Financial credit unions are an easy target for criminals, with many of them based in the US and Europe.
But one thing that is often missing is a good, honest financial institution to work for.
So we are putting together a guide to help people make better financial decisions.
READ MORE 1/8 Are credit unions a good option for you?
There are thousands of credit unions in the UK, many of which are privately run.
Many of these are small, family-run and are run for the good of the community.
But there are also some of the largest, regional credit unions.
Some, like the Northern Credit Union, are national.
If you live in a small town or rural area, there are a few options.
However, if you live somewhere with an extensive network, it’s best to find out about them.
If not, there is an excellent wealth of information out there from our partner site Wealthfront.
You can also use MoneySavingExpert to find a local credit union.
If your credit union doesn’t have a local branch, there may be one that is more accessible.
But if you want to be sure you are getting the best deal, contact your local branch.
For example, the London branch of the Bank of England is based in Barking, but has branches all over the UK.
They offer discounts on everything from food to car insurance, so it’s worth calling if you need advice.
2/8 What are the main things I need to know before applying?
To apply, you’ll need to fill out a Financial Services Authority (FSA) application form.
This is one of the main forms you’ll use when applying for a credit card, loan or mortgage.
The FSA will ask for some basic information, such as your name, address and bank account details.
You’ll also need to provide a short CV if you’re applying for more than one credit card.
3/8 How long does it take to receive a financial credit notice?
Financial credit notices can take between one and two weeks to arrive in your inbox.
If it’s not there, your application is unlikely to be approved.
But you can usually get a refund if you get it in time.
You might need to contact the credit union directly to make sure they have the notice and are working to get it.
They might even have the details you need on file.
4/8 Do I need a credit score?
The FSA does not require a credit report to be provided to a credit provider.
However it does recommend that all applicants should have a credit history, including whether they’ve had any outstanding debts.
Some credit unions also recommend that applicants have a high-level of credit reporting to help them judge whether a loan or a mortgage will work for them.
5/8 Is there a way to change my information?
You can change your details on your application, but this is only possible once you’ve completed the form.
If that hasn’t happened, you might be able to change your information at any time.
The most important thing to remember is to make your application as straightforward as possible.
The FCA website has a handy guide on how to do that.
6/8 Does my bank have an account?
The FSA is a regulator of credit, but banks can have their own rules and regulations.
If they do, they should check with the credit bureau to see if they can give you advice on how you can get your account cleared.
If the FCA doesn’t think your bank can give the right advice, they may be able for you to apply directly to a different bank.
For more information on how this works, read our guide on applying for an account.
7/8 Can I make a complaint to the FSA?
The regulator can investigate complaints about credit unions or other financial institutions and can refer the matter to the Financial Ombudsman Service (FOS).
This service is free, but complaints about FOS services may cost you a fee.
8/8 Will I have to pay any fees if I get a complaint about my credit union?
You don’t have to take action.
The regulator doesn’t ask you to do anything, but you do need to give your financial institution a statement of your credit history and credit score.
It’s important to note that some banks won’t take credit reports or any other information, unless they’re requested by the credit agency, from you.
They can do this because they want to protect themselves.
9/8 When do the fees start to apply?
Fees are applied every three years and will gradually increase.
The total cost will vary depending on your income and other factors.
If there’s a higher monthly fee, you may have to repay more over time.
Fees are also capped at £250 per year for small businesses, which is what we recommend for small business owners.
However if you are a larger business, you will pay more.
10/8 I need help with my credit score, can I still apply for a loan