House Lawmakers Call for Pay Parity Between Military and Civilian Federal Workers

A bipartisan group of House lawmakers last week urged appropriators to increase the pay raise proposed for federal civilian employees next year to match that planned for members of the military.

The House’s version of the 2021 National Defense Authorization Act would provide military service members with a 3% raise next year. But an appropriations bill unveiled last week has no provision on federal employee compensation, effectively endorsing President Trump’s plan to provide a 1% across-the-board increase to basic pay and keep locality pay at 2020 levels.

Last week, a group of House Democrats led by Rep. Gerry Connolly, D-Va., urged appropriators to follow Congress’ tradition of instituting pay parity and increase federal civilian pay by 3% in 2021. The House Appropriations Committee is slated to take up the spending bill that would include a pay raise for civilian employees on Wednesday.

“We write to ask that this pay parity continue—particularly in light of the continued work of our federal employees throughout a global pandemic,” the lawmakers wrote. “During this global crisis, our federal government never shut down. Instead, its civilian workforce ramped up: delivering mail, providing health care to veterans, inspecting meat and poultry facilities, and researching cures for COVID-19. We should not take these dedicated employees for granted.”

Joining Connolly in signing the letter were Reps. Carolyn Maloney, D-N.Y.; John Sarbanes, D-Md.; Don Beyer, D-Va.; Brian Fitzpatrick, R-Pa.; Anthony Brown, D-Md.; Jamie Raskin, D-Md.; Jennifer Wexton, D-Va.; and David Trone, D-Md.

The lawmakers noted that last year, the House passed legislation to restore pay parity between members of the military and civilian federal workers.

“We feel strongly that federal employees have demonstrated that they are invaluable to this nation and that they deserve parity with respect to pay increases provided by the federal government,” they wrote. “The pay increase equates to less than one-tenth of 1% of the federal discretionary budget—spread across 12 appropriations bills . . . This year in particular, our federal civilian workforce has served this nation at the time when services were needed most. Congress must step up and ensure that the federal workforce is treated with the respect it deserves.”

SOURCE: GOVERNMENT EXECUTIVE 

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NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

Common errors people find on their credit report - and how to get them fixed

According to a studyonducted by the Federal Trade Commission, one in five people have an error on at least one of their credit reports. Errors on your credit reports can lower your credit score, which could hurt your ability to get new lines of credit or make the terms of credit more expensive. Ultimately, these errors could be costing you money.

The good news? You can get a free copy of your credit report every 12 months from each of the three major credit reporting companies at AnnualCreditReport.com.You can request all three reports at once, or request one every few months to review your information throughout the year. And if you find errors, you can dispute the errors at no cost to you with both the credit reporting company and the company that provided the incorrect information. 

Reviewing your credit report

Once you get your credit reports, you’ll want to review them carefully. You can use the list below to check for common errors and make sure your credit reports are accurate and up-to-date. Each of the credit reporting companies may have different information in your credit report – that’s why you should request your report from each of them.

Personal information

• Errors in your identity data, such as wrong name, phone number, or address
• Accounts belonging to another person with the same or similar name to you
• Incorrect accounts resulting from identity theft

Reporting of account status

• Closed accounts reported as open
• You’re reported as the owner of the account, when you’re just an authorized user
• Accounts that are incorrectly reported as late or delinquent
• Incorrect date of last payment, date opened, or date of first delinquency
• Same debt listed more than once

Balance errors

• Accounts with incorrect current balance
• Accounts with incorrect credit limit

Data management errors

• Reinsertion of incorrect information after it was corrected
• Accounts that appear multiple times with different creditors listed

Looking for a step-by-step guide to reviewing your credit reports?

• Download the Credit Report Review Checklist to keep it on file with your credit reports.

Disputing errors on your credit reports

To get mistakes corrected, you may contact both the credit reporting company and the company that provided the information to the credit reporting company (also known as the “information furnisher”). You may file a dispute not only with the credit reporting company, but also directly with the information furnisher, and include the same supporting documentation.

For more information on how to dispute errors on your credit report, you can use these sample letters and instructions:

• Submit a dispute with a credit reporting company: Sample letter
• Submit a dispute with an information furnisher: Sample letter

Still have questions?

Take a look at more credit reporting resources to learn about how you can improve and protect your credit record.

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NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

Get money smart. 25 tips to improve your financial well-being

Your financial well-being, or overall financial situation, is unique to you. Often, we equate how well we’re doing financially with how much money we make, our credit score, or overall net worth. In reality, your financial well-being is determined by factors that tell a larger story about your relationship to money. This includes how well you’re able to stay on top of your financial obligations, how secure you feel about your financial future, and ultimately whether you have the freedom to make financial choices that allow you to enjoy your life.

The story you tell about your finances doesn’t need to be a scary one. This October, during Financial Planning Month, we’ve pulled together 25 easy-to-follow tips for getting a handle on your money and improving your overall financial well-being. It starts with getting a realistic picture of where your money is coming from and where it’s going. Then, we walk you through how to stay on top of your finances so you can plan—and save—for the future. 

How would you rate your financial well-being? Get started by taking our quiz, and join us online throughout October by following #FinancialPlanningMonth and sharing these tips and tools.

Understand where your money goes 

The prequel to your financial story begins with a look into your past and current finances. What do you spend money on, and where are you getting your income? By tracking these factors, you can get a better sense of your financial picture today so you can plan for the future. 

1. Take our quiz to see how healthy your finances are. 
Answer just 10 questions to measure your financial well-being and get a few steps for making improvements. Take it now, then take it again later to see if your story has changed.

 

2. Learn where your money is coming from. 
Before you can make any improvements, you need to get an accurate picture of your finances. Start by tracking your sources of income.

 

3. Learn where your money is going. 
Fill out our spending tracker to get a sense of your regular expenses. To get a handle on your money, you need a system that will allow you to track your daily spending on an ongoing basis. Find and stick to a system that works best for you.

 

4. Write your bill due dates on a calendar. 
If you have trouble making ends meet at the end of the month, the timing of your income and expenses may be off. It’s often helpful to see the full picture. Write down the due dates for your bills on a printed calendar that you can look at regularly as you plan for the weeks ahead.

Small changes can make a big difference

There are some easy steps you can take to turn the corner on your finances. Once you have an accurate picture of your money, follow these tips to start aligning your expenses to your income. 

5. Create a working budget that matches your cash flow. 
Your cash flow is the timing of when money comes in and when it goes out. Looking at it on a week-by-week basis, especially if you tend to run short, can help you create a working monthly budget

 

6. Request due dates for your bills that help you stay on track. 
If there are certain weeks when money is especially tight, you can contact your creditors and utility companies and request new due dates that better align with your income.

  

7. Compare your spending month-to-month. 
Track your spending closely for several months. By looking at your spending in real-time and comparing it to the previous month you’ll start to see places where you can make adjustments and move money into savings.

 

Save for emergencies 

Saving money might feel out of reach at times, but consistently putting away even small amounts of money can make a big impact over time. Check out our tips for making saving a part of your everyday routine, and then watch it grow. 

8. Give yourself financial security with an emergency savings fund. 
Start by putting aside what you can afford in order to help cover many common emergencies, such as a car repair or medical bill, that could otherwise become costly debt. Prioritize a dedicated savings account for these unexpected expenses as one of your top savings goals, and as you get a better handle on your overall financial situation, you may decide to set more aside.

 

9. Set rules for your emergency savings–but don’t be afraid to use it. 
Set guidelines for yourself for when you can spend down this savings fund and what constitutes an emergency, but if you need it, don’t be afraid to use it. That’s what it’s there for. Just remember to work to rebuild it.

 

10. Make saving easy by making it automatic.
Whether it’s through your bank or employer, there are a number of ways to have money automatically transferred into your savings every week or month. Reoccurring transfers are considered one of the most effective ways to build your savings.

 

11. Put extra money into savings at times when you have it.
There may be weeks when money is tighter than others. Take the opportunity to put money into savings when you have it.

 

12. Use your tax refund to help you reach financial goals.
For many Americans, a tax refund can be one of the largest checks they receive all year. Make a plan now to dedicate a portion of that money to saving for some of your larger financial or savings goals.

Reduce your debt 

Paying down debt can seem scary or tough, but with some proven strategies, you can make it happen, bit by bit. Our tips for reducing debt can help you find the right methods to trim your debt into something that feels manageable.

13. Before making a plan to pay down your debts, know what you owe.
Use our debt log
to get a sense of the amount of debt you owe, including interest rate and projected payoff date, and who you owe it to.

 

14. Choose a debt reduction strategy that works best for you. 
There are two common strategies to pay down your debt: the highest interest-rate method and the snowball method. Learn the differences and pick the one that works best for you.

 

15. Learn about federal and private student loans repayment options. 
Whether you have federal or private student loans, or a mix of the two, start with the loans you’re most concerned with, and learn how to optimize paying them off.

 

16. In the market for a car? Negotiating can save you hundreds or thousands of dollars over the life of your loan. 
Plan ahead, and learn what’s negotiable.

Create better money habits 

Improving how you manage your money on a daily basis may take time and dedication, but as you develop better money habits, you’ll create a financial story that you’re proud of. 

17. Apply only for credit you need.

While it’s not the only factor, a good credit score is key to your financial well-being. One way to get and keep a good credit score is to apply only for credit you need.

 

18. Set an annual reminder to check your credit reports. 

You’re entitled to free credit reports every 12 months, so set up an annual reminder to review them for any errors that may be hurting your credit and should be fixed.

 

19. Set up alerts to stay on top of your checking account balance.

Through most banks and credit unions, you’re able to set up alerts to notify you of your checking account balance at the end of the week or if your balance gets low. This helps you monitor your accounts and also protects you from incurring additional overdraft fees.

 

20. If you can’t make a bill payment, act fast and call your creditors.

Missing a bill payment can have several negative financial impacts. If you’re experiencing a financial emergency, contact your lenders or creditors before your due date to see what options may be available to you.

 

21. When shopping for a loan, get quotes from at least three lenders. 

One of the best ways to save money on a loan is to shop around and get estimates from several lenders to best compare terms and fees. This is true for home loans as well as other types of loans, including auto loans.

Plan for success

Planning ahead is always helpful, and once you get a handle on your current financial picture, set some goals for what comes next. By building a plan, you have a roadmap to help guide you through the rest of your story. 

22. When planning for the future, set SMART financial goals.
Break down your financial goals so that they’re Specific, Measurable, Achievable, Relevant, and Time-bound. While dreams tend to be aspirational and often vague, setting actionable SMART goals can help you reach your dreams.
 
23. Set up a 529 savings plan for your children.
If you have young children, college may seem far off, but to help reduce their need for student loans, a 529 plan is an investment account where your money can grow tax-free.
 
24. Make your savings consistent.
Putting even a small amount into savings on a consistent basis is one of the best ways to get your savings to grow so you can meet your goals, small or large. Set your own personal savings rule to live by and make a plan on how to achieve it.

 

25. Prepare for life events and large purchases by planning ahead.
Once you get a handle on your finances, you can start to map out life events and large purchases so you can begin saving! 

If you’ve taken some time to work through these tips, starting with our financial well-being quiz, we encourage you to go back and take it again at the end of October. Improving your financial health and well-being takes time, but the more you know, the more empowered you’ll be to make informed decisions that’ll improve your financial future.

Looking for other tools?

Sign up for our Get a Handle on Debt and Start Small Save Up, email series’ that deliver step-by-step resources directly to your inbox and make it easy to create plans to reduce your debt and save for the future.

Source: CFPB

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NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

How to avoid COVID-19 government imposter scams

Many of us are paying close attention to the guidance from federal, state, and local governments during this COVID-19 health emergency. Unfortunately, scammers are also paying attention. Some are even pretending to be affiliated with the government–just to scam you out of money.

Here are three ways you can help protect yourself and others from these scammers.

• Know that the government will never call, text, or contact you on social media saying you owe money, or to offer help getting your Economic Impact Payment (EIP) faster. If you get a message from someone claiming to be from a government agency through social media, it’s a scam. Report it to the FTC at ftc.gov/complaint  If you are eligible and haven’t yet gotten your Economic Impact Payment, visit irs.govnd follow the guidance. Watch this CFPB video to learn more about your EIP. And read the FTC’s information on spotting scams related to the EIP.
• Visit government websites directly for trustworthy information. Don’t click on links in an email or text message. Scammers often send fake links to websites that look like they’re from the government. Instead of clicking on links in messages, open up a new window and search for the name of the government agency. And visit coronavirus.gov for the most up-to-date information on the pandemic.
• Say "NO" to anyone claiming to be from a government agency asking for cash, gift cards, wire transfer, cryptocurrency, or personal and financial information, whether they contact you by phone, texts email, or by showing up in person. Don’t share your Social Security, Medicare ID, driver’s license, bank account, or credit card numbers.

For the most up-to-date information on avoiding COVID-19 related scams, visit ftc.gov/coronavirus/scams  And, for further help in protecting yourself financially during this pandemic, visit consumerfinance.gov/coronavirus. 

For more information visit CFBP 

Source: CFBP 

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NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).