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FICO® Score Opt-In

Your Credit Union gives you so many benefits. One is a free credit score on your quarter-end statement. There's no fee, no hit on your credit report. Just another awesome benefit of being a member. But we need your permission to send it to you. Simply complete the info below and we will send it to you. You'll never have to ask for it again (unless you ask us not to send it – then you'll have to ask all over again).

I understand and authorize Farmers Insurance Federal Credit Union to provide me, the primary account holder, with my FICO® Scores based on Experian information disclosed on my quarterly online and print statements, delivered by USPS. I further understand that if I choose in the future to discontinue receiving my FICO® Scores, I can notify Farmers Insurance Federal Credit Union of my decision to stop receiving FICO® Scores.

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* All the fields are required.

Farmers Insurance Federal Credit Union makes it easy for members to stay on top of their FICO® Scores.

What are credit scores?

Credit scores are numbers that expresses your creditworthiness based on your borrowing history. The most commonly used credit scores are provided by Fair Isaac Corporation and are known as FICO® Scores.

Generally, they can range from a low of 300 to a high of 850 and the higher the score the better. Lenders use the score, along with other information, to determine whether or not you are likely to repay. As a result of the review, lenders determine how much you can borrow and the interest rate. The higher your FICO® score, the better the terms you?re offered.

What are credit reports?

The 3 major consumer reporting agencies — Experian, Equifax and TransUnion — collect information from your credit history and public records. They each use that information to create a record (your credit report) that includes:

  • Personal information to identify you, including name, current and previous addresses and Social Security number
  • A list of your credit accounts, including reports from creditors
  • Public record information and information from collection agencies, including delinquent accounts, bankruptcies, foreclosures, lawsuits, wage attachments, liens and judgments
  • Credit inquiries (a list of everyone who has asked to see your report in the past 2 years)

All these pieces of information factor into your FICO® Scores.

What else should I know about my FICO® Scores?

Five key items on your credit report are calculated to create your FICO® Scores, but they don't factor into the overall score equally. Some items in your credit report have more weight than others. Here's the breakdown:

  1. Payment history (35%) Timely payments on all credit accounts shows responsible credit management. The score is lowered for late payments, delinquent or overlimit accounts, bankruptcies and liens.
  2. Total amount you owe (30%) This is the ratio of what you owe to the amount of your available credit, or your debt-to-credit ratio. A high credit card balance can lower your FICO® Scores as it may reflect difficulty meeting your monthly payments. However, if you have a high credit limit and you keep your balances low, your debt-to-credit ratio will be low, which will results in a higher score.
  3. Length of credit history (15%) This shows how long you've been using credit, however even people who have not been using credit long can get a good FICO® Score, depending upon what the credit report says about payment history and amounts owed.
  4. New credit accounts and inquiries (10%) This includes accounts you've opened recently and recent inquiries from companies you've applied to for credit. Be aware that applying for too much credit too quickly can lower your scores.
  5. Types of credit in use (10%) This includes all your credit accounts?credit cards, installment loans, mortgages and other types of credit.

You may have a different score for each of the consumer reporting agencies (CRA). That is, each CRA uses its own data when calculating the credit score. Since all the CRAs use your credit information to perform their calculations, the scores are usually similar.

Can I review my credit report?

Experts recommend that you review your credit report annually for accuracy. If you find any errors, report them to the CRAs — and to the originating creditor — to have them corrected. If you think fraud or identity theft has occurred, contact the CRAs immediately. The Fair Credit Reporting Act (FCRA) requires that each of the CRAs provide you access to a free credit report. Here's how to get them:

  • Visit www.annualcreditreport.com or call 1.877.322.8228 for more information and to order your report.
  • If your application for a credit is denied, the credit bureau that reported your credit score must offer you a free report.
  • If you would like to dispute your FICO score with Experian, you must file an online dispute claim form found here.

Frequently Asked Questions about the FICO® Score
Understanding Your FICO Score.pdf

FICO® Scores can only be provided for the primary account holder on the membership account. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. Farmers Insurance Federal Credit Union and Fair Isaac are not credit repair organizations as defined under federal or state law, including the Credit Repair Organizations Act. The 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.

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This Credit Union is federally insured by the National Credit Union Administration. This Credit Union is an Equal Housing Lender, we make loans without regard to race, color, religion, national origin, sex, handicap, or familial status.

© 2017 Farmers Insurance Group Federal Credit Union.

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