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  • Learn About Credit Unions
    • Historical Timeline of Credit Unions

      As not-for-profit depository institutions, credit unions were created to serve members as credit cooperatives.

    • How is a Credit Union Different than a Bank?

      In the United States, credit unions are not-for-profit organizations that exist to serve their members rather than to maximize corporate profits.

    • How to Find a Credit Union in Your Area

      Once you select a specific credit union, you can view more details about that credit union, including contact information, branch locations, services offered, and recent financial statements.

    • How to Join a Credit Union

      Anybody can join a credit union. Each credit union serves what’s called their “field of membership” – that’s the commonality between the members.

    • How to Start a Credit Union

      If your group is eligible, NCUA's staff will assist you with preparing an application for a charter and see that your group receives guidance in getting your federal credit union started.

    • Is a Credit Union Right for Me?

      Because credit unions are not-for-profit financial institutions, their focus is serving the financial needs of their members and not making a profit.

    • Credit Union and Bank Interest Rate Comparison

      In general, credit unions offer higher savings rates, meaning that your money grows faster, and lower rates on loans, meaning that you will owe less over the lifetime of the loan.

    • Learn More About Your Credit Union

      NCUA makes financial information about credit unions available to the public through Financial Performance Reports (FPRs).

    • Low Income Credit Unions

      Credit unions provide valuable access to financial services for people underserved and unserved by traditional financial institutions.

    • Understanding Differences in Federal vs. Privately Insured Credit Unions

      Federally-chartered credit unions are regulated by the National Credit Union Administration and insured by the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of the United States government.

    • What is a Credit Union?

      A federal credit union is a cooperative financial institution chartered by the federal government and owned by individual members.

  • Protect Your Finances
    • Consumer Protection Update

      Watch the latest NCUA Consumer Protection Update video to learn about important updates and changes that may affect you as a consumer."

    • Credit Reports and Credit Scores

      It’s a good idea to monitor your credit report on a regular basis to make sure that the information is accurate. You can also verify that no one has stolen your identity to make fraudulent charges.

    • Share Insurance Coverage

      Federally insured credit unions offer a safe place for you to save your money, with deposits insured up to $250,000, per individual depositor.

    • Online Financial Safety Tips

      When performing transactions on your credit union's website, it's wise to make sure that the website is legitimate and that your deposits are federally insured.

    • Prevent Identity Theft

      If you believe that someone has stolen your identity, you should contact any credit union, bank or creditor where you have an account that you think may be the subject of identity theft.

    • Frauds and Scams

      NCUA reports on frauds and scams aimed at credit union members. In this section, we provide an overview of recent activity.

    • Scams Targeting Seniors

      America's growing senior population is vulnerable to a broad range of financial crimes. In this section, NCUA provides tips on how seniors can protect themselves from fraud.

    • Tips for Young Adults

      Credit unions offer young adults desirable, affordable financial services, as well as the advantage of personal service developed to help them grow their savings. Many credit unions offer services within schools or have student-run branches.

    • Pocket Cents

      Learn about the history of money, different currencies used around the world, the power of dividends and how to be smart about preparing for your financial future with Pocket Cents from NCUA.

    • Understand Your Privacy Rights

      Federal privacy laws give you the right to stop (opt out of) some sharing of your personal financial information. The law permits your financial companies to share certain information about you without giving you the right to opt out.

  • Financial Tools and Resources
    • Brochures and Graphics

      These brochures and graphics may be linked, downloaded, or printed.

    • Calendar of Events

      View a listing of upcoming events, designations, and opportunities for each month.

    • College Scorecard

      Plan your entire financial aid packages online for all of the schools that you are considering.

    • Consumer Loan Calculator

      Explore your consumer loan, including the effect of adjusting number of payments, principal and interest rate on your monthly payment.

    • Consumer Resources

      Use these references and tools to make better informed financial decisions.

    • FAQs

      Locate answers in the Knowledge Base to a wide variety of frequently asked questions.

    • Games and Activities

      Test your financial knowledge with these games and activities for all ages.

    • Glossary

      Become an educated consumer by taking the mystery out of commonly used financial terms.

    • Lesson Plans and Resources

      Educators and parents can use these plans and resources to teach youth, tweens, and teens about saving, spending, budgeting, and the value of money.

    • Mortgage Loan Calculators

      Compare monthly payments and the amount of equity you would build with several kinds of fixed and adjustable rate mortgages.

    • Personal Budgeting Worksheet

      Take a close look at your income and expenses with this helpful worksheet that can identify where you might have room to save.

    • Savings & Retirement Calculator

      Get estimates based on your actual Social Security earnings record with this calculator.

    • Share Insurance Estimator

      Are your deposits insured? Find out with NCUA’s electronic Share Insurance Estimator.

    • Videos

      View NCUA's Consumer Report and Consumer Protection Update videos on current financial hot topics.

  • Credit Unions and You
    • Dealing with Debt

      Bill payer services, or debt consolidation services, can help consumers preserve their credit scores by merging debts and establishing a workable schedule to pay down money owed to creditors through a single monthly payment.

    • Buying A Car

      It's important to know how to make a smart deal. Your credit union can discuss car loan options with you.

    • Paying off Credit Cards

      Read your statement carefully for information about how long it would take to pay off your account balance if you only pay the minimum payment. It can take years, even decades, to pay it off.

    • Home Ownership and Mortgage Options

      Once you are ready to buy a home, consult your credit union about competitive interest rates and to find out about your mortgage options, including the term of the loan and the conditions.

    • Mortgage Modifications

      NCUA encourages credit unions to work constructively with residential mortgage borrowers who may be unable to meet their contractual payment obligations.

    • Preparing for Retirement

      Between longer life expectancies and fewer employers offering traditional pension plans, it’s a good idea to take an active role in planning for retirement.

    • Saving for College

      Whether you are saving for your own education or for your children’s, it’s wise to start planning for college as soon as possible.

    • Short Term Loans

      Payday loans (a.k.a. deferred advance loans, cash advance loans, check advance loans, post-dated check loans, or deferred deposit check loans) are loans borrowers promise to repay from their next paycheck or salary deposit.

Pocket Cents
  • Youth

    Have you ever thought about why money is worth anything? It's just paper and ink, or a small piece of stamped metal. To do a lot of things we need to use money. Money can give you choices and independence. Have you ever thought about how you could earn your own money? Or, how much money you should you save? The way you manage your money could determine if are able to buy food, a movie ticket, a pair of jeans, just about everything. Learn about the history of money, why we use it, how to save it, and how to protect it.

  • Teens and Tweens

    You may be thinking about your first checking or savings account, your first job, or even your first car. Soon, you will have the opportunity to pursue your dreams. You could go to college, launch your career, or start a business. No matter what you decide, you will need money to make it happen. It's never too early to learn smart financial habits. Whether saving a portion of a weekly allowance or understanding the deductions on the pay stub from a first job, good money management skills can last a lifetime. In this section, you will not only learn how to prepare financially for life after high school, but also how to avoid scams and common money mistakes.

  • Young Adults

    Are you prepared to make wise and informed financial decisions? Do you know how to recognize predatory credit offers? Can you balance a checkbook? Do you have a savings plan? Smart financial choices you make today could help you can achieve that new car purchase, or sail through an apartment lease or mortgage application. However, money mistakes when you're just starting out can leave you in debt and ruin your credit score. Learn how to live within a budget, handle credit and debt, and build a solid financial foundation for your future.

  • Parents And Educators

    How do you teach kids about money? It may be as simple as talking about your job, taking a trip to the grocery store, or opening a savings account at a credit union to deposit allowance and birthday money. The bottom line is that it’s never too early to start teaching children smart financial habits and the value of money. Educating, motivating, and empowering kids to become regular savers will enable them to keep more of the money they earn. Whether at home or in the classroom, this section will provide you with the tools and resources to teach kids how to grow into financially responsible adults. The reward could mean a life free from the anxieties of debt.

  • Seniors

    Did you know that seniors account for almost 30% of all fraud victims? Whether you are looking for information for yourself or for a loved one, in this section you will learn how to defend against these scams, as well as, find information on reverse mortgages, prepaid funerals, emergency savings, and long-term care. Additionally, you will find articles that will help with money management, post-retirement planning, and maximizing government benefits.

  • Marriage and Family

    You may have a retirement account. But, do you really know how much you should be saving? Do you budget to save, and not just when you have extra money left over in your paycheck? Have you thought about saving for college? Does your family have an emergency fund? Anyone can learn how to save money and invest in their future. In this section, you will learn how to take control of your financial future, including how to defend against fraud and scams, tips on buying a car or home, how to handle credit and debt, and information about credit reports.

  • Servicemembers

    Are you financially ready? Servicemembers and military families face unique financial challenges, whether on active duty, returning to civilian life, or living as a veteran. In recent years, servicemembers have joined the ranks of those who are considered most vulnerable to predatory lenders and identity theft. Most military families today are not saving adequately for retirement, and many do not have an emergency fund. In this section, you will learn how to protect yourself from financial vulnerabilities, as well as, how to budget, save, and handle debt and credit. Additionally, learn about free financial resources, benefits, and special protections offered by the U.S. government for servicemembers and their families.

Score. Report. History. Credit

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Credit Report Errors

Disputing Errors on Credit Reports

Under the FCRA, both the credit reporting agency and the information provider (that is, the person, company, or organization that provides information about you to a credit reporting agency) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the credit reporting agency and the information provider.

Q: How can I correct errors found in my credit report?

A: If you find errors in your credit report, you may dispute the information and request that the information be deleted or corrected.

Step One

Tell the credit reporting agency, in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request that it be removed or corrected. You may want to enclose a copy of your report with the items in question circled. Your letter may look something like the one below. Send your letter by certified mail, “return receipt requested,” so you can document what the credit reporting agency received. Keep copies of your dispute letter and enclosures.

Credit reporting agencies must investigate the items in question — usually within 30 days — unless they consider your dispute frivolous or irrelevant. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the credit reporting agency, it must investigate, review the relevant information, and report the results back to the credit reporting agency. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide credit reporting agencies so they can correct the information in your file.

When the investigation is complete, the credit reporting agency must give you the results in writing and a free copy of your report if the dispute results in a change. This free report does not count as your annual free report. If an item is changed or deleted, the credit reporting agency cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The credit reporting agency also must send you written notice that includes the name, address, and phone number of the information provider.

If you ask, the credit reporting agency must send notices of any corrections to anyone who received your report in the past six months. You can have a corrected copy of your report sent to anyone who received a copy during the past two years for employment purposes.

Step Two

Tell the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If the provider reports the item to a credit reporting agency, it must include a notice of your dispute. And if you are correct — that is, if the information is found to be inaccurate — the information provider may not report it again.

About Your Credit File

Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to credit reporting agencies: some local retailers, credit unions, travel, entertainment, and gasoline card companies are among the creditors that don't.

When negative information in your report is accurate, only the passage of time can assure its removal. A credit reporting agency can report most accurate negative information for seven years and bankruptcy information for 10 years. Information about an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. There is no time limit on reporting: information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you've applied for more than $150,000 worth of credit or life insurance. There is a standard method for calculating the seven-year reporting period. Generally, the period runs from the date that the event took place.

For more information, see How Credit Scores Affect the Price of Credit and Insurance

Sample Dispute Letter

Date

Your Name
Your Address, City, State, Zip Code
Complaint Department
Name of Company
Address
City, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. I have circled the items I dispute on the attached copy of the report I received.

This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be removed (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records and court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,
Your name

Enclosures: (List what you are enclosing.)

Q: What happens once I send in information to correct information in my credit report?

A: If you submit your dispute through a credit reporting agency or directly to the company or person that provided the incorrect information to the credit reporting agency, your dispute must be investigated, usually within thirty days. If you provide additional information during the thirty-day investigation, that investigation period may be extended an additional 15 days in some circumstances. When the investigation is completed, either the credit reporting agency or the company or person that provided the incorrect information to the credit reporting agency must give you the written results of its investigation.

If the information provider finds the disputed information is inaccurate, it must notify all three nationwide credit reporting agencies so they can correct the information in your credit report. You can get a free copy of your report if the dispute results in a change. This free report is in addition to your annual free report. If an item is changed or deleted, a credit reporting agency cannot put the disputed information back in your credit report unless the company or person that provided the incorrect information to the credit reporting agency verifies that the information is, indeed, accurate and complete.

You can request that the credit reporting agency send notices of any correction to anyone who received your report in the past six months. A corrected copy of your report can be sent to anyone who received a copy during the past two years for employment purposes.

Q: What if an investigation does not resolve my dispute?

A: If an investigation does not resolve your dispute, you can ask that a statement of the dispute be included in your future credit reports. You also can ask the credit reporting agency to provide your statement to anyone who received a copy of your report in the recent past, but you may have to pay a fee for this service.

Q: What can you do if you are dissatisfied with the resolution of your credit dispute or if the credit reporting agency does not respond?

A: You may contact the Consumer Financial Protection Bureau (CFPB) for assistance.

A consumer may contact the CFPB if, for example, you have issues with:

  • incorrect information on a credit report;
  • a consumer reporting agency's investigation;
  • the improper use of a credit report;
  • being unable to get a copy of a credit score or file; and
  • problems with credit monitoring or identify protection services.

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