Bank offers access to credit scores, simulator

U.S. Bank now offers online banking customers free access to their credit scores along with an online simulator that tells them how the financial choices they make today could affect their score and their ability to access credit in the future.

The service, called CreditView, is provided by TransUnion. CreditView appears as a custom dashboard with the customer’s TransUnion credit score, factors influencing that score and variables that can simulate what could 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 in use, their oldest credit accounts and the amount of available credit.

The Score Simulator lets customers see what could 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 could 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.

U.S. Bancorp, the parent company of U.S. Bank, has  $410 billion in assets and operates a total of nearly 3,2000 banking offices in 25 states. For more information, visit www.usbank.com.