Managing Your Credit in An Economic Downturn

If you’re facing financial hardships, follow these best practices to help minimize the impact on your credit standing:

  • Ask for help. If you are unable to make even the minimum payment, contact your lenders and creditors and see if any assistance is available.
  • If possible, pay what you can. Try to avoid late payments. If possible, make at least the minimum payment on accounts, or pay the amount you and the lender or creditor agree upon.
  • Stay up to date on your credit reports. You are entitled to a free copy of your credit report every 12 months from each of the three nationwide credit bureaus (available at www.annualcreditreport.com).
  • Consider adding a consumer statement to your credit reports. You can add a brief 100-word statement (up to 200 words in Maine) to your credit reports to explain your financial situation.
Q:
How might deferred payments, missed payment allowances and other actions by credit card issuers be reflected on credit reports?
A:
It’s important to remember that even one late or missed payment may impact credit scores and remain on credit reports for seven years. But generally, late payments don’t end up on credit reports for at least 30 days after you miss the payment. That means it’s possible to make up a late payment before it shows on credit reports. However, interest and late payment fees may still apply.
Woman working on her laptop
Graphic of vehicle

Save on Monthly Payments by Refinancing

With interest rates at a record-breaking low, now is a great time to refinance your auto loan from another lender. We make it easy for our members to save by providing our Motor Vehicle Refinance Worksheet directly on our website. To complete the form, you’ll need:


  • Basic vehicle information (mileage, VIN, model, etc.)
  • Copy of your registration
  • A payoff letter from current lender

Once completed, members can email, fax, or mail their form to us from the comfort of your home. Sit back, relax and enjoy your ride!

Important Tip. We will never ask you for your PIN, digital banking password, full card number or CVC code. You should not give this information out. Fraudsters have been spoofing our toll-free number and falsely identifying themselves as DECU employees. They state that there is suspected fraud on your account. To block your card and overnight a new one, the fraudsters ask for your PIN or Online Banking password, as well as other confidential information. To protect yourself, we recommend you check your account regular, sign up for text alerts and call us immediately if you suspect fraud. Be aware of bogus websites, charities, emails and social posts that are tactics to steal your information and money.
Graphic of Calendar August 18

2020 Annual Meeting

The health and safety of our members is our top priority. This year, instead of holding our Annual Meeting in person, it will be held online. Attendees will be entered to win one of several door prizes!

Please join us for our virtual Annual Meeting via Webex:

Tuesday, August 18, 8:00 AM EDT

You must preregister on our website to attend.

  • Webex is required - it’s free to download and join meetings
  • You will need the last three digits of your member number
  • Register by August 10 to be entered in the drawings

To register and to view a copy of the 2019 Annual Report, visit DominionEnergyCU.org/AnnualMeeting

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