Based on 26 reviews, Bellco Credit Union rakes in a whopping 2.2 out of 5 stars. Now it’s my turn…
I’ve been a member since my teen years in fact, Bellco Credit Union was the first bank to offer me as a youngster a loan for my first vehicle which I made prompt payments and over time paid off.
Since then, I’ve been an outstanding member with an impeccable payment history. Additionally, I’ve had spotless credit until — Bellco Credit Union got a hold of it.
Just a few months ago I got tied up in a lot of stuff however, money was never an issue and I ended up being a little late on a CC. Sure, my fault — I’ll take the blame, I was the one who forgot so I deserved everything I got including the 70pt decrease in my score and having to pay $7,000 more in interest on a car loan I needed for my business.
The part for me that stinks and makes me regret working with Bellco is they take their membership for granted and it appears that they jump on the first chance they can to destroy someones credit — at least, that’s what it appears they do after talking to other similar credit unions who have a drastically different policies.
Speaking of policies, I asked Bellco’s North District Manger, Jared Dryer about Bellco’s policy who responded with “Bellco has the same policy as we do our due diligence prior to reporting to the Credit Bureaus as we do not like our members to be adversely affected.”
My question wasn’t answered directly. I spoke with 3 different credit unions who all have very ‘member friendly’ policies in place to protect their members credit and while Mr. Dryer said Bellco has the same policy, he didn’t specify as to what the policy was the same as.
This afternoon I emailed James Johnston, Bellco’s head of marketing with a simple question: Does Bello either directly, or indirectly benefit financially from loans who’s borrowers have lower credit scores.
A simple yes or no will suffice. As of know, I have not heard back from Mr. Johnston however I am presuming the answer would be, yes.
The battle to better one’s policy has just begun. I am planning on speaking publically about my concern with Bellco’s practices in addition to filling suite in hopes to bring added visibility to their practices and policy.
According to Mr. Dryer, Bellco has an official response as well as the details of their investigation on its way to my house. After dealing with Bellco for this many years, I can already predict what their final answer will be and it will not be one in favor of the member.