Frequently Asked Questions
What is Credit Insights?
Credit Insights via SavvyMoney is a comprehensive Credit Score program, offered by SmartBank, that helps you stay on top of your credit. You get your latest credit score and report and an understanding of key factors that impact the score. With this program, you always know where you stand with your credit score.
Credit Insights also monitors your credit report daily and informs you through mobile banking and 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 clients keep an eye out for identity theft.
What is Credit Insights Credit Report?
Credit Insights Credit Report provides you all the information you would find on your credit file including a list of current or previous 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. Like Credit Score, when you check your credit report, there will be no impact to your score.
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. Different actions, like paying off a credit card balance might make your score move up or down. Just like checking your credit score through Credit Insights, using the simulator does not affect your actual credit score.
Is there a fee?
No. Credit Insights is entirely free.
Will accessing Credit Insights Credit Score ‘ping’ my credit and potentially lower my credit score?
No. Checking Credit Insights Credit Score is always a “soft inquiry”, which does not affect your credit score. Typically, lenders use ‘hard inquiries’ to make decisions about your credit worthiness when you apply for loans.
How often is my credit score updated?
As long as you regularly access mobile banking, your credit score will be updated every week and displayed within your mobile app. You also have the ability to refresh your credit score and full credit report every 24-hours by clicking “Refresh Score” by navigating to the detailed Credit Score Dashboard from within mobile app.
How does the Credit Insights Credit Score differ from other credit scoring offerings?
Credit Insights pulls your credit profile from TransUnion, one of the three major credit reporting bureaus. Additionally, it 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 but should directionally be similar.
Will SmartBank use Credit Insights Credit Score to make loan decisions?
No, SmartBank uses its own lending criteria when making final loan decisions.
Will Credit Insights share clients credit scores with SmartBank?
No, SmartBank does not have access to your credit file unless you choose to share with them. However, if you would like to share your credit report with your financial institution or any trusted party, you can easily download your Credit Insights credit report by navigating to the “Credit Report” tab and clicking “Download Report”.
How does Credit Insights keep my financial information secure?
Credit Insights 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.
If SmartBank doesn’t use Credit Insights Credit Score to make loan decisions, why do we offer it?
Credit Insights Credit Score 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.
What if the information provided by Credit Insights appears to be wrong or inaccurate?
The Credit Insights 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 www.annualcreditreport.com
, and then pursuing 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 Credit Insights Credit Report. However, Consumer Financial Protection Bureau website offers >step-by-step instructions
on how to contact the bureaus and correct errors.
There is a section that features financial education articles. Why am I seeing this?
The educational articles, written by Jean Chatzky and the SavvyMoney team, are designed to provide helpful tips on how you can manage credit and debt wisely.
Does Credit Insights offer credit report monitoring as well?
Yes. After you have enrolled in Credit Score for the first time, Credit Insights will monitor and send email alerts when there’s been a change to your credit profile. When applicable, you can also find these monitoring alerts within your mobile banking app.
How do I change my email address or other personal information?
If you access Credit Insights program through your mobile banking app, you are all set, and no further action is required from you! Your email address will get updated automatically in Credit Insights when you update it within online banking. We always encourage you to inform your financial institution of any contact information updates.
Am I able to choose which emails I receive from Credit Insights?
Yes, you can easily choose when Credit Insights contacts you. Navigate to the “Resources” tab and then under “Profile Settings” you can choose which email notifications you receive. Credit Insights sends out three types of emails: Credit Monitoring Alerts, General Messages and Monthly Notices. You will be automatically enrolled in all email communications and can easily unselect the specific email types you wish to not receive.
What if I have a question or an issue with Credit Insights?
You have access to get support directly with our partner Savvy Money right within your mobile banking app. “Contact Us” feature is available under “Resources” and “Profile Settings”. Once filled out, an automatic email is sent immediately acknowledging the receipt of the request and a corresponding support ticket is created in SavvyMoney’s customer support queue. You will get a direct response via email to your inquiry. If you have any questions, please do not hesitate to contact SmartBank toll-free at 866.290.2554.