farm finance
What Your Credit Reports Says
Free Portable Corral Use for Customers • Hauling Available • Covered Pens
Decatur
On Farm Appraisal Receiving: Mon.: 8 a.m.-10:00 p.m. Sale: Tues., 12 p.m. Owners: Chris Buffer 479-531-2962 Shawn Sperry 479-957-1387
Livestock Auction Inc. Serving the Tri-State Area
By Kelli Joe Buettner
Your score is similar to a grade for financial management and how you handle your financial obligations As a farmer or rancher, you know the importance of good record keeping and using it to track the progress of your operation. Predicting or estimating results is part of your daily decision making. You spend time watching weather reports, reading publications, and looking back on previous experiences to make decisions. Similarly, your lender uses a variety of information sources to analyze risk and predict future credit behavior when making financing decisions. One of those sources is your credit report. Your credit report verifies your identity and illustrates how you handle financial obligations. It includes your social security number, date of birth, current and past addresses, occupation, financial history, and details past and present performance on loans and credit card accounts. It also often includes information related to judgments, liens, bankruptcies and collection accounts. The information comes from the creditors and lenders with whom you do business. The three major credit bureaus are Equifax, Experian, and TransUnion. Lenders may voluntarily share information with any of them. Creditors have the right to choose which of the three bureaus they furnish information to, which means your credit report from each bureau may contain slightly different information. Your credit report can affect approvals, interest rates, terms, and more. Similarly, it’s important you understand your credit score. Derived from the information contained in your credit report, your credit score is a quick measure of financial health. Depending on the bureau and model used, your score may vary slightly. A score generated by Fair Isaac Company known as the FICO score is commonly referenced. FICO scores range from 300 to 850, and they move constantly as information is reported. While FEBRUARY 10, 2020
there is no magic recipe for a perfect score, your score is influenced by your payment history (35 percent), debt level (30 percent), length of credit history (15 percent), new accounts (10 percent), and types of credit in use (10 percent). The credit reporting process is governed by the Fair Credit Reporting Act (FCRA), which requires data furnishers (creditors and lenders) to provide timely and accurate information to the credit reporting agencies. Under the FCRA, you have the right to obtain a free personal credit report from each of the three major bureaus each year. You may access your free reports by visiting www.annualcreditreport.com. Review your reports for accuracy even if you don’t finance your operation with debt to ensure you aren’t a victim of identity theft. If you find errors or fraudulent activity in your reports, contact the appropriate bureau to launch an investigation. Additionally, free credit education apps are accessible online. Companies like Credit Karma offer access to your credit report with multiple bureaus if you agree to view the ads on their site or app. They may also include estimates of your credit score free of charge. The online apps allow you to actively monitor your credit report more than once a year and offer tips to improve your credit score. The next time you visit with your lender, ask if they use credit bureau reports or scores in making decisions. If they do, share the information you know is in your report. Your lender understands your credit report is a good indicator of future behavior, but certainly not a perfect one as they aren’t representative of the whole story. Be prepared with your credit report and open to share more information to ensure your lender understands you and your operation. Kelli Jo Buettner is the FCS Financial Vice President of Scored Lending and Credit Operations.
479-752-8499 • Hwy. 59 South • Decatur, AR
NINTH ANNUAL BULL SALE Selling 40 Charolais & 5 Angus Bulls including 20 Fall Coming Two-Year Old Bulls
MARCH 7, 2020 1 p.m. At the Farm Evening Shade, Arkansas
SAT PATRIOT 8029 P DOB: 8-28-18 BW: 82 lbs. AWW/R: 769 lbs./115
LT PATRIOT X M6 BELLS & WHISTLES X SF TANYA
CE: 4.7 BW: -0.7 WW: 45 YW: 82 Milk: 10 TSI: 226.14
SAT MOMENTUM 9303 P ET DOB: 2-18-19 BW: 78 lbs. AWW: 770 lbs.
LT AUTHORITY X M6 MS FRESH GRID 2155 P
CE: 10.1 BW: -1.6 WW: 23 YW: 50 Milk: 17 TSI: 200.92
SAT OAK ISLAND 9102 DOB: 3-1-19 BW: 51 lbs. AWW: 725 lbs.
MGR TREASURE X ERICA OF ELLSTON M109
CED: +8 BW: -0.6 WW: +53 YW: +101 Milk: +18 $B: +162
plus a Select Offering of Commercial Open Heifers
Sale Manager: Greg Hubert P.O. Box 100 Oakley, KS 67748 785-672-3195 (office) 785-672-7449 (cell) Consultant:
Wes Chism 281-761-5952 JWChism@outlook.com
The Ozarks’ Most Read Farm Newspaper
169 Satterfield Farm Rd • Norfork, AR 72658 Mark & Nancy Loyd & Joanne (501) 944-9274 (870) 499-7151 satterfieldfarms@icloud.com www.satterfieldcharolais-angus.com
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