Q: What is SavvyMoney Credit Report?
A: SavvyMoney Credit Report provides users with all the information they would find on a credit file including a list of current or previous loans and accounts and credit inquiries. Users can see details on their payment history, credit utilization, and the public records that show up on their accounts. Like Credit Score, when a user checks their credit report, there’s no impact on their credit score.
Q: What is the Score Simulator Tool?
A: Score Simulator is an interactive tool that allows users to see how hypothetical actions may affect their credit score, including things like paying off a credit card balance or applying for a loan. Just like checking their credit score through SavvyMoney, using the simulator does not affect the user's credit score.
Q: Is There a Fee to Use SavvyMoney?
A: No. SavvyMoney is entirely free to the user, and no credit card information is required to register.
Q: How Often Are Credit Scores Updated?
A: Every 7 days scores are updated and displayed in digital banking. Users can also refresh their 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's 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, to make score information more uniform between the different bureaus and 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 and 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 although there are similarities. SavvyMoney Credit Scores are represented in ranges, shown as follows:
-
780–850 – This scoring range is considered “Excellent.” Users in this range have very healthy credit histories and are usually eligible for the lowest rates on loans and offers on credit cards.
-
660-779 – This score range is considered “Good.” These users have good credit but may have a few minor issues. These users may still receive favorable rates on loans and cards.
-
600-659 – This scoring range is considered “Fair.” Users in this range may not get the lowest rates on loans and opportunities to borrow start becoming limited.
-
500-599 – This scoring range is “Unfavorable.” Users in this range are new to credit or have serious issues with their credit history. Users in this range may still get loans but at significantly higher rates.
-
Below 500 – This range is “Deficient.” Users in this range are new to credit or have had significant defaults or other negative marks. Users in this range may find it hard to get loans.
Q: Does SavvyMoney Offer Credit Report Monitoring?
A: Yes. When a user successfully enrolls in the credit score solution, they are automatically enrolled in credit monitoring. Their file is scanned daily for key changes, and an alert is sent when a significant change is detected. These alerts are provided within digital banking and via email. The user can update their email preferences for SavvyMoney emails by navigating to “Resources” and the “Profile Settings” section. 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: Are Users Able to Choose Which Emails They Receive from SavvyMoney?
A: Yes, users can easily choose when SavvyMoney contacts them. Navigate to the “Resources” tab and then under “Profile Settings” users can choose which email notifications they receive. SavvyMoney sends out three types of emails: Credit Monitoring Alerts, General Messages, and Monthly Notices. Users will be automatically enrolled in all email communications and can easily unselect the specific email types they do not wish to receive.