Blog Post

Knowing your current credit score can provide you with valuable information. It gives you an idea of what kind of rates and loans you might qualify for. It can also indicate if identity theft has occurred.

A credit score is a number generated by the three major credit bureaus and is dependent on your loan history. These credit bureaus are Experian, TransUnion, and Equifax. If you never had a loan before, chances are you don’t have a credit score yet.

There are many ways to access your credit score and report for free, including through online and mobile banking platforms at MembersAlliance. With these tools you can identify any increases or decreases to your score, as well as review advice and tips on how to improve your score. If there is an unexpected and significant decrease to your credit score, this may be an indicator of identity theft.

A full credit report is different from your credit score. It will list past and current loans as well as any late payments that were made. If there was a loan listed on your credit report that you did not apply for, you may be a victim of identity theft. Another reason for an unexpected score is that errors on your report may occur. Either way, it is important to review your full credit report to identify these things early and correct them as soon as possible.

Annual Credit Report.com offers weekly online credit reports. To request your free credit report, visit www.annualcreditreport.com. Viewing your credit report does not lower your credit score, and is an important step to identify and prevent fraud. Visit www.ftc.gov/freereports to learn more about requesting your free credit report.