By Hannah Nagos, AVP/Business Development
Southwest Heritage Credit Union
What is the Credit Score feature in Online Banking?
The Credit Score feature is a comprehensive Credit Score tracking tool that helps you stay on top of your credit. You get your latest credit score and report, real-time credit monitoring, and savings opportunities on your existing and new loans- all through SWHCU online banking!
The SWHCU Credit Score feature offers a comprehensive view of your credit file, including a list of open loans, accounts, and credit inquiries. You can easily track your payment history, credit utilization, and any public records associated with your account. Plus, rest assured that checking your credit report won’t affect your score.
Is there a fee?
No. The Credit Score feature is entirely free for members!
How often is my credit score updated?
Scores are updated every 7 days, however you can click “refresh score” on the credit dashboard as frequently as every day.
Will accessing the Credit Score feature ‘ding’ my credit and possibly lower my credit score?
No, checking your score with our Credit Score feature is considered a “soft inquiry,” so it won’t impact your credit score. In contrast, lenders sometimes conduct “hard inquiries” when evaluating your creditworthiness for loan applications, which can affect your score.
Does the Credit Score feature offer credit report monitoring as well?
Yes. You will be sent email alerts when there’s been a change to your credit profile.
Will Southwest Heritage Credit Union use the Credit Score shown in the tracker to make loan decisions?
No, Southwest Heritage Credit Union relies on its own lending criteria and credit bureau reports to make loan decisions. The Credit Score feature serves as an educational tool to help you manage your credit effectively. By using this program, you’ll gain a clear understanding of your credit health.
Why does the credit score shown in the tracker differ from other credit scoring offerings?
The SWHCU credit score feature pulls your credit profile from TransUnion and uses VantageScore 3.0.
Why do credit scores differ?
There are three major credit-reporting bureaus—Equifax, Experian, and TransUnion—and two primary scoring models—FICO and VantageScore—that determine credit scores. Financial institutions may use different bureaus and their own scoring models. With over 200 factors considered in credit reports, each scoring model weighs these factors differently, meaning no two models produce identical scores. Another reason why understanding your credit profile from multiple perspectives is important.
Steps to sign up for the FREE SWHCU Credit Score Tracker
- Log into Online Banking via web browser or your mobile device.
- Open the SWHCU Main Menu
- Click Credit Score and Enroll!