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.
IMPORTANT NOTICE
Credit reports are now free, every week – the three national credit reporting agencies are giving people weekly access to monitor their credit report starting 5/18/20 — for free! FMFCU highly recommends you do this as soon as possible. Get all the details from the Federal Trade Commission.
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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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Credit Counseling and Debt Management
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 the Clarifi website or call Clarifi at 1-215-563-5665.
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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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Loss Mitigation Options
Franklin Mint Federal Credit Union offers a variety of options for members who have difficulty making their loan payment.
Loss Mitigation options are:
- Extension
- Forbearance
- Loan Modification
These options pertain only to Close End Dwelling Secured Loans. For options on any other type of loans, please contact our Credit Solutions Department at 610-359-3997.
The following options will be considered only if specifically requested and on a case-by-case basis.
- Short Sale
- Deed-in-lieu of Foreclosure
To be considered for a Loss Mitigation Option, complete a Loss Mitigation Application. For an application to be considered “complete,” it must contain the following:
- A written request that explains the circumstances of the inability to make the required payment. Also include your account number, name, and address. All of the following required documentation must be enclosed with the written request:
- Proof of hardship
- Budget worksheet
- Superior Mortgage statements, if applicable
- Most recent tax return and a current paystub
The completed application must be mailed to:
Franklin Mint Federal Credit Union
Loss Mitigation Department
5 Hillman Drive, Suite 100
Chadds Ford, PA 19317-9998Help is also 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
The Making Home Affordable Program (MHA) ®
An official program of the Departments of the Treasury & Housing and Urban Development. You can also call 1-888-995-HOPE (4673) to speak to an expert advisor immediately, 24 hours a day, 7 days a week, 365 days a year, in over 170 languages. They answer 98% of their calls within 30 seconds. This valuable, around-the-clock service is available completely free.
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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