First Community Credit Union

Business response:

The application was submitted for a $5,000 unsecured loan with the purpose of debt consolidation and building credit. The only active debt other than deferred student loans is a collection item which was reported June 2023. The level of the applicant’s percentage of debt to income and the open collection, the application was denied due to excessive obligations and collection action. There is not enough recent established payment history to overlook these factors for that dollar amount of an unsecured loan. 

Business response:

The response in this email is for informational purposes only, not to collect on a loan. When a member files a chapter 7 bankruptcy, the credit union has rights and the option to exercise those rights, in this case we exercised our cross-collateral clause, which was clearly identified not only in the loan documents but also the membership agreement. The credit union sent a reaffirmation agreement to your attorney for the ***** Civic loan and credit card, as we felt there was equity in the ***** loan. It was your choice to su... read more

Business response:

We reached out to the member. This was an online application and data was not input correctly. We collected the correct information and was able to approve the request for the member. 

Business response:

We believe this is regarding a Door Dash transaction from ********** There are previous transactions from Door ************** that have cleared the account. Notes on the dispute indicate we sent a letter asking why this merchant previously cleared the account and is now considered fraud. There was no response to this letter, therefore 30 days later we closed the dispute for non-response. We have reopened the dispute and provided a credit of $17.92. Contact information was last updated on 7/27/2023 through online banking. We ... read more

Business response:

This member purchased their vehicle through a dealership, utilizing First Community for financing. During the purchase process, they choose to purchase the dealerships GAP product. After the vehicle was totaled, the member discontinued making payments and defaulted on their loan. When First Community attempted to contact member to discuss the account, we were told on numerous occasions that the member would not make any more payments and were directed to talk to their insurance company. First Community received a settlement ... read more

Business response:

It is standard industry protocol that if a loan payment is not made in a timely manner; that the late payment will be reported to the credit bureau. We report late payments when the loan payment is at least 30 days past the due date. The insurance company and gap insurance have not paid the loan balance in full. We have made attempts to contact you via phone and mail regarding the late payment since it was 2 weeks past due. The loan contract you signed when you bought the vehicle states when the payments are due. The letter ... read more

Business response:

It is standard industry protocol to ask for proof of insurance on the collateral that secures a loan. Initially, our third party insurance company, noticed a lapse of coverage. After communication with the member, it was determined that the member had coverage. We will not force place insurance, unless proof of coverage is not provided by the member. We do send multiple letters, emails and texts to notify members that proof of insurance is required before force placing any insurance. Our records indicate that our third-party... read more

Business response:

It is standard industry protocol to ask for proof of insurance on the collateral that secures a loan. Member provided the credit union with proof of full coverage insurance on Friday, October 7, 2022. We will not force place insurance, unless proof of coverage is not provided by the member. We do send multiple letters to notify members that proof of insurance is required before force placing any insurance.