Image provided by: University of Oregon Libraries; Eugene, OR
About Hermiston herald. (Hermiston, Or.) 1994-current | View Entire Issue (April 22, 2015)
BUSINESS WEDNESDAY, APRIL 22, 2015 A4 HERMISTONHERALD.COM Send submissions or story ideas for the Herald Business page to Editor Jessica Keller, jkeller@hermistonherald.com Your credit score: Updates you should know C redit scoring has evolved over the last three decades and this fall, FICO made one more important change. Borrowers who have struggled with medical debt and those with a limited credit history might see better FICO numbers in the future. Even if these situations don’t apply to you, understanding how credit scoring is changing can help you better manage your credit over time. FICO Score 9, rolled out last fall, is described as a more “nuanced” version of the original FICO Score that the leading credit scoring company introduced in 1989. It is offered by three major credit bureaus — Equifax (www. equifax.com), Experian (http://www.experian. com) and TransUnion. (http://www.transunion. com). It now bypasses collection agency accounts and weighs medical debt differently than non-medical debt on a person’s credit record. Borrowers with a median score of 711 whose only negative credit data comes from medical collections will see their credit score go up 25 points under the new system. As for consumers with limited credit histories — what the industry calls “thin files” — FICO says the new system will better determine the ability of someone in that situation to repay a debt. What doesn’t FICO 9 address? At this point, the latest credit- scoring model really doesn’t loosen or change requirements for mortgage and refinancing opportunities. Even so, there are many things ordinary borrowers can do to improve their credit scores and overall financial health over time. The first step is for borrowers to review each of their credit reports once a year. Credit reports and credit scores are two different things. Consider credit scores are a three-digit summary of creditworthiness; credit reports are the detailed record of a borrower’s credit history. Consumers can view each of their credit reports from Equifax, Experian and TransUnion once a year for free (www. annualcreditreport. com). Stagger receipt of each agency’s credit reports throughout the year to weed out any inconsistencies, inaccuracies or, worse, indications of fraudulent credit applications or identity theft. Borrowers are seeing something else that’s new — some lenders are making the credit scores they apply to existing borrowers -$621$/'(50$1 MONEY MATTERS Visa columnist available for free. A few major lenders have taken part in the industry-only FICO Score Open Access Program, which lets current customers see the exact credit scoring data applied to them at no charge. FICO’s site doesn’t offer the names of participating lenders, but a customer should ask their lender if they are offering free scores through that program. Consumers should know how credit scores are compiled. FICO uses five key ingredients: • Payment history (35 percent) • Amounts owed (30 percent) • Length of credit history (15 percent) • New credit (10 percent) • Types of credit used (10 percent) Visit www.myfico. com for a list of tips for borrowers to improve their scores. Base FICO scores have a 300 to 850 score range, and though FICO doesn’t release what it considers good or bad scores, borrowers with excellent credit typically have scores in the mid-700s and up. FICO uses five key ingredients: • Payment history (35 percent) • Amounts owed (30 percent) • Length of credit history (15 percent) • New credit (10 percent) •Types of credit used (10 percent) There are ways to preserve and raise existing credit scores. It might be wise for borrowers to ask if they can increase the credit limit on individual accounts while paying down existing balances on those accounts. Smart borrowers generally keep their outstanding balances at 30 percent or less of their available credit limit. Bottom line: Smart credit management starts with an understanding of one’s credit reports and credit scores. — Jason Alderman directs Visa’s financial education programs. To Follow Jason Alderman on Twitter: www.twitter. com/PracticalMoney HermistonHerald VOLUME 109 ɿ NUMBER 26 JESSICA KELLER EDITOR jkeller@ hermistonherald.com 541-564-4533 SEAN HART PHOTO Northwest Farm Supply employees Melissa Jemmett, left, and Penney Crowther, ring up items for customers Saturday during the business’s 20th anniversary celebration. Customers support specialized farm supply store Hermiston business celebrates 20th anniversary Northwest Farm Supply The business is open from 7:30 a.m. to 6 p.m. Mondays through Fridays and from 8 a.m. to 4 p.m. Saturdays at 80411 Highway 395, north of Hermiston. BY SEAN HART HERMISTON HERALD Northwest Farm Supply was packed for its 20th an- niversary celebration Fri- day and Saturday. Nathan Crowther, man- ager and part owner of the business, said the commu- nity has been supportive since it opened in March of 1995 on Highway 395 north of Hermiston. “The support of the community was phenom- enal last weekend and has continued to escalate since we’ve been there,” he said. “The Hermiston community has been ex- tremely supportive of our type of a business and has allowed us to grow and prosper.” Crowther said the business has also tried to support the community through the years. He said the business has been committed to supporting 4-H and FFA “from day one.” He said NW Farm Supply has spent more than $800,000 purchasing livestock at fairs and shows and also hosts its own shows. “We’ve spent a lot of money to support the live- stock auctions, the kids that are involved and the leaders,” Crowther said. “We do things like put on our own jackpot steer show that gives them an opportunity to prepare for the fairs they’ll be show- ing at.” Crowther, who has lived in the area for more than 30 years, said he worked in agricultural re- tail for more than 10 years before opening NW Farm Supply. He said the busi- ness specializes in certain areas to set it apart from others. “We have attempted to differentiate from other businesses, particularly farm-supply businesses, with several key areas,” he said. “One of them is having a full-time live- VWRFN ¿HOGPDQ WKDW ZRUNV with ranchers. His name is Mike Countryman, and he FRYHUVDERXW¿YHFRXQWLHV in Oregon and about four in Washington. His train- ing is as an animal scien- tist.” Crowther said NW Farm Supply also focus- es on pumps, tanks, hose, ¿WWLQJV DQG ³DQ\WKLQJ UH- SEAN HART PHOTO Northwest Farm Supply has been open for more than 20 years on Highway 395 north of Hermiston. Many people attended an anniversary celebration Friday and Saturday and participated in drawings and contests. lated to sprayers,” and his son Justin and business partner John Lloyd spe- cialize in that area. “It’s a fairly technical ¿HOG WKDW UHTXLUHV PDNLQJ the right recommenda- tions and understanding application, and there re- ally hasn’t been anybody else in our market that has had the experience level that those guys have to be able to help farmers,” he said. Since the business be- gan, NW Farm Supply has also expanded and branched out. In 2003, Crowther said he and his partners opened a store in Walla Walla, and, in 2004, they started manufactur- ing Premier Northwest trailers. Crowther said more than 2,000 trailers have been built in Herm- iston. Crowther said they added another business, Nutritional Services, that manufactures livestock feed supplements from a facility on Elm Avenue in Hermiston. He said the products, including Northwest Horse Supple- ment and Northwest Mare and Foal, are distributed throughout the Northwest and parts of California. “As opportunities come up, we take a look at them,” he said. “We’ve been very fortunate to have a crew of employ- ees who look for oppor- tunities. We’ve been very fortunate to have a stable crew of people that have been there for a long time. In total, between all of the locations, part time and full time, we have about 30 employees currently.” SEAN HART PHOTO Employee Ani Jemmett, left, supervises people entering drawings for various items during Northwest Farm Supply’s 20th anni- versary celebration Saturday at the business north of Hermiston on Highway 395. To contact the Hermiston Herald for news, advertising or subscription information: • call 541-567-6457 • e-mail info@hermistonherald.com • VWRSE\RXURI¿FHVDW(0DLQ6W • visit us online at: www.hermistonherald.com SEAN HART REPORTER smhart@ hermistonherald.com 541-564-4534 6$0%$5%(( SPORTS REPORTER sbarbee@ hermistonherald.com 541-564-4542 ANNUAL SUBSCRIPTION RATES Delivered by carrier and mail Wednesdays and Saturdays ,QVLGH8PDWLOOD0RUURZFRXQWLHV .........................$42.65 2XWVLGH8PDWLOOD0RUURZFRXQWLHV ......................$53.90 JEANNE JEWETT MULTI-MEDIA CONSULTANT jjewett@ hermistonherald.com 541-564-4531 The Hermiston Herald (USPS 242220, ISSN 8750-4782) is published twice ZHHNO\DW+HUPLVWRQ+HUDOG(0DLQ6W+HUPLVWRQ25 567-6457, FAX (541) 567-1764. Periodical postage paid at Hermiston, OR. Postmaster, send address changes to Hermiston Printed on +HUDOG(0DLQ6W+HUPLVWRQ25 recycled newsprint $PHPEHURIWKH(20HGLD*URXS&RS\ULJKW .,0/$3/$17 OFFICE COORDINATOR klaplant@ hermistonherald.com 541-564-4530