EECU Introduces Free Access to FICO® Scores
To help our members track their financial health, EECU is providing members with a loan or checking account free access to their FICO® Scores beginning March 26th. Here is what you can expect. Your EECU FICO® Score dashboard will be located within your online and mobile banking app and can be accessed in three easy simple steps: 1) login, 2) select “Additional Services” in online banking or “More” in the mobile banking app, then 3) select “My FICO Score”. Your FICO® score will be updated quarterly and your dashboard will provide key factors that influence your credit score.
The FICO® Score is the standard measure of U.S. consumer credit risk. It helps determine your ability for getting a loan and what interest rate you will pay. The higher the score, the better financing options and rates you have.
The classic FICO® Scores which are in use today by the vast majority of lenders fall within the 300‐850 score range. This score range was introduced to establish an easy‐to‐understand, common frame of reference for lenders and consumers alike.
Why am I seeing my FICO® Score?
EECU is providing you with free access to your FICO® Score to help you know where you stand with your credit and plan for the future. The score provided under this service is intended for educational purposes.
What is a credit score?
FICO® Scores are a three-digit number that summarize your credit risk. Scores are based on a snapshot of your credit file at particular consumer reporting agencies at a particular point in time, and help lenders evaluate your credit risk. FICO® Scores influence the credit that’s available to you and the terms, such as interest rate, that lenders offer you.
How are FICO® Scores calculated?
FICO® Scores are calculated from many different pieces of credit data in your credit report. This data is grouped into five categories as outlined below. The percentages reflect how important each of the categories is in determining how FICO® Scores are calculated.
- Payment History: 35%
- Outstanding Debt: 30%
- Credit History Length: 15%
- Pursuit of New Credit: 10%
- Credit Mix: 10%
How can I see my FICO® Score?
To view your FICO® Score in EECU’s online banking: login, select “Additional Services” and then “My FICO Score”. To view your FICO® Score in EECU’s mobile banking app: login, select “More” and then “My FICO Score.”
Will receiving my score from EECU impact my credit?
No. We provide your FICO® Score as a free benefit that does not affect your credit in any way.
What if I don’t see my FICO® Score when I log into EECU’s online or mobile banking service?
Your score won’t be available if: you do not have a loan or checking account with EECU, you have a joint account (only the primary account holder’s FICO® Score will be displayed), you recently opened a new account – FICO® Scores are pulled quarterly, you do not have enough credit history to generate a score, or you are on Experian’s block consumer file list.
How do I check my credit report?
Because your FICO® Score is based on the information in your credit report, it is important to make sure that the credit report information is accurate. You may get a free copy of your credit report annually. To request a copy of your credit report, please visit: http://www.annualcreditreport.com . Please note that your free credit report will not include your FICO® Score. You can also request your credit report by calling toll-free: (877) 322-8228. Or, you can request your credit report by mail: 1) Download the request form. 2) Print and complete the form. 3) Mail the completed form to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
FICO® Scores can only be provided for the primary account holder on the membership account. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.