How can I initiate a dispute? You may initiate a dispute online, by phone or regular mail once you have a copy of your report. Contact information for the reporting bureau is provided in the report.
Adding a 100-word statement may prove beneficial to explain an unresolved dispute or financial hardship. Creditors may take your statement into consideration during the approval process.
What about my credit score? A credit score is a number that summarizes your credit history. Your score may differ with each bureau depending on their specific reporting requirements. A score can range from 300 to 900.
Do I have a right to my score? Yes, consumer laws require that credit bureaus provide credit scores by request; a fee may apply.
Does the Credit Union use my score to deny credit?
LGFCU does not use a credit score to deny loans. Each member is afforded consideration in the same capacity. Approval is contingent upon the evaluation of your credit history, job stability and debt in relation to income. We do use credit scores to speed the approval process, but, we won’t use a credit score or any other factor to charge higher interest rates for loans.
LGFCU is committed to helping members use credit responsibly. We know loans help members and their families and we’ve also seen how high-priced credit has crippled a family’s resources. Therefore, every member pays the same interest rate for the same loan product because in the true cooperative spirit of Credit Unions, this is only fair.
