SavvyMoney Credit Score is a tool that can be used to help you understand your credit score, set up alerts, simulate potential scores, and keep an eye out for identity theft.
Q: What is SavvyMoney Credit Score?
A: With this program, you can check their credit score, full credit report and factors that influence it. The scores are updated automatically every month, or you have the option to refresh the score and report daily. The program also monitors your credit report daily and will inform you through digital banking and by email if any big changes are detected – a new account has been opened, change in address or employment, a delinquency has been reported, or an inquiry has been made.
Q: What is SavvyMoney Credit Report?
A: SavvyMoney Credit Report provides all the information you would find on a credit file including a list of current or previous loans and accounts and credit inquiries. You will also be able to see details on your payment history, credit utilization and the public records that show up on the report.
Q: What is the Score Simulator tool?
A: The score simulator tool is an interactive tool that allows users to select various actions they may take and see how your score could be affected. Different actions like paying off a credit card balance might move your score up or down.
Q: Is there a fee?
A: No. SavvyMoney is entirely free, and no credit card information is required to register.
Q: How often are credit scores updated?
A: If you regularly access digital banking, your credit score will be updated every 7 days. You can also refresh your credit score and full report every 24 hours by clicking “Refresh Score” and navigating to the detailed Credit Score Dashboard within digital banking.
Q. How does SavvyMoney Credit Score differ from other credit scoring offerings?
A: SavvyMoney pulls users’ credit profiles 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 in order to provide consumers with a better picture of their credit health. Key factors that drive the score are the same.
Q: Why do credit scores differ?
A: 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 considered when calculating a score and each model may weigh credit factors differently, so no scoring model is completely identical but should be directionally similar. You’ll see that SavvyMoney Credit Scores are represented along a credit score range, which helps users get an easier understanding of where they stand. The ranges fall along the following lines:
- 780–850 – This score range is considered “Excellent”.
- 660-779 – This score range is considered “Good”.
- 600-659 – This score range is considered “Fair”.
- 500-599 – This score range is considered to be “Unfavorable”.
- Below 500 – This range is considered to be “Deficient”.
Q: Will Travis CU use SavvyMoney Credit Score to make loan decisions?
A: No, we use our own lending criteria when making final loan decisions and have no access to SavvyMoney Credit Score.
Q: Will SavvyMoney share users credit scores with Travis CU?
A: No, SavvyMoney Credit Score is a free service to help users understand their credit health, make improvements in their scores, and see loan and credit card offers from TCU. TCU doesn’t have access to your credit file with SavvyMoney unless the users choose to share it. If they would like to share, they can easily do so by navigating to the Credit Report tab and clicking “Download Report” to share at their discretion.
Q: How does SavvyMoney Credit Score keep users’ financial information secure?
A: SavvyMoney has put in place bank level encryption and security policies to keep our user's data safe and secure. SavvyMoney also has a sophisticated system that scans for and thwarts online bots, intrusions and attacks.
SavvyMoney’s policies and processes are reviewed annually by a third-party auditor and have been verified by multiple digital banking platforms’ Security and Compliance teams for meeting their stringent security guidelines.
Q: What if the information provided by SavvyMoney Credit Score appears to be wrong or inaccurate?
A: The SavvyMoney Credit Score is not intended to be comprehensive and may not provide all information about user accounts. That’s why we encourage them to take advantage of obtaining free credit reports from www.annualcreditreport.com to look for any incorrect information or discrepancies across all three bureaus. Each bureau has its own process for correcting inaccurate information, but every user can “File a Dispute” by clicking on the “Dispute” link within the SavvyMoney Credit Report. However, The Consumer Financial Protection Bureau website offers step-by-step instructions on how to contact the bureaus and correct errors.
Q: There is a section on the site that features both Travis CU product offers and financial education articles. Can you explain more about this?
A: Based on their SavvyMoney credit score information, users may receive TCU pre-qualified offers (invitation to apply) on products that may be of interest to them. In some cases, these offers may have lower interest rates than the products they already have or can save them money on monthly payments. The educational articles, written by Jean Chatzky and the SavvyMoney team, are designed to provide helpful tips on how users can manage credit and debt wisely.
Q: What if a user has no credit history or poor credit and don’t qualify for any products?
A: If a user has no credit history and/or a low credit score, they will be presented with educational articles or products that cater to those credit score profiles (if offered).
Q: Will accessing SavvyMoney Credit Score impact your credit score?
A: No. Checking SavvyMoney Credit Score is always a “soft inquiry,” which does not affect credit scores.
Q: Does SavvyMoney offer credit report monitoring?
A: Yes. You are automatically enrolled into credit monitoring when you set up the tool. If there are any significant changes you will be notified. These alerts are provided within digital banking and via email.
SavvyMoney will provide the following monitoring alerts:
- 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 listed a new employer.
- A new inquiry on the credit file.
- A new public record has been reported.
Q: Can you set up email alerts?
A: Yes, you can easily choose when SavvyMoney contacts you. Navigate to the “Resources” tab and under “Profile Settings” choose which email notifications you wish to receive: Credit Monitoring Alerts, General Messages and Monthly Notices. Enrollment in email notifications is the default, so you will have to opt-out of any email notifications you do not wish to receive.