Terms & Conditions
(b) You understand that by enrolling in the PenFed Credit Navigator service, You are providing "written instructions" in accordance with the federal Fair Credit Reporting Act, as amended ("FCRA"), for PenFed Credit Union and its service providers, which may include CSIdentity Corporation ("CSID"), to obtain information from your personal credit profile from Experian, Equifax, and Transunion, the three major credit reporting agencies. You authorize PenFed Credit Union and its service providers to use your Social Security number to access your personal credit profile, to verify your identity, and to provide credit monitoring, reporting, and scoring products, and invite you to apply for certain credit products.
Please read this carefully. It affects your rights.
Summary:
Most customer concerns can be resolved quickly and to the customer's satisfaction by calling member service at 800-247-5626. In the unlikely event that customer service is unable to resolve a complaint you may have with PenFed Credit Union or PenFed Credit Union’s service provider(s) to your satisfaction (or if PenFed Credit Union or PenFed Credit Union’s service provider(s) have not been able to resolve a dispute with you after attempting to do so informally), YOU, on the one hand, and PenFed Credit Union and/or PenFed Credit Union’s service provider(s), on the other, each agree to resolve those disputes through binding arbitration or small claims court instead of in courts of general jurisdiction to the fullest extent permitted by law. Arbitration is more informal than a lawsuit in court. Arbitration uses a neutral arbitrator instead of a judge or jury, allows for more limited discovery than in court, and is subject to very limited review by courts. Arbitrators can award the same damages and relief that a court can award. Any arbitration under this Agreement will take place on an individual basis; class arbitrations and class actions are not permitted. WE will pay all costs of arbitration, no matter who wins, so long as your claim is not frivolous. However, in arbitration, you, on the one hand, and PenFed Credit Union and/or PenFed Credit Union’s service provider(s), on the other, WOULD be entitled to recover attorneys’ fees from each other party to the same extent as YOU and they WOULD BE in court.
Arbitration Agreement:
You, on the one hand, and PenFed Credit Union and/or PenFed Credit Union’s service provider(s), on the other, agree that any claim or dispute ("Claim") between us shall, to the maximum extent permitted by applicable law, at the election of any one of us, be resolved by binding arbitration administered by the American Arbitration Association ("AAA") under its rules for consumer arbitrations. It is the parties' intent that this arbitration provision be construed broadly, including that this arbitration agreement include any Claims by You against PenFed Credit Union or PenFed Credit Union’s service provider(s) as well as their respective corporate affiliates for claims arising out of this Agreement directly related to the services or product/service websites. You agree that, by entering into this Agreement, You, PenFed Credit Union and PenFed Credit Union’s service provider(s) are each waiving the right to a trial by jury or to participate in a class action, to the maximum extent permitted by applicable law. A party who intends to seek arbitration must first sendt to the other, by certified mail, a written Notice of Dispute ("Notice"). The Notice to PenFed Credit Union and/or its service provider(s) should be addressed to PenFed Credit Union, Box 247009, Omaha, NE 68124-7009 ("Notice Address"). The Notice must describe the nature and basis of the claim or dispute and set forth the specific relief you seek from PenFed Credit Union and/or its service provider(s) ("Demand"). If PenFed Credit Union and/or its service provider(s) and you do not reach an agreement to resolve the claim within thirty (30) days after the Notice is received, you or PenFed Credit Union may commence an arbitration proceeding. At your request, we will promptly reimburse you for your payment of your arbitration filing fee. (The filing fee currently is $200 for claims under $10,000 but is subject to change by the arbitration provider. If you are unable to pay this fee, we will pay it directly after receiving a written request). The arbitrator may award injunctive relief only in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted by that party's individual Claim. YOU, ON ONE HAND, AND PENFED CREDIT UNION AND/OR PENFED CREDIT UNION’S SERVICE PROVIDER(S), ON THE OTHER, AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING EXCEPT AS OTHERWISE PROVIDED HEREIN. Further, unless You, on one hand, and PenFed Credit Union and/or PenFed Credit Union’s service provider(s), on the other agree otherwise, the arbitrator may not consolidate more than one person's Claims, and may not otherwise preside over any form of a representative or class proceeding to the maximum extent permitted by applicable law. If this specific provision in the preceding sentence is found to be unenforceable, then the entirety of this arbitration provision in this Section 2 shall be null and void.
YOU AND PENFED CREDIT UNION AND/OR ITS SERVICE PROVIDER(S) AGREE THAT IN THE EVENT THAT MASS ARBITRATION IS ATTEMPTED OR SOUGHT, SUCH ARBITRATION SHALL BE ADMINISTERED PURSUANT TO THE FOLLOWING RULES. (1) For the purposes of this Agreement "Mass Arbitration" means 25 or more arbitration demands that: (i) are filed within 180 days of each other, (ii) allege similar or identical claims or causes of action, and (iii) either (a) the parties to those arbitration demands seek to simultaneously or collectively administer and/or arbitrate together, or (b) are filed by the same counsel or in coordination with each other. (2) In the event that Mass Arbitration is attempted or sought involving 250 arbitration demands or less, you and PenFed Credit Union and/or its service provider(s) agree the arbitration provider shall: (i) group the arbitration demands into batches of no less than 25 arbitration demands per group; and (ii) provide for resolution of each group or batch as a single arbitration with one set of filing and administrative fees and a single arbitrator assigned per group or batch. In the event that Mass Arbitration is attempted or sought involving over 250 arbitration demands, you and PenFed Credit Union and/or its service provider(s) agree that the arbitration provider shall: (i) group the arbitration demands into batches of no less than 250 arbitration demands per group; and (ii) provide for resolution of each group or batch as a single arbitration with one set of filing and administrative fees and a single arbitrator assigned per group or batch. All Mass Arbitration shall be subject to all other substantive and procedural terms contained within this Agreement. (3) If any part of the preceding sentences in (1) and (2) is found to be unenforceable, the unenforceable portion shall be stricken, and the remainder of the sentences and this Agreement shall be enforced to the maximum extent permitted by law.
Notwithstanding any of the foregoing provisions, any party may bring an individual action in small claims court. The parties to this Agreement acknowledge that this arbitration agreement is made pursuant to a transaction involving interstate commerce, and shall be governed by the Federal Arbitration Act, 9 U.S.C. § 1 et seq. ("FAA"). Judgment upon any arbitration award may be entered in any court having jurisdiction. The arbitrator shall follow substantive law to the extent consistent with the FAA and shall honor any claims or privileges recognized by law. The terms of this Section 2 shall survive any termination, cancellation or expiration of this Agreement.
NEITHER PENFED CREDIT UNION, CSID, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR SUBCONTRACTORS SHALL HAVE ANY LIABILITY TO YOU AS AN AGENT IN OBTAINING COPIES OF: YOUR PERSONAL CREDIT REPORT, CREDIT ALERT REPORT, QUARTERLY UPDATE, OR CREDIT SCORE. NEITHER PENFED CREDIT UNION, CSID, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR SUBCONTRACTORS MAKE ANY WARRANTY, EXPRESS OR IMPLIED, FOR THE ACCURACY OF THE INFORMATION CONTAINED IN OR PROVIDED IN CONJUNCTION WITH THE PENFED CREDIT NAVIGATOR SERVICE. NEITHER PENFED CREDIT UNION, CSID, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR SUBCONTRACTORS ASSUME ANY LIABILITY FOR DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, INCIDENTAL OR EXEMPLARY), IN CONNECTION WITH OR IN ANY WAY RELATED TO THE PERFORMANCE OF THE SERVICES OR YOUR REQUEST, USE OR ATTEMPTED USE OF THE SERVICES OR ANY DATA OR INFORMATION THEREFROM, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY. NEITHER PENFED CREDIT UNION, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR SUBCONTRACTORS ARE RESPONSIBLE FOR NEGATIVE FACTUAL INFORMATION CONTAINED IN ANY REPORTS YOU RECEIVE AS PART OF THE SERVICE. THE AGGREGATE LIABILITY OF ALL SUCH PARTIES TO YOU IN ANY EVENT IS LIMITED TO THE AMOUNT WHICH YOU HAVE PAID PENFED CREDIT UNION FOR YOUR MEMBERSHIP. PENFED CREDIT NAVIGATOR IS NOT A CREDIT COUNSELING SERVICE AND DOES NOT PROMISE TO HELP YOU OBTAIN A LOAN OR IMPROVE YOUR CREDIT RECORD, HISTORY, OR RATING. THE TERMS OF THIS SECTION SHALL SURVIVE ANY TERMINATION, CANCELLATION, OR EXPIRATION OF THIS AGREEMENT.
FICO® Scores are developed by Fair Isaac Corporation. The FICO® Score provided by ConsumerInfo.com, Inc., also referred to as Experian Consumer Services ("ECS"), in Experian CreditWorks℠, Credit Tracker℠ and/or your PenFed Credit Navigator membership (as applicable) is based on FICO® Score 9, unless otherwise noted. Many but not all lenders use FICO® Score 9. In addition to the FICO® Score 9, ECS may offer and provide other base or industry-specific FICO® Scores (such as FICO® Auto Scores and FICO® Bankcard Scores). The other FICO® Scores made available are calculated from versions of the base and industry-specific FICO® Score models. There are many different credit scoring models that can give a different assessment of your credit rating and relative risk (risk of default) for the same credit report. Your lender or insurer may use a different FICO® Score than FICO® Score 9 or such other base or industry-specific FICO® Score, or another type of credit score altogether. Just remember that your credit rating is often the same even if the number is not. For some consumers, however, the credit rating of FICO® Score 9 (or other FICO® Score) could vary from the score used by your lender. The statements that "90% of top lenders use FICO® Scores" and "FICO® Scores are used in 90% of credit decisions" are based on a third-party study of all versions of FICO® Scores sold to lenders, including but not limited to scores based on FICO® Score 9. Base FICO® Scores (including the FICO® Score 9) range from 300 to 850. Industry-specific FICO® Scores range from 250- 900. Higher scores represent a greater likelihood that you'll pay back your debts, so you are viewed as being a lower credit risk to lenders. A lower FICO® Score indicates to lenders that you may be a higher credit risk. There are three different major credit reporting agencies — the Experian credit bureau, TransUnion® and Equifax® — that maintain a record of your credit history known as your credit report. Your FICO® Score is based on the information in your credit report at the time it is requested. Your credit report information can vary from agency to agency because some lenders report your credit history to only one or two of the agencies. So, your FICO® Score can vary if the information they have on file for you is different. Since the information in your report can change over time, your FICO® Score may also change.
