My Credit Manager equips you with a full suite of credit tools that enable you to understand and more effectively manage your credit score.
With tools like a credit score tracker, alerts, credit score simulator and debt analysis, enrolling in My Credit Manager can take you one step closer to your financial goals.
Your credit score and report are available at no additional cost and are available within your Wolf River Community Bank online banking or mobile app!
Knowing your credit rating is essential when you want to open a credit card or take out a loan, but it’s also important to track changes to your score which can alert you to suspicious activity. Track and manage your credit health by regularly checking your “credit alerts” within My Credit Manager.
This versatile tool works seamlessly across desktop, tablet, and mobile platforms, allowing you to:
See how certain actions, such as taking out a car loan, transferring credit card balances, or opening a new card can positively or negatively impact your credit score.
A credit report is a record of your history managing and repaying debt, often organized into several sections: personal information, accounts, inquiries, collections and public records.
There are several factors that contribute to calculating a credit score. In general, the bureau or company considers the following factors when calculating your credit score:
These factors may be weighted differently by each bureau or company so credit scores may vary.
In addition to calculating credit scores themselves, the three major credit bureaus, Equifax, Experian, and TransUnion, provide detailed information about a consumer’s credit activity to other companies that calculate a credit score.
VantageScore 3.0 considers the following when calculating your score (source):
Yes. You can still view your credit score and use all of the features within My Credit Manager.
Your credit score is updated completely every 30 to 45 days.
Credit Score Simulator is an educational tool that you can use for estimating the effect of certain financial actions on your credit score, such as taking out a car loan, transferring credit card balances, or opening a new card. But remember, they’re estimations only, not predictions. Actual results may be different.
Your credit data is fully encrypted and secure. No one else has access to your information.
You and your spouse can see the information from all shared accounts, but having some shared accounts doesn’t allow you or them access information about any non-shared financial accounts. For security and privacy reasons, we recommend that each user have their own online banking account/login.
Improving your credit score can be a lengthy process, but there are several steps you can take to help your score tick up. Use the suggestions and information below to work on your credit score.
You can take several steps to improve your credit score, but be aware that there are no quick fixes. You may be able to see your score tick up soon after you start trying to improve it. However, credit reports are updated month by month and it may take several months or even years before your credit score is where you want it to be.
There’s no set number of credit accounts that’s optimal or suboptimal. Having multiple credit card accounts can help you maintain a good debt to credit ratio, but having too much debt spread across multiple accounts can have a negative impact.
Any accounts that were in good standing when you closed them will remain in your record for 10 years. Any negative information will remain for seven years.
Late payments will stay in your record for seven years. You can dispute a late payment report that you believe is in error, however you will need to provide proof, such as documentation that you did make the payment in question on time. If the information is accurate, however, you’ll have to wait the full seven years before it clears.
Don’t fret! If you notice something that’s inaccurate on your credit report, there are ways to have it corrected. Depending on the nature of the discrepancy and the channels you need to go through to have it amended, the process can be a bit time consuming, but it’s worth it to maintain a favorable credit score!
Newer accounts may not show up on your credit report because the creditor hasn’t started reporting it yet.
Each of the three credit bureaus (Equifax, Experian, and TransUnion) uses a different model to calculate a credit score and each gathers data independently.
The credit bureaus pull your information from many different sources (such as lenders, collections, court records) at different times, there will often be discrepancies at any particular time between the reports from each credit bureau.
If you discover information on your credit report that you believe is inaccurate, you can take the following steps to dispute and hopefully correct the information.
You may find that some companies have forms on their websites that you can use.
You can also submit your information directly to the reporting lender.
After you submit your claim, you may need to wait 30 to 45 days before it’s resolved and the corrected information appears on your credit report. Note however, that if the inquiry confirms that the information is accurate, the bureau or lender won’t change it.
If you still have questions after your claim is rejected and want to pursue your dispute further, you can file a complaint against a bureau or lender with the Consumer Financial Protection Bureau or with the Attorney General of your state.
Your credit score and report are available at no additional cost within our digital banking platform! Once enrolled, you’ll have access to your credit score and other helpful credit tools.
Simply log in to your online or mobile banking to enroll. Click “Learn More” under Credit Score to get started.
Please note: You will be asked to verify your identity with your name, address, DOB, social security number and security questions. This will be used to access your credit information from the Experian credit bureau.
My Credit Manager is a third-party service. The credit score provided is a model created by the three major credit bureaus, Equifax Inc., Experian Information Solutions, Inc., and TransUnion. Wolf River Community Bank plays no part in the development of your real or simulated credit score.