Understanding How To Get Your Credit Score From a Bank

Getting your credit score from a bank is possible depending on where you do your banking. You can have access to your credit score through your bank or credit union. Even though this is a convenient offer, it may cause you to wonder if the score your seeing is credible enough for you to base your financial decisions on.

With so many credit scores in the market, your financial institution may offer you any one of them, including one it developed internally.

Credit Score From a Bank

Even though credit scoring models differ, the general process and purpose are still the same. Credit agencies pull information from your credit report and drop the same into a specially created algorithm. The number that comes out will fall somewhere on a spectrum created to measure and predict credit risk. Thus the higher your score, the less of a risk you are perceived to be, and the better terms you’re likely to get when you apply for a loan or credit card. So except the data on your credit report is wrong or incomplete, the credit score will be accurate. Only that it may not be the one you are looking forward to.

Which Credit Scores Do Banks Use?

Most banks offer your FICO Score, which is commonly used in making lending decisions. However, banks can show you whatever credit score they decide to use. Just a few versions of the FICO® Score do exist. Now if this is the score that your bank offers, it will most likely reflect your FICO Score 8 or 9 because they’re used by the widest variety of lenders.

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Another commonly used credit score is VantageScore. This was created cooperatively by the three major credit reporting bureaus (Experian, Equifax, and TransUnion). This too comes in several versions.

FICO Scores and VantageScore are the two types of credit scores that can pop up on your app though. So you have to check with your bank to confirm the one it uses. There are dozens of credit scoring models out there, including those used only for educational purposes. Your bank may decide on any of them, including the one it produces and uses for its lending decisions.

Can I Trust the Score From My Bank?

Any credit score offered on your bank’s app or by your request will. Be a dependable gauge of your creditworthiness. As long as the information on your credit report is accurate.

Understand that each credit score is calculated uniquely. For instance, the numerical range for both general-use FICO® Scores and VantageScores 3.0 and newer 300 – 850, however. Each model weighs the information found on your credit report differently.

  • FICO® calculates all late payments the same way, while VantageScore prioritizes them, with delinquent mortgage payments being the worst.
  • VantageScore ranks payment history as 40% of your score, however, FICO® Scores counts it as 35%.
  • FICO® Score calculates all credit inquiries of the same type within 45 days as a single credit inquiry while VantageScore on the other hand counts multiple inquiries, no matter what they’re for, within 14 days as one.

Also, if your bank offers you a FICO® Score. It may depend on your credit report from just one credit bureau. The three major credit reporting bureaus may have slightly different information on file about you. This implies that your FICO® Scores can differ among them. If one credit report does not indicate an account in collections, for instance, FICO Scores designed from. Your credit file with that bureau will be comparatively higher. VantageScores, on the other hand. Have a single tri-bureau model. Thus your score will be more consistent.

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Can I Get My Credit Report Through My Bank?

The credit score that you get from your bank’s app is just the number that represents the information contained in your credit report. However, it won’t include your full credit report.

Since the only way to guarantee that your score is correct is to make sure that what is listed on your credit report is accurate, you have to also review your credit reports. Checking your credit reports does not affect your credit scores. You can get them from:

  • Firstly, the credit reporting bureaus: Through this medium, you can access your credit report directly from the credit reporting bureaus. You can access your Experian report free of charge and view your credit score that’s calculated on the FICO® Score 8 model.
  • Also, com: Through this medium, copies of your credit report from all three bureaus are available for free every 12 months. You can order them online at Annualcreditreport.com, by phone or by mail.

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