Refinance Through RECU and Save Money!

“I lowered my interest rate by over 12 percentage points by refinancing my auto loan through the credit union. I am now saving over $185.00 per month on my car payments!”

- Tara Cannon, member since 05/2005

You’ve heard it from us and that “guy” on AM radio; refinancing through the credit union can really save you money on your monthly car payments. By lowering your interest rate just a few percentage points we can help you potentially save thousands of dollars over the life of your car loan. Call 770.913.5300 and ask for the loan department to learn more.

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Spring Clean Your Credit

This article is part one of a series on creating, maintaining and protecting spotless credit.

Spring is a great time to organize closets and clean out the attic. It is also a great time to
take a look at your credit report. Whether or not you will be approved for a loan and how much you pay for the financing will be determined by what is in your credit report.

Free Credit Reports
The law allows a consumer to order one free copy from each of the nationwide consumer reporting companies every 12 months. If you are a Georgia resident, you are allowed an additional two free copies from each reporting agency per year. You can order your free report from the official website by visiting www.annualcreditreport.com or calling (877) 322-8228. Reports may be ordered from each of the three nationwide consumer reporting companies at the same time, or from only one or two. Other sites offering “free” reports are most likely trying to sell you credit monitoring services. Be forewarned that ordering your report online requires you to answer very detailed questions to prove your identity. You may find it easier to print out and mail the short order form and wait two weeks to receive your report.

Credit Score
The next piece of information you need is your credit score. A credit score is a statistical summary of your credit report. The number is determined by whether you pay your bills on time, how much credit you have used compared to how much is available to you, as well as the length of time your accounts have been established. Almost everyone with whom you apply for credit will use it to determine if you are a good credit risk.

If you are applying for a loan, your loan officer is required by law to provide your credit score upon request. Otherwise, you must purchase it. Today there are several Internet sites offering credit scores for consumers. Since each of these agencies creates their own version of your score, it may or may not be accurate. If you seek information from one of these sites, be sure to read their disclosures regarding your score.

Your best bet is to purchase a FICO score (for Fair Isaac, the company that pioneered
credit scoring) because that is the score used most often for mortgage decisions. You
can obtain your FICO score from Equifax for $6.95 at www.annualcreditreport.com when you request your free report. If you want your score from all three bureaus, you
can purchase them together for $45 at www.Myfico.com.

Once you have obtained your credit reports, study them carefully for errors. If you
find a mistake, write a certified letter with a return receipt requested. The credit
bureau has 45 days to investigate your claim. Take the initiative to contact the creditor
who made the error as well.