Introducing Credit Score by SavvyMoney

All online banking users can keep an eye on their credit starting June 1st

Your credit union now offers a new way to manage your credit at no additional cost to you. This educational tool is meant to provide you with an idea of where your credit stands, and offer helpful tips and tools to make sound financial decisions regarding your credit.

• Refresh your credit score daily to keep tabs on your progress
• View all aspects of your credit report including open accounts and balances
• Enable credit monitoring notifications to receive alerts about changes to your score
• Use the "What if?" calculator to determine how certain decisions will impact your score
• View prospective offers from Impact Credit Union based on your score
• Gain access to great resources regarding credit score and financial health

Frequently Asked Questions

Q: Is there a fee?
A: No. Any Impact member can enroll and use this service for no additional cost.

Q: How often is my credit score updated?
A: After enrolling, your credit score will update every 7 days, however you can manually refresh inside the app daily as you wish.

Q: Could using this feature lower my credit score?
A: No. The credit information you see is obtained using a soft inquiry from the credit bureau and will not affect your score. The types of hard inquiries that affect your score are obtained when applying for a loan.

Q: Could this credit score differ from that if I were to apply for a loan?
A: Yes. The score you will see inside this app is your VantageScore 3.0 score, a risk model developed collaboratively by the three major credit bureaus: Transunion, Experian, and Equifax. This model scores your credit based on consumer measures. When you apply for a loan, we obtain your FICO 08 credit score from Transunion, which is designed specifically for making lending decisions. These two models are similar, but will usually differ in some respect since the score is not calculated in the same way.

Q: How secure is my data?
A: SavvyMoney uses strong, highly rated security measures to keep your data safe. Their privacy policy can be found here.

Q: What if I find a mistake on my credit report?
A: Simply click "Dispute" inside the app to begin a dispute with the credit bureau.

See SavvyMoney's article on their website for answers to more questions.

The services are provided by SavvyMoney, Inc. and do not represent any agreement by Impact Credit Union to provide any product, service, or other benefit to the member. Information provided by SavvyMoney, Inc. is for educational purposes only and does not represent accounting, tax, legal, real-estate, mortgage, and financial planning or investment advice by Impact Credit Union. The credit report card and score is not used for determining loan rates or loan approval purposes; loan rates and approvals are based on information provided separately to Impact Credit Union when a member applies for a loan. The credit score found in the credit report used by Impact Credit Union may be different than the credit score provided within SavvyMoney.