REMINDER: Collins Community Credit Union will be performing a core conversion April 27 through May 1. During the conversion period you will experience service limitations as well as branch closures. All branches, including the in-store branches, will close at 5:30 p.m. on April 27 and reopen for business on Tuesday, May 1. To learn more about the core conversion, and to view frequently asked questions, click here.
Everybody talks about credit scores and how important they are, but how much do you really know about credit?
- A credit score is primarily used by lenders to assess the borrower’s risk of loan repayment.
- There are three major credit bureaus; Equifax, TransUnion and Experian.
- Under the Fair and Accurate Credit Transactions Act (the FACT Act), you can get a FREE credit report once a year from each of the three credit bureaus. Visit www.annualcreditreport.com to get started.
- freecreditreport.com is NOT a creditable website!
- Credit scores affect not only your qualifications for loans, but they can also affect your car insurance, and rental application.
- Maxing out credit cards hurts your credit score!
- About 80% of credit reports contain inaccurate information, so by checking regularly you have the opportunity to fix inaccuracies you may find.
- Pay your bills on time.