Financial Education

We recently learned that some members receive many marketing solicitations after pulling their credit report. The four major credit bureaus, Equifax, Experian, Innovis, and Transunion, have made purchasing your credit inquiry data much easier. It is important to note that credit inquiry data is NOT the same as your credit report.

San Luis Valley Federal Bank nor any other bank or finance company control solicitations you...

In the case of a business, a criminal takes over the identity of a business and uses that identity to establish lines of credit with banks or retailers. Using this credit, the identity thief purchases goods, gift cards, and other items that can be bought and exchanged for cash, or sold with relative ease.

The damage can be devastating to the business and to the...

We are joining the American Bankers Association Foundation’s Safe Banking for Seniors campaign. We will mobilize bankers across the Valley to educate older Americans, their caregivers, and other family members about identifying and preventing elder financial exploitation.

Did you know that setting up a savings account for your children can be the best way to get them started on healthy and successful money habits? On the surface, it teaches basic math skills, but more importantly, it encourages long-term thinking and planning, which helps children become more goal-oriented. Also, it helps children better understand the value of money. The best way to encourage saving is to help them set a realistic goal and make it fun!...

Sticking to a routine savings plan has never been easy. It’s even more difficult when something unexpected happens, like an accident or a natural disaster. Many consumers use credit cards or loans as a quick solution during emergency situations.

Unfortunately, high-interest debts can be hard to pay off. If you don’t pay off those balances regularly, you can pay more in the long run through accrued interest. If you fall...

Your credit report is your most important financial document. It’s what’s used by lenders to determine if you’re eligible for a loan, and it may also be checked when you apply for a job, insurance, or to rent a property.

The information on your credit report is used to calculate your credit score. If you want to increase your score, you need to make sure that the information the credit bureaus are collecting...

Scammers are always creating new ways to steal your money. One of the recent scams utilizing peer-to-peer payment services is what's known as the "Pay Yourself Scam."

The gist of the scam is that someone pretending to be a representative from your bank or credit union tells you that there has been a fraudulent transaction, and in order to stop it, you need to send yourself money with Zelle®. That sense of urgency really works...

Most of the time, poorly formed scams are easy to spot. However, there could be times when you second guess your intuition and follow through with the scammer's requests, which ends in a disaster. Never assume a scam won't happen to you; scammers are becoming increasingly clever. 

The quickest way to spot a scam is how they prefer to collect payment. Gift cards are becoming the preferred payment method. It is a scam if they ask for payments through gift cards. Gift...

Your financial situation, and economic conditions, can change a lot in 15 or 30 years. Your monthly budget may get squeezed due to other major expenses, or you may be able to pay your home loan off more quickly, thanks to getting a raise. Interest rates may change, affecting how much it costs to borrow money.

Because of this, it's highly likely that the mortgage you took out when you first bought your home won't remain the best deal for you.

Thankfully,...

Scams are on the rise, and you need to be aware to protect yourself from fraud. Scammers will use unusual social events to trick you into giving away your hard-earned money.

Look for unusual behavior from the scammers. Is your friend really traveling in another country? Would Social Security call you to ask for money? Why would your bank call you to ask for your online banking password?

If you receive an unusual message, stop, and take time to think it through.

If...