U.S. Bank is offering all online banking customers free access to their credit score, plus an online simulator that tells them how the financial choices they make today may affect their score and their ability to access credit in the future.
The service, CreditView, is provided by TransUnion. CreditView appears as a custom dashboard with the customer’s TransUnion credit score, factors that are influencing that score and variables that can simulate what may happen to that score if, for example, the customer paid off his or her credit card, or applied for a loan. The tool provides added information as consumers think through how to best position themselves financially.
“Knowing your credit score is important, but even more importantly, we want customers to understand how choices they make can affect their score in the future,” said Andrew Cecere, chief operating officer for U.S. Bank. “Having a good credit score makes it easier to take out a loan, rent an apartment or make a major purchase with the best possible terms. Offering CreditView through TransUnion helps our customers make wise choices, and is consistent with U.S. Bank’s broader efforts to promote personal financial responsibility.”
In addition to credit scores, customers can use CreditView to see a summary of up to 12 months of payment history, current balances, inquiries and credit accounts opened in the last two years, percentage of available credit that is in use, their oldest credit accounts and the amount of available credit.
The Score Simulator lets customers see what may happen to their score if they add a credit card or a loan, have a credit inquiry or raise the credit line on a credit card. It also lets customers factor in what may happen if they transfer balances, cancel an old credit card, increase or lower balances, eliminate balances on all cards, have delinquent accounts, pay on time or have an account charged off.
U.S. Bank has offered its retail credit card customers access to free credit scores since 2011. The new CreditView powered by TransUnion replaces that service and is available to any U.S. Bank customer who uses online banking.
The new service complements efforts U.S. Bank has made to provide financial education through U.S. Bank Financial Genius. This year, U.S. Bank created Student Union, a financial education site specifically designed for college students. Students can take a series of learning courses and apply for a $5,000 scholarship. They can also share and learn interesting insights from other students like them. The new, free access to credit score and score simulator will be available to all students, customers and non-customers, through Student Union until the end of 2015.
