Credit scores are decision-making tools that lenders use to help them anticipate how likely you are to repay your loan on time. Credit scores are also sometimes called risk scores, because they help lenders assess the risk that you won’t be able to repay the debt as agreed.
Is there just one credit score?
One of the most common myths about credit scores is that there is only one credit score. Websites or financial advisers who claim there is only one “real” credit score are either misinformed or are being misleading. In fact, there are many different credit scores used by lenders (according to some estimates, more than 1,000), although some scores are used more than others.
What is a credit utilization rate or ratio?
Your credit utilization rate, sometimes called your credit utilization ratio, is the amount of revolving credit that you’re currently using divided by the total amount of revolving credit you have available. In other words, it’s how much you currently owe divided by your credit limit. It is generally expressed as a percent.
What is a good credit score?
For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750. Higher scores represent better credit decisions and can make creditors more confident that you will repay your future debts as agreed. FICO® Scores and scores by VantageScore® are two of the most common types of credit scores, but industry-specific scores also exist.
What does it mean if I see big changes in my credit score from month to month?
Every reported item on your credit report is used to calculate your credit score. If your score has changed significantly since the last month, it may be due to the fact that an account was not reported for the month or an item has been added to or removed from your report. Drastic changes in account balances and opening new lines of credit could also significantly impact your score.
How many months does Credit Score History show me?
The Credit Score History will begin to track your scores when you first log in. During the initial months of service, you will only see scores for the months you have been enrolled. Following one year of enrollment, it will show you 12 consecutive months of past scores.
What is VantageScore®?
VantageScore® as developed and is administered by the three major consumer credit reporting bureaus to create a more predictive scoring model that is easier to understand. Your VantageScore® is solely intended to provide you with your credit score information. Huntington does not factor your VantageScore® when making lending decisions.
How does the VantageScore® Simulator work?
The VantageScore® Simulator shows you how certain actions could potentially affect your credit score. The factors and potential results are only estimates and are designed to help you make smart credit decisions.
Credit Report Monitoring assesses changes on your Experian® credit report. Monitoring includes, but is not limited to, changes in personal information, public records, inquiries, new account openings, and existing accounts reported past due.
How often is my credit file monitored?
Credit bureau alerts are generated through consistent monitoring and are distributed throughout the day as a result of new inquiries and/or adjustments made to your credit file.
Why am I getting alerts about changes to my credit card limit, utilization and balance?
These alerts are triggered by sizable increases or decreases to your credit cards’ credit limit, credit utilization (the amount of available credit used), and credit balance as reported by Experian. Although these alerts don’t necessarily indicate suspicious activity, they do help you stay connected to your credit card spending patterns and stay in-the-know regarding any major changes to your credit.
Non-credit loans include both payday and quick-cash loans that do not require an SSN or credit inquiry to complete. Payday Loan Monitoring alerts users if this type of loan has been applied for—or opened—using an element of your identity.
How many non-credit loan establishments does the Payday Loan Monitoring report cover?
Payday Loan Monitoring gets data from 23 of the top 25 payday lenders.
Where does Change of Address Monitoring data come from?
Change of Address Monitoring reports only changes in address that have been processed through the United States Postal Service (USPS). Change of Address Monitoring does not track UPS or FedEx-only addresses or private mailboxes.
How long after I submit a change of address request will I receive an alert?
The USPS can take up to two weeks after the "effective date" to publish the address change. We will alert you once the change has been published.
What if the alert references only some of the personal information Internet Monitoring is tracking?
Even if only some of your personal information has been detected by Internet Monitoring, it is recommended that you contact the appropriate institution to have your account information changed or change your account information yourself, if possible—like changing the password to your email account. It is safe to assume that if some of your information is compromised, all of it is. You may also want to review a copy of your credit report to ensure that all of the information that appears there is familiar to you.
Where does Internet Monitoring’s data come from
Internet Monitoring’s data comes from internet forums and websites, web pages, IRC (Internet Relay Chat) channels, refined PII (Personally Identifiable Information) search engine queries, Twitter feeds, P2P (Peer to Peer) sources, hidden and anonymous web services, malware samples, botnets, and torrent sources.
Can I still become a victim of identity theft even though I am enrolled in Internet Monitoring?
Internet Monitoring reduces your risk of identity theft by letting you know sooner if your personal information is compromised, and in turn, enables prevention or quick resolution of an identity theft incident. In addition to Internet Monitoring, you also have identity protection insurance and recovery services to help alleviate some of the financial burden of identity theft and guide you through the often confusing and difficult process. Unfortunately, no identity protection tool can prevent identity theft altogether.
Is the buying and selling of others’ personal information online illegal?
This activity is illegal in the United States, but other countries do not necessarily have the same laws as related to cybercrime. United States regulatory agencies have no jurisdiction to prosecute fraudsters acting on websites and chat rooms located in other countries.
^The Monitoring Services are optional and are not available with all accounts, Enrollment requires agreement to the Services' Terms & Conditions, which include important legal terms that a customer should read carefully before deciding whether to enroll.
††Calculated on the VantageScore 3.0 model. Your VantageScore 3.0 from Experian® indicates your credit risk level and is not used by all lenders, so don't be surprised if your lender uses a score that's different from your VantageScore 3.0.