Financial Education
- Financial Planner
- Certified Financial Counselors
- Financial Articles & Links
- Calculators
- Internet Fraud Tips
- Identity Theft
Financial Planner
The Syracuse Fire Department Credit Union has partnered with a Daniel J. Hopkins, a financial planner to assist you with your financial needs including retirement and investing. Dan will be happy to meet with you at a time and location convenient to you (including the credit union office).
Daniel J. Hopkins
Registered Representative
AIG Advisor Group
Royal Alliance Associates, Inc.
4211 Middle Settlement Road
New Hartford, NY 13413
315-251-9596
315-724-1185
315-468-1154 – fax
*Funds are not federally insured. This service is not guaranteed by the credit union, and is no obligation of the credit union. Investment risks including possible loss of principle.
Certified Financial Counselors
The Credit Union has several Certified Financial Counselors on staff to help you with your financial needs. Planning a budget, working around job loss, planning for your future, our counselors can help you with all of this and much more. Virginia Victory, Andrea LaGrow AND Emily Capels are all available to meet with you.
Financial Articles & Links
What is Credit Scoring?
Credit scoring is a system creditors use to help determine whether to give you credit. Information about you and your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report. Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points — a credit score — helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due.
Because your credit report is an important part of many credit scoring systems, it is very important to make sure it’s accurate before you submit a credit application. An amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the major nationwide consumer reporting companies to provide you with a free copy of your credit reports, at your request, once every 12 months.
To order your free annual report from one or all national consumer reporting companies, visit www.annualcreditreport.com, call toll-free 877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P. O. Box 105281, Atlanta, GA 30348-5281. The form is at the back of this brochure; or you can print it from ftc.gov/credit. Do not contact the three nationwide consumer reporting companies individually. They provide free annual credit reports only through 877-322-8228, www.annualcreditreport.com, and Annual Credit Report Request Service, P. O. Box 105281, Atlanta, GA 30348-5281.
For more information, see Your Access to Free Credit Reports at ftc.gov/credit.
What can I do to improve my score?
Credit scoring models are complex and often vary among creditors and for different types of credit. If one factor changes, your score may change — but improvement generally depends on how that factor relates to other factors considered by the model. Only the creditor can explain what might improve your score under the particular model used to evaluate your credit application.
Nevertheless, scoring models generally evaluate the following types of information in your credit report:
- Have you paid your bills on time? Payment history typically is a significant factor. It is likely that your score will be affected negatively if you have paid bills late, had an account referred to collections, or declared bankruptcy, if that history is reflected on your credit report.
- What is your outstanding debt? Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, that is likely to have a negative effect on your score.
- How long is your credit history? Generally, models consider the length of your credit track record. An insufficient credit history may have an effect on your score, but that can be offset by other factors, such as timely payments and low balances.
- Have you applied for new credit recently? Many scoring models consider whether you have applied for credit recently by looking at “inquiries” on your credit report when you apply for credit. If you have applied for too many new accounts recently, that may negatively affect your score. However, not all inquiries are counted. Inquiries by creditors who are monitoring your account or looking at credit reports to make “prescreened” credit offers are not counted.
- How many and what types of credit accounts do you have? Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many models consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may negatively affect your credit score.
Scoring models may be based on more than just information in your credit report. For example, the model may consider information from your credit application as well: your job or occupation, length of employment, or whether you own a home.
To improve your credit score under most models, concentrate on paying your bills on time, paying down outstanding balances, and not taking on new debt. It’s likely to take some time to improve your score significantly
- Understanding Your Credit Report http://www.ncua.gov/NewsPublications/Publications/PDF/brochures/FinancialEducation/Cr-Reporting.pdf
- Identity Theft: How To Avoid It http://www.ncua.gov/NewsPublications/Publications/PDF/brochures/FinancialEducation/ID-THEFT.pdf
- Watching for Credit Card Tricks http://www.ncua.gov/NewsPublications/Publications/PDF/brochures/FinancialEducation/Cr-Crd-TRICKS.pdf
Calculators
http://members.cunamutual.com/Calcs/default.asp
Fraud Prevention Tips
Know who you’re dealing with. If the seller or charity is unfamiliar, check with your state or local consumer protection agency and the Better Business Bureau. Some Web sites have feedback forums, which can provide useful information about other people’s experiences with particular sellers. Get the physical address and phone number in case there is a problem later.
Look for information about how complaints are handled. It can be difficult to resolve complaints, especially if the seller or charity is located in another country. Look on the Web site for information about programs the company or organization participates in that require it to meet standards for reliability and help to handle disputes.
Be aware that no complaints is no guarantee. Fraudulent operators open and close quickly, so the fact that no one has made a complaint yet doesn’t meant that the seller or charity is legitimate. You still need to look for other danger signs of fraud.
Don’t believe promises of easy money. If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam.
Understand the offer. A legitimate seller will give you all the details about the products or services, the total price, the delivery time, the refund and cancellation policies, and the terms of any warranty. For more information about shopping safely online, go to www.nclnet.org/shoppingonline.
Resist pressure. Legitimate companies and charities will be happy to give you time to make a decision. It’s probably a scam if they demand that you act immediately or won’t take “No” for an answer.
Think twice before entering contests operated by unfamiliar companies. Fraudulent marketers sometimes use contest entry forms to identify potential victims.
Be cautious about unsolicited emails. They are often fraudulent. If you are familiar with the company or charity that sent you the email and you don’t want to receive further messages, send a reply asking to be removed from the email list. However, responding to unknown senders may simply verify that yours is a working email address and result in even more unwanted messages from strangers. The best approach may simply be to delete the email.
Beware of imposters. Someone might send you an email pretending to be connected with a business or charity, or create a Web site that looks just like that of a well-known company or charitable organization. If you’re not sure that you’re dealing with the real thing, find another way to contact the legitimate business or charity and ask.
Guard your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.
Beware of “dangerous downloads.” In downloading programs to see pictures, hear music, play games, etc., you could download a virus that wipes out your computer files or connects your modem to a foreign telephone number, resulting in expensive phone charges. Only download programs from Web sites you know and trust. Read all user agreements carefully.
Pay the safest way. Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly. There are new technologies, such as “substitute” credit card numbers and password programs, that can offer extra measures of protection from someone else using your credit card.
Check the latest list of scams circulating! A complete list of internet, telemarketing and business scams are listed here.
What is identity theft?
Identity theft occurs when someone uses your personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes.
The FTC estimates that as many as 9 million Americans have their identities stolen each year. In fact, you or someone you know may have experienced some form of identity theft.
The crime takes many forms. Maybe thieves rummaged through your trash, found a bank statement, and misused your checking account. Or, maybe they rented an apartment using your name. Maybe someone got a credit card using your identity and credit history, and bought expensive stereo equipment.
And maybe you found out about it months later, when your loan application was rejected or when you noticed charges on your credit card statement that you didn't make.
Identity theft is serious. People whose identities have been stolen can spend hundreds of dollars and many days cleaning up the mess thieves have made of their good name and credit record.
The potential for damage, loss, and stress is considerable. Consumers victimized by identity theft may lose out on job opportunities, or be denied loans for education, housing, or cars because of negative information on their credit reports. They may even be arrested for crimes they did not commit.
Resources:
What to do if you think you’ve been a victim of identity theft
Watch this 10 minute video with advice from FTC leaders, law enforcement, and victims on how to deter, detect, and defend against identity theft.
Helpful Tips From The FTC
The Federal Trade Commission (FTC) has provided some guidelines that may help you protect yourself from falling prey to identity theft or other fraud.
- If you receive an email that warns you, with little or no notice, that an account will be shut down unless you reconfirm your billing information, you should not reply or click on the link in the email. Instead, directly contact the company cited in the email using a telephone number or website address that you know to be genuine.
- Avoid emailing personal and financial information, unless you are using a secure form on the web site with which you are doing business.
- Review credit card and Bridgeway FCU account statements as soon as you receive them to determine if there are any unauthorized charges or suspicious activity. If your statement is late by more than a couple of days, call the credit card company or Bridgeway FCU to confirm your billing address and account balances.
- Report suspicious activity to the FTC. Send the actual spam email to uce@ftc.gov. If you believe you have been a victim of a fraudulent scheme, file a complaint at www.ftc.gov.
- Neither the National Credit Union Administration (NCUA) nor any other federal financial agency uses email to request non-public information, such as account numbers, date of birth, or Social Security Number.