Help Members & Your Bottom Line with LSS Financial Counseling

Minnesota credit unions can now offer members facing financial difficulties immediate access to trusted, high-quality financial counseling through MnCUN's partnership with LSS Financial Counseling. Through LSS Financial Counseling's Financial Choice, credit unions can offer their members immediate help through phone credit and housing counselors and priority scheduling through in-person appointment at eight locations throughout the state.

LSS financial counselors are certified in both credit and housing counseling and specialize in helping individuals avoid bankruptcy, foreclosure and debt settlement scams. Through LSS Financial Counseling, credit unions can offer members education on how to develop positive money management skills, guidance on reading a credit report, budget and debt counseling, debt management plans, and foreclosure prevention counseling. The customized financial wellness plans meet the unique needs of each credit union's field of membership and distinguish the credit union as a trusted financial partner.

Enhanced level of service

Many credit unions refer members to LSS Financial Counseling for help, but Financial Choice provides enhanced level of service to members and the credit union, including:

• Priority Access to Services: Financial Choice members have immediate access to "counselor-on-call” and are guaranteed a full appointment within three business days regardless of general public demand.
• Service that Focuses on Positioning Members for Financial Wellness: Each member is offered follow-up sessions (up to six per year), targeted at improving money management skills, credit scores, or capacity to increase savings.
• Seamless Access to Certified Housing Counselors: Replace the current fragmented system with full access to expert foreclosure prevention, homebuyer readiness, and reverse mortgage counseling.
• Partner Relations Specialist: An LSS employee will work with the credit union to maximize the partnership through ongoing employee trainings, sharing content for member newsletters, promoting utilization, and boosting visibility with community events.
• Financial Education Workshops: Choose from more than 20 topics which LSS educators can present to employees, members, or SEGs.

The services offered by LSS Financial Counseling help to ensure that members choose reputable help, which minimizes write-off and bankruptcy losses and fosters member loyalty. By offering financial information and resources, credit unions distinguish themselves as financial institutions dedicated to helping members meet and surpass their financial goals.

About LSS Financial Counseling

Founded in 1987, LSS Financial Counseling serves consumers through eight locations across Minnesota, as well as through nationwide phone and online counseling. They are a member of the National Foundation of Credit Counseling, along with being a HUD-approved housing counseling provider. LSS Financial Counseling maintains an A+ rating with the Better Business Bureau.

Sign up today

To learn more about LSS Financial Counseling and to sign onto Financial Choice contact MnCUN Vice President – Network Service Corporation John Ferstl by email or at (651) 288-5505.

__________________________________________________________________________________________

LSS News

January 2013

LSS provides resources for credit unions to help members manage medical bills

Many households are feeling the pinch of rising medical bills. Medical debt is becoming a common financial stressor, and large medical debts are now cited as the top "tipping point” in filing personal bankruptcy. It's not just uninsured households that struggle; rising co-pays and deductibles affect the insured, too. To assist credit unions in helping members manage medical debt that could otherwise destabilize a member's overall finances, MnCUN has partnered with LSS Financial Counseling Service to offer Financial Choice to credit unions.

This service provides budget and debt counseling in-person at eight Minnesota locations, and through nationwide phone and internet counseling, so members receive the help they need to work through the maze of insurance claims, co-pays and competing debts. The debt management plan at LSS creates payment in full to all creditors – with good credit score outcomes – by giving members encouragement and practical tools to make debt repayment achievable.

To discover how your credit union can benefit from LSS financial wellness products and services, contact MnCUN Vice President—Network Service Corporation John Ferstl by email or (651) 288-5505.

October 2012

Credit scores matter: Helping members navigate the "new normal”

Recently the media has stressed the importance of credit scores, but the average person is still lost in the land of credit. Many people cannot describe specific ways to improve their score or what are the key factors that FICO uses to score them. Almost two-thirds of adults have not obtained their credit reports in the past year – despite the fact that it's free to do so. To assist credit unions in teaching the importance of credit scores to members, MnCUN has partnered with LSS Financial Counseling Service to offer Financial Choice to credit unions.

Financial Choice provides one-to-one credit report review that teaches members how to decipher their credit reports and develop an individualized action plan to raise their credit score. The hands-on coaching and support leave members feeling more confident. LSS provides this help within a financial wellness umbrella that includes financial education workshops, money management, and in-person debt and housing counseling at eight Minnesota locations (and by phone and internet counseling nationwide).

To discover how your credit union can benefit from LSS financial wellness products and services, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or (651) 288-5505.

August 2012

LSS Financial Counseling offers a fresh approach to money management

Our brains are wired to seek pleasure and avoid pain. Unfortunately, the habits that build long-term financial well-being are often ones that require discipline or short-term sacrifice. Most people will admit that they wish they could save more, but they end up spending as much as they make. To help people master the skills of money management, LSS Financial Counseling has budget and debt counselors available to credit union members. This enhanced level of service is exclusively available to Minnesota credit unions through LSS Financial Counseling's partnership with MnCUN.

The newest trend in financial counseling is to unify saving and spending. Instead of being seen as a sacrifice, saving is made attractive. Saving is not about "not spending” – it is deferred spending. Instead of a fight with willpower, new habits are cultivated toward making goals visible and exciting.

Credit unions have a mission for financial wellness, and members can become stronger savers with the right help. Through a deluxe partnership with LSS Financial Counseling, Minnesota credit unions can access Financial Choice. Financial Choice provides members with up to six sessions per year with a LSS financial counselor who will help them craft an action plan toward their goals, which often involves making saving automatic, developing a more workable budget, and receiving encouragement and follow-up to get there. The hands-on coaching and support leave members feeling more confident. The increased savings rate also strengthens the credit union's bottom line.

To discover how your credit union can benefit from LSS Financial Counseling financial products and services, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or (651) 288-5505.

July 2012

LSS Financial Counseling helps members avoid financial regrets

For many members, the task of managing their personal finances can be daunting. In fact, a survey conducted by the National Foundation for Credit Counseling found that more than 40 percent of U.S. adults give themselves a grade of C, D or F on their knowledge of personal finance and that fewer than half of adult Americans use a budget.

Through LSS Financial Counseling Financial Choice, credit unions can offer their members expert budgeting and credit help. This enhanced service level includes immediate access to a counselor-on-call, priority scheduling and a focus on financial wellness. Members benefit from specific coaching on how to improve their credit score, avoid debt scams and regain control of their spending. In addition, credit unions benefit from decreased losses and vetted, trusted options for debt repayment and increased savings.

To discover how your credit union can benefit from LSS Financial Counseling financial wellness products and services, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or (651) 288-5505.

*The National Foundation for Credit Counseling (NFCC) Financial Literacy survey is conducted by telephone within the United States by Harris Interactive on behalf of the NFCC each March among 1,000 adults ages 18+. Results are weighted for age, sex, geographic region, and race where necessary to align them with their actual proportions in the population. The full survey is available at www.nfcc.org.

June 2012

LSS Financial Counseling helps members navigate the complexity of student loans

In 2011, total student loan debt surpassed total credit card debt for the first time. In fact, two-thirds of college seniors are graduating with an average student loan debt of more than $25,000. With Lutheran Social Services (LSS), credit unions can ensure that they have the tools and expertise to help members understand and payoff their student loans.

LSS Financial Counseling Service can offer expert coaching on all debts, including student loans. The first step is "know what you owe.” Financial counselors can help access both the federal portal and credit reports to see the big picture. It is especially important for families to understand the dangers of default, the special rules for private student loans, and which options for repayment are the best fit for their situation. The second step is "make a plan.”

One popular new option is IBR, or income-based repayment plan, which adjusts payments yearly based on income and family size. There are also options to bring loans out of default and even (more rarely) paths toward discharge or cancellation of student loan debt. The key is budget and debt counseling to make repayment plans realistic and in context.

To discover how your credit union can benefit from LSS Financial Counseling financial wellness products and services, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or (651) 288-5505.