Savvy Money is a comprehensive Credit Score program offered FREE to Acadia FCU members.
Savvy Money will help you stay on top of your credit. You’ll always know where you stand with your credit and how Acadia FCU can help save you money. 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.
Savvy Money Credit Score 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 inquiry has been made. Monitoring helps users keep an eye out for identity theft.
What is Savvy Money Credit Report?
Savvy Money 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. When you check your credit report, there will be no impact to your score.
Is there a fee?
No. Savvy Money is entirely free and no credit card information is required to register. All you need to do is opt-in to the service within your Acadia FCU Digital Banking account!
Will accessing Savvy Money Credit Score ‘ping’ my credit and potentially lower my credit score?
No. Checking Savvy Money Credit Score is a “soft inquiry,” which does not affect your credit score. Lenders use ‘hard inquiries’ to make decisions about your credit worthiness when you apply for loans.
Does Savvy Money offer credit report monitoring as well?
Yes. Savvy Money will monitor and send email alerts when there’s been a change to your credit profile.
Can Members use Savvy Money on mobile devices?
Yes, Savvy Money Credit Score is available for both mobile and tablet devices and is integrated within our mobile application. On the Mobile App, it is under the “More” menu and “Savvy Money.”
Will Acadia FCU use Savvy Money Credit Score to make loan decisions?
No, Acadia FCU uses its own lending criteria and credit bureau reports for decisioning a loan. Savvy Money Credit Score is an educational program that 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.
How does Savvy Money Credit Score keep my financial information secure?
Savvy Money uses financial institution-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.
How does the Savvy Money Credit Score differ from other credit scoring offerings?
Savvy Money 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.
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. 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.
What if the information provided by Savvy Money Credit Score appears to be wrong or inaccurate?
The Savvy Money 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 the Annual Credit Report website, and then pursuing action 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 Savvy Money Credit Report.
Can a Joint Account holder also use Savvy Money Credit Score?
Savvy Money pulls the credit score based on the information of the primary account holder. If a joint account holder would like to benefit from this service, they should open an Acadia FCU savings account where they are the primary account holder.