A new tool is now available to you through Online and Mobile Banking. Credit Sense is a free service offered to help you understand your current credit score, give access to your full credit report, provide credit monitoring alerts, show you how you can improve it and see ways you can save money on new and existing loans with us.
Q. What is this new tool all about?
A. It is a comprehensive Credit Score program offered by American Eagle FCU that helps you stay on top of your credit. You get your latest credit score and report, an understanding of key factors that impact the score, and can see the most up to date offers that can help reduce your interest costs. With this program, you always know where you stand with your credit and how American Eagle FCU can help save you money.
It 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, change in address or employment, a delinquency has been reported or an injury has been made. Monitoring helps users keep an eye out for identity theft.
Q: Where do I find this tool in Online and Mobile Banking?
A: It is found on the top navigation bar in Online Banking titled 'Credit Score', and also on the right hand of your screen. In Mobile Banking it is listed as 'Credit Score' in the drop down menu.
Q. What is on the Credit Report?
A. It provides you 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. There will be no impact to your score.
Q. Is there a fee?
A. No. It 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 online banking user, your credit score will be updated every month and displayed in your online banking screen. You can click “refresh score” as frequently as every day by navigating to the detailed site from within online banking.
Q. How does this differ from other credit scoring offerings?
A: Credit Sense 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 American Eagle FCU use this tool to make loan decisions?
A: No, American Eagle FCU uses its own lending criteria for making loan.
Q: Will this service share my credit score with American Eagle FCU?
A: No, it is a free service to help you understand your credit health, how you make improvements in your score and ways you can save money on your loans with American Eagle FCU.
Q: How does this tool keep my financial information secure?
A: It 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 American Eagle FCU doesn’t use this tool to make loan decisions, why do we offer it?
A: Credit Sense 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. You’ll also see offers on how you can save money on your new and existing loans with American Eagle FCU.
Q: What if the information provided by tool appears to be wrong or inaccurate?
A: The tool 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 Credit Report. However, The Federal Trade Commission 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 American Eagle FCU product offers and financial education articles. Why am I seeing this?
A: Based on your Credit Sense information, you may receive American Eagle FCU offers on products that may be of interest to you. In most cases, these offers may have lower interest rates than the products you already have.
Q: Will accessing my Credit Score ‘ping’ my credit and potentially lower my credit score?
A: No. It 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 this tool offer credit report monitoring as well?
A. Yes. It will monitor and send email alerts when there’s been a change to your credit profile.
Q. How do Members change their email address or other personal information?
A: If you access the program through your online banking, you have to do nothing! Your email address will get updated automatically in Credit Sense when you update it in online banking. However, we always encourage you to inform your financial institution of any contact information updates.
Q: Can Members use this tool on mobile devices?
A: Yes, Credit Sense is available for both mobile and tablet devices and is integrated inside our mobile application. You will find it in the drop down menu labeled 'Credit Score'.
If you have any questions that aren't answered above, feel free to stop by a local branch, call our Member Contact Center or Chat with us online.
Get in touch with a Representative
You'll need the following information to get started:
If you opened your account in a branch, you will have a purple card with your Account Number written on the back in your opening package.
If you opened your account online, a confirmation page would have been presented with a link containing your Account Number.
If you cannot find your Account Number, please call our Member Contact Center at 800.842.0145 and be prepared to answer security questions and provide your ID.
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