Question 1

What is my credit score and how does it affect me?

Pete · Accepted Answer

Your credit score is the numerical representation of the contents in your credit report. The information in your credit report is evaluated and calculated as a numerical value to help lenders assess the level of risk involved in their decision. The better your score, the more likely it is that your application will be approved, often with a better interest rate.

Question 2

What factors determine a credit score?

Sheryl · Accepted Answer

Your credit score is a numerical representation of your credit report, used to determine your financial reliability. There are a variety of score factors they use to determine the numerical value of your credit report. These factors are important to know because they will affect your score either negatively or positively. These factors are: Variety of credit types, History of previous payments, Activity with credit inquiries, Amount of debt, How long credit has been open.

Question 3

Why do companies care what my credit score is?

Abe · Accepted Answer

Companies use your credit score for a variety of reasons. In fact, financial companies, creditors, employers and even insurance companies use your credit score as their top tool to determine your creditworthiness. Depending on how long a person has been using credit, credit reports can be extremely lengthy. Because of this, most companies look at the credit score as “snapshot” of that individual’s report, helping them make quick, informed decisions.

Keep in mind that not all companies use scores/reports from all 3 bureaus. Depending on the size, industry, or even location of the company, some may use only one bureau’s. It never hurts to ask a company where they get their credit reports and scores if you are interested in knowing more about their process.

Question 4

Do I ever get to see my own credit report?

Chris · Accepted Answer

Absolutely! In fact, we highly recommend that everyone check their credit reports! A quick and easy way to do that is by visiting www.annualcreditreport.com. By federal law you are entitled to a free credit report, from any of the 3 credit bureaus, once every 12 months.

However, while that free annual report is helpful, most people find that checking their credit once a year isn’t proactive enough for them. That’s the beauty of what you get when you sign up with svcGS.com—not only do you get the ability to check your credit reports whenever you want, you also get 24/7 credit monitoring across all 3 bureaus. Which means you’ll be alerted if ever any suspicious or irregular activities show up on your report.

Question 5

How often do credit reports get updated?

Don · Accepted Answer

Credit reports generally get updated every month. However the dates that companies submit their monthly updates can vary company to company. That's why it's always a good idea to check your reports on a monthly basis.

Question 6

What is credit monitoring exactly?

Steve · Accepted Answer

Credit monitoring is a service that continuously monitors someone’s credit to keep an eye out for unanticipated changes like new inquiries, missed payments or even new accounts.

Credit monitoring is also a great tool against identity theft and as a svcGS.com member, you’ll be contacted if anything looks out of the ordinary. So, in a way, credit monitoring also provides peace-of-mind.

Question 7

Can you explain credit inquiries?

Tammy · Accepted Answer

A credit inquiry is when a company submits a request to look at your credit records. This happens if you apply for anything involving credit, a car, loan, credit cards etc. Sometimes even potential employers will want to look at your creditworthiness. Nobody should ever make credit inquiries without your permission however, so it's important to look into any inquiries that you don't recognize.

Question 8

What sorts of benefits come with a svcGS.com membership?

Debroah · Accepted Answer

With your svcGS.com membership, you'll have unlimited access to your credit reports and scores. You'll also receive a credit report consultation, 24-hour credit monitoring, credit alerts, exclusive access to our credit education library, and much more!

Question 9

How can I view my credit reports and scores?

Hailey · Accepted Answer

You gain instant access to your credit scores and reports upon enrollment. When you sign up, you will be immediately redirected to our svcGS.com membership dashboard. Use the tabs at the top of the dashboard to navigate between features in of your membership. Enjoy!

Question 10

Where can I find my credit alerts?

Hailey · Accepted Answer

On your member dashboard, click the 3-Credit Alerts tab at the top of the page. Then click on the tab that is displaying the alert. It's important that you take a look at these alerts as soon as possible.

Question 11

I received a credit alert, now what?

Steve · Accepted Answer

Great question! This all depends on what type of alert you receive. For example, if you receive an alert about a new credit inquiry, the first step is to confirm whether or not it is an accurate claim. If you have recently been applying for credit of any type, the alert could be from that application process. However, if you are not able to confirm that the inquiry was connected to your actions, then you need to contact the company listed on the credit inquiry right away. Keeping up-to-date with these alerts allows you to take any necessary steps to sort out any issues, right away, if needed.

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