Credit Report Resources
Downriver CU provides various resources that will help you manage your credit score. The information contained on a credit report could affect your mortgage rate, credit card approvals, apartment requests, job application, and more. Check out the links below for valuable tools that can assist you as you work to improve and maintain the best score possible!
- Dispute Inaccuracies Online (Experian) - The Experian website will take you through the steps to correct inaccuracies on your Credit Report for free! You can start a new dispute online, sign in to check an existing dispute, get instructions for disputing by mail, and view results of a phone or mail dispute.
- Credit Sense - a free service offered through our Online Banking and Downriver CU Mobile Banking services that is designed 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 your report and your score, and see ways you can save money on new and existing loans with us.
- AnnualCreditReport.com - Federal law allows you to get a free copy of your credit report every 12 months from each credit reporting company (TransUnion, Equifax, Experian) so that you can ensure that the information on all of your credit reports is correct and up-to-date!
Here are some common FAQs relating to Credit Reports and our Credit Sense service:
Downriver CU provides various resources that can help you with your credit report, including how to dispute a problem. Please visit the Credit Report Resources page for links to these valuable tools!
Yes, Credit Sense is available for both mobile and tablet devices and is integrated inside our mobile application.
When you access Credit Sense through your online banking, there is nothing else you have to do! Your email address will get updated automatically in Credit Sense when you update it in Online Banking. However, we always encourage you to speak with a Member Services Representative regarding any contact information updates.
Yes. Credit Sense will monitor and send email alerts when there’s been a change to your credit profile.
No. Checking your Credit Sense credit score is a “soft inquiry”, which does not affect your credit score. Lenders use ‘hard inquiries’ to make decisions about your creditworthiness when you apply for loans.
Based on your Credit Sense credit score information, you may receive Downriver Credit Union 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. The educational articles, written by Jean Chatzky and the Credit Sense team, are designed to provide helpful tips on how you can manage credit and debt wisely.
The Credit Sense credit score 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 Sense credit report. However, The Federal Trade Commission website offers step-by-step instructions on how to contact the bureaus and correct errors.
The Credit Sense credit score 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 Downriver Credit Union.
Credit Sense 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.
No, Downriver Credit Union uses its own lending criteria for making loan.
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.
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.
As long as you are an 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 Credit Sense site from within Online Banking.
No. Credit Sense is entirely free and no credit card information is required to register
Credit Sense is a comprehensive credit score program offered by Downriver Credit Union 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 Downriver Credit Union can help save you money.
Credit Sense 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.
Credit Sense credit report 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. Like the credit score, when you check your credit report, there will be no impact to your score.