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.
Common Credit Report Mistakes Could Cost You
If you haven’t requested a copy of your credit report, there are many reasons why you should. It’s true, that common credit report mistakes could cost you.
Studies show that a high percentage of consumer credit reports contain errors. One-fourth of credit reports contain such serious errors that those individuals could be denied credit.
What are the common errors?
1) Misspelled names
2) Wrong Social Security numbers
3) Inaccurate birth dates
4) Inaccurate information about a spouse
5) Out-of-date address
6) “Closed” accounts listed as “open”
7) The same mortgage or loan listed twice
8) Absence of major credit, loan, mortgage, or other accounts that could be used to demonstrate creditworthiness
Other Common Questions
How can these errors happen?
Most mistakes can be pinned to creditors who provide inaccurate information to credit bureaus. Mistakes happen when credit accounts change hands. Other mistakes simply are human error. One report found that some banks admit to not providing credit bureaus with complete information about their customers. Some errors are the result of thieves stealing your personal information and establishing fraudulent accounts in your name.
Why should you care?
Lenders use credit reports to determine the interest rates on loans; the more creditworthy you appear on paper, the lower the rate you pay. Errors may cause you to pay more. In some cases, you even could pay a higher premium for auto and homeowners insurance, because insurance companies have found that people with poor credit histories tend to file more claims. And many people are surprised to learn that a potential employer turned them down for a job because of negative information on their credit report. Federal law, however, requires that the employer get your permission before pulling your report.
How much does a credit report cost?
The Fair Credit Reporting Act requires each of the “big three” credit reporting agencies—Experian, Equifax, and TransUnion—to provide you with one free copy of your credit report, at your request, once every 12 months. Go to annualcreditreport.com to request your reports.
How much does a credit score cost?
If you want your credit score, a three-digit assessment of your creditworthiness, you’ll pay approximately $20. You may see higher prices for a credit score, but the higher price probably includes credit reports. Remember: You’re entitled to one free credit report per year from each of the credit reporting agencies, so watch out for so-called deals you may not need.
What if you find an error in your credit report?
Write a letter to the credit bureau, which is obligated by law to contact the creditor who supplied the disputed information. The credit bureau must respond to you within 30 days. If you’re not satisfied with how the dispute is settled, ask that a brief written explanation be added to the bottom of your credit report.
Have More Questions?
Talk to your local Mid Oregon Credit Union Loan Officer, or call us at (541) 382-1795. We can provide some general information, possibly discuss your report and see if you have any common credit report mistakes. We can only pull your credit report if you are a member, but if you are not a member, you can bring your own and we would be happy to discuss it with you.
Thanks for a Great 2016 and Welcome to 2017!
By Bill Anderson, Mid Oregon President/CEO
What a crazy end to a crazy year. Now that we are past the elections and the record snowfall (I think), we are already moving steadily forward on our plans to optimize our operations for 2017.
Optimizing for 2017
We had phenomenal growth in 2016; thanks to our focus on growing our membership. We expanded our charter area and added Wheeler, Lake and North Klamath counties in anticipation
of our new branch in La Pine that opened in June. The La Pine team surpassed all of our other branches in membership growth, even though they were only open since June.
Additionally, we purchased a new administration building to build our infrastructure for our planned growth. We are adding systems, people and processes to help us continue to provide great
service to our members.
Branch in Sisters….Soon
The Sisters branch is still under construction. We hoped to have it open before the end of 2016, but construction delays have pushed us back and we are expecting to have it open soon. The good
news is that we have a great team hired for Sisters and they have been getting lots of extra practice opening accounts and making loans in our other branches.
This year we will be moving past $250 million in assets, another milestone in our accelerated growth. We are benefitting from our strong commitment to Central Oregon and outpacing
the organic and in-migration of new folks moving here.
Exciting New Checking Programs
In February we will be rolling out new checking programs designed to provide more access to more new members and reward our current members for referring folks to Mid Oregon. We
have done a great deal of preparation to get ready for our growth and we are excited to continue to build on our brand promise, “Good Friends. Great Service.”
Thanks for your support and loyalty to Mid Oregon!
.
Mid Oregon Surpasses 100,000 Loans Since Inception
Mid Oregon Surpasses 100,000 Loans
At the January board meeting of Mid Oregon Credit Union, a milestone was recognized for the accomplishment of 100,000 loans to members since the organization was formed in Prineville in 1957.
“This is yet another nod to our continued growth and support of our membership in Central Oregon,” said Bill Anderson, President/CEO. “We continue to accelerate our lending as we build our footprint with branches in La Pine and Sisters, and our depositors provide the funds to fuel our increasing portfolio.”
Mid Oregon has 11,676 loans today valued at over $166.2 million. In 2016 the credit union funded 3,848 loans for $65.5 million. Total membership grew to 26,179 as of December 31, 2016.
Meeting the Needs of Our Members
The almost 12,000 current loans represent a variety of financing needs of our members. A growing number of local businesses are using Mid Oregon financing to support their growth and expansion. For our consumer members, auto, RV, truck, home and home equity and credit cards are the most popular financing choices.
A unique loan product we offer is our “Credit Builder”. Currently several hundred members are using this tool to add points to their credit score,build good financial habits, and even to save for the future. A key feature is an easy application and approval process, providing more opportunities for members and making it very convenient.
Mid Oregon has always been a go-to local provider of auto, truck and RV loans in Central Oregon. Today, thousands of our members are meeting their transportation and recreational needs through our new and used vehicle financing, helping the local economy and families grow. Through an automated system, Mid Oregon can communicate directly with franchise dealers to get at-dealer loans completed. Pre-approvals in the branch are used by many members to provide certainty and peace of mind while shopping for their vehicles.
Home Equity Loans Are Meeting Cash Needs
A growing component of our lending is members using their equity in their homes to finance home improvement and other projects and needs. Home equity lines of credit or fixed loans are providing cash for remodeling, landscaping, unexpected needs, and even college tuition for our members at lower rates than other options.
Offering credit is a foundational component of “credit” unions, and Mid Oregon is doing its best to fulfill this need for our members in Deschutes, Jefferson, Crook, Wheeler, Lake and North Klamath Counties. To learn more, or to meet your need or realize your dream, contact one of our loan officers at (541) 382-1795, beheard@midoregon.com, or visit one of our convenient Central Oregon branches in Bend, Redmond, Prineville, Madras, La Pine and soon, in Sisters. Additional information is available at midoregon.com.