Katie BaileySuncoast Credit Union, headquartered in Tampa, Florida, is taking a proactive step to help members strengthen their credit profiles by introducing Bloom+, a tool designed to report on-time rent and utility payments directly to TransUnion.
Launching in November, Suncoast Credit Union will give its 1.1 million checking account holders the ability to automatically share positive payment information for rent, telephone, gas, electric, and water bills. Once enrolled, Bloom+ can review account history and retroactively build up to two years of payment data to help members establish or improve their credit more quickly.
While Suncoast Credit Union prepares to debut a redesigned mobile app in April, members will initially access Bloom+ through a link on the credit union’s website. Suncoast Credit Union plans to roll out Bloom+ methodically, beginning with members who can benefit most from the program’s innovative approach to credit building.
The League is encouraged to see members like Suncoast Credit Union leading the way in financial inclusion and championing technology that creates greater opportunities for credit union members.
