CRCH Employees Federal Credit Union

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FACTORS THAT AFFECT YOUR APPROVAL & LOAN RATE

(1) YOUR CREDIT SCORE

There is no "one" credit score.  While most, but not all, are based on the Fair Issac Company (FICO) algorithm, each credit reporting agency calculates the credit score differently, using the data in their database.  To learn more, go to http://en.wikipedia.org/wiki/Credit_score_in_the_United_States.

The Credit Union uses the Equifax Beacon credit score.

The best way to improve your credit score is to make sure that your credit report is correct, and to make all your payments on time.  To make sure that your credit report is correct, go to www.annualcreditreport.com and get your free Equifax credit report.  This website was established by the three major credit reporting agencies under a mandate from the Federal government.  All consumers are entitled to one free credit report each year from each of the credit reporting agencies.  While the credit report is free, each of the credit reporting agencies may sell you additional services.  You do not need to buy any of the additional services to get your free credit report.  There are instructions on the website to tell you what to do if there are any errors on your credit report.  After you have made any corrections, and received a clean version of your Equifax credit report, wait 4 months and request a credit report from one of the other credit reporting agencies.  Wait 4 months and repeat the proscess.  That way, over the course of the year, you will have a constant check on your credit report.

(2) YOUR INCOME

Your income is part of what determines your ability to repay the loan.

(3) YOUR DEBT

Your debt, combined with your income, helps to determine your ability to repay the loan.

Your Debt Ratio (Debt Total Income) is used as a guide in determining your ability to repay the loan.

TYPES OF LOANS: (Call 540-985-8535 or Email office@crchcreditunion.com us for current rates.  If the loan is for a car, include the year, new or used, and the number of months for the loan.)

(1) Unsecured or Personal Loans
(2) Secured Loans
(3) Short Term (Emergency) Loans
(4) Share Secured Loans

ASK US ABOUT OUR CREDIT BUILDING PROGRAM.