Understand your credit score.
FICO® Scores are numbers that summarize your credit risk.
What are FICO® Scores?
FICO® 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. FICO® Scores influence the credit that's available to your and the terms, such as interest rate, that lenders offer you.
How are FICO® Scores calculated?
FICO® Scores are calculated from many different pieces of credit data in your credit report. This data is grouped into five categories as outlined: Payment History, Outstanding Debt, Credit History Length, Pursuit of New Credit, and Credit Mix. The percentages in the chart reflect how important each of the categories is in determining how FICO® Scores are calculated.
How often will I receive my FICO® Score?
Program participants will receive their FICO® Score 8 based on TransUnion data updated on a quarterly basis, when available.
Will receiving my FICO® Score impact my credit?
No. The FICO® Score we provide to you will not impact your credit.
Why is my FICO® Score not available?
The availability of your FICO® Score is meant for the primary account holder of consumer card accounts. A few reasons your FICO® Score may not be available:
- You are a new consumer credit card account holder - Your FICO® Score is refreshed quarterly and may not have been available during our last score refresh process
- Your account has multiple cardholders - We only utilize one score each quarter on accounts with multiple cardholders.
- You are an authorized user
- Your card is no longer active
- Your score was temporarily unavailable at the time of our quarterly score refresh process
Where does the information used to calculate my FICO® Score come from?
FICO® 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 FICO® Score that 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 FICO® 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 FICO® Score factors are listed is important. The first indicates the area that most affected that particular FICO® 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 FICO® 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 is my FICO® Score different than other scores I've seen?
There are many different credit scores available to consumers and lenders. FICO® Scores are the credit scores used by most lenders, and different lenders may use different versions of FICO® Scores. In addition, FICO® Scores are based on credit file data from a particular consumer reporting agency, so differences in your credit files may create differences in your FICO® Scores. The FICO® Score 8 based on TransUnion that is being made available to you through this program is the specific score that we use to manage your account. When reviewing a score, take note of the score date, consumer reporting agency credit file source, score type, and rage for that particular score.
Why do FICO® Scores fluctuate/change?
There are many reasons why a score may change. FICO® 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, FICO® 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 FICO® Score. Keep in mind that certain events such as late payments or bankruptcy can lower FICO® Scores quickly.
The FICO 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 FICO Score is continuously updated and this FICO Score may not reflect the most current data on your credit file. You have the right to obtain a free credit report annually 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 Fair Isaac 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. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. 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 FICO Score displayed will only be displayed if available and it may be that of the primary or secondary account holder. The FICO Score is intended for and delivered to the primary and secondary account holders.
