What is Credit Sense?
Credit Sense, powered by Savvy Money, is a comprehensive Credit Score program offered by AppleTree 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 or lower your monthly payments. With Credit Sense, you always know where you stand with your credit and how we can help save you money.
Credit Sense also monitors your credit report daily. It informs you through mobile banking, online banking, and email if any significant changes are detected. A significant change is a new account being opened, a change in address, a change in employment, delinquency, or an inquiry. Monitoring your credit helps you keep an eye out for identity theft.
What does a Credit Report show?
A Credit Report lists current or previous loans, accounts, and credit inquiries. You will be able to see details on your payment history, credit utilization, and public records that appear on your account.
Will accessing Credit Sense 'ping' my credit and potentially lower my credit score?
No, checking your credit score using Credit Sense is always a "soft inquiry", which does not affect your credit score. Typically, lenders use "hard inquiries" to make decisions about your creditworthiness when you apply for loans.
Is there a fee?
No. AppleTree Credit Union provides Credit Sense to current members at no cost, as an added membership benefit.
Is using Credit Sense secure?
Yes, 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.
Does Credit Sense offer credit report monitoring as well?
Yes. After enrolling, Credit Sense will monitor and send email alerts when there's been a change to your credit profile. You can also find these monitoring alerts within your online or mobile banking account.
How often is my credit score updated?
As long as you regularly access mobile or online banking, your credit score will be updated every 7-days. You also can refresh your credit score and pull a credit report every 24 hours by clicking "Refresh Score".
What if the information on my credit report appears to be wrong or inaccurate?
If you think some of the information is wrong or inaccurate, we encourage you to visit www.annualcreditreport.com and follow the process for correcting inaccurate information. You can also file a dispute by clicking on the "Dispute" link within your Credit Sense Credit Report. Also, The Consumer Financial Protection Bureau website offers step-by-step instructions on contacting the bureaus and correcting errors.
What is the Score Simulator tool?
The Score Simulator is an interactive tool that allows you to select various actions you may take and see how your score could be affected. For example, different actions might make your score move up or down, like paying off a credit card balance. Using the simulator does not affect your actual credit score.
How does the Credit Sense differ from other credit scoring offerings?
Your credit score is pulled from TransUnion, one of the three major credit reporting bureaus, and uses VantageScore 3.0. It is 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 give consumers a better picture of their credit health.
Why do credit scores differ?
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 considered when calculating a score, and each model may weigh credit factors differently, so no scoring model is completely identical but should directionally be similar.
How do I sign up for Credit Sense?
1. Log in to online banking at www.AppleTree.org or sign into your AppleTree Credit Union Mobile App.
2. Select "Free Credit Monitoring" from the menu in online banking or select " My Score" from the menu in the mobile app.