Tuesday 27th Aug, 2019
Fairbanking Foundation Gives Top Award
First Rate Credit Union is delighted to be granted a 5-Star award from the Fairbanking Foundation for its loan product.
The Fairbanking Foundation evaluates products against features that are known to improve customers’ financial well-being. A key part of the certification journey includes independent member research to ensure that members recognise the improvement that product features have made to their financial health.
The Fairbanking Foundation carried out a rigorous assessment of our lending product which included research by a qualified product assessor to ensure that the product complies with the Foundation’s principles of fairness.
Members who are using our loan products were contacted earlier this year by the Ipsos Mori, independent research company and answered a series of questions about their experiences of using First Rate Credit Union loans. Your responses significantly influence the award granted and this is as much your award as it is ours.
When all of the relevant information has been gathered a report is sent to The Fairbanking Mark Assessment Panel. This is an independent body of experts that reviews all product assessments performed by the Fairbanking Foundation. An Assessment Report is submitted to the Panel which then decides whether to grant a Fairbanking Mark, and, if so, what star rating to award.
First Rate’s Operations Manager Mike Barry said “This 5-Star award is a tremendous achievement for us and rightly recognises that we are not just another lender. Our loans are valued by our members and are aimed at improving our members’ financial health and wellbeing. We will be proudly displaying our 5-Star Award so that people can have confidence that they are getting a fair product.”