FAIR CREDIT PRICING
Credit Union Pricing
Approving and pricing your loan based on your credit history is fair to all. It's fair to you because you've earned your interest rate based on how you handle your loan payments. It's fair to all the owners of AMFCU because rates are set based on the risk of each loan.
AMFCU uses the Fair Isaacs model for determining a person's credit rating. This model was developed using statistical credit information from over a million credit files. Points are assigned to each piece of your credit history. Your final score is somewhere between 350 and 850. The higher the score, the better the credit risk, the better the rate!
There are many ways to obtain a copy of your credit report. Our advice is to go "straight to the source". Contact www.experian.com or 1–800–311–4769, www.transunion.com or www.equifax.com. Experian will deliver a copy of your credit report to you for $8.50, for instance. Other online sources may charge more and you really don't need any more.
To find out ways to improve your credit score, please contact one of our loan specialists here at the credit union.
If your score is low due to inaccuracies on your credit report you can fight back! The Fair Credit Reporting Act requires that items be removed if they are not fully 100% accurate or cannot be verified within 30 days. Write a letter to the credit reporting agency stating what the inaccuracy is. Include your name, address, social security number and date of birth. By law, the credit reporting agency will send out a notice to the creditor explaining what you said. The creditor MUST, within 30 days, respond to the credit reporting agency. The creditor will respond one of three ways: 1) The original information is correct (they must have records to back this up, 2) The information IS incorrect – then the incorrect entry will be removed from your report, or 3) No response. If no response is received, the entry is removed from your report.
Consumer Credit Counseling Service of Los Angeles (CCCS–LA) is home to one of the nation's foremost consumer education departments providing added support to our clients and instruction to the general community. Their mission is to help people prevent and solve personal money management difficulties through professional programs of consumer credit education, confidential counseling and debt reduction plans.
They offer: Budget Counseling, Debt Management, Educational Workshops and Housing Counseling. Call 1–800–750–2227 Most of their services are FREE!