BASKING RIDGE, N.J. — Affinity Federal Credit Union is the first credit union in the country to receive certification from the U.S. Justice Department for bankruptcy counseling.
Credit unions are barred from offering bankruptcy counseling to members that have loans with the credit union because of the conflict of interest. However, Affinity Federal Credit Union, New Jersey's largest, has been certified to offer bankruptcy counseling for members, required under the new law six months prior to filing, if they do not currently have an outstanding loan with the credit union.
The service will be part of the credit union's BASES–Budget and Score Enhancement Services–program, which 97% of users have rated extremely valuable. "It's not just consumers with bad credit who are taking advantage of our free educational counseling service," Affinity Assistant Vice President for Consumer Lending Joan Grimes said. "As more consumers, even those with good credit, become aware of the vital role good credit scores play in their everyday lives, they are taking time to enhance their scores."
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General seminars are run by a team of three credit and score enhancement coaches. Affinity's coaching team also offers one-on-one, unlimited free counseling to members where their credit report information is explained in detail. Members are given instructions on how to correct erroneous information, negotiate settlements on unpaid accounts with creditors, and prepare for getting a loan. The service will also give members a spending analysis to help them prepare a household budget.
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