Understanding Your Credit Score
Your credit score is a number generated by a mathematical algorithm -- a formula -- based on all the account information in your credit report. The resulting number is a highly accurate prediction of how likely you are to pay your bills. Credit scores are used extensively, and if you've gotten a mortgage, a car loan, a credit card or even auto insurance, the rate you received was directly related to your credit score. The higher the number, the better you look to lenders. People with the highest scores get the lowest interest rates.
For more information, download this comprehensive brochure on Understanding Your Credit Score.
Improving Your Credit Score
Credit scores measure the likelihood that credit will be paid back as agreed. In other words, it is a numerical
representation of “What’s the probability that the lender will get its money back, on time, as agreed, and in full?” To
maintain a good credit score, a consumer needs to show that he/she can be responsible with someone else’s money. To
begin, you should understand that there is no quick fix for a poor credit score. Scores reflect credit payment patterns over
time with more of an emphasis on recently reported information than older information.
For more information, download this comprehensive brochure on Improving Your Credit Score (PDF).
Start Saving More...Today!
Americans spend more than they earn; the national personal savings rate has dipped to the lowest point
since the Great Depression. Today’s high gasoline, energy and food prices may make saving seem less possible
than ever before. With a little planning and effort, saving money is not only possible, it’s easy!
For more information, download this comprehensive brochure on Saving More (PDF).
Create a Budget, and Stick to It
If you are like many Americans, you may find that you are spending more than you’re saving. This is an
easy and common pattern to fall into, and one that requires some planning and discipline to reverse.
For more information, download this comprehensive brochure on Creating a Budget (PDF)
Dealing with the Equifax Data Breach
In light of the recent Equifax breach, identity theft has been at the forefront of many members’ minds, and understandably so. With an estimated 143 million consumers impacted, many individuals are contemplating their next move – how to effectively safeguard not only their identity, but also their financial future.
We put together a list of resources for members should they find that their data was compromised in the Equifax breach.
Equifax’s official website regarding the breach
Notify the Appropriate Parties
If you suspect you may be a victim of identity theft, notify one of the three main reporting agencies and request a “fraud alert.” You should also consider putting a “freeze” on your credit report with each agency.
File an identity theft report with the Federal Trade Commissions (FTC)
File an identity theft report to add your case to the FTC’s identity theft database. The FTC will provide you with a FREE personalized recovery plan. You should also consider filing a local police report.
Request an Identity PIN Number from the IRS
An IRS IP PIN is a six-digit number assigned to eligible taxpayers that helps prevent the misuse of their Social Security number on fraudulent federal income tax returns. Request an IP PIN.
Notify Your Financial Institutions
Always notify Space Age Federal Credit Union, and any other financial institutions you deal with, that you may be a victim of identity theft. At Space Age, we will work with you to determine what precautions need to be taken with your account(s). Since each situation is different, it is important that you provide your financial institutions as much information as possible so that they can best assist you.
Printable version of data breach information (PDF)