Credit & Collections

How can I get my credit score?

Your credit worthiness is most often expressed in terms of a score from 300 to 850. These scores are computed by a patented algorithm - a complex mathematical equation that considers 40 components of your credit history. Scores 760 or above are considered golden and the median American credit score is 723. The average score, however, is variously quoted by different sources as somewhere in the upper 600s.

Although the specifics of how your score is formulated are very complex, below are the generalities:

  • Your payment history - 35% of your score. A track record of on-time payments boosts your score. Late payments, charge-offs and bankruptcies drag it down.
  • How much you owe - 30% of your score. The less you owe compared to your credit limit, the higher your score. FICO takes into account what you owe on all your accounts, the number of accounts with existing balances and how much of your available credit you're using.
  • Length of your credit history - 15% of your score. A longer history increases your score. However, you can earn a high score even with a short history if you demonstrate responsible credit handling.
  • New credit - 10% of your score. Opening new credit accounts affects your score. However, FICO distinguishes between applying for many sources of credit and comparison shopping for a single loan. To avoid lowering your score if you are rate shopping, finish your search within 30 days.
  • Other factors - 10% of your score. Variables that impact your score include your mix of credit types: personal lines of credit, credit cards and installment loans such as a mortgage or car loan.

Source: U.S. General Services Administration and bankrate.com.

How to get your credit report

Thanks to a U.S. federal law, you're entitled to one free credit report per year from each of the three nationwide consumer credit reporting companies - Equifax, Experian and TransUnion. Although these reports are free, you'll have to pay to get your actual credit score.

The cost can vary: For example, Experian charges $7.95.

To order your free credit reports:

  • Call 877-322-8228
  • Write to:

Annual Credit Report
Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

Can I open an account if I have had a charge-off?

Membership may not be granted to former members who have caused Oregonians CU a loss for any reason. If you pay a previously charged off loan in full,you may re-apply for membership as long as you still meet the eligibility requirements.

Do you have information on avoiding foreclosure?

Are you experiencing a financial hardship? If you are unable to afford your mortgage or home equity payments and want to avoid foreclosure, Oregonians Federal Credit Union can help you find workable solutions. There may be options available to you depending on the type of loan you have with us.

Click here for more information

There is a mistake on my credit bureau report. How do I fix it?

A dispute needs to be initiated by you with the credit bureau reporting the information in question. The dispute will be forwarded to us and updated accordingly.
You may contact the appropriate credit bureau with the links below.
 
 
You may obtain a free credit report from each of the 3 credit agencies once per year.  It is advisable to check your credit annually to catch fraud or error early.  The discrepancies can be disputed on the directly with the bureau reporting the incorrect information.

What is ChexSystems?

You probably know that not paying a credit card or loan will show up on your credit report and make it difficult to obtain credit in the future, but did you know that mismanaging your checking or savings account could negatively affect your banking options? While checking and savings account activity does not appear on your credit report, most financial institutions report misconduct to a database called ChexSystems. Types of activity that may be reported to ChexSystems include:

  • Having your account closed involuntarily by the financial institution.
  • Bouncing checks. Financial institutions will typically only report people who fail to pay the non-sufficient fund fees and/or bounce checks habitually, not those that do it once by mistake.
  • Overdrawing your account. Being in the red a day or two before depositing funds will not generally get you reported to ChexSystems, but if you fail to add money after a reasonable period of time or you repeatedly overdraw, the chances are good that you will be reported.
  • Committing an act of fraud, such as altering checks or providing false information about your identity.
  • Applying for a checking account, ordering checks, or reporting a check or debit card lost or stolen. Most of the time, these activities are perfectly legitimate and will not be held against you, but they can be a sign of fraudulent activity, which is why financial institutions may report them to ChexSystems.

Information can stay on your ChexSystems report for five years. If you owe an outstanding debt, paying it does not get it removed from your report early (unless the financial institution voluntarily deletes it), although your report will show that it was paid.
Positive information is generally not reported to ChexSystems. If you have never had any incidents of mismanagement, you probably do not have a ChexSystems report.

Contact information:
Chex Systems, Inc.
7805 Hudson Road, Suite 100
Woodbury, MN 55125
(800) 428-9623
www.consumerdebit.com

What do I do if my account information is not updated with the credit bureau?

A dispute needs to be initiated by you with the credit bureau reporting the information in question. The dispute will be forwarded to us and updated accordingly.

You may contact the appropriate credit bureau with the links below.

Equifax, TransUnion, Experian

You may obtain afree credit reportfrom each of the 3 credit agencies once per year. It is advisable to check your credit annually to catch fraud or error early. The discrepancies can be disputed on the directly with the bureau reporting the incorrect information.

How do I dispute a Chex Systems record?

If you would like to dispute any item of information in your consumer file, please complete a Request for Reinvestigation form and submit your dispute in writing to:

Mail: Chex Systems, Inc.
7805 Hudson Road, Suite 100
Woodbury, MN 55125

Fax: 602.659.2197
Telephone: 800.428.9623

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