Salt River Financial Services provides opportunities for members
of the Community to buy or improve their homes and start or expand
their businesses. It also makes available financial education and
coaching, credit counseling, technical support and other programs
and services exclusively for Community members.
By partnering with banking organizations throughout the Valley
and the U.S., Salt River Financial Services leverages the
Community's investment by providing a wide range of financial
products and services for the Community and its members.
Nationally, about 40 Community Development Financial Institutions
(CDFIs) exist in Indian Country. However, Salt River Financial
Services is unique because it is the only CDFI that puts all its
financial services under one umbrella institution.
All of the loan products offered by SRFSI require you to "credit
qualify". This means that your credit must meet underwriting
criteria. Even if you feel that you have a poor credit history we
encourage you to talk to a SRFSI representative for an analysis.
Even if your loan is not immediately approved we will provide you
with resources to help you reach your goal.
Overview of Credit Reporting
Prior to the turn of the 20th Century, most people lived in or
near small towns across America. Even those who lived in larger
towns did not purchase many items from outside their immediate
area. In that environment, storeowners knew their customers;
therefore, when items were purchased on credit, the "creditor"
personally knew the individual to whom the credit was extended. As
society changed, mobility increased. After World War II, a
population shift began to take place from rural areas into cities.
As our society became more mobile, credit became a more acceptable
way of purchasing items and creditors did not know their customers
personally. It then became necessary for creditors to gather
information about a person before they would extend credit. Thus
began the evolution of credit reporting agencies.
A system of local credit reporting agencies, more commonly
called credit bureaus, was created. Local businesses shared
customers' account information and reported when payments were
received and when new purchases were made. Credit bureaus collected
information and shared account activity with other businesses. The
credit bureaus did not make the credit decisions; they only held
information about the consumer accounts and payment history.
Credit reporting systems today still have the same purpose, but
technology has improved and expanded the available products and
services. With automated credit reporting bureaus, consumers enjoy
a variety of credit products and services at a very reasonable
These changes benefit consumers by providing:
- Increased access to credit
- Decreased time for credit granting decisions
- Improved mobility of credit
- Access to consumer products and services
- Products and services that assist credit grantors in decision