Financial Education Program
Committed to financial education
Financial Education Program
TruMark Financial is committed to the communities it serves and was founded on the concept of “people helping people.” The credit union offers local schools its staff’s expertise and commitment in a variety of financial topics. By visiting local high schools on a regular basis, credit union employees discuss such topics as selecting a financial institution, borrowing, investing, as well as preparing for a job interview and how to avoid being a victim of identity theft.
TruMark Financial’s goal is to instill good saving habits in today’s youth and provide them with the tools needed to make informed financial decisions.
Understanding credit
Students can establish their own credit in several ways:
- Secured student Visa credit card: receive a credit line based on the amount of the deposited funds. At first the limit will be low while you are establishing your credit. Once you establish a credit history, you can apply for a higher limit.
- Apply for a credit card with a co-signer: have someone with a positive credit history co-sign the account for you. (Being a co-signer is a serious commitment. If you fail to pay your bill, the co-signer is responsible for the payment.)
A credit score is a number calculated from the credit information on your credit report at a consumer reporting agency at a particular point in time. It summarizes information in your credit report into a single number that lenders can use to assess your credit risk quickly, consistently, objectively and fairly.
A credit report is a record of how you’ve paid your debts in the past. It shows the current amount of debt you have, and how much debt you’ve repaid. It’s important to maintain a good credit report.
A good credit report will make it easier for you to receive credit, help you get more favorable terms on loans and mortgages, and it may even get you a better rate on your auto insurance.
It’s a good idea to check your credit report once a year to make sure there are no errors on it. You can obtain a free credit report annually by visiting www.annualcreditreport.com.
The three major credit bureaus are:
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