Tuesday, January 14, 2014

How To Repair Your Credit Score

With the New Year upon us, it is always a good idea to check what your credit score is. If your score is low it is important to note there is no quick way to fix it, it will simply take time. In fact, out of all of the ways to improve a credit score, quick-fix efforts are the most likely to backfire, so beware of any advice that claims to improve your credit score fast. The best advice for rebuilding credit is to manage it responsibly over time.



3 Things You Can Do Right Now

1. Check Your Credit Report –Request a copy of credit report from www.annualcreditreport.com. Federal law requires each of the three nationwide consumer credit reporting companies - Equifax, Experian and TransUnion to give you a free credit report every 12 months if you ask for it. Once you’ve obtained your credit report make sure that you recognize all the accounts and loans on it. Then, check that all the information on it is correct. If you find information that you believe is not correct, contact the company that issued the account or the credit reporting company that issued the report.

2. Setup Payment Methods – One of the biggest contributing factors to your credit score is making your credit payments on time. Many financial institutions offer payment reminders. There are also programs that make payments automatically for you, just ask your financial institution if they provide this service.

3. Reduce Debt – This is easier said than done, but nevertheless a great way to start off the New Year! One of the best ways to pay down debt is by starting with your highest interest rate loan first. Keep in mind it is always a smart idea to only have as many credit cards and/or loans that you can manage responsibly.

Tuesday, January 7, 2014

Update on the Target Card Security Breach


Mid-Minnesota Federal Credit Union continues to work with VISA to ensure our members’ debit and credit cards affected by the December 2013 Target data security breach are being closely monitored.

MMFCU members, whose debit or credit card was affected by the data breach, were mailed a letter regarding the steps MMFCU is taking to re-issue a card.

This incident serves as a reminder to all members to be consistently watchful of personal accounts from all financial institutions as a general precaution; and also remind you that MMFCU will never ask for personal information via e-mail or telephone that you - the member - has not initiated. For your protection, here are a few best-practice tips regarding your overall credit security.

  • Monitor your credit and debit cards from all financial institutions. If you see unusual activity, contact the credit union or financial institution, who issued the card, immediately.
  • Watch your credit report via www.annualcreditreport.com for unsolicited account openings. This is a FREE service to review your credit report annually.
  • To deactivate a MMFCU credit or debit card during non-business hours, call 1-866-820-3862.
  • Be aware of credit “phishing” attempts on your personal information. MMFCU will not ask for any personal information via telephone or email that you, the member, has not initiated. If you are unsure a phone call, e-mail, or “pop-up” message is legitimate, call your local MMFCU branch at a phone number you retrieve from our website or local phone book. Do not return calls via a phone number provided by the “in-question” call or email.
We value your membership and regret any inconvenience this may cause you. We are committed to serving your financial needs and we appreciate you giving us the opportunity to serve you.

We're with you all the way!