Understand your credit score.
Credit scores are numbers that summarize your credit risk.
What are Credit Scores?
Credit scores are numbers that summarize your credit risk. Scores are based on a snapshot of your credit file at particular consumer reporting agencies at a particular point in time, and help lenders evaluate your credit risk. Credit scores influence the credit that's available to your and the terms, such as interest rate, that lenders offer you.
How are credit scores calculated?
Credit scores are calculated from many different pieces of credit data in your credit report. This data is grouped into six categories as outlined: Available Credit, Balance, New Credit, Utilization, Age/Mix, and Payment History.
How often can I pull my credit score?
You have the right to obtain a free credit report weekly from each of the three major consumer reporting agencies. To request a copy of your credit report, please visit https://www.annualcreditreport.com.
What is SavvyMoney®?
Staying on top of your credit has never been easier. With SavvyMoney®, you can access your credit score, full credit report, credit monitoring, financial tips, and education. All of this without impacting your credit score.
Benefits of SavvyMoney®:
- FREE to members
- Found in Online Banking
- Daily access to your credit score
- Real-time credit monitoring alerts
- Credit score simulator
- Personalized credit report
- Special credit offers
Will receiving my credit score impact my credit?
No. The credit score we provide to you will not impact your credit.
Where does the information used to calculate my credit score come from?
Credit scores are based on the credit information in a credit file with a particular consumer reporting agency (CRA) at the time the score is calculated. The information in your credit files is supplied by lenders, collection agencies and court records. Not all lenders report to all three major CRAs. The credit score we provide to you is based on data from your TransUnion report as of the 'pulled on date' shown with your score.
What are Key Score Factors?
When a lender receives a credit score, "key score factors" are also delivered, which explain the top factors from the information in the credit report that affected the score. The order in which credit score factors are listed is important. The first indicates the area that most affected that particular credit score and the second is the next significant area. Knowing these score factors can help you better understand your financial health over time. However, if you already have a high credit score (usually in the mid-700s or higher), score factors are informative but, not as significant since they represent very marginal areas where your score was affected.
Why do credit scores fluctuate/change?
There are many reasons why a score may change. Credit scores are calculated each time they are requested, taking into consideration the information that is in your credit file from a particular consumer reporting agency (CRA) at that time. So, as the information in your credit file at that CRA changes, credit scores can also change. Review your key score factors, which explain what factors from your credit report most affected a score. Comparing key score factors from the two different time periods can help identify causes for a change in a credit score. Keep in mind that certain events such as late payments or bankruptcy can lower credit scores quickly.
What is Credit Score and More?
Credit Score and More helps you stay on top of your credit by providing your latest credit score and report and understanding key factors that impact the score. It also monitors your credit daily and informs you by email if any significant changes are detected, such as a new account being opened, a change in address, employment, delinquency, or inquiry has been reported.
Does Credit Score and More offer credit monitoring?
Yes. Credit Score and More will monitor and send email alerts when there has been a change to your credit profile.
Is there a fee for Credit Score and More?
Credit Score and More is entirely free to Interra members.
Will accessing Credit Score and More "ding" my credit and potentially lower my credit score?
Credit Score and More is a "soft inquiry" which does not affect a credit score. Lenders use "hard inquiries" to make decisions about creditworthiness when you apply for loans.
How often is the credit score updated?
The credit score will be updated every seven days and displayed in mobile and online banking. You can click "refresh score" as often as every day for an updated credit score.
What if the information provided by Credit Score and More appears to be wrong or inaccurate?
Credit Score and More make it best to show the most relevant information from a credit report. If you think some information is wrong or inaccurate, you can obtain a free credit report from www.annualcreditreport.com and then dispute inaccuracies with each bureau individually. Each bureau has its process for correcting inaccurate information, but every Interra Credit Score and More use can "File a Dispute" with Transunion by clicking on the "Dispute" link within Credit Score and More. Transunion will share this with the other bureaus if the inaccuracy is verified.
Why do credit scores differ?
Three major credit-reporting bureaus (Equifax, Experian, and Transunion) and two scoring models (FICO or VantageScore) determine credit scores. Financial institutions use different bureaus, as well as their own scoring models. Over 200 credit report factors may be considered when calculating a score, and each model may weigh credit factors differently, so no scoring model is identical.
Will Interra use Credit Score and More to make loan decisions?
Interra uses its own lending criteria for making loan decisions.
The credit scores and associated educational content is provided solely for your own non-commercial personal educational review use and benefits. The credit file used to create your credit score is continuously updated and this credit score may not reflect the most current data on your credit file. You have the right to obtain a free credit report weekly from each of the three major consumer reporting agencies. To request a copy of your credit report, please visit http://www.annualcreditreport.com. Interra Credit Union and TransUnion are not credit repair organizations as defined under federal or state law, including but not limited to the Credit Repair Organizations Act. Interra and Fair Isaac do not provide “credit repair” services, advice or assistance regarding “rebuilding” or “improving” your credit history, rating or record. This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. Interra Credit Union does not make any warranties as to accuracy or completeness of this information, does not endorse any third-party companies, products, or services described here, and takes no liability for your use of this information. Disclosure of this score is not for all Interra Credit Union services and may be discontinued at any time at the Credit Union’s sole discretion. Based on the Credit Union’s account scoring methodology, the credit score displayed will only be displayed if available and it may be that of the primary or secondary account holder. The credit score is intended for and delivered to the primary and secondary account holders.
