Introducing iCan Credit Check

A credit score is a three-digit number calculated to indicate your creditworthiness. The higher the score, the more creditworthy you are to a lender. A credit score is calculated from the information in your credit report and takes into account whether you have been making on-time payments, your revolving debt use, the length of your payment history, and other such factors. It is important to note that your score does not take your age, income, employment, marital status, or bank account balances into account. 

You can learn more about credit scores and scoring models from the Consumer Financial Protection Bureau website.

VantageScore^® was developed by a representative team of statisticians, analysts, and credit data experts from each of the top three credit reporting agencies - Equifax, Experian, and TransUnion - as an alternative to FICO scores. VantageScore^® is used by hundreds of financial institutions, including credit unions, banks, credit card issuers, mortgage lenders, and SavvyMoney.

The VantageScore^® 4.0, the score displayed in iCan Credit Check (aka SavvyMoney), is the newest version of VantageScore^®. It is calculated on a scale of 300-850, with 300 being the lowest and 850 the highest score. 

A good score may mean you have easier access to more credit and lower interest rates. The consumer benefits of a good credit score go beyond the obvious. For example, underwriting processes that use credit scores allow consumers to obtain credit much more quickly than in the past.

Five major categories make up a VantageScore^® 4.0 credit score:

• 41% Payment History: Lenders want to see that you consistently pay your loans on time.
• 22% Credit Usage: Also known as credit utilization, credit usage is the ratio between the total amount of credit used vs. your total credit limit on revolving accounts. Aim to keep your credit usage below 30%.
• 20% Credit Age: The age of your oldest account, the age of your newest account, the average age of your accounts, and whether you've used an account recently are all factors related to the length of your credit history. In general, the longer your credit history the better.
• 11% Inquiries: Applying for multiple credit accounts in a short window of time may convey to potential lenders that you cannot qualify for credit or are in desperate need of money. Try to limit new applications and credit inquiries for when you really need them.
• 6% Account Mix: Your credit mix considers the number of accounts you have and what types of credit you have. Your score will likely be higher if you have experience with different kinds of credit, installment loans like mortgages or auto loans, and revolving accounts like credit cards.

No. The VantageScore^® model does not consider race, color, religion, nationality, sex, marital status, age, salary, occupation, title, employer, employment history, where you live, or where you shop, in credit score decision-making.

Credit reports, also known as credit files, are composed of the credit-related data a credit reporting company has gathered about consumers from different sources. Credit reports include records of mortgage payments, credit card balances, credit card payments, auto loan payments, and credit inquiries. It may also include accounts that have gone into collections, public records, and other information from government sources. 

Credit reports include the following about your debit account:

• A list of companies that have given you credit or loans
• The total amount for each loan or credit limit for each credit card
• How often you've paid your credit or loans on time and the amount you have paid

Credit reports may also include:

• Companies that, upon receiving a loan application from you, have seen your credit report to evaluate your creditworthiness in the last 2 years
• Your address(es)
• Your employers
• Other details of public record

Federal law mandates a free credit report once a year. However, the credit reporting agencies voluntarily extended a free weekly credit report program permanently. You may receive a copy of your credit report from each of the three national credit reporting agencies - Equifax, Experian, and TransUnion - once a week for free. To obtain your free credit reports, visit www.AnnualCreditReport.Com or call 1-877-322-8228.

If you are unsure what's in your credit report, click on "Credit Report" to review all your accounts, payments, and more. Federal law allows you to receive a free credit report once a year. Also, due to recent changes, the credit bureaus - Equifax, Experian, and TransUnion - are permanently extending the free weekly credit report program that started during the pandemic.

The three national credit reporting agencies receive and manage literally billions of pieces of credit use data each year, reported from some 13,000 different sources. Given the incredible amount of data provided by lenders to the agencies, inaccuracies can occur. 

If you find incorrect information in your credit report, contact the company that issued the account or the credit reporting company that issued the report. You can dispute any inaccuracies found on your TransUnion credit report by navigating to the bottom of the iCan Credit Check (aka SavvyMoney) Credit Report and clicking "dispute".

For more information, visit  the Consumer Financial Protection Bureau.

Your credit report and your credit score are not the same thing. Your credit report contains all the information that a credit reporting agency has gathered about you and your credit history. Credit reporting agencies use your credit report information to calculate your score using a proprietary credit scoring formula. Federal law entitles you to a free copy of your credit report once a year. However, the law does not require credit reporting companies to provide your credit score for free. In addition, the credit reporting agencies have voluntarily extended a free weekly credit report program permanently. This means you may receive a copy of your credit report from each of the three national credit reporting agencies - Equifax, Experian, and TransUnion - once a week for free.

A credit freeze, also known as a security freeze, is a free way to restrict access to your credit report. Adding a  freeze means you or anyone else cannot open a new credit account with the freeze in place. You can, however, temporarily remove this freeze at any time if you want to apply for new credit.

It is important to note that a credit freeze does not affect your credit score. And while the freeze is in place, you will still be able to apply for a job, rent an apartment, purchase insurance, and receive pre-screened offers.

To place a credit freeze on your credit profile, you must contact each of the three major credit bureaus: 

• Equifax: (888) 909-8872 or visit them online: Security Freeze | Freeze or Unfreeze Your Credit | Equifax®
• Experian: (888) 397-3742 or visit them online: Freeze or Unfreeze Your Credit File for Free - Experian
• TransUnion: (888) 909-8872 or visit them online: Credit Freeze | Freeze My Credit | TransUnion

You must contact the three major credit bureaus to unfreeze your credit profile. Each bureau has a different process, but each will initially provide you with a PIN to unfreeze your profile.