Your Credit

The approval of a loan is based in part on how you have handled credit payments in the past. A report from the credit bureau shows the type of credit you've had, whether you've repaid promptly and how well you've managed the responsibilities of credit.

There can be legitimate reasons for credit problems, such as unemployment, illness or other financial difficulties. If you had a problem that has been corrected, and your payments have been on time for a year or more, your credit may be considered satisfactory.

Credit Reports

The Federal Fair Credit Reporting Act requires every nationwide credit reporting company to provide you one free report every 12 months upon request. See AnnualCreditReport.com. Below you will find contact information for each of the three major credit reporting agencies.

TransUnion
Experian
Equifax

Tips for Solving Credit Problems:

• Accurate negative information can stay on your report for seven years. A bankruptcy can stay on your report for 10 years.
  
• If you are contesting a credit report, bill or credit denial, write to the appropriate company and send it "return receipt requested".
  
• Always include your name, account number, dollar amount in question, and the reason you believe the bill is wrong.
  
• Keep all of your original documents; send copies only with your written letter.
  

Identity Theft 911 Resource Website

NEFCU has partnered with industry expert Identity Theft 911 to provide educational resources, and Resolution Assistance for Identity Theft victims.