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Q. What is Credit Insights?
A. Credit Insights powered by SavvyMoney is a comprehensive credit score tool that helps you stay on top of your credit. You get your latest credit score and report and an understanding of key factors that impact your score.
Credit Insights also monitors your credit report daily and informs you by email if there are any big changes detected such as: a new account being opened, a change in address or employment, a delinquency has been reported or an inquiry has been made. Monitoring helps users keep an eye out for identity theft.
Q. What information is included on my credit report?
A. Your credit report will include all the information you would find on your credit file including a list of open loans, accounts and credit inquiries. You will also be able to see details on your payment history, credit utilization and public records that show up on your account.
Q. Is there a fee?
A. No. Credit Insights is entirely free and no credit card information is required to register.
Q. How often is my credit score updated?
A. As long as you are a regular mobile banking user, your credit score will be updated every month and displayed in mobile banking. You can click “refresh score” as frequently as every day within mobile banking.
Q. How does Credit Insights differ from other credit scoring offerings?
A: Credit Insights powered by SavvyMoney pulls your credit profile 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 to provide consumers a better picture of their credit health.
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 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, consumers do fall into specific credit ranges:
Excellent 781–850
Good 661-780
Fair 601-660
Unfavorable 501-600
Bad Below 500
Q. Will Gorham Savings Bank use Credit Insights to make loan decisions?
A. No, Gorham Savings Bank uses its own lending criteria for making loans.
Q. Will SavvyMoney share my credit score with Gorham Savings Bank?
A. No, your SavvyMoney Credit Score is a free service to help you understand your credit health and how you can make improvements in your score.
Q. How does SavvyMoney keep my financial information secure?
A.SavvyMoney uses bank level encryption and security measures to keep your data safe and secure. Your personal information is never shared with or sold to a third party.
Q. If Gorham Savings Bank doesn’t use SavvyMoney Credit Score to make loan decisions, why do we offer it?
A. SavvyMoney Credit Score can help you manage your credit so when it comes time to borrow for a big-ticket purchase—like buying a home, car or paying for college—you have a clear picture of your credit health and can qualify for the lowest possible interest rate.
Q. What if the information provided by SavvyMoney Credit Score appears to be wrong or inaccurate?
A. The SavvyMoney Credit Score makes its best effort to show you the most relevant information from your credit report. If you think that some of the information is wrong or inaccurate, we encourage you to take advantage of obtaining free credit reports from www.annualcreditreport.com, and then pursuing with each bureau individually. Each bureau has its own process for correcting inaccurate information, but every user can “File a Dispute” by clicking on the “Dispute” link within their SavvyMoney Credit Report. However, The Federal Trade Commission website offers step-by-step instructions on how to contact the bureaus and correct errors.
Q. Will accessing Credit Insights ‘ping’ my credit and potentially lower my credit score?
A. No. Checking Credit Insights 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.
Q. Does Credit Insights offer credit report monitoring as well?
A. Yes. Credit Insights will monitor and send email alerts when there’s been a change to your credit profile.
Q. Can people use SavvyMoney on mobile devices?
A. Yes, Credit Insights is available for both mobile and tablet devices and is integrated inside our mobile application.