Articles:
Fraud Alert

Vishing Scam Targets Consumers
Location: Northeastern U.S.

Residents of Paramus, NJ and surronding areas have been receiving automated "Vishing" telephone calls impersonating a local financial institution. The automated calls have gone out to thousands of area residents regardless of which financial institution they patronize. It is clear that the perpetrators of this scam are not in possession of specific information for the financial institution that they are impersonating.

Scam Architecture:

  1. A consumer receives a pre-recorded call identifying a specific local financial institution. The message informs the consumer that his or her personal bank accounts have been frozen. The message advises the consumer to immediately input their ATM or debit card number, expiration date, and PIN to activate affected accounts. CV2 from the back of the card may also be requested.
  2. Calls appear to be made from various telephone numbers. The automated phone calls are most likely being made from a Voice over Internet Protocol (VOIP) telephone service using various telephone numbers that are attributed to this scam.
  3. Unauthorized ATM withdrawals are occurring immediately in Spain (and possibly other countries) as the scam develops.

Free ATM's

As a Health One Credit Union member you have access to over 19,000 Surcharge-Free ATM’s Nationwide. You can locate the ATM closest to you by logging on to www.co-opnetwork.org and using the “ATM Locator” or by calling 1.888.SITE.CORP. Or, simply look for the CO-OP Network logo at participating ATM machines.

Your Credit Report

Your Credit report  - What is it?
A credit report is a record that lists all past and present debts and the timeliness of their repayment. It documents an individual's credit history and is used by lenders to determine creditworthiness.

A typical credit report includes the following information:

  • Your identification information such as
    • Name
    • Social Security number
    • Current and previous addresses
    • Telephone number
    • Date of birth
    • Current and previous employers
    • Name of spouse
  • Your credit history. A credit history is a partial profile of your financial life given within a particular time frame (usually measured in years). It shows the extent to which you pay your bills on time and how much you may owe particular parties.
  • A credit report also identifies when financial institutions and other types of creditors have requested credit information about you.
  • Public record information. These may include collections, bankruptcies, property foreclosures, tax liens, civil judgments against you, and whether your child support payments have been made on time.

How to obtain a copy of your credit report
A new federal law now makes getting a copy of your credit report even easier. The law states that everyone is entitled to one free credit report from any or all of the three major credit-reporting agencies (Equifax, Experian, TransUnion) each year. To request a free credit report either log on to www.annualcreditreport.com or call 1.877.322.8228. In order to receive your free credit reports you must contact the centralized agency by using either of these two methods. If you do go directly to the credit reporting agencies, you will be charged unless you fit another criteria for a free report.

Credit reporting agencies commonly provide your credit report for free if you:

  • Have been denied credit recently because of your credit history
  • Have been denied employment or insurance recently because of your credit history
  • Suspect someone has been exploiting your account without your knowledge
  • Are unemployed and are planning to apply for employment within the next 60 days.
  • Receive public welfare assistance

Credit reporting agencies
Three major credit-reporting agencies

Equifax
Experian
TransUnion
The credit reporting agencies are not involved in whether or not a lender decides to approve you for a loan. The agencies only collect, consolidate and report credit information.
Your Credit Score
A credit score is a number generated by a mathematical formula based on information in your credit report. This information is then compared to tens of billions of other people. The number that emerges is a highly accurate way of predicting how likely you are to pay your bills. Lenders use credit scores extensively to assess your risk as a borrower.

How do I repair my credit?

  • Contact the credit reporting agencies to obtain copies
    of your credit report.

  • If there are errors you should contact the credit-reporting agency to request an investigation.

  • Consistently make your payments on your debts on time.

    Correct information may not be removed from your
    credit report.

    If you have experienced credit problems in the past,it
    may take a very long time to improve your record.

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Identity Theft

Identity theft occurs when thieves use your personal information, such as your social security number, birth date, or credit card numbers. The thieves may be able to open a new credit card account pretending to be you. If they write bad checks or commit to pay bills as you, these will appear on your credit report.

If you feel you have become victim of identity theft, you may call the FTC Identity Theft Hotline at: 1-877-438-4338.

  • Contact the three major credit-reporting agencies. Advise them that you are the victim of identity theft and that you want a “fraud alert” placed in you file.
  • Request a copy of your credit report.
  • Contact your creditors about any accounts that have been affected by fraudulent activities.
  • File a report with your local police. Save a copy of the police report.

Take action immediately. Keep records of all your conversations relating to the identity theft: include the date, who the person was you spoke with, and all correspondence.

Minimizing the risk of identity theft
Good practices minimize the risk of identity theft

  • Monitor your statements. If your bills don't arrive on time, contact the corresponding creditors
    because a missing bill may mean identity thieves have taken them. Guard your mail from thieves.
  • Pick up your mail from your mailbox as soon as possible. Put outgoing mail in post office
    collection boxes.
  • Do not give out personal information over the phone or through the mail unless you have initiated the contact and know with whom you are transacting business. Thieves may pose as apparently reputable people to trick you into revealing your key identifying information to them.
  • Keep your personal information safe. Shred any papers that may have this information on them
    before throwing them away.
  • Use PIN numbers that are very difficult for thieves to guess.
  • Obtain a copy of your credit report every year. This will assist you in identifying fraud before the
    thieves are able to do too much damage to your credit.
Bankruptcy

Bankruptcy is a legal process that may release a person from repaying debts.

There are different kinds of bankruptcy proceedings.

  • In Chapter 13 bankruptcy the debtor keeps all of his or her property and makes regular payments on the debts, even after filing for bankruptcy. To qualify for Chapter 13 the debtor needs to have a regular income.
  • In Chapter 7 bankruptcy the debtor gives up all nonexempt property. The debtor keeps exempt property. Exempt property is property that state law determines is needed for the support of the debtor and his or her dependents.

Bankruptcy always impacts your credit negatively. Depending on the type of bankruptcy, it may stay on your credit report from 7 to 10 years. A bankruptcy on your credit report makes it much harder to obtain credit in the future.

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