Newsletter

New Horizons

Factors Effecting Your Credit

- Keep all your consumer loan payments below 10% to 15% of your take-home pay. Examples of consumer loans are credit card payments and auto loans.

- Pay your bills on time. This is one of the most important things you can do because it helps to build and maintain a solid credit history. Your payment history is the most important factor effecting your credit score. Late payments can make it harder to get a loan. And, may push the lender to press for legal action against you and collect on your collateral for a loan, if you should default.

- Review your credit history periodically. Lenders, employers, utility services, landlords, and insurers may rely on information in your credit report to determine their risk of providing their services to you or hiring you. Periodically reviewing your credit can also protect you from any attempts of credit fraud.

- Know your credit risk score. Your credit risk score determines your creditworthiness. A higher credit score number usually signifies a lower risk of loss.

Most creditors do not report to all three credit bureaus. Therefore, there may be some discrepancies between your credit reports from each of the credit reporting agencies.
The F.A.C.T. Act of 2003, does allow you one free annual credit report from each of the credit reporting agencies. It is best to pull your credit history from one agency and wait a couple of months before pulling it from another. That way, you get the full advantage of the F.A.C.T. Act while protecting yourself from credit fraud. To get your free credit reports go to the official central website: www.annualcreditreport.com.
To obtain your credit risk scores, you will have to contact the credit reporting agencies themselves. Please realize they may charge you a small fee for this service.

Experian: 888-397-3742; www.experian.com
Equifax: 800-685-1111; www.equifax.com
Trans Union: 800-888-4213; www.transunion.com

16 MONTH IRA and SHARE CERTIFICATES at 5.36%APY*

*APY=Annual Percentage Yield; The APY is current as of 7/7/06. The minimum opening balance is $1,000. Fees and early withdrawal penalties may reduce earnings. Call Bristol at (423)764-9722 or Piney Flats at (423)538-3151 for details about fees and other terms.

PHISHING

The term "phishing" refers to fraudulent attempts to gain access to consumers' non-public personal information through the use of unsolicited emails intended to direct consumers to a web site "spoofed" to appear like a legitimate web site. Here are a few tips to follow:

* Never provide your personal information in response to an unsolicited request.

* If you believe the contact may be legitimate, contact the credit union yourself.

* Never provide your password over the phone or in response to an unsolicited Internet request.

* Review account statements regularly to ensure all charges are correct.

Credit Union Holidays Janiary 1, 2007 - New Year's Day

January 15, 2007 - Martin Luther King, Jr Day

February 19, 2007 - President's Day

May 28, 2007 - Memorial Day

July 4, 2007 - Independence Day

September 3, 2007 - Labor Day

October 8, 2007 - Columbus Day

November 12, 2007 - Veterans Day

November 22, 2007 - Thanksgiving Day

December 25, 2007 - Christmas Day