Greceally Marcano Diaz had spent the better part of 24 years trying to pay off her debts and dreaming of having a house of her own – to no avail. She would get approved for smaller loans, but with a low credit score and a hefty balance, a mortgage was out of the question.
“I had been trying to buy a house for years, but I was always denied,” Greceally said. “[My bank] would tell me I didn’t have the adequate credit score, or I didn’t have enough experience or that I had too much debt.”
Greceally works at Esperanza Health Center in the Kensington neighborhood in Philadelphia, which shares its space with Everence Federal Credit Union. There, she met Financial Wellness Manager Kevin Gil, who was able to guide her through paying off debt, building credit and saving.
Kevin is a Certified Credit Union Financial Counselor, having received training to guide members to sound financial decisions. He was the first Everence Federal Credit Union employee to receive the certification, in 2019.
One of the first things that made an impression on Greceally was Kevin’s willingness to work together. No bank had offered to walk alongside her to meet her goals. Kevin led Grace through counseling sessions.
“We knew we would have to take it slow and steady,” Kevin said. “But I knew that if we could start somewhere, we could start to grow.”
The credit union office in Philadelphia offers impact loan products, which helps low-income members pay off debt while building credit.
Greceally’s journey with Everence started when she inquired about a mortgage and was encouraged to first take out a $500 microloan – an amount small enough to be manageable – to onboard Greceally with Everence and to build rapport and trust with the institution. After she repaid, the credit union allowed her to borrow a slightly larger amount, later giving her a debt consolidation loan to pay off her high interest loans from other banks.
Thanks to Kevin’s advice and her commitment to paying down debt, Greceally’s credit score increased, opening the door to homeownership.
This is the kind of story Everence hopes to recreate again and again, by finding opportunities to connect members and their individual needs with the right service or product to help them reach their goals.
Greceally works at Esperanza Health Center, which shares a space with Everence Federal Credit Union in Philadelphia
CONNECTING THE RIGHT RESOURCES AND KNOWLEDGE
By offering resources for members and clients through the credit union and financial consultants, Everence has a variety of solutions to meet anyone at any financial stage.
For Emily Miller, Member Relations Manager at the Everence Federal Credit Union branch in Mount Joy, Pennsylvania, it’s important to not only have the right resources to help with members’ unique needs, but also the right training and knowledge to help them find the right service.
Emily recently received the Certified Credit Union Financial Counselor designation, and like Kevin, she has been specially trained to help members with what the credit union has to offer, and in some cases, refer them to a financial consultant.
“When having conversations with people, I know what to look for and what to ask to ensure that I understand the best way that we can help them,” she said.
While Emily has helped consolidate loans by working with members and financial planners, she has also worked with members who approach Everence with a financial surplus and who may be at a different stage in their life – and may need a different set of services.
“We have worked very closely with a handful of clients to figure out how to maximize the equity in their home or the action steps they need to take to achieve that,” she said, adding that she’s helped connect members who are planning to get into a retirement home.
She often meets clients and members who have enough to live comfortably, but don’t yet have the direction to invest or make charitable gifts.
“As the financial experts, it’s our responsibility and our duty to ensure that we are walking alongside people at any life stage,” she said. “So, when the opportunity or the availability of a retirement home comes up, not only are people prepared, but they have the action steps figured out and know how to handle the change.”
Everence Federal Credit Union is training at least one staff member in every branch to become a Certified Credit Union Financial Counselor. The goal is to have a staff member with the certification in each branch to work with members at any life stage.
A SOLID FOUNDATION
Diana Voth, Vice President of Member Engagement and Impact for EFCU, has been spearheading the financial wellness initiatives at the credit union. In addition to increasing trained staff who can identify ways to find solutions tailored for their members, Diana said Everence Federal Credit Union is in the process of creating curriculum and resources to help members no matter where they are on their financial journey.
“Our new mission statement states: Together, we empower financial wellbeing for faith-inspired living,” she said. “At Everence, we think it’s important to help our members get to a place where they can meet their financial needs and feel good about their financial future.”
The goal is to ensure anyone who walks into an Everence office has all their basic needs – in terms of financial knowledge – met in a way that allows them to achieve financial well-being. The credit union also works to provide different banking products and services for people, letting them make the choice that’s best for them.
“We want to provide our members whatever product or service they ask for, but we want to make sure what we’re offering is the most helpful thing for them as well,” Diana said. “They might not know what options they have when it comes to their finances. With the Certified Credit Union Financial Counselor designation, our staff have the knowledge to get people started on a good, solid foundation. And when they’re ready, we help them take the next step to reach their financial goals – like referring them to an Everence financial planner.”
Greceally receives the keys to her new home from Sergio Giraldo, CEO of Rehobot Real Estate
Greceally said that in working with Kevin, she was able to take a step back and learn things no one else had taught her about personal finances, like how to improve a credit score, or how to spot a predatory lender.
“When I started working with [Everence], I learned about being disciplined, punctual and responsible about my payments,” she said.
With the help of Everence, Greceally was able to consolidate $20,000 of debt, which significantly reduced her monthly payments, boosted her credit score, and provided a path to purchasing a home and car.
“It’s important to me to recognize their work; Everence is there, faithfully, to help the community.”
