Protecting Your Credit

Online Personal Information Security

Safeguarding your information is our highest priority. Learn more about how you can prevent your confidential information from being compromised by “phishing” scams, deceptive email, and other malicious activities while you are conducting your business online.

Credit Counseling and Debt Management

PFFCU members can get free, confidential credit counseling and a Debt Management Plan (DMP), with free account set-up, from professional credit counselors at Clarifi.

Credit Report

Your credit report is one tool that is used by financial institutions in order to assess your ability to repay a loan. Therefore, it is vital that this report is accurate and complete. The Fair and Accurate Credit Transactions (FACT) Act enables you to obtain a free copy of your report once a year from each of the three major credit bureaus. Call 1-877FACTACT or visit to learn more about ordering your annual credit report.

What is a credit score and why is it important?

A credit score is a number calculated by a credit bureau or another company for use in making a decision on a loan application or other product or service. PFFCU uses a system developed by Fair Isaac and Company called the “FICO score.” Think of credit scoring as a point system based on your credit history, designed to help predict how likely you are to repay a loan or make payments on time. Different lenders may use different scoring systems, so your score may vary significantly from one source to another.

In general, the higher your credit score, the better your chances are of getting a loan and the better your interest rate.

More details on your credit score and how it is calculated can be found here.


What are the most important factors in determining my credit score?

Typically, your credit score is determined by five factors:

  • Your Payment History (35%) – Have you paid your credit accounts on time?
  • How Much You Owe (30%) – This is made up of how much you owe and how much of your available credit you are using.
  • Length of Credit History (15%) – Longer credit history will increase your score.
  • New Credit (10%) – If you recently applied for or opened new credit accounts, your credit score will weigh this fact against the rest of your credit history.
  • Other Factors (10%) – Minor factors such as having multiple credit types.

In addition, PFFCU wants to be sure that your monthly debt payments are manageable relative to your income. To the extent that your monthly debt exceeds 40% of your monthly income, PFFCU becomes concerned about your ability to repay.

The above information is for informational purposes only


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