Staying on top of your credit has never been easier
Introducing Savvy Money - With this one powerful tool, you can access your credit score, full credit report, credit monitoring, financial tips, and education right at your fingertips. All of this without impacting your credit score. You can do this anytime and anywhere for FREE within Power Credit Union’s online banking and mobile app.
Features of Credit Score
Frequently Asked Questions
What is Credit Score?
Credit Score 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 an inquiry has been reported.
Does Credit Score offer Credit Monitoring as well?
Yes. Credit Score will monitor and send email alerts when there has been a change to your credit profile.
Is there a fee for Credit Score?
Credit Score is entirely free to Power Credit Union consumers.
Will accessing Credit Sense “ding” my credit and potentially lower my score?
Credit Score is a “soft inquiry” which does not affect your 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 appears to be wrong or inaccurate?
Credit Score makes 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 Mercantile Bank Credit Score user can “File a Dispute” with TransUnion by clicking on the “Dispute” link within Credit Score and More. TransUnion will share this information 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 and VantageScore) determine credit scores. Financial Institutions use different bureaus, as well as their own scoring models. Over 200 credit factors may be considered when calculating a score, and each model may weigh credit factors differently, so no scoring model is identical.
Will Power Credit Union use Credit Score to make loan decisions?
Power Credit Union uses its own lending criteria for making loan decisions.