On Tap Credit Union members* can view their
FICO® Score on their quarterly statements
If you prefer to not receive your Experian FICO® Score, please call us at 303.279.6414 or 800.770.6414 to opt-out.
*The FICO® Score reflected on the statement will be for the primary account owner only. FICO® Scores will not be available for members with savings accounts only.
Credit Reports and FICO® Scores
When you apply for credit – such as a credit card, auto loan or mortgage – the company from which you’re seeking credit checks your credit report from one or more of the three major consumer reporting agencies (CRAs). In addition to your credit report(s), they will most likely use a credit score, such as a FICO® Score, in their evaluation of risk before lending their money to you. There is more than one type of credit score, but FICO® Scores are used in 90% of lending decisions.
Each lender has its own process and policies for making decisions when reviewing a credit application. Most lenders consider a FICO® Score along with additional information, either from one or more of your credit reports or from supplemental information you provide with your application, such as your income.
Credit Risk Items that Lenders Generally Pay the Most Attention to:
- Your FICO® score
- Your payment history – to see if you have paid your bills on time
- Your current debt – to see if you’re able to reasonably take on more debt
- Whether you have had any collection accounts
- Any public records, such as bankruptcies, judgments and liens
- The types of financing you have successfully managed
- The length of your credit history
- Recent activity, including new accounts and credit inquiries by other lenders
- Your income – to determine your ability to make required payments*
Because FICO® Scores are based on the information in your credit reports, it is very important to make sure that the credit report information is accurate. You should review your credit report from each consumer reporting agency at least once a year and before making any large purchases, such as a home or car.
You have the right to obtain one free credit report each year from each of the consumer reporting agencies through www.AnnualCreditReport.com. Please note that your free credit report will not include your FICO® Score.
AnnualCreditReport.com is the ONLY authorized source to obtain your free annual credit report under federal law.
How to Obtain Your Credit Report
- Visit annualcreditreport.com to complete an online request form
- Call 1.877.322.8228 and complete a simple verification process over the phone to request your report
- Download a request form and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Beware of any other company or website that claims to offer free credit reports! Other websites that claim to offer “free credit reports,” “free credit scores,” or “free credit monitoring” are not part of the legally mandated free annual credit report program, and in some cases, the “free” product comes with strings attached, like hidden fees or subscriptions to unwanted services.
“I’m self-employed and was turned down by several banks and credit unions, but you accepted me and I’m grateful that you gave me credit. Thanks so much!”
*Income, while used by many lenders in credit decisioning, is not included in the calculation of FICO® Scores.
On Tap Credit Union and Fair Isaac are not credit repair organizations as defined under federal or state law, including the Credit Repair Organizations Act. On Tap Credit Union and Fair Isaac do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.