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Tell me more about credit scores and credit reports.
A credit report is a report that brings together information about an individual’s credit history, such as your total outstanding debt and if you repaid your debt on time. A credit report contains information on where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. The three […]
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What can I do to improve my credit score?
Pay all bills on time — Just one or two late payment(s) can adversely impact your score.Keep balances low on credit cards and other revolving credit products.Apply for and open new credit accounts only as needed.Review your credit report from the three major credit reporting agencies (Equifax, Experian, and TransUnion) and contact them if you […]
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What is considered a good credit score?
A credit score (ranging from 300 to 850) is the equivalent to a grade on your credit history report.Your credit score is used by lenders and credit card companies to determine the likelihood that you will repay your debt on time. The higher your credit score, the lower the assumed risk to lend you money […]
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What does a low credit score mean?
If your credit score is below desirable levels, your ability to get loans and credit at favorable rates will be diminished. Differences of up to 70 points across the three credit bureaus are not uncommon, and are typically the result of different information reported in your reports. Since each lender may use a different credit […]
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Under what circumstances can I check my credit report for free?
You are entitled to a free credit report if: You believe you may be a victim of identity theft If you have been denied credit, employment, insurance or rental housing in the past 60 days due to your credit score If you receive welfare benefits, or If you are unemployed Click here to view a […]
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Can I get a credit report for free?
Credit reports contain a wealth of information about your credit history. It’s important to review your credit report at least annually to ensure it is accurate and that you have not become a victim of identity fraud. As part of the Fair and Accurate Credit Transactions (FACT) Act, consumers are entitled to receive one free […]
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What credit agencies do you use to pull credit reports?
For members applying for consumer loans, USC Credit Union pulls reports from Experian. For real estate loans, a tri-merge is pulled, which consists of data from all three major credit-reporting agencies (Equifax, Experian, and TransUnion). You may contact any or all of them to get a copy of your credit report. Links to their Web […]
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My loan was turned down because of an error on my credit report. Can I fix this?
If an item is on your credit report that you believe is in error, contact the credit-reporting bureau. USC Credit Union does not maintain your credit file and cannot make any changes to your report. Here are the links for each of the three credit-reporting bureaus that maintain information on your credit history: Equifax Experian […]
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How can I obtain a loan from USC Credit Union if I have bad credit or no established credit?
You may be able to establish a positive credit history by applying with a qualified co-borrower, such as your parents. If that is not an option, you may apply for a secured loan by using a CD/share certificate or savings account as collateral.
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