Simulator helps customers see how certain
financial decisions may impact score
MINNEAPOLIS--(BUSINESS WIRE)--Jun. 8, 2015--
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.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $410 billion
in assets as of March 31, 2015, is the parent company of U.S. Bank
National Association, the 5th largest commercial bank in the United
States. The Company operates 3,172 banking offices in 25 states and
5,016 ATMs and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web at
usbank.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150608005252/en/
Source: U.S. Bancorp
U.S. Bank Corporate Communications
Teri Charest, 612-303-0732
teri.charest@usbank.com