Some of you may have noticed the box in the bottom right corner of the screen when you log into Online Banking. It asks you if you want to check your credit score for FREE! Well, if you haven't clicked on this yet, you may be missing out on some great benefits! Let us tell you a little more about it.
When you sign in to Online Banking and you see a box in the corner of your screen, it’s for something we call Savvy Money. This fantastic feature provides you with your credit score and lots of other great features that I’ll go into detail on in this post.
There are a lot of commercials on TV with catchy songs about free credit reporting sites and some that may even trick you into paying to check your score. This is not like that. Savvy Money is provided to you at no charge by the Credit Union. There is no cost to check your credit score, and it will not hurt your score if you use this feature.
Not only can you see your credit score, but it also has a mini credit report available and monitors for any new activity. For example, if you recently applied for a loan and your credit score was pulled, you can get an alert from Savvy Money notifying you. This is a wonderful tool for fraud monitoring! You’ll also see a list of all the accounts you have open along with their interest rates, payment amounts, etc.
Savvy Money will give you a score (like a grade on a report card) on how you’re doing for each factor that makes up your credit score. For example, Payments History, Credit Usage, Credit Age, etc. For each of these factors you’ll get notes on what you’re doing right and tips for what you can do differently to improve your score. These features are so helpful, especially if you are working to improve your score. The tools are right here at your fingertips.
Savvy Money will give you an updated credit score once a month, with explanations on what has changed and why. Looking for an update sooner? Just click the button to refresh your score and get an updated score right now! This is especially helpful if you are looking to apply for a loan or credit card and need an idea of what range your credit score is in. It also checks monthly to see if you had any credit inquiries or new accounts added to your credit report.
If you don’t already have this enabled, simply log in to Online Banking on your computer and click “Check Your Score for FREE!”. From there, follow the prompts to include your necessary information, and you’re all set! Have questions or love this feature? Let us know in the comments below.