Published on February 23, 2022
If you’re a regular reader of our Community Conversations blog site, you know that we talk a lot about interest rates and the importance of keeping track of your credit score. The two go hand in hand, as rates are mostly determined by your score.
One of the key ways you can save your hard-earned money is to avoid throwing it away on high interest rates.
As your credit union, our goal is to provide you with knowledge and services as you spend and save responsibly throughout your lifetime. That is why we are always looking for ways to help you easily and conveniently keep track of, and raise, your credit score.
Introducing Credit Score
In January, we added Credit Score, powered by SavvyMoney, to our e-Banking menu. It is a free service that gives you instant access to your full credit report.
This new financial tool allows you to easily keep a close eye on your credit score and develop a deeper understanding of your credit report. By doing so, you can improve your score and lower your interest rates on home, auto, and personal loans, as well as on your credit cards. Lower rates mean more money in your pocket.
Credit Score is accessible through e-Banking. To get started, log in to e-Banking and click on:
- Financial Wellness
- Credit Score
Credit Score Features That Benefit You
Using this new financial tool has no effect on your credit score, so you can check it as often as you like. The best part is, it does more than show you a number, it is an educational tool that also helps to protect your assets. Here are just a few of the benefits.
- Monitors your credit report daily to help prevent identity theft.
- Helps you to better understand what influences your score, which can help you make the right financial choices.
- The Score Simulator tool allows you to select various actions to see how your score could be affected. Everyday things like paying off a credit card balance might raise or lower your score.
- Safe and easy to use. Credit Score uses bank-level encryption and security measures to keep your data safe and secure.
Credit Score pulls your credit profile from TransUnion, one of the three major credit reporting bureaus. It also uses VantageScore 3.0, a credit scoring model developed collaboratively by the three major credit bureaus: Equifax, Experian, and TransUnion. Community Choice utilizes Experian VantageScore when making credit-related decisions. For more on VantageScore, check out this blog.
Your credit score is updated every 30 days. When you log in, you’ll see more than your score. You’ll also find some offers you might want to consider, alerts, and resources. Under resources, you’ll find your monitoring history, FAQs, and your profile.
It's never been easier to monitor your credit score. We encourage you to take advantage of this easy-to-use service. Understanding your score is the first step on the road to financial well-being.