What to Know About Disputing Your Credit Report

Posted on by
Reply

Your credit report impacts almost every aspect of your financial life. If you ever want to purchase a home, take out a loan, or apply for a credit card – financial institutions will reference your credit report to determine your creditworthiness. That’s why it’s crucial to ensure the accuracy of the information on your credit report. We wanted to shed some light on disputing your credit report – should there ever be a discrepancy, and what the process looks like.

How to Dispute Your Credit Report

Disputing your credit report is a right guaranteed to you under the Fair Credit Reporting Act (FCRA). Here’s a step-by-step guide to help you navigate through the process, should you ever need to.

1. Obtain Your Credit Reports: The first step in this process is to get a copy of your credit reports. You are entitled to a free copy from each of the three major credit bureaus — Experian, Equifax, and TransUnion — once a year through AnnualCreditReport.com. We also offer a credit assessment tool on our website to help you get an idea of what yours may look like.

2. Review Your Reports: Go through each report meticulously, identifying any errors. These could include incorrect personal information, incorrect account details, fraudulent accounts opened, and outdated information.

3. Gather Evidence: If you find inaccuracies, gather supporting evidence to substantiate your claim. This could include bank statements, payment records, or correspondence from the creditor or collection agency.

4. File Your Dispute: Write a dispute letter to each credit bureau that is reporting the inaccurate information. Include your name and address, a detailed explanation of the dispute, and copies of supporting documents. TransUnion offers free online disputing services as well.

5. Follow-Up: After filing your dispute, the credit bureau has 30 days to investigate. They will contact the information provider, who will then need to investigate the dispute. If the provider finds the information is incorrect, they must notify all three credit bureaus to correct your credit file.

6. Review the Outcome: Once the investigation is complete, the credit bureau must provide you with the results and a free copy of your credit report if the dispute resulted in a change. You will want to review this report to ensure the corrections have been made.

Common Questions About Disputing a Credit Report

Understanding your credit report and the process of disputing it is important for the big picture of your financial future. Below are some common questions we’ve heard from some of our members.

How often should I review my credit report?

You should review your credit report at least once a year. However, if you are planning a significant financial move, such as purchasing a home – you should review your credit report several months in advance.

What should I do if a dispute is unsuccessful?

If your dispute was unsuccessful, but you still believe the information is incorrect – you can request that a statement of the dispute be included in your future credit reports. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB).

Can I have a third party dispute items on my behalf?

Yes, you can have a credit repair company dispute items on your behalf – but it’s important to understand that some companies might charge high fees for utilizing their services. It is often more beneficial and cost-effective to dispute any errors yourself.

How long does negative information stay on my credit report?

Most negative information will stay on your credit report for seven years, while bankruptcy information can stay on your report for up to ten years.

Does filing a dispute hurt my credit score?

No, filing a dispute does not hurt your credit score. However, if the dispute results in a change to your credit report, it could indirectly affect your credit score – either positively or negatively, depending on the nature of the change.

At First Financial, we encourage our members to take an active role in managing their credit so they can achieve their financial goals. We’re here to help throughout the process! Visit a local branch or call 732.312.1500 to learn more about ways to manage your credit score.

Related Article: Steps to Improving Your Credit Score

For more money advice, subscribe to our First Scoop blog.

Is it Love or a Ploy to Steal Your Cash? Romance and Online Dating Scams

Posted on by
Reply

Have you been asked to send money to an online love before you’ve met in person? It may be a scam. Here’s what you need to know about romance and online dating scams.

Online Dating and Virtual Relationships Can Lead to Romance Scams

They say “love is blind.” This is especially true when it comes to looking for love online. Unfortunately, the popularity of online dating and using dating apps has created a new avenue for scammers to embed themselves into people’s daily lives with fake profiles and phony promises. Romance scams are growing in popularity, so if you are looking to meet someone online make sure you are not blinded by love and will notice if something seems fishy.

How Romance Scams Work

Scammers create fake profiles that are aimed at gaining your affection and trust. They may have an unusually high number of similar interests, and once you engage with them, they will contact you frequently with intense flattery to establish a quick relationship. The only caveat is that they can’t meet in person. They will provide excuses such as serving in the military or other remote commitments.

After spending weeks – or months – building a connection with you, they will eventually ask for money, typically through an electronic payment method that is fast and cannot be reversed (think P2P payment apps such as Venmo and Zelle). Common reasons include travel expenses to finally come see you, medical emergencies, or debt relief to start a new life together. They will make false promises about the future, but if you refuse – they’ll seemingly threaten your relationship and stir up guilt until you finally agree. This may take place during times when many people feel lonely, such as around Valentine’s Day or during the holidays. After you send the requested money, the scammer will disappear.

What You Can Do If a Scammer Targets You

If you suspect an online romance seems suspicious, make sure you slow down and ask questions. Try doing a Google image search with their photos to make sure they are not random pictures the scammer found online. If you believe you may be interacting with a scammer, report the user to the platform or app where you first made contact, and do not send them any money.

Were you the unfortunate victim of a financial scam? Here are a few things you can do to protect your identity and sensitive information:

  • Notify law enforcement including your local police department if applicable, or for an internet crime you can file a complaint with the FBI’s IC3 website.
  • Alert your financial institutions to ensure they aren’t processing requests for payments or other transactions like wire transfers without your confirmation.
  • Let the credit bureaus know so you can freeze your credit report and profile.
  • Change your passwords for any online accounts that may have been compromised.
  • Monitor your credit by subscribing to identity and credit monitoring services. These services will help you monitor your personal information such as your name, Social Security Number, linked bank accounts, and more.

At First Financial, our goal is to help protect our members from scams and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.

To learn more about scams and ways to protect yourself, visit zellepay.com/pay-it-safe.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. 

 

How to Prepare Before Buying Your Next Vehicle

Posted on by
Reply

Buying a car is a big ticket purchase that shouldn’t be done without careful planning. It’s important to do your research and make an informed decision about the best possible vehicle purchase for you. Keep reading for ways to prepare before you buy your next ride.

Decide What You Need: Aside from your vehicle being able to get you to and from work, around town, or for after school pick-ups – think about what else you might use your car for. Do you have kids and need extra room and/or trunk space? If so, you might consider a larger vehicle like an SUV or mini van. Do you go on many long road trips, or is most of your driving done locally? All of these are important factors in determining the type of vehicle that would best suit you.

Figure Out What’s Realistic: Sure, maybe you’ve always wanted a luxury vehicle or a sports car – but practically speaking, will either of these fit your lifestyle and budget? You want to make sure you’re driving a car that fits into your monthly budget as well as with how you live and where you typically go.

Know Your Credit Score: The better your credit, the better your loan rate. Take advantage of viewing your free annual credit report before you visit the car dealership, and get a ballpark of what it might be (and also check for any errors on your credit report at the same time). If your credit score is low, you’ll most likely have a higher loan rate and have higher monthly payments throughout the life of your loan. Review how to boost your credit score in one of our previous blogs.

Have a Set Budget: Know what you can afford to spend monthly on a car payment and be ready to stand firm with that number once you walk into the car dealership. Auto loan payment calculators (like the ones on our website), are a great resource in helping you to determine what your monthly payments and the best loan term for you might be.

Search for Deals: Decide on a good time of year to buy your vehicle and see what types of sales and incentives might be out there. For example, toward the end of the summer into early autumn you might find many dealer clearance events as car dealerships try to sell the current year’s inventory before the new year’s inventory comes in. Long holiday weekends like Presidents’ Day and similar are also good times to search for vehicle sales at the dealership. If you’re local to Monmouth & Ocean Counties – be sure to check out our preferred dealers for your next car, and finance your auto loan through us!*

Do Your Research: Investigate the reputation and reliability of the vehicle you’re looking to buy. You’ll also want to thoroughly explore safety ratings, fuel economy, and whether it’s better to buy the car new or pre-owned. Certified pre-owned vehicles are typically only a couple years old with relatively low mileage, usually coming off a previous lease. These vehicles make for a great option because they come at a lower price, but still include dealer perks and warranties.

Also keep in mind, if you do decide to go with a used car – there are certain significant used vehicle maintenance items you’ll want to consider before purchasing:

  • Tires – Tires on a pre-owned vehicle should be inspected for wear and tear. A trick to check the state of the tires is to insert a penny into the groove with Abraham Lincoln’s head upside down. If the top of the head is visible, the tires need to be replaced. Should the tires soon need to be replaced, you’ll want to budget for anywhere between $150 to $200 per new tire.
  • Brakes – Most brake pads will last roughly 35,000 miles. If brake pads do need to be replaced factor in $150-$250 per axle, and even more if the car’s rotors need to be replaced as well.
  • Transmission Service – This item is more applicable to higher mileage vehicles that are above 120,000 miles. Check the manufacturer’s recommendation as well as the maintenance history of the vehicle. Transmission service at a typical quick lube place starts at around $79.99 and increases based on how much transmission fluid is needed.
  • Engine Coolant Flush – Many vehicles don’t recommend an engine coolant flush for 10 years or over 100,000 miles. Check the owner’s manual for the manufacturer’s suggestion. This is also applicable to a higher mileage used car, and will cost you around $100 if you do need this service.

If you’re in the market for a new or new-to-you ride, stop into any of our local branches or give us a call. You can also apply for an auto loan online 24/7. At First Financial, our auto loan rates are the same whether you plan to buy new or used, and we also have same-day approval decisions.* We’re happy to help you with any questions you might have about the car buying process!

*A $5 deposit in a base savings account is required for credit union membership before opening any account/loan. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information. APR = Annual Percentage Rate. Not all applicants will qualify, subject to credit approval. Additional terms and conditions may apply. Actual rate may vary based on credit worthiness and term. First Financial FCU maintains the right to not extend credit, after you respond, if we determine you do not meet our guidelines for creditworthiness. A First Financial membership is required to obtain an Auto Loan and is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. 

First Financial Business Member Spotlight: Nino’s Coal Fired Pizza

Posted on by
Reply

“It’s customer service like I’ve never experienced.”

We’re excited to share our next First Financial member spotlight! This time we’re featuring our 13-year-long member Anthony Schifilliti, owner of Nino’s Coal Fired Pizza in Brick, NJ.

Throughout his membership, Anthony has had three accounts with First Financial including a savings account, personal checking account, and a business account. Outside of managing his finances with us, Anthony mentioned it’s First Financial’s customer service that keeps him coming back to our Toms River branch. As someone who prioritizes treating his own customers like kings and queens, it was important for him to bank with a financial institution that has those same values.

Watch the video to learn how we have exceeded Anthony’s expectations over the past 13 years, as well as take a peek at how he makes his out-of-this-world pizza.

Hungry yet? Try a made-to-order pie from Nino’s Coal Fired Pizza, or any of their other delicious Italian specialties – and enjoy their always fresh ingredients. Call 732-255-7700 or order online at ninoscoalfiredpizza.com.

How to join First Financial

If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ, you’re eligible to become a member. Businesses in Monmouth or Ocean Counties and our community partners are also eligible for membership. To join, all you have to do is open a savings account with $5. It’s that easy! Once you’re a member, your immediate family can also sign up. To get started, call us at 732.312.1500, email info@firstffcu.com, or stop by any of our local branches.

Costly Impulse Purchases and How to Avoid Them

Posted on by
Reply

We’ve all been there—caught up in the excitement of a flashy advertisement or the promise of an improved life, only to regret our impulsive purchase later. These purchases can wreak havoc on our finances and majorly set back progress toward achieving financial goals. However, with a little mindfulness and strategic planning, we can resist the allure of impulse buying and make smarter financial choices. Let’s explore some common examples of impulse purchases and provide practical tips to help you avoid them.

Common Impulse Purchases to Look Out For

  • Food and Dining: Buying takeout or eating out frequently instead of cooking at home can drain your budget quickly. Impulse purchases of snacks, drinks, or expensive meals can add up over time, and throw off your budget in a major way.
  • Subscription Services: Signing up for various subscription services without thoroughly assessing their value or necessity, can result in accumulating monthly expenses. Subscriptions for streaming platforms, beauty boxes, gym memberships, or online courses should be carefully considered to avoid unnecessary spending. Try using apps that help you cancel unwanted subscriptions so you can lower your monthly bills.
  • Cosmetics and Beauty Products: Impulse purchases of makeup, skincare, or beauty products can be tempting, especially when influenced by online trends. Buying products without considering your actual needs or the expiration dates of existing items can lead to wasteful spending.
  • Hobby-Related Purchases: Engaging in new hobbies can be enjoyable, but impulsive purchases of equipment, instruments, or materials related to these hobbies should be carefully considered. Take the time to research and assess your commitment to the hobby before spending a substantial amount on supplies.
  • Trendy Clothing and Accessories: Impulse buying of trendy clothing or accessories can quickly eat into your budget. Purchasing items solely based on current fashion trends may result in regret once those trends fade. Focus on timeless pieces that align with your style and can be worn for years to come.

How to Avoid Impulse Spending

  • Recognize Your Triggers: Identify the emotional triggers that lead to impulse buying, such as stress, boredom, or the desire for instant gratification. By understanding your triggers, you can develop strategies to counteract them, such as finding alternative stress-relief methods or engaging in free activities to combat boredom.
  • Create a Detailed Budget: Establish a comprehensive budget that outlines your income, expenses, and savings goals. Allocating a specific amount for discretionary spending and adhering to it will help you resist the urge to make impulsive purchases that exceed your financial means.
  • Make a Shopping List and Stick to It: Before shopping, create a list of items you genuinely need and stick to it. This practice will help you stay focused and avoid getting swayed by temptations. Prioritize essential items and resist the urge to buy outside of your list unless necessary.
  • Practice Waiting Periods: Adopt the 24-hour rule or the “sleep on it” approach. When you have the urge to buy something, wait for a predetermined period before making the purchase. This cooling-off period allows you to reflect on whether the item is truly necessary or just a passing desire, helping you make more informed decisions.
  • Distinguish Wants from Needs: Clearly understand what it means to want something vs. needing something. Wants are items you desire but can live without, while needs are essential for your well-being and daily functioning. Evaluate each potential purchase against this criterion to prioritize spending and avoid unnecessary expenses.

Costly impulse purchases can feel like small, infrequent occurrences – but can disrupt your financial stability and hinder your progress toward financial goals. At First Financial, we put your financial wellness first by providing useful tools and publications designed to help you achieve your goals and avoid common money mistakes. We also offer our members* financial products, services, and benefits that help make their lives easier. Visit a local branch or call 732.312.1500 to get started!

For more money advice, subscribe to our First Scoop blog.

*$5 in a base savings account is your membership deposit and is required to remain in your base savings account at all times to be a member in good standing. All credit unions require a membership deposit. A First Financial membership is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties.

Financial Considerations When Becoming a Parent

Posted on by
Reply

Becoming a parent is one of the most rewarding experiences in life. Amid the flurry of adorable baby clothes, nursery themes, and countless baby gadgets – it’s easy to overlook the financial considerations of this significant life event. The reality is, raising a child involves a substantial financial commitment.

The U.S. Department of Agriculture predicts middle-income families will spend $233,610 on average, raising a child from birth to age 17. That’s why we’re here to help alleviate some of the financial stress and make the transition to parenthood smoother. Here are some financial considerations to keep in mind when you’re preparing to welcome a new addition to your family.

Budgeting for a baby

The first step in preparing for a new baby is examining your current budget and anticipating new expenses such as diapers, formula, and childcare. At First Financial, we offer financial counseling and budgeting tools to help you navigate this critical planning phase.

Consider how you can adjust your lifestyle and cut unnecessary costs to make room for baby-related expenses. Paying down any existing debt will also be a big priority for soon-to-be parents. Our VISA First Step Credit Card is a useful tool in helping you build or re-establish your credit. Plus, it has no annual fees and a 10-day grace period.*

Healthcare costs

Healthcare is a significant expense during pregnancy and after the baby arrives. Ensure you understand what your health insurance covers, and remember to add your new baby to your health insurance policy after they’re born.

To help you set money aside for medical expenses, we offer a variety of savings accounts that can be used to save up for future expenses and other health-related costs.** Also, consider checking in with your employer or health insurance company to see if they offer a Health Savings Account (HSA).

Childcare

If both parents plan to return to work after the baby arrives, childcare will be a significant part of your budget. According to the Economic Policy Institute, annual infant care costs $12,988 in New Jersey. This is why financial planning is crucial. Start with putting a set amount of money into your savings account as soon as possible, so you are ready when the time comes.

Life insurance and estate planning

Becoming a parent is a pivotal moment to reassess your life insurance needs and start or revise your estate plan. The goal is to provide financial security for your child if something were to happen to you.

With our First Financial Investment & Retirement Center, we can assist you in the establishment of planning your financial future and provide advice on suitable life insurance policies available to you. It’s also never too early to start planning for your child’s education. Consider opening a 529 college savings plan, which provides tax advantages for future educational expenses. We can guide you through the process and provide you with options that align with your financial goals.+

Emergency savings

Unexpected expenses can arise at any moment, and with a child – these costs can multiply. Building an emergency savings fund provides a financial buffer. Our credit union offers Certificates of Deposit (CDs) that can help grow your emergency fund more quickly.**

Preparing for a child financially can seem overwhelming, but remember – you don’t have to navigate these waters alone. First Financial is here to help. Take advantage of the tools and resources we provide to ensure you’re as prepared as possible for the exciting journey of parenthood.

Reach out to us today to speak with a financial representative. We’re excited to help you prepare for this significant life milestone and ensure you’re in the best possible financial position to welcome your new family member.

Looking for more financial advice? Subscribe to our First Scoop blog!

*APR varies up to 18% when you open your account based on your credit worthiness. These APRs are for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. See firstffcu.com for current rates.

 **A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

 +Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are: