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Financial Education

Credit Report Opt Out

Credit Report Opt Out

Posted On: July 27, 2023 by San Luis Valley Federal Bank in: Financial Education

How to Opt Out of Marketing Triggered by Credit Inquiries

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...

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Tags: Credit Report

Protecting your Business

Protecting your Business

Posted On: July 7, 2023 by San Luis Valley Federal Bank in: Financial Education

Business Identity Theft Protecting your Business and Resources

 

What is Business Identity Theft?

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...

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Tags: Business Identity Theft, Protecting your Business

Safe Banking for Seniors

Safe Banking for Seniors

Posted On: June 15, 2023 by San Luis Valley Federal Bank in: Financial Education

SAN LUIS VALLEY FEDERAL BANK JOINS ABA FOUNDATION’S SAFE BANKING FOR SENIORS CAMPAIGN

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.

Tags: Financial Education, Financial Literacy, Safe Banking For Seniors, Scams

Piggy Bank

Raising Financially Responsible Children

Posted On: April 13, 2023 by San Luis Valley Federal Bank in: Financial Education

Raising Financially Responsible Children

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!...

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Tags: Budget, Financial Education, Financial Literacy, Saving

Emergency Savings

Emergency Savings

Posted On: March 1, 2023 by San Luis Valley Federal Bank in: Financial Education

How to Save for an Emergency, during an Emergency

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...

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Tags: Emergency Savings, Financial Education

Financial Health

Financial Health

Posted On: January 20, 2023 by San Luis Valley Federal Bank in: Financial Education

Set Your Calendar Every Year for Good Financial Health

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...

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Tags: Credit Report, Credit Score, Financial Health, Financial Literacy

Pay Yourself Scam

Pay Yourself Scam

Posted On: September 7, 2022 by San Luis Valley Federal Bank in: Financial Education

Send Yourself Money? That's a Big Red Flag

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...

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Tags: Financial Education, Scams, Zelle

Scams

6 Common Scams

Posted On: August 17, 2022 by San Luis Valley Federal Bank in: Financial Education

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...

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Tags: Scams

Refinance Mortgage

Refinance Mortgage

Posted On: May 26, 2022 by San Luis Valley Federal Bank in: Financial Education

Should I Refinance My Mortgage?

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,...

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Tags: Mortgage, Refinance

unknown caller

Scams

Posted On: April 4, 2022 by San Luis Valley Federal Bank in: Financial Education

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...

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Tags: Scams