| :: Your Credit Rating |
What is a Credit Score?
For many years, credit grantors (including KPOCU) have used credit scores to help them with their lending decision process. A credit score is a number that fairly and impartially indicates how likely an individual is to repay a loan, or make payments on time. Credit scores are automatically calculated each time a credit file is obtained by the lender and may change based upon the current information contained in the file. A credit score not only is used as a determinate in granting credit, but it can also be used as a pricing tool to determine the interest rate on a loan.
What is a Credit Score based on?
Scoring is based on many factors, including: 1) your payment history, 2) your outstanding debt, 3) your credit history, 4) types of credit you use, and 5) negative information.
How does KPOCU use a credit score?
KPOCU uses the Beacon®, Fair Isaac (FICO®) score provided by ChoiceDATA, an Equifax affiliate. Credit scores are not part of a credit file, but rather are created using data contained in a credit file at the time of a credit grantor's inquiry. This score is used as a tool in evaluating the overall credit risk of an application, plus as a tool in pricing loan products through interest rates.
To Obtain a Copy of Your Report:
The three credit bureaus have established one central website, telephone number, and mailing address to use for ordering your report. The credit bureaus will only be providing the free annual reports through this central location, not through their individual websites, telephone numbers, or addresses.
Web: www.annualcreditreport.com
Telephone: 877-322-8228
Mail: Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
If I do have credit problems, where can I get advice and assistance?
With so many financial obligations and options, money management may seem difficult and confusing at times. That's why KPOCU has partnered with BALANCE, a financial education and counseling service that can help you get on track, review and improve your credit report, get out of debt, set up a spending and savings plan that works for you, or prepare to buy a home. Call a BALANCE counselor at 1-888-456-2227 and let them know you are a KPOCU member.
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