Frequently Asked Questions about Credit Sense
Credit Sense is now available to you through our online banking site and mobile banking application. Credit Sense is a free service that will help you understand your current credit health, how to improve it, and where you can potentially save money. The program also monitors your credit report and alerts you if a key change occurs
Credit Sense saved my credit score. I got a notification that my score had gone down by 30 points, literally overnight. I was reported to a credit bureau by an electric company I don’t even use. I sent screen captures of my current electric bills immediately inside the app, and within about 24 hours, the credit bureau gave me those 30 points back. I never would have known this was even happening without Credit Sense. It’s the best service ever! ~ Colleen C.
Q. What is Credit Sense?
Credit Sense is a comprehensive program designed to help you stay on top of your credit. You’ll get your credit score, an understanding of the key factors that impact it, and access to special loan and credit card offers that can help you reduce interest costs. With this program, you’ll always know where you stand with your credit and where you can potentially save money. This program will also monitor your credit report on a daily basis to help you keep an eye out for identity theft. You’ll be informed by email if any big changes are detected – a new account has been opened, a change in address or employment occurs, a delinquency has been reported, or an inquiry has been made.
Q. Is there a fee for me to enroll?
No. Credit Sense is entirely free and no credit card information is required to register.
Q: Will accessing Credit Sense ‘ping’ my credit and potentially lower my credit score?
No. Checking your 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. Hard inquiries can lower a credit score.
Q. How often are credit scores updated?
The credit scores are automatically updated every 30 days, although you can click “update” to refresh it every day.
Q: Why is this credit score different from others I’ve received?
There are three major credit reporting bureaus – Equifax®, Experian® and TransUnion® – and two scoring models – FICO and VantageScore® – that determine credit scores. Different financial institutions use different bureaus, as well as different 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, all consumers fall into specific credit ranges:
- Excellent: 781-850
- Good: 661-780
- Fair: 601-660
- Unfavorable: 501-600
- Bad: Below 500.
Q: What if I don’t have a credit history?
If you don’t have a credit history, you can still view the educational articles. In some cases, you may also be eligible for loans or credit cards that will help you build your credit.
Q: There is a section in Credit Sense that features financial education articles. Can you explain more about this?
The educational articles are designed to provide helpful tips on how to manage credit and debt wisely.
Q: There is a section in Credit Sense that features product offers? Can you explain more about this?
Depending on your credit score, you may receive pre-qualified offers on products that may be of interest to you. These offers are tailored specifically for you based on your credit history, so you’ll always know what rates you are eligible for. In many cases, the loan and credit card offers will have lower interest rates than the products you already have and may be able to help save you money.
Q: Does Credit Sense monitor my credit report?
Yes. When you successfully pull your credit score for the first time, you are automatically enrolled into credit monitoring. Your file is scanned daily for key changes, and an alert will be sent to you via email if one of the following key changes are detected:
- An account has been included in bankruptcy
- An account is reported as delinquent
- A fraud alert has been placed on the credit file
- A previously derogatory account is now current
- A new account has been opened
- An account in your name shows a different address
- An account in your name lists a new employer
- A new inquiry appears on the credit file
- A new public record has been reported
Q. How do I change my email address or other personal information?
If you access Credit Sense through our online banking site, your email address will get updated automatically when you update it in online banking.
Q: Will I receive an actual credit report?
No. With this program you’ll receive your credit score, ranging from 300 to 850, and key factors that are impacting your score. It does not include an actual credit report (a detailed report of credit history).
Q: What if my credit score appears to be wrong or inaccurate?
Questions about our products and services? Give us a call at 817-884-1470.