Credit Score Manager FAQ

There are lots of different methods and models used to calculate a credit score. The one used in Credit Score Manager is VantageScore 3.0 from Experian. Our lending underwriting uses FICO Score 2 from Experian. FICO and VantageScore use different proprietary methods to calculate their score.

Each different credit score provider can take into account different factors including any combination of the following: Payment History, Amount owed, Length of Credit History, New Credit, Credit Mix, Age of Credit, Utilization, Balance, Available Credit. Additionally, different providers weigh these factors differently.

The timing of each pull can have a big impact on the scores. Credit Score Manager updates your score every 31 days. When you apply for credit, a fresh credit score and report are pulled that day. Anything that was reported in between the last Credit Score Manager update and the credit application, including late payments, new credit lines, etc., would impact the more recent score and create a difference in the two.

If alerts are available, green is positive, red is negative and gray is for informational

Credit Score Simulator uses calculations that are similar to Experian, which uses the VantageScore model.

Credit Score Simulator is an educational tool that you can use for estimating the effect of certain financial actions on your credit score—but remember, they’re estimations only, not predictions. Actual results may be different.

Your credit score is updated every 30 to 45 days.

You can securely access your credit information online. For security reasons, we won’t send your credit information by email.

You and your spouse can see the information from all shared accounts, but having some shared accounts doesn’t allow you or them to access information about any non-shared financial accounts such as delinquencies on non-shared accounts or information from your spouse’s credit report such as their credit score or past non-shared home addresses.

You can un-enroll by navigating to Credit Alerts and scrolling to the bottom. There will be a berry colored hyperlinked option to un-enroll.

Any device, whether phone, tablet, PC etc. that is compatible with our current online banking version will be able to enroll and use our Credit Score Manager.

Utilizing the features within Credit Score Manager will not change your credit score.

Your credit data is fully encrypted and secure. No one else has access to your information.

You can take several steps to improve your credit score, but be aware that there are no quick fixes. You may be able to see your score tick up soon after you start trying to improve it. However, credit reports are updated month to month and it may take several months or even years before your credit score is where you want it to be. View our helpful tips to improve your credit score in our Resource Center.

Lenders generally update their data on a monthly basis. However, the lenders may report data at various times during the month. The differences in reporting dates shouldn’t vary by more than 30 days. If you’re waiting for a specific update, such as corrected information from a dispute, it can take up to 45 days for the updated information to appear on your credit report.

If you discover information on your credit report that you believe is inaccurate, you can take the following steps:

1. Gather supporting documents that show your side of the story; for example, receipts or bank records showing that you made a payment on time that’s recorded as late or delinquent.
2. Submit the information to the credit bureaus with a brief explanation (100 words or less). Each of the three credit bureaus has links on their websites you can use to dispute incorrect information.

You can also submit your information directly to the reporting lender.

After you submit your claim, you may need to wait 30 to 45 days before it’s resolved and the corrected information appears on your credit report. Note however, that if the inquiry confirms that the information is accurate, the bureau or lender won’t change it. If you still have questions after your claim is rejected and want to pursue your dispute further, you can file a complaint against a bureau or lender with the Consumer Financial Protection Bureau or with the Attorney General of your state.

Derogatory information can stay on your record for 7 – 10 years. It’s always good to review your records to ensure that the information is accurate. If you find something that you feel is inaccurate, take steps to dispute and correct it.

Any accounts that were in good standing when you closed them will remain in your record for 10 years. Any negative information will remain for seven years.

A charge off is an entry in your credit report that indicates that a creditor has tried and failed to make good on overdue payments and has closed the account. Once the creditor charges off an account, they may sell it to a debt collector who will pursue the debt further. A charge off can have a strongly negative impact on your credit score.

Credit age is the age of your open, active accounts. When you close an account, it’s no longer active and ceases to count towards credit age. Closed accounts will, however, continue to count towards payment history for up to 10 years for accounts closed in good standing and up to seven years for accounts that were closed involuntarily.

All of these items are factors considered when the credit score is calculated, including number of accounts, credit utilization and payment history.

On the Score Factors card, the highest rating for Derogatory Marks is “Good”.