VeraScore partners with Labor Credit Union to enhance financial health of underserved communities
SAN FRANCISCO, CA (September 18, 2024) — VeraScore, an innovative application designed to measure and manage financial health, has announced a strategic partnership with Labor Credit Union, a member-owned financial cooperative committed to serving the Washington, D.C. metropolitan region. This collaboration represents a significant milestone in addressing the financial challenges faced by the underbanked and underserved populations in the region.
VeraScore’s AI-enabled SaaS-based technology empowers lenders to more accurately evaluate the true strength of a borrower’s financial position. By promoting financial literacy and helping consumers build their financial health, VeraScore makes it easier for individuals to become more attractive to lenders, thereby opening doors to new financial opportunities.
“We are thrilled to join forces with Labor Credit Union in our mission to empower individuals with better financial tools and education,” said Geff Woodward, CEO of VeraScore. “This collaboration offers a unique opportunity to bring meaningful change to communities that have long been overlooked by traditional financial systems. With Labor Credit Union’s support, we can expand our reach and help more people take control of their financial futures.”
Labor Credit Union has made a strategic investment in VeraScore as part of this partnership, marking a significant step in their commitment to the financial well-being of their members. A 3-month paid pilot program will be launched in early Q4, allowing Labor Credit Union members to use VeraScore to gain real-time insights into their financial health. The program provides personalized recommendations to help members improve their financial standing and access better financial products and services.
“Our commitment to the financial well-being of our members goes beyond offering standard financial services,” said Thomas Domingue, President & CEO of Labor Credit Union. “We recognize the unique challenges faced by underbanked communities and believe that tools like VeraScore are essential in helping these individuals build stronger financial foundations. By investing in VeraScore and launching this pilot program, we are taking proactive steps to ensure all our members can achieve financial success. Success does not just mean having access to favorable lending terms. We believe the platform has many applications that will empower our members with information and resources to make healthier financial decisions.”
About VeraScore
VeraScore (https://www.myverascore.com/) is an innovative AI-enabled, SaaS-based application for measuring and managing financial health. The SaaS-based technology allows lenders to more accurately assess the true strength of a borrower’s financial position while promoting financial literacy for consumers and helping them to build financial health and become more attractive to lenders.
About Labor Credit Union
Labor Credit Union is a member-owned financial cooperative dedicated to providing affordable and responsible financial services to the Washington, D.C. region. With a commitment to excellence and service, Labor Credit Union offers a wide range of financial products and services designed to engage, empower, and create opportunities for its members and contribute to their financial well-being. For more information, please visit www.laborcu.org.
