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.
Good Credit Is Good But…
Americans Know Good Credit Is A Good Thing. Up-To-Date Knowledge? Not So Good
Even though many Americans understand the importance of good credit, most are not taking advantage of their free annual credit report, according to a new study. We know good credit is good, but we don’t keep up to date on our credit.
Americans Aware of Free Credit Reports
According to Equifax’s 2016 Personal Solutions Group Financial Literacy Month Survey, 81% of Americans are aware they can get a free credit report every year, but more than 40% are not doing so. Sixteen percent have not checked their report within the past year, 14% have never checked their reports and 12% could not remember when they last accessed their report.
“The survey also found that many do not understand how their credit worthiness is determined,” said LowCard.com’s Lynn Oldshue. “For example, only 40% know that negative information stays on credit reports for seven years.”
Confusion About How It Works
Respondents also seemed confused as to what qualifies as negative information, Oldshue said. They were given a number of accurate and inaccurate statements and were asked to say whether those things affected credit. Respondents were able to identify that these were accurate statements:
How much you owe on credit cards and other loans (83%)
Opening new credit accounts (68%)
Length of credit (64%)
Types of credit or loans (60%)
However, some believed these inaccurate statements were also true:
Being denied credit (56%)
Interest rate on credit cards or other loans (30%)
Checking your credit report (30%)
“Unfortunately, poor credit is holding many Americans back. The respondents said bad credit has prevented them from getting a lower interest rate on a loan (19%), renting an apartment (7%), turning on utilities (5%) or getting a job (4%),” Oldshue said, adding there is some good news.
Many Consumers Monitoring Their Credit Score
While consumers are not necessarily reviewing their full credit report, many are monitoring their score. Only 27% said they do not check their score. For those that do:
32% receive it for free from a third-party website
25% get it from their credit card company and 14% get their score from their bank
4% pay for their score from a credit bureau and 3% pay a third-party website
1% used some other source
Equifax surveyed 1,008 consumers in April.
If you have questions about your credit report, Mid Oregon Credit Union can help. Stop by one of our branches, email us or give us a call to get started.
4 Things Your Teen Needs to Know About Debt
Upon graduation, many high-schoolers are ready (or think they are ready) for college. They’re emotionally ready to spend time away from home, they’re prepared for the workload of classes, etc. But what many of them lack is financial know-how.
According to DailyFinance, within five years of leaving home, most teens are faced with the decision of taking out student loans, buying a car, signing up for credit cards, or even taking out a mortgage. And it’s up to parents to instill some wisdom in those bright-eyed, bushy-tailed youths before they learn it the hard way.
Your teens shouldn’t be burdened with your financial stress, and they definitely don’t need to know all of your misdeeds. But they should know the basics of the common financial situations they’re soon to encounter. Whether you’ve done right with your money, made a boatload of financial snafus, or a little bit of both, here are some worthwhile discussions to have with your kids:
Student Loans: While student loans are often times a necessary debt, they’re still money owed to someone else….
Read more at ASmarterChoice.org* Blog
*About A Smarter Choice: Credit unions make a difference for their members and the communities they serve. ASmarterChoice.org, a project of the nation’s credit unions, was developed to help everyone understand that credit unions are the best option for consumers for conducting their financial business.
Love My Credit Union Rewards
An Additional Value For Being a Mid Oregon Member
Many of our members remark how they love the Mid Oregon service they receive in our branches. We are always pleased when members and others in our community share how they appreciate our activities and investment benefiting Central Oregon. Some even recognize the direct financial value of being a credit union member ($141 per CU household in the state of Oregon in the year ending September 2015).
But one of our least known benefits is the “Love My Credit Union Rewards” program.
Love your savings. Love My Credit Union Rewards.
Everyone is looking for ways to save money, and that’s just what Love My Credit Union Rewards is all about.
Mid Oregon Credit Union is excited to offer you exclusive discounts and benefits on products and services you use every day. Credit union members have already saved over $1.4 billion with Love My Credit Union Rewards discounts. So along with lower loan rates and fewer fees, here’s another way you can save even more.
♥ Receive a 10% discount (business members a 15% discount) on select regularly priced Sprint monthly data service. Plus, waived activation fee on new lines and upgrade fees ($36 savings each)
♥ Get safety and security of roadside assistance and more for less than $1 per week* with CU Road Pal.
♥ Save up to $15 on TurboTax Federal tax products
♥ Save on services for your home from ADT, DIRECTV, Allied, and more
♥ Earn cash back when you shop at over 1,500 online retailers with Love to Shop The more offers you take advantage of, the more you save.
Start saving today at LoveMyCreditUnion.org.
*Based on individual roadside assistance plan