LONGMONT, Colo. (11/4/08)--A program at Elevations CU that explains credit reports and credit scores is featured in a Colorado newspaper's article about how consumers can protect their credit. Elevations CU is a $835 million asset credit union based in Boulder, Colo. Its program, Reality CheckUp explains to members how credit reports and credit scores work and offers steps they can take to improve both (Longmont Times-Call
Nov. 2). The newspaper interviewed consumer advocate and consultant Remar Sutton, who was in Boulder to work with the credit union and its members and staff to discuss the nation's credit crunch and how that affects members and consumers. When the economy tanks, people jump into quick decisions that might cost them dearly later, Sutton said. The important thing consumers can do is to protect their credit score. He noted that credit card companies are tightening their credit to minimize their exposure to risk and the companies' actions can impact a credit score or the ability to obtain future loans. Sutton suggested to the credit union's members that they pay off their credit cards. If members carry more than 25% of their balance on their card, the credit card company may view them as a risk. Consumers can do two things if they find out their credit card company has raised their interest rate, Sutton said. They can:
* Transfer the balance to another card or * Contact a credit union or locally owned bank that isn't caught up in the mortgage crisis.
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