The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Equifax Breach Update
Equifax disclosed a data breach on September 7th that spanned from Mid-May through July 29, 2017. It is reported that approximately 143 million consumers were affected by this breach. Names, social security numbers, dates of birth, addresses, and in some instances, driver’s license numbers were obtained. All this sensitive information is what is needed by fraudsters to commit identity theft, as detailed in this Equifax breach update.
Information put at risk by the data breach is separate from credit union data, but we will be vigilant in helping our members protect both. Here are actions you can take to monitor your situation and better protect yourself.
FTC and Equifax Information
Visit the Federal Trade Commission (FTC), which explains how youcan find out if your information is at risk, what steps you can do to protect yourselves, and how you can obtain free credit monitoring. Here is a link to the FTC’s release on the Equifax data breach which contains helpful information on how members may protect themselves against identity theft.
Visit Equifax’s website, www.equifaxsecurity2017.com. On the Equifax website, U.S. consumers can get a year of free credit monitoring and other services. You have until Nov. 21, 2017, to enroll. You also can access frequently asked questions at the site.
How to Protect Yourself After a Data Breach
- Monitor your existing credit card and bank accounts closely for charges you don’t recognize. With online and mobile banking, you can review your account as often as you like. If you notice any unauthorized activity, contact your financial institution immediately. Mid Oregon members also have the benefit of CardNav, a mobile app which allows you to control your debit card in several key ways which can minimize exposure to fraud. You can also receive real-time, in-app alerts.
- Check your credit reports from Equifax, Experian, and TransUnion for free by visiting annualcreditreport.com. Accounts or activity that you don’t recognize could indicate identity theft. Visit IdentityTheft.gov to find out what to do.
- Understand the impacts of placing a credit freeze on your files. A credit freeze makes it harder for someone to open a new account in your name. Keep in mind that a credit freeze won’t prevent a thief from making charges to your existing accounts.
- Consider placing a fraud alert on your files. A fraud alert warns creditors that you may be an identity theft victim and that they should verify that anyone seeking credit in your name really is you.
- File your taxes early — as soon as you have the tax information you need, before a scammer can. Tax identity theft happens when someone uses your Social Security number to get a tax refund or a job. Respond right away to letters from the IRS. Visit Identitytheft.gov/databreach to learn more about protecting yourself after a data breach.
There are ways you can be better informed, be more protected from fraud and better secure your information. Visit Mid Oregon’s Security and Fraud Center for up-to-date information and tips.
Overwhelmed By Your Loan Options?
Understand Your Loan Options
There are many different types of loans. So many, in fact, you may actually be overwhelmed by your loan options. First, it is important to understand your loan choices: what credit unions look for and require when lending and then understand what options credit unions may have to meet your financial needs.
Lending considerations and requirements
To understand your financial situation, financial institutions use a debt-to-income ratio. It is important to make sure your debts do not exceed your income. Another item credit unions take into consideration when lending is your credit score. Your credit score may determine things such as your interest rate and the amount we lend based on the value of the collateral.
However, financial institutions will each look at this a little differently. In fact, Mid Oregon Credit Union has a different lending philosophy than many. Tara Turner, Lending Manager at Mid Oregon, explains:
“In reviewing loans, we try to get your whole financial picture, past and present, in order to make an informed decision. In other words, we go beyond just checking boxes.”
Although loan requirements vary by credit union or bank, typical requirements may include having a Social Security Number, membership at the credit union or proof of employment. Often, you may be asked for collateral, references, and income verification.
If you’re concerned about your credit management or loan requirements, ask someone at Mid Oregon for guidance or a referral.
If you are not yet a member with Mid Oregon, don’t worry! Qualifying is easy for Central Oregon residents, and others may qualify through a family or other relationship. Check our membership qualifications to learn more.
Types of Loans
There are many loan types and options and one of these options is the traditional loan. Some traditional loans are home mortgages, vehicles and RV loans and personal loans. Share secured loans, where the credit union makes a loan to you based on what you have in your savings account, and credit cards are also traditional loans.
Another type of loan is one that helps to build your credit. Some credit unions. like Mid Oregon, have credit building loan programs. A shared secure loan can also help to build credit.
Your financial institution may offer loans for specific events or expenses. For example, if you need additional funds to cover expenses during the holidays your credit union may have an option for you. A shorter term home loan will help you pay off your mortgage early.
Finding Out More
Inquire with your credit union to learn more about these loan programs and any others they may have available for you.
To learn more about Mid Oregon Credit Union’s financing programs, visit midoregon.com, email us, call (541) 382-1795 or stop in at any of our 7 Central Oregon branches.
Tips for Parents on Raising Privacy-Savvy Kids
In today’s world, digitally connected families must think about safety and security both online and offline. Every child is taught basic safety and security, like not talking to strangers and looking both ways before crossing the street. Raising privacy-savvy kids and teaching young people easy-to-learn life lessons for online safety and privacy begins with parents leading the way.
The first step is to teach children how to STOP. THINK. CONNECT.: take safety measures, think about the consequences of your actions and connect knowing you have taken steps to safeguard yourself and your family when online.
Share with Care- What you Post Can Last a Lifetime:
Help your children understand that any information they share online can easily be copied and is almost impossible to take back. Teach them to consider who might see a post and how it might be perceived in the future.
Personal Information is Like Money. Value It. Protect It:
Information about your kids, such as the games they like to play and what they search for online, has value ‒ just like money. Talk to your kids about the value of their information and how to be selective with the information they provide to apps and websites.
Post Only About Others as You Would Like to Have Them Post About You:
Remind children and family members about the golden rule and that it applies online as well. What they do online can positively or negatively impact other people.
Own Your Online Presence:
Start the conversation about the public nature of the Internet early. Learn about and teach your kids how to use privacy and security settings on their favorite online games, apps and platforms.
Remain Positively Engaged:
Pay attention to and know the online environments your children use. In the real world, there are good and bad neighborhoods, and the online world is no different. Help them to identify safe and trusted websites and apps. Encourage them to be cautious about clicking on, downloading, posting and uploading content.
Stay Current. Keep Pace With New Ways to Stay Safe Online:
Keep up with new technology and ways to manage privacy. Visit staysafeonline.org or other trusted websites for the latest information about ways to stay safe online. Talk about what you discovered with your family, and engage them on a regular basis to share what they know about privacy.
Created by the National Cyber Security Alliance
Made possible in whole by a grant from the Digital Trust Foundation.
STOPTHINKCONNECT.ORG
https://staysafeonline.org/about-us/overview/
Visit the Mid Oregon Credit Union Security & Fraud Center, for more information and tips.