Benefits for AFGE Members

When you join the union, you have access to these AFGE benefits. These benefits are backed by the collective strength of over 10-million members of AFL-CIO unions. By using one or two of the programs, many members save as much as their annual dues.

These Money-Saving Benefits are Available Only to AFGE Members:

AFGE's Fico Score Discount

_{We want you to know the score!}

Union Plus wants to help union members demystify the world of credit -- and help you understand how lenders determine the interest rates and credit limits they offer you. That's why with a special union discount through myFICO®, we're pleased to offer your FICO score and personalized score explanation.

A FICO score is a snapshot of your credit risk picture at a particular point in time. The higher your score, the lower the risk to lenders. Fair, Isaac and Company develops the mathematical formulas used to produce FICO scores.

Why should you know your credit score? Because lenders do. Banks and other lenders check your FICO score when you apply for, and use, credit. Knowing your score puts you one step ahead when you apply for a mortgage, loan or other credit.

Credit Scoring Facts and Fallacies

FALLACY: A poor credit score will haunt me forever.

FACT: Just the opposite is true. A score is a "snapshot" of your credit risk at a particular point in time. It changes as new information is added to your bank and credit bureau files. Scores change gradually as you change the way you handle credit. For example, past credit problems impact your score less as time passes. Lenders request a current score when you apply for credit, so they have the most recent information available.

FALLACY: Credit scoring is unfair to minorities.

FACT: Scoring does not consider your gender, race, nationality or marital status. In fact, the Equal Credit Opportunity Act prohibits lenders from considering this type of information when issuing credit. Independent research has shown that credit scoring is not unfair to minorities or people with little credit history. Scoring has proven to be an accurate and consistent measure of repayment likelihood for all people who have some credit history. In other words, at a given score, non-minority and minority applicants are equally likely to pay as agreed.

FALLACY: Credit scoring infringes on my privacy.

FACT: FICO scores evaluate only information on your credit report, which lenders already use to make credit decisions. A score is simply a numeric summary of the credit risk reflected in that information. In fact, lenders using scores can often ask for less information about you. They may have fewer questions on the credit application form, for example.

FALLACY: My score will drop if I apply for new credit.

FACT: Probably not much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called "inquiries") will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders that occur within a short period of time. The FICO score treats these as a single inquiry which will have less impact on your credit score.

Why turn to myFICO.com?

• It offers tips on raising your FICO score to help improve your chances of qualifying for lower interest rates on your home and auto loans.
• You can learn what interest rates to expect in your state for your FICO score, and use the FICO Savings Calculator to see how much you could save on monthly loan payments by improving your FICO score!

AFGE makes these myFICO credit score monitoring tools available to you:

Score Watch™ - the only FICO score and credit report monitoring product on the market. Continuous monitoring of your credit file and score, notifies you when you qualify for better interest rates, delivers alerts when changes are detected in your score and report and shows you key factors affecting your FICO score and how a lender views you.

Suze Orman's FICO® Kit Platinum - includes three FICO scores and credit reports and shows you how to: get the lowest rates on your credit cards, get out of debt quicker, save on your mortgage and car loans, and correct credit report errors.

FICO® Deluxe - all 3 scores and 3 credit reports from TransUnion, Experian, and Equifax, plus the FICO Score Simulator.

FICO® Standard - 1 FICO score and 1 credit report from any 1 of the 3 credit bureaus.

myFICO® Identity Theft Security Deluxe tracks your TransUnion credit report and more than 400 other data sources for signs of identity theft.

myFICO.com is brought to you by Fair, Isaac & Company, the leader in credit scoring and the inventor of the FICO score - the score lenders use.

Available outside the US?

Answer: No. AFGE continues its effort to expand this and other benefit programs to all members regardless of where they reside.

_{Updated 2/24/08}

Access: This benefit is only available to members of AFGE. If you are a member of AFGE, please login to the Members Only section. If you are not a member, but would like to find out how to become one, please visit the Join AFGE section.

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