*APR = Annual Percentage Rate.

Consumer Credit Counseling Service of Akron, Alliance and Canton:

Per a communication from Nancy Gray of the CCCS (330-399-2275)

Our counselors are seeing a lot of people who are using the telemarketing 800 numbers from television and magazines. Many times it is difficult for our certified staff to work out programs and budgets for individuals and families after they have been signed up with them. Not all credit counseling agencies are bad; however, it’s hard to sort them out. CCCS has roots in our communities and certified counselors available to see them face to face. CCCS does not have a “one size fits all” plan. Appointments are made through our central appointment number, 1-800-355-2227. CCCS is part of the NFCC, CCCS of the Midwest, accredited by the Council of Accreditation, HUD approved, a member of the Better Business Bureau and the Chamber of Commerce. Please visit our website: www.cccservices.com Nancy Gray 330-399-2275

How To Obtain a Copy of Your Credit Report

If you have been denied credit within the last 60 days, you can obtain a copy of your credit file free of charge. Send a copy of your denial letter along with the information listed below to the corresponding address listed under 3 Major Credit Bureaus. For assistance, call Equifax at 1-800-685-1111, Trans Union at 1-800-888-4213, or Experian at 1-888-397-3742.

Under a new law in 2003, all three Credit Bureaus will now give you a free Credit Bureau Report.  But, the law  doesn't require them to issue a free credit score. Most of the bureaus are charging between $5 and $7 for a credit score.  

To get your free credit report go to: 

  www.annualcreditreport.com , or call 1-877-322-8228. 

To avoid getting scam/spoof sites, please use this link or click on the "Free Credit Report" links on the Home Page and the column to the left.  Ohioans are eligible for one free credit report per year beginning March 1, 2005. 

The following information must accompany your request for a copy of your credit report, whether or not you have been denied credit:

* Full Name (and spouse's name)
* Current Address
* Previous Address (last 2 years)
* Social Security Number (and spouse's)
* Date of Birth
* Current Employment
* Telephone Number
* Signature(s)

Three Major Credit Bureaus

www.equifax.com
Equifax
P.O. Box 105873
Atlanta, GA 30348
1-800-685-1111

www.tuc.com
Trans Corp.
P.O. Box 1000
Chester, PA 19022
1-800-888-4213

www.experian.com
Experian (TRW)
P.O. Box 2104
Allen, TX 75013
1-888-397-3742

Loan Requirements

1. A completed loan application (use Web site application, or call for a mail or fax copy), with additional documents, such as Proof of Employment and Proof of Income. (Two consecutive pay stubs will suffice; or the pastor listing in the most current Conference Journal.)

2. A deposit pledge/hold of $100 for one loan, still outstanding and $50 for each additional loan. This is in addition to the Membership required deposit of $25 and all other pledges.

Eff: 7/18/06, Loans approved with RBL grades of D, E and F will require a Mandatory Savings each month of $10, $20 and $30, respectively.  In special cases, the Mandatory Savings may be $40 per month or higher. Eff: 8/19/08, Loans approved with RBL grades of D, E or F will require an "additional pledge" of $100, $200 or $300, respectively to offset the increased risk of lending.

3. Approval by a Loan Officer or the Credit Committee - usually within one day.

4. Payment of an application fee of $5 for most loans and any lien/title fees.

5. All Real Estate loans require an Origination Fee of $500 (non-refundable), as well as other R/E fees at closing.

6.  Credit Card loans may have several terms, including rates, that may vary from time-to-time, with at least 30 days notice

Risk Based Lending Rates

All loan rates listed are standard or posted rates. Your rate may vary depending on your individual credit score (the Credit Union uses the EquiFax Beacon Score). The following chart shows how the rates would change with various scores:

Standard Loans  - 4/21/2009
Grade    Score .......... Change to Rate
   A       800 & up ..........(-) 1.00 points
   B       750 - 799..........(-) 0.50 points
   C       675 - 749..........Rates as posted
   D       625 - 674..........Plus  2.00 points
   E       575 - 624..........Plus  4.00 points
   F       574 & Below...... Plus  6.00 points

Eff: 7/18/06, Loans approved with RBL grades of D, E and F will require a Mandatory Savings each month of $10, $20 and $30, respectively.  In special cases, the Mandatory Savings may be $40 per month or higher.

Eff: 8/19/08, RBL Loans of "D", "E" and "F" grade require an Additional Pledge of $100, $200 and $300 , respectively, for the life of the loan.

Real Estate Loans
Effective April 21, 2009, all new Real Estate loans will have the following risk-based rates applied:

Grade      Score............. Change   

   A       800 & Up.......…..(-) 0.50 points

   B       750 - 799...........(-) 0.25 points

   C       675 - 749...........Rates as Posted 
   D       625 - 674........... Plus 1.00 points

   E       575 – 624...………..Plus 2.00 points

   F       574 & Below...…....Plus 3.00 points

 

VISA

Risk Based Lending rates will apply only to newly opened VISA accounts, effective 4/21/2009.

 

Grade     Score............. Change to 

   A       800 & Up.......…..(-) 2.00 points

   B       750 - 799...........(-) 1.00 points

   C       675 - 749...........Rates as Posted

   D       625 - 674...........Plus 1.00 points

   E       575 - 624...……….Plus 2.00 points

   F       574 & Below...…...Plus 3.00 points

 

In addition, if a VISA account is delinquent more than 60 days, the account rate will automatically change to 18.9%, and will remain at this rate for a minimum of twelve (12) months and then be subject to change at the member's request using the above RBL rates and require an updated Credit Bureau report and score. Click Here for more information about the schedule.

 

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