Archives: Consumer Education Resources

Consumer Loan Information

A consumer loan is any type of loan made by a creditor that is given to consumers to finance specific expenditures.

Types of loans

  • Mortgages: finance the purchase of a house
  • Credit cards: finance everyday purchases
  • Auto Loans: finance purchase of a vehicle
  • Student Loans: finance education
  • Personal Loans: personal purchases
  • Solar Panel Loans: finance solar panels

Consumer Resources from the CFPB
Consumer Financial Protection Bureau offers educational tools, answers to commonly asked questions, and guides consumers to make informed financial decisions.

https://afsaonline.org/American Financial Services Association is the primary trade association for the consumer credit industry, always striving to protecting access to credit and consumer choice.

Financial Literacy Resources from the OCC
Financial Literacy Resource Directory provides crucial information on financial literacy education resources for all ages.

“Money Smart” From the FDICMoney Smart allows consumers of all ages to enhance their financial skills and better understand how to be “money smart.”

Consumer Solar Awareness from the U.S. Department of the TreasuryThe U.S. Department of the Treasury offers resources to spread awareness and information on solar panel loans.

Consumer Loan Information

Title and Lien Release Guidance

Title and Lien Release Guidance

A title lien release removes the lien claim once the loan is paid in full. When the full amount of loan is paid the lender will ‘release’ the lien and sign the title to the consumer.

https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/lien/

The FDIC can assist consumers in obtaining a lien release through the steps listed on the website.

https://tax.idaho.gov/online-services/compliance-audits/liens/

The Idaho State Tax Commission offers consumers more information regarding liens and a resource center to assist with any questions that may arise.

Collection, Debt Settlement, and Credit Counseling

Third-Party Collection – A third-party agency or company that collects unpaid debts on behalf of a creditor. The creditor (the original person or company owed the debt) hires a collection agency to pursue the debtor and collect the outstanding balance.

Debt Settlement – The process in which a debt is settled for a lesser amount than what is currently owed with promise of payment in full. Debt settlement companies offer to arrange settlements of debts with creditors once a certain amount has been accumulated in a designated account.

Credit Counseling – Organizations set up to advise on money and debts, help create a budget, develop debt management plans, and offer money management workshops.

To learn more about Credit and Debit/Consumer advice, visit: the Federal Trade Commission website at: https://consumer.ftc.gov/credit-loans-and-debt/credit-and-debt

To learn more about prohibited fees and specific provisions of debt settlement, visit the Federal Trade Commission website at: https://www.ftc.gov/system/files/documents/plain-language/bus72-debt-relief-services-telemarketing-sales-rule-guide-business.pdf

To learn more about debt collection, visit the Consumer Financial Protection (CFPB) website: https://www.consumerfinance.gov/consumer-tools/debt-collection/

For more information visit the National Foundation for Credit Counseling (NFCC). The NFCC features various articles related to debt and can also assist in connecting consumers with a certified credit counselor to help review financial goals, a budget, and create a personalized plan.  For more information visit: https://www.nfcc.org/

Budgeting and Saving Resources

Find links to valuable resources to help you start saving and budgeting. 

 

https://americasaves.org/

America Saves offers resources that help consumers focus on different tactics to map out how to achieve saving goals and explore how to effectively save money in different areas of life.

https://www.aarp.org/money/retirement/retirement-calculator/?msockid=288eea3bc90f604032abffb9c8226118/

Retirement Calculator provides a personalized snapshot of what a consumer’s financial future could look like.

https://www.mymoney.gov/tools/

The MyMoney.gov Tools page offers a variety of resources to help with financial decision-making.

Building and Protecting Your Credit

Building and Protecting credit is key to financial security. It is vital to maintain a good credit score in order to apply for a loan, rent an apartment, or even get a new job.

Tips to help build your credit score

  • Regularly monitor credit reports
  • Make on time payments
  • Keep credit utilization low
  • Diversify with different types of credit
https://www.annualcreditreport.com/index.action

Free resource to pull credit reports through online platforms that are authorized by Federal Law.

https://www2.myfico.com/Downloads/Files/myFICO_UYFS_Booklet.pdf

Booklet that includes information about what FICO scores are and what you need to know about them.

https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/

CFPB offers resources that aid consumers on how to pull credit reports, how to request copies of tenant screenings, and where to learn about the difference between credit scores and credit reports.

https://www.consumerfinance.gov/consumer-tools/credit-cards/

CFPB offers resources regarding the basics you need to know about credit cards and how to manage them.

Servicemembers & Veterans Resources

Servicemembers and Veterans resources are available for the military community to help guide through financial decisions.

https://www.militaryconsumer.gov/

Offers tips and tools for personal finances for the military community.

https://finred.usalearning.gov/

The Department of Defense Office of Financial Readiness website offers helpful tips and assessments geared toward financial wellness.

https://www.militaryonesource.mil/

Military One Source offers 24/7 gateway to trusted information, resources, and confidential help for the military community.

Scam Prevention Resources

Taking simple precautions can help you detect a scam and prevent you from becoming a victim of fraud. Learn how to recognize scams, and where to report them. 

Identifying Scams

Report Scams

Scam Prevention Resources

Identifying Scams

Scammers are constantly on the hunt to impersonate trustworthy sources to exploit one’s personal information. Identity scams happen every day, and it is crucial to keep your personal information safe.

 

Games, puzzles and more about the U.S. Mint

https://consumer.ftc.gov/scams/

FTC consumer alerts that showcase avoiding and reporting scams.

https://consumer.ftc.gov/articles/how-avoid-scam/

FTC guide to how to avoid a scam by outlining common signs.

https://www.cftc.gov/sites/default/files/2023-04/SpotFraudSites.pdf/

10 signs of a scam crypto or forex trading website.

https://www.investor.gov/additional-resources/spotlight/howeytrade/

Resources and videos on what real scams look like and how to avoid becoming a victim to scams.

https://www.idscamjamalliance.org/

Idaho Scam Jam Alliance is a coalition of non-profit organizations and government agencies that aims to educate and arm the public with the tools they need to recognize and stay protected from fraud and identity theft.

https://consumer.ftc.gov/articles/mortgage-relief-scams/

Mortgage scam resources available through the FTC.

Homebuyer and Foreclosure Resources

Becoming a homeowner is one of life’s biggest decisions and financial investments. Having the right support and assistance is key to making this purchase.

https://www.hud.gov/

US Department of Housing and Urban Development provides housing support and uplifts communities.

https://www.neighborworks.org/Homes-Finances/Homeownership

NeighborWorks America offers a network of counselors that provide education and assistance for homebuyers.

https://myhome.freddiemac.com/

Guide to help homebuyers find information, tools and resources from Freddie Mac professionals about buying, owning, refinancing, selling, renting, and getting help.

https://consumer.ftc.gov/articles/mortgage-relief-scams

Resources to help identify scams to avoid foreclosure.

https://idaholegalaid.org/topics/2477/housing

Idaho Legal Aid offers resources housing community resources, including free legal help.

https://www.idaholegalaid.org/node/2408/foreclosure-help-available-idaho-legal-aid

Idaho Legal Aid offers a vast number of resources to consumers facing foreclosure.

https://www.idaholegalaid.org/topics/2536/home-equity-conversionreverse-mortgage

Idaho Legal Aid offers information and resources on home loans, different mortgage types, and resources to help guide consumers through the process.

Banked and Underbanked

Choosing the right financial institution is very important when opening a checking or savings account. Most U.S. households are “banked”, meaning they have either a checking or a savings account with an FDIC insured financial institution. An “underbanked” person is someone that does not have a checking or savings account with an FDIC insured institution, instead they use alternative financial services.

https://www.fdic.gov/getbanked/

The FDIC offers resources on how to open a bank account, checklists to pay attention to when in the process of finding the best account for your needs, and reasons to open a bank account.

https://www.helpwithmybank.gov/

The OCC’s HelpWithMyBank.gov provides answers to commonly asked banking questions.

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