Credit Scores & Reports
Keeping track of your credit report is a smart move. Not only can it help alert you of possible identity theft, it’s also a way to make sure your information and credit history are correct–which is especially important if you’re about to apply for a loan.
To help keep our members from being affected by fraud, you will automatically receive IDProtect® coverage when opening an Ignite Rewards Checking Account. IDProtect® is a service that provides continuous identity and credit monitoring, as well as other credit, fraud and recovery resources.
If you are currently overrun by debt and need assistance, our association with GreenPath Financial Wellness® is an additional service we offer as a benefit to our members.
What determines your credit score?
35% – Payment history (ie on-time payments, or delinquencies)
- Current payment history weighted more heavily
30% – Capacity (Capacity is King)
15% – Length of credit
10% – Accumulation of debt within the last 12 – 18 months
- Number of Inquiries
- Opening dates
10% – Mix of credit
- Installment (debt can raise) vs. revolving (debt can lower)
- Finance company loans (can lower score)
How can you improve your score?
- Pay off or pay down on your credit cards
- Do not close credit card accounts because capacity may decrease
- Move your revolving debt into installment debt
- Continue to make payments on time (older late payments will become less significant with time)
- Slow down opening new accounts
- Acquire a solid credit history with years of experience
What actions will hurt your credit score?
- Missing payments (regardless of dollar amounts – it can take up to 24 months to restore credit with one late payment)
- Credit cards at maximum capacity (maxing out credit cards)
- Shopping for credit excessively
- Opening up numerous trades (credit lines) in a short time frame
- Having more revolving credit debt in relation to installment credit debt
- Closing credit card accounts (this could lower available capacity)
- Borrowing from finance companies
What does not affect your credit score?
- Debt ratios
- Income
- Length of residence
- Length of employment
Approximate credit weight for each year:
-
40% – Current to 12 months
30% – 13 – 24 months
20% – 25 – 36 months
10% – 37+ months
As an American consumer you’re entitled to one free credit report per year, from each of the big three consumer credit bureaus (Equifax, Experian and TransUnion). That’s right; it’s free. So really, there’s no reason not to give them a call.
Annual Credit Report Request Service
You can order a credit report from one or more national consumer reporting companies through the Annual Credit Report Request Service.
P.O. Box 105281
Atlanta, GA 30348-5281
You can receive one credit report per year at no charge by visiting: AnnualCreditReport.com, to order your credit reports directly, call 1.877.322.8228
TAKE ME TO THE AUTHORIZED SOURCE
THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV.
You have the right to a free credit report from AnnualCreditReport.com or 877-322-8228, the ONLY authorized source under federal law.
Experian
Mailing Address:
Experian
P.O. Box 9532
Allen, TX 75013
www.experian.com
To order your credit report directly, call 1.888.397.3742
Mailing Address for Fraud Division:
Experian Fraud Division
P.O. Box 1017
Allen, TX 75013
To report fraud, call 1.888.397.3742
Equifax
Mailing Address:
Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
www.equifax.com
To order your credit report directly, call 1.800.685.1111
Mailing Address for Fraud Division:
Equifax Fraud Division
P.O. Box 740250
Atlanta, GA 30374
To report fraud, call 1.800.525.6285
Transunion
Mailing Address:
TransUnion, LLC
P.O. Box 1000
Chester, PA 19022
www.transunion.com
To order your credit report directly, call 1.800.888.4213
Mailing Address for Fraud Victim Assistance Department:
TransUnion Fraud Victim Assistance Department
P.O. Box 6790
Fullerton, CA 92834-6790
To report fraud, call 1.800.680.7289