000 of its consumer loan members.
Mark Kretzschmar, SVP of SECU loan servicing, was part of the team that led the credit union in its credit score initiative, according to SECU.
"As a member-owned cooperative that strongly advocates for its members and their financial health, SECU wholeheartedly supports President Obama's efforts to highlight the beneficial aspects of providing credit scores to consumers," SECU said.
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