BALANCE Financial Fitness Program

Financial Education and Counseling as a Benefit of Membership

COPYRIGHT © 2006 BALANCE FINANCIAL FITNESS PROGRAM

BALANCE

A free service for members and employees Certified counselors provide financial

counseling and education by phone • Money management• Credit reports• Housing • Savings plans• Debt management and bankruptcy prevention• Identity theft

Services

BALANCE services• InfoLine• Credit report review• Money management counseling• Debt management• Housing education• Bankruptcy prevention• Nationwide non-profit referral database• Educational resources

Member Benefits

Confidential, comprehensive counseling Services for members of all financial situations Provides an alternative to bankruptcy Helps members improve their credit-ability

• Avoid alternative financial services• Reduce debt• Rebuild credit• Build assets

Members pay no fees for financial counseling and debt management services

Credit Union Benefits

Supports mission of education Prepares members for financial services Provides a resource for struggling

members Offers an alternative to bankruptcy Assists staff in helping members reach

their financial goals

InfoLine 888-456-2227

Immediate access to financial counselors by phone (day, evening and weekend phone hours)

Callers get answers to a wide variety of money management and credit questions

Multilingual staff Phone access provides convenience and

privacy

Phone Hours

Eastern

Time Zone

Central

Time Zone

Mountain

Time Zone

Pacific

Time Zone

Monday thru Thursday

8 a.m. – 11 p.m. 7 a.m. – 10 p.m. 6 a.m. – 9 p.m. 5 a.m. – 8 p.m.

Friday 8 a.m. – 8 p.m. 7 a.m. - 7 p.m. 6 a.m. – 6 p.m. 5 a.m. – 5 p.m.

Saturday 11 a.m. – 8 p.m. 10 a.m. – 7 p.m. 9 a.m. – 6 p.m. 8 a.m. – 5 p.m.

                   

  

Credit Report Review

A line-by-line review of the member’s credit report• Members declined for loans• Members preparing to apply for a loan• Members with inaccurate information• Members struggling with fraud and identity theft

Counselors will review reports from most sources• Free reports from bureaus with adverse action• Free reports from Annual Credit Report Request Service• Fee-based reports from bureaus• Fee-based reports through BALANCE

Comprehensive educational materials and action plans are provided with credit report review

Counseling

Some calls will result in setting a counseling appointment for more detailed discussions.

• Money management• Credit• Spending and savings plans • Goal setting• Housing• Debt repayment

Counseling appointments are offered weekdays, evenings and weekends.

Debt Repayment Options

Counselors explore multiple options for debt repayment

The member and counselor weigh pros and cons of each option

Member may be referred to credit union for a loan if appropriate

A Debt Management Plan may be appropriate

Debt Management Plans

A debt repayment plan in which payments are consolidated and made through BALANCE

Creditors may establish new payment terms including lower interest rates and payments

DMPs generally last 3 to 5 years BALANCE does not charge any Debt

Management fees

Housing Counseling

First time homebuyer education• Money management• Credit report review

Early delinquency intervention counseling• Avoid foreclosure• Determine options and consequences for

handling mortgage delinquency

Reverse mortgage counseling

Bankruptcy Prevention

Help members explore alternative options

Ensure members understand consequences

Determine possibility of loan extensions and hardship programs

Get Familiar With BALANCE

Review the materials on our website, www.balancepro.net

Test drive BALANCE – call 888-456-2227 and ask a money management question, check your credit report or update your household budget

Services are free, confidential and convenient