Fact or Fiction: Financial Counseling

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Congratulations!! Thank you!! Stay safe!!👏👏👏

Congratulations to both Lt. John Phillips and Officer Eric Lemirand on reaching their 3-stripe milestone, for 15 years of law enforcement service! Both joined Wausau PD in 2009.

Lieutenant Phillips currently serves as a Patrol Lieutenant and is our Lead Tactical Instructor, responsible for organizing the regular tactical trainings for staff and instructs in various roles. He is also a member of our Mobile Field Force.

Officer Lemirand currently serves as an Officer assigned to our Crisis Assessment Response Team, helping assist persons in crisis. He is also a pilot assigned to our UAV (drone) team.

Thank you both for choosing to serve the City of Wausau!

*For every 5 years of law enforcement service, we present our staff with a gold service stripe to be worn on their long-sleeve uniform. Service stripes are small, but each stripe is significant and symbolizes a tremendous amount of positive impacts each officer has made in our community.
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The Credit Union is honored to welcome the @Sparta Police Department (Missouri) into our field of membership. We look forward to serving the financial needs of you and your families. ... See MoreSee Less

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Thank you for your many years of service!! We wish you all the very best in your retirement.

#HeroWell done Sister. Officer Kammy Knox has retired from the Police Department City Of Alexandria, Virginia after having served 25 years.
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The Credit Union is honored to welcome the Streetsboro Police Department (Ohio) into our field of membership. We look forward to serving the financial needs of you and your families. ... See MoreSee Less

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As we do every day of the year and most profoundly during Police Week and Peace Officers Memorial Day, annually commemorated on May 15th, we stand with you, shoulder to shoulder, as we honor and remember the courageous men and women who have made the ultimate sacrifice. We are forever grateful and we will Never Forget. 💙🖤💙

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As we do every day of the year and most profoundly during Police Week and Peace Officers Memorial Day, annually commemorated on May 15th, we stand with you, shoulder to shoulder, as we honor and remember the courageous men and women who have made the ultimate sacrifice. We are forever grateful and we will Never Forget. 💙🖤💙

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The Credit Union is honored to welcome the Ste. Genevieve Police Department (MO) into our field of membership. We look forward to serving the financial needs of you and your families. ... See MoreSee Less

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Fact or Fiction: Financial Counseling

Belief:  I will hurt my credit score if I meet with a Financial Counselor

Response:  Both fact and fiction

Simply meeting with a Financial Counselor will not have any impact on your credit report, whatsoever. Keep in mind that you have to share certain data with a creditor or any company that reports information to a credit bureau in order for that transaction to show up on your credit report. It is a good idea to understand what, if anything, potential creditors or financial professionals are going to do with your information before you do any business with them.

If you decide to employ a Financial Counselor and you give them permission to act on your behalf in re-structuring or reducing the amount of debt you owe a creditor or a group of creditors, those actions could very well have a negative impact on your credit score. Even if you reach a mutual agreement with a creditor who allows you to settle with them for less than what you owe them or to pay them over a longer period of time than what was originally agreed, that creditor will almost certainly report that information to the credit bureau and that data will cause your credit score to drop.

Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union

Don’t forget, members of the Credit Union enjoy free and confidential Credit Counseling and Financial Planning through our Financial Planning and Education Center. We are here to assist you every step of the way.

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