Don’t Wait Until 2015! Do The Following Before The End of 2014

This article originally appeared in the December 2014 issue of VantageScore Solutions’ monthly newsletter, The Score. Subscribe here.

Guest post by John Ulzheimer, Nationally Recognized Credit Expert

John Ulzheimer

New Years resolutions are great, but before you start focusing on them, take a look at this list of personal-credit resolutions to fulfill before New Years.

Claim your free credit reports. For over a decade, everyone in this country has had the right to claim his or her credit reports once every twelve months, for free, from each of the three major credit-reporting companies (CRCs) – Equifax, Experian, and TransUnion. Nevertheless, many free credit reports go unclaimed every year. Don’t let yours for 2014 go unclaimed!

Depending on where you live you may be entitled to additional free credit reports because of your state’s law. You can claim your Federally-guaranteed reports at www.AnnualCreditReport.com and state-guaranteed reports at each national credit reporting company’s website: www.Equifax.com, www.Experian.com, and www.TransUnion.com. Remember, the CRCs have no obligation to proactively send you credit reports.  You have to actually ask for them.

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Grow Revenue, Control Costs, and Increase Membership

Grow Revenue, Control Costs, and Increase Membership

How smarter collections activities can help your credit union.

Blog post by Marney MacFadyen, Vice President of Sales, Credit Control, LLC. Marney is a life-long fan and supporter of credit unions. Credit Control is the NAFCU Services Preferred Partner for Consumer and Commercial Loan Recovery Services. http://www.nafcu.org/CreditControl/

One of the most enjoyable aspects of my role as a NAFCU Preferred Partner is that I get to talk to so many credit unions around the country.  Most often, I talk with loan recovery specialists.  They tell me about the Consumer Financial Protection Bureau (CFPB) and how it impacts their ability to do their jobs, or about best practices and benchmarks they have found useful, or how they help their credit union colleagues understand what they do and why it’s so important.  These stories drive everything I do.

For many people, “collections” is a dirty word.  Most have some negative perceptions of the people who work to recover past due loans.  And occasionally, we see an article or news piece spotlighting the misconduct of a rogue collector.  Understandably, many credit unions are concerned when they see news like this, and out of an abundance of caution may be reluctant to collect from their members for fear of negative backlash or legal liability.  As a consumer and commercial loan recovery veteran, I can say with complete confidence that there is a right, just, and helpful way for all credit unions to assist with and recover problem loans.

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