Credit Reporting
There are three major credit bureaus Transunion, Experian and…
Equifax
After relaying that an application was declined to a member they requested a copy of their credit report, are you able to give them the copy we retrieved?
No, you can direct them to www.annualfreecreditreport.com
A purchasable waiver. If a member's vehicle is totaled and it does not get paid off in full by their insurance, this will cover the remaining part of the loan so they are not paying on a loan for a vehicle they no longer have. What is it?
GAP
In the four sections of a credit report there is personal information, credit history, public records, and one other section that refers to all “pulls” that may have been checked by landlords, employers, lenders and more. What is this last section?
Credit Inquiries
If a member is requesting guidance for their credit who should we refer them to?
A credit counselor
This is a warranty members can purchase for their vehicle loans, also provides roadside assistance and rental cars
MBP// Mechanical Breakdown Protection
A “hard pull” or credit inquiry last for how long on a credit report?
Two Years
An application cannot have the status of pending for more than how many days?
3
For our debt protection that we offer on loans, disability and involuntary employment protection can cover up to how many months’ worth of payments?
Six months
What bureau does our CU use for initial credit pulls?
TransUnion
In the five C's of credit, the second C is capacity what does this refer to?
Debt to income
For O Bee’s Meet or Beat Program, the maximum we could lower our rate by is what percent?
.50%
When we are within five points of the next credit tier we can pull a second credit report from this credit bureau...
Experian
A new borrower is looking for an auto loan, from the guidelines, you know they may qualify for up to how many times their gross monthly income?
6 (not to exceed $15,000)
A member found their perfect car from a private party, the loan to value is 85%, should you try to sell GAP?
No, it wouldn't have a benefit to this member as their LTV is so good!