PEWAUKEE, Wis. – The Wisconsin Credit Union League has alerted credit unions and media around the state to be on the look out for newspaper ads for a non-existent credit union "First Rate Credit Union," said to be located in Middletown, N.Y., that ran in six major daily newspapers in Wisconsin on September 20. The ads target consumers with credit problems and promise loan rates as low as 6.9%, hassle-free approval, and free and confidential consultations. At least one of the ads used an 866-phone number. The league's notice warned that ads for other fake credit unions have appeared around the U.S. using similar "lures," and victims have lost considerable deposits when they were asked to pay up front by a Western Union wire transfer. Victims also received what appeared to be a valid loan application that requested personal and financial information. Wisconsin Credit Union League President/CEO Brett Thompson stressed that "consumers should always check out a financial institution before transacting any business with them. It's also a good idea to add your credit union's Web address to the `favorites' in your browser, or just know the exact spelling, to avoid being directed to a phony site. WCUL urged consumers who suspect they've seen a fraudulent ad or Web site for a credit union to immediately contact their own credit union or notify the Wisconsin Credit Union League. They should also report it to both the FBI and the NCUA's Fraud Hotline.