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 All
the benefits of credit insurance – with greater program
flexibility.
Always a leader in delivering the newest
products and technology to credit unions, Creditor Resources,
Inc. (CRI) now provides Debt Protection support and facilitates
administration – an exciting alternative to the highly regulated
credit insurance products most credit unions rely upon for
fee-based income.
Like credit insurance, Debt Protection
helps protect credit union members when specific events impact
their ability to repay loan obligations. It safeguards lending
institutions from costly charge-offs, delinquencies, and
collections. And it delivers an important source of fee-based
income.
Debt Protection is simple and not regulated
by the state insurance departments with respect to rates,
benefits, policy forms and licensing – resulting in a major
reduction in red tape.
Gain a competitive advantage.
Your credit union can use Debt Protection
to deliver products far beyond the conventional life and
disability coverage your members have come to expect. Debt
Protection lets your credit union reduce or discharge the
members' debt in the event of involuntary unemployment, family
medical leave of absence and other events. This delivers a
significant competitive marketing advantage by giving you the
flexibility to choose the types of coverage that make the most
sense for your member base.
Available to all federally chartered credit
unions and most state-chartered credit unions, Debt Protection
delivers a number of other benefits. The more loans that are
protected, for example, the lower the risk of loan default to
the credit union. The array of coverages offered in the Debt
Protection line also enhances member satisfaction.
If you are ready to make more money and
increase member satisfaction, it’s time to explore the smart new
alternative to credit insurance.
 Debt
Protection Made Easy for Home Equity Lending
The increased popularity of home equity lines
of credit and home equity loans has exposed the lack of affordable
credit insurance products to help members protect their loan and
their equity. With Home Equity Protect, CRI has developed a new debt
cancellation product especially suited for that need. No matter who
your credit insurance provider is, your credit union is a candidate
for Home Equity Protect.
Simple, Affordable and Valuable
Like CRI's other Debt Protection
offerings, the program is not regulated by state insurance
departments with respect to rates, benefits and policy forms, so
your credit union will not have to deal with periodic changes to
the program. Since Home Equity Protect meets an unmet need and
fees are collected monthly using an established method, there
are no administrative burdens associated with set-up. And,
because the program parameters are fixed, you can start offering
this program sooner.
After borrowing against the equity in their
homes, your members will appreciate this affordable new opportunity
to protect that loan. This product helps prevent the member's loan
from becoming a burden to their family or themselves while providing
your credit union with a new source of income and a greater number
of protected loans.
The Home Equity Protect
Package
Home Equity Protect is a package of Debt
Protection products that is available to the borrower and
co-borrower. And, member enrollment is easy – with no health
questions required.
- The joint life products
include accidental death protection for up to $100,000 in the
event of death due to accidental injury; and, critical period
life protection that may cancel the schedule monthly loan
payment for up to the lesser of the protected monthly loan
payment, 2% of the monthly loan balance or $1,000 for up to six
months.
- The joint disability
product is accident-only disability protection that may cancel
the scheduled monthly loan payment for up to the lesser of the
protected monthly loan payment, 2% of the monthly loan balance
or $1,000 for up to six months in the event of protected
accidental disability.
 Debt
Protection Made Easy for Vehicle Lending
The competitive vehicle lending program your
credit union offers is one way you bring value to your members.
Maximize the profitability of the products you offer to help protect
that investment with Vehicle Loan Protect. Vehicle Loan Protect from
Creditor Resources, Inc. (CRI) is an affordable complement for your
vehicle lending program that is easy to offer and administer.
Simple, Affordable and Valuable
As with Home Equity Protect, the program
parameters are standardized, allowing your credit union to offer
this program without a lengthy implementation. And, you can offer
Vehicle Loan Protect in conjunction with your existing credit
insurance program or independent of other programs.
Vehicle Loan Protect is available on loans
for automobiles, trucks, motorcycles, boats and powersports with an
initial amount up to $100,000 and term up to 84 months, resulting in
the opportunity to cover a greater number of vehicle loans. The
Vehicle Loan Protect program appeals to members who seek more
affordable vehicle loan protection options. This increased
participation can lead to greater income for your credit union along
with greater member satisfaction.
The Vehicle Loan Protect
Package
Vehicle Loan Protect is a package of
Debt Protection products that is available to the borrower and
co-borrower. And, member enrollment is easy – with no health
questions required.
- The joint life products
include accidental death protection for up to $100,000 in the
event of death due to accidental injury; and, critical period
life protection that may cancel the schedule monthly loan
payment for up to the lesser of the protected monthly loan
payment, 2% of the monthly loan balance or $1,000 for up to six
months.
- The joint disability
product is accident-only disability protection that may cancel
the scheduled monthly loan payment for up to the lesser of the
protected monthly loan payment, 2% of the monthly loan balance
or $1,000 for up to six months in the event of protected
accidental disability.
 The Worry Free® Advantage
Available with the
Worry Free®
Loan System, a
Web-based tool that streamlines the lending process while
facilitating administrative functions, Worry Free®
increases efficiencies to improve member service. Worry Free® quotes, printing forms and capturing borrower
data. It also simplifies the offering of GAP and auto warranty
products through a new selling approach.
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