Credit Score

Stay in the Know with Credit Score. Check your Credit Score in Online Banking

• Why do credit scores differ?
  

  There are three major credit-reporting bureaus—Equifax, Experian and Transunion—and two scoring models—FICO or VantageScore—that determine credit scores. Financial institutions use different bureaus, as well as their own scoring models. Over 200 factors of a credit report may be taken into account when calculating a score and each model may weigh credit factors differently, so no scoring model is completely identical. No matter what credit bureau or credit scoring model is used, consumers do fall into specific credit ranges: Excellent 781–850, Good 661-780, Fair 601-660,
  Unfavorable 501-600, Bad Below 500.

• How do Customers change their email address or other personal information?
  

  If you access Credit Score program through your online banking, you have to do nothing! Your email address will get updated automatically in Credit Score when you update it in online banking. However, we always encourage you to inform your financial institution of any contact information updates.

  If you signed up with Credit Score from our website, please log into the website and click on your name displayed on top right of the screen. Select the Profile link from the drop down, and follow instructions to update your information.

• What if the information provided by Credit Score appears to be wrong or inaccurate?
  

  Credit Score makes its best effort to show you the most relevant information from your credit report. If you think that some of the information is wrong or inaccurate, we encourage you to take advantage of obtaining free credit reports from www.annualcreditreport.com, and then pursuing with each bureau individually. Each bureau has its own process for correcting inaccurate information but every user can “File a Dispute” by clicking on the “Dispute” link within their Credit Score Credit Report. However, The Federal Trade Commission website offers step-by-step instructions on how to contact the bureaus and correct errors.

• How does Credit Score keep my financial information secure?
  

  Credit Score uses bank level encryption and security measures to keep your data safe and secure. Your personal information is never shared with or sold to a third party.

• If Essential doesn’t use Credit Score to make loan decisions, why do we offer it?
  

  Credit Score can help you manage your credit so when it comes time to borrow for a big-ticket purchase—like buying a home, car or paying for college—you have a clear picture of your credit health and can qualify for the lowest possible interest rate. You’ll also see offers on how you can save money on your new and existing loans with Essential.

• There is a section on the site that features both Essential product offers and financial education articles. Why am I seeing this?
  

  Based on your Credit Score information, you may receive Essential offers on products that may be of interest to you. In most cases, these offers may have lower interest rates than the products you already have. The educational articles, written by Jean Chatzky and the Credit Score team, are designed to provide helpful tips on how you can manage credit and debt wisely.

• Will accessing Credit Score ‘ping’ my credit and potentially lower my credit score?
  

  No. Checking Credit Score is a “soft inquiry”, which does not affect your credit score.  Lenders use ‘hard inquiries’ to make decisions about your credit worthiness when you apply for loans.

• Does Credit Score offer credit report monitoring as well?
  

  Yes. Credit Score will monitor and send email alerts when there’s been a change to your credit profile.

• Can Customers use Credit Score on mobile devices?
  

  Yes, Credit Score is available for both mobile and tablet devices and is integrated inside our mobile application.

• Will Credit Score share my credit score with Essential?
  

  No, Credit Score is a free service to help you understand your credit health, how you make improvements in your score and ways you can save money on your loans with Essential.

• Will Essential use Credit Score to make loan decisions?
  

  No, Essential uses its own lending criteria for making loan.

• How does the Credit Score differ from other credit scoring offerings?
  

  Credit Score pulls your credit profile from TransUnion, one of the three major credit reporting bureaus, and uses VantageScore 3.0, a credit scoring model developed collaboratively by the three major credit bureaus: Equifax, Experian, and TransUnion. This model seeks to make score information more uniform between the three bureaus to provide consumers a better picture of their credit health.

• How often is my credit score updated?
  

  As long as you are a regular online banking user, your credit score will be updated every month and displayed in your online banking screen. You can click “refresh score” as frequently as every day by navigating to the detailed Credit Score site from within online banking.

• Is there a fee?
  

  No. Credit Score is entirely free and no credit card information is required to register.

• What is Credit Score Credit Report?
  

  Credit Score Credit Report provides you all the information you would find on your credit file including a list of open loans, accounts and credit inquiries.  You will also be able to see details on your payment history, credit utilization and public records that show up on your account. Like Credit Score, when you check your credit file, there will be no impact to your score.

• What is Credit Score?
  

  Credit Score is a comprehensive Credit Score program offered by your bank, that helps you stay on top of your credit. You get your latest credit score and report, an understanding of key factors that impact the score, and can see the most up to date offers that can help reduce your interest costs. With this program, you always know where you stand with your credit and how your Bank can help save you money.

  Credit Score also monitors your credit report daily and informs you by email if there are any big changes detected such as: a new account being opened, change in address or employment, a delinquency has been reported or an inquiry has been made. Monitoring helps users keep an eye out for identity theft.