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 Treasury The 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.
Third-Party 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
Budgeting and saving are crucial tools for making sound financial decisions and can set you up for lifelong success.
How to budget:
- Calculate monthly income and map out the best budgeting method for your style.
- Try the 50/30/20 rule.
- 50% of income for needs, leave 30% of your income for wants, use 20% of your income for savings and debt repayment.
- Track and manage your budget.
How to save:
- Record your expenses to figure out how much money is spent per month.
- Include saving in your budget and plan how much money can be allocated from your income.
- Find ways to decrease spending.
- Set goals!
Find links to valuable resources to help you start saving and budgeting.
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
Servicemembers & Veterans Resources
Servicemembers and Veterans resources are available for the military community to help guide through financial decisions.
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
Housing 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.
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.