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.
eStatements: Simplify, organize, and protect
With the click of a button, you can save resources, organize your financial records, and reduce paper waste—and you might even reduce your risk of identity theft.
We’re all looking for ways to make life simpler and save a few steps on those things we manage every day. Our members tell us they want more convenience, and look to their credit union to help them keep their accounts and personal information streamlined, safe, and secure.
That’s why Mid Oregon provides FREE electronic account statements. Our eStatements help you reduce paper clutter by allowing you to view them securely in Online Banking whenever you want—keeping paper statements out of the mail and reducing your risk of identity theft.
All your account statements, anywhere you have an internet connection
Need to view a past statement, or print several statements for a loan or tax preparer? No problem—you can view and print multiple statements whenever you like! You’ll always have access to 24 months of archived statements, right at your fingertips.
Get your statements faster
Plus, your statement will be available to view a day or two earlier than mailed statements, and you’ll save yourself the hassle of having to shred those old statements. Statistics show that most identity theft still happens through pretty old-fashioned methods, including finding account numbers and personal information through stolen mail. You can avoid all that with eStatements. You’ll receive an email message when they’re ready, and you can log in and view your statements when it’s convenient for you. What could be easier?
To get started, simply log into Online Banking right on the Mid Oregon home page, and look for eStatements in the Accounts tab. Click to switch to eStatements and you’re set. You can choose to opt back into paper statements whenever you like—just log back in and switch!
If you’re not using Online Banking yet, give us a call at 541-382-1795 and we’ll set up your PIN and help you get logged in!
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.