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The Consumer Assistance Center (CAC) will review the information submitted and determine the best course of action for your complaint. Please allow 10 business days for an acknowledgement of your complaint as appropriate. For questions about the status of your complaint, you may also contact the CAC at 800-755-1030.

Deciding when to start receiving Social Security retirement benefits is one of the most important decisions you will ever make and depends heavily on your circumstances. You can start collecting benefits based on your work history as early as age 62, or sooner if you are disabled, or wait until your full retirement age. The most important thing is to make an informed decision. Base your decision about when to apply for benefits on your personal and family circumstances.

Unfortunately, it’s common for scammers to prey on victims of disasters because victims are extremely vulnerable and sometimes desperate to receive assistance. Some examples of this include: 

• Contractor Fraud – Unethical contractors sometimes misrepresenting themselves as being affiliated with government entities will scam victims out of funds resulting in shoddy repairs or no repairs at all.
• Price Gouging – The practice of increasing prices of high demand goods and services during a disaster.
• Forgery – Scammers will use a disaster as an opportunity to get access to victims’ personal information and documents to commit identity theft.
• Charity Fraud – Scammers posing as representatives from notable charities including the Red Cross will solicit funds from donors who want to help those affected.

If you are a victim of a scam, you can contact the National Center for Disaster Fraud (NCDF) 24 hours a day. 7 days a week through their hotline number 866-720-5721.

If you experience property damage due to a disaster, you should contact your insurance company as soon as possible to verify that you have coverage and start the claims process. This will probably involve you taking an inventory of damaged property and providing the insurance company with available photos or video to prove the validity of your claim. Contact your creditors including mortgage servicer and utility companies to see what options are available to reduce or delay payments, prevent foreclosure, loss of service and derogatory credit reporting. Disaster survivors can also contact the Federal Emergency Management Agency (FEMA) to apply for assistance at 800-621-3362 or their website at FEMA.GOV.

A postponed retirement, sometimes called a phased retirement, can be used to increase your retirement savings by adding to your savings, but also by delaying the need to access your retirement savings. However, delaying your retirement may not be an option for you due to health-related work limitations, caregiving responsibilities, or a forced early retirement. Depending on your retirement planning, if you are able to delay your date of claiming Social Security, the retirement benefits are increased by a certain percentage (depending on date of birth) if you delay your retirement beyond the full Social-Security-Administration -defined retirement age. The benefit increase no longer applies when you reach age 70, even if you continue to delay taking benefits.

You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022). Your required minimum distribution is the minimum amount you must withdraw from your account each year. You can withdraw more than the minimum required amount. Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts). For more information visit www.irs.gov.

Revolving and installment credit are two different types of credit that work in distinct ways. Installment loans and revolving credit are both important parts of your credit history.

• Revolving Credit: You have a credit limit that you can borrow against repeatedly. As you repay the borrowed amount, your available credit is replenished, allowing you to borrow again. You can make minimum monthly payments, but there is no fixed end date for repayment in full.
• Installment Credit: You receive a lump sum of money upfront and repay it in fixed installments over a set period. You make regular, fixed payments until the loan is fully repaid. The loan term is predetermined.

Understanding this distinction is important because while installment loans do not impact your credit utilization ratio, they still pay a role in your overall credit profile and can influence your credit score through factors like payment history and the total amount of debt you have. Revolving credit can offer more financial clues to your behavior because it shows how you manage varying expenses over time. Lenders can see if you consistently pay off your balance or if you carry a high balance from month to month; this can tell a lot about how you will manage future debt that you don’t have yet.

The most convenient way to apply for retirement benefits is by completing the online application. You will need to create or log in to your personal my Social Security account. You can also apply by directly calling the Social Security Administration at 800-772-1213 (TTY 800-325-0778), Monday through Friday from 8:00 a.m. to 7:00 p.m. local time or visiting your Social Security office.

You can apply for retirement benefits up to 4 months before you want to start receiving your benefits so you can avoid a gap in income. For example, your first check will not arrive until the month after the one you pick in your application.

Your Social Security Statement is available to view online by opening a my Social Security account. This statement lists your projected benefits between age 62 to 70, assuming you continue to work and earn about the same amount through those ages. Remember, the Social Security Administration (SSA) base your benefit payment on how much you earned throughout your working career.

The CAC will only forward complaints for handling that involve both a federal credit union and, in some instances, a federally insured state-chartered credit union, with total assets up to $10 billion; and a federal consumer financial protection law that falls within the CAC’s regulatory purview. Complaints involving credit unions and matters that do not fall within the CAC's purview are forwarded to the appropriate federal or state regulator.

Debt consolidation is a way to combine all of your debts into a single loan with one monthly payment. A debt consolidation loan can offer several benefits, particularly if you struggle to manage multiple debts with varying interest rates and payment schedules. Here are some key advantages.

• Single Monthly Payment – Instead of juggling multiple payments to different creditors, you make just one monthly payment to the consolidation loan provider.
• Lower Interest Rates – If your consolidation loan has a lower interest rate than your current debts, you can save on interest over time.
• Fixed Repayment Schedule – Most debt consolidation loans come with fixed terms, so you know exactly how much you need to pay each month and when you have paid your debts in full. Also, you can pay off your debt faster than you would by continuing to make minimum payments on multiple accounts.
• Improved Credit Score – Using the loan to pay off credit card balances and reduce your credit utilization ratio can positively impact your credit score.
• Reduce Stress – Handling multiple debts can be overwhelming. Consolidating them into one loan reduces the number of accounts you need to keep track of, helping to ease financial anxiety.
• Better Financial Management – A debt consolidation loan can provide a clearer path to becoming debt-free, as you will have a defined repayment plan and a specific timeline for paying off your debt.

A FICO score is a type of credit score created by a specific algorithm used by the Fair Isaac Corporation (FICO). It’s one of the most widely used credit scoring models by lenders to assess risk. A credit score is a numerical representation of your creditworthiness, which is a measure of how likely you are to repay a loan. It’s based on your credit history and helps lenders assess the risk of lending you money. Lenders may use different types of credit scores depending on their preferences, the industry, and the specific type of credit or loan you are applying for.

Your credit utilization is calculated by comparing the amount of credit you’re using to your available credit. Here’s how you can calculate it.

1. Add Up Your Balances – Sum the balances on all your credit cards.
2. Add Up Your Credit Limits – Sum the credit limits on all your credit cards.
3. Divide and Multiply – Divide the total balance by the total credit limit, then multiply by 100 to get a percentage.

For Example: If you have a total balance of $2,000 and a total credit limit of $10,000, your credit utilization ratio would be 20%. If you have a total balance of $3,500 and a total credit limit of $10,000, your credit utilization ratio would be 35%. Using below 30% of your available credit or your credit limits is suggested because using less is better for your score.

Your credit utilization ratio includes only revolving credit accounts. Examples of these accounts are credit cards, personal lines of credit, and home equity lines of credits (HELOCs).

Installment loans (mortgages, auto loans, student loans and personal loans) are not included in the credit utilization ratio. These loans are repaid over a fixed period with set monthly payments. They affect your credit score through your payment history and the overall amount of debt you carry, but they are not part of the utilization calculation.

When a lender tells you that your credit utilization is high, that means you are using a large percentage of your available credit. This can have a significant negative impact on your credit score. Being aware of this can help you make more cautious financial decisions. Credit utilization is a critical factor in determining your credit score. Lenders might be less willing to extend new credit to you, or they may offer less favorable terms, such as higher interest rates.

Using your phone for online banking raises several security concerns.

• Phishing – Cybercriminals may send emails or texts that seem to come from a trustworthy source, but their true goal is to deceive you into clicking on a harmful link or providing personal details.
• Insecure data storage – Some apps may save sensitive information such as login credentials and transaction records on your device. If this data is not properly encrypted, it could be accessed by malicious individuals.
• App vulnerabilities – Although mobile banking apps are typically safer than using a web browser, some developers might not adequately address the risks of fraud and money laundering during the development process.
• Coding errors – Errors in coding can introduce vulnerabilities that disrupt an app's functionality, potentially leading to unintended issues. 

Consider installing a virus scanning tool on your phone and computer. Ultimately, it's important not to save your online passwords on your phone. Additionally, consider implementing multiple layers of identification, such as using a password along with having the credit union send you a PIN via text.

Yes! If you can't review all the disclosures right away, it's important to prioritize those for the products you intend to use immediately. Before using a service or applying for a product, make sure to review other relevant disclosures. For example, when you open a savings account, it’s crucial to read the Truth in Savings disclosures, as they contain important information regarding any fees the credit union might charge, such as fees for dormant accounts, returned checks, insufficient funds, and fund deposit procedures. Additionally, these disclosures provide key details about using your debit and ATM cards, including any associated fees. The Electronic Fund Transfer Act also offers valuable information about how overdraft and non-sufficient funds fees may impact your account, as well as how the credit union calculates your actual and available balances for withdrawals. Furthermore, the disclosures will guide you on what to do if you notice an unauthorized transaction on your account and how to report it.