How to Report

Phone fraud, also known as phone scam or phone phishing, is a fraudulent practice in which individuals or organizations attempt to obtain personal or financial information from unsuspecting victims over the phone. Phone fraud can take many forms, such as fake IRS calls, tech support scams, or prize scams.

It is important to report phone fraud to the appropriate authorities to protect yourself and others. Here are some tips:

• Hang up and don’t provide any personal information: If you receive a suspicious phone call, hang up immediately and do not provide any personal or financial information to the caller. Remember that your credit union and other legitimate organizations will never ask for sensitive information over the phone.

• Take note of the caller’s information: Try to gather as much information about the caller as possible, such as their phone number, name, company name, and any other relevant details. This information will be helpful when reporting the fraud to the authorities.

Debt-to-Income Ratio

Someday, you’re probably going to need a loan to purchase a car or a home. Even if that day feels far away right now, you can still learn how lenders—like credit unions and banks—determine how much they’re willing to lend you, and then take steps to put yourself in the strongest borrowing position for that “someday.”

When applying for a loan, your credit score is a large factor in determining what size loan and interest rate you’re approved for. Your score is based on multiple elements, like length of credit history, on-time payment history, and amount owed. Once your credit “worthiness” has been established (meaning you have a high enough credit score to meet the lender’s standards), the lender then looks at what size loan and loan payments you can reasonably afford. Affordability is largely determined by your debt-to-income ratio, or your DTI.

Your DTI is based on a simple formula: monthly gross debt divided by monthly gross income.

New Car Purchase

Purchasing a new car is a significant financial decision that can greatly impact your budget and lifestyle. With countless options available, it's important to approach the process armed with knowledge and a clear strategy. 

Assess Your Needs and Budget. Before heading to the dealership, take time to evaluate your needs and establish a budget. 

• Purpose: Determine how you’ll primarily use the vehicle. Is it for commuting, family use, or leisure? This will help you decide on the type of car that suits your lifestyle.
• Features: Identify must-have features such as fuel efficiency, safety ratings, cargo space, and technology.
• Affordability: Factor in your current financial situation. Use the 20/4/10 rule as a guideline: make a 20% down payment, finance the vehicle for no more than four years, and ensure that your monthly car expenses do not exceed 10% of your gross income.