Credit Reports and Credit Management
FMFCU understands the value of our members’ good credit. That’s why we’re here to help manage your credit and provide resources to make understanding your credit easier. The three national credit reporting agencies — Equifax, Experian, and TransUnion — have permanently extended a program that lets you check your credit report at each of the agencies once a week for free. FMFCU highly recommends you take advantage of this excellent way of helping you manage your credit.
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VantageScore and Credit Reports
FMFCU understands the value of good credit. One of our valued partners is VantageScore, provided by Experian. They provide easy-to-understand credit score and credit education to help consumers improve their credit health. Get educated on credit scores and more in this section.
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Review Your Credit Report
Through the Fair and Accurate Credit Transactions (FACT) Act, each of the three national credit reporting agencies (aka credit bureaus) are required to provide a free copy of your credit report once every year, by request. Review your credit report annually to:
- Manage debt and qualify for the best rates and terms on loans and mortgages.
- Protect against identity theft by keeping aware of unauthorized changes to your credit record.
- Keep informed of credit standing and correct errors that can cause application rejections or high interest rates.
For consumer convenience, the three credit bureaus – Equifax, Experian, and TransUnion – have established one central service from which you can order a free credit report copy. There are several ways to access this service:
- Online at www.annualcreditreport.com.
- By telephone at 1-877-322-8228 (toll-free).
- Complete an Annual Credit Report Request Form (obtained online or by phone) forwarded to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281THIS NOTICE IS REQUIRED BY LAW.
Read more at FTC.GOV.
You have the right to a free credit report at AnnualCreditReport.com or 877-322-8228, the ONLY authorized source under federal law.
Here are some helpful tips to consider when ordering your free report:
- You are not obligated to accept offers for other credit services when ordering your report.
- Request that only the last four digits of your Social Security number be listed on your report for security purposes.
- Space out orders for free reports from the three different agencies as a better method for identifying potential identity theft.
- You will not get your credit score in the report.
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Loan Assistance Request
Franklin Mint Federal Credit Union offers assistance to members experiencing challenging financial circumstances, and seeks to provide solutions which help members find success making sustainably affordable loan payments.
The federal Equal Credit Opportunity Act prohibits creditors from discriminating against applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract). The federal Equal Credit Opportunity Act also prohibits creditors from discriminating against applicants if all or part of the applicant’s income derives from any public assistance program, or if the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
Your loan may be eligible for temporary assistance if it falls within all of these circumstances:
- The loan is more than a year old
- The loan is not secured by Real estate
- For unsecured loans or lines of credit, the balance is currently less than $3,500
- For vehicle loans, the balance is currently less than $11,000
If the loan meets the criteria above, please seek assistance by clicking the link below:
If your loan falls outside of the criteria above, please download the hardship application below, and provide all requested supporting documentation.
For an application to be considered “complete,” it must contain the following:
- A written request explaining the circumstances creating the inability to make the payment(s) due. Within the written request, please include your account number, name, and address.
- All of the following items are needed to support your written request:
- Proof of hardship
- Borrower(s) certification
- Budget worksheet
- First/senior Mortgage statements, if applicable
- Most recent paystub/tax return
- Supporting documents must be provided from all parties obligated to repay the loan
A completed application may be returned via email to RetentionSolutionsEmailGroup@fmfcu.org
OR
Via Postal mail at the address below:
Franklin Mint Federal Credit Union
Retention Solutions
5 Hillman Drive, Suite 100
Chadds Ford, PA 19317-9998Residential Mortgage assistance may also be available from the Federal or State Government Mortgage Assistance programs. Use the information below to explore additional options.
Federal Government Mortgage Counseling
U.S. Department of Housing and Urban Development
451 7th Street S.W., Washington, DC 20410
Telephone: (202) 708-1112 TTY: (202) 708-1455Find the address of the HUD office near you
Find a HUD-approved housing counselor
HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, and credit issues. This page allows you to select a list of agencies for each state.
Telephone: 1-800-569-4287
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Credit Counseling and Debt Management (via Clarifi)
Franklin Mint Federal Credit Union has partnered with Clarifi, formerly known as Consumer Credit Counseling Service of Delaware Valley (CCCS), a non-profit service organization dedicated to delivering professional credit education, confidential credit and housing counseling, and debt management programs.
Clarifi is a leading credit and debt management counseling agency that has helped thousands of individuals and families gain control of their finances.
Benefits include:
- Analyzing your financial picture
- Developing options for help
- Gaining control of finances
- Eliminating creditor calls
- Creating a budget
- Recovering from credit problems
Debt problems can happen to anyone:
- Overwhelming debt
- Overextension of credit
- Poor credit history
- Medical emergencies
- Divorce
- Reduction of income
Need help? Ready to take control of your finances? Clarifi has convenient meeting locations throughout the Delaware Valley. Many services are offered by telephone and through its website. For more information, visit Clarifi’s web site or call Clarifi at 215-563-5665.
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Credit Rebuilder Loan Program
FMFCU can help rebuild your credit with our Credit Rebuilder Loan Program. We’ll provide you with three small loans, and over the course of two years it will establish positive trade lines with the three credit bureaus.
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State Government Mortgage Counseling
Pennsylvania
Pennsylvania Housing Finance Agency
211 N Front St
Harrisburg, Pennsylvania 17101-1406
800.635.474New Jersey
New Jersey Housing and Mortgage Finance Agency
637 South Clinton Avenue
Trenton, NJ 08611
1-800 NJ-HOUSEDelaware
Delaware Emergency Mortgage Assistance Program (DEMAP)
18 The Green, Dover, Delaware 19901
(888) 363-8808Maryland
Maryland HOPE
100 Community Place – Crownsville, MD 21032
1-877-462-7555