Credit Report

What is a credit report and what information can I find in it?

Your credit report is a living record of your credit activity and financial history as reported to credit bureaus by your creditors. This includes information such as the total credit that is available to you, the utilization of that credit, lender information, and your payment history. You may also see public records such as tax liens, collection accounts, and information regarding which lenders have accessed your credit history for various purposes such as potentially extending new credit.

Who are the main credit bureaus in the U.S.?

The three national credit bureaus are Experian, TransUnion, and Equifax. In addition, there are a number of smaller, regional credit bureaus that collect and provide credit information.

What is a credit score and how is it determined?

A credit score is a numerical value calculated using the information in your credit file. This score is a numeric reflection of your current ability and willingness to repay your debts and is derived in large part from your history of paying debts and other bills.
Generally speaking, banks and other loan organizations work under the assumption that the higher your credit score, the lower the risk associated with lending money to you. There are multiple credit scores available in the market. Perhaps the most prominent score used by lenders is the FICO(™) credit score provided by Fair Issac Corporation. Examples of other scores are BEACON (Equifax) and EMPIRICA (TransUnion).

Why do I need a credit history?

Your credit history and credit score are the means by which most U.S. lenders judge your repayment reliability and trustworthiness. Not having a credit history makes it very difficult for them to evaluate your creditworthiness – which in turn usually means less credit available to you and at higher rates. Having a positive credit and payment history means that you will likely have greater access to more credit at a lower cost.

How does MPOWER pulling my credit report affect my credit score and history?

Any potential lender that pulls your credit information, including MPOWER, will show up as an inquiry on your credit report. As part of that inquiry, there may be a slight lowering of your overall credit score. This impact is temporary, though it can take several months for your score to bounce back up. The U.S. credit bureaus (Experian, TransUnion, and Equifax) can also see if you are rate shopping when you apply for several different student loans during a 30-day period of time. Typically, multiple inquiries in a short amount of time are treated as a single inquiry and will have a relatively small impact on your score. You can learn more about how multiple inquiries affect credit scores by visiting the credit bureaus’ websites. MPOWER obtains U.S. credit information from TransUnion, and the company’s FAQs can be found at https://www.transunion.com/credit-report.

How can I get a copy of my credit report?

If you have a U.S. credit history, you are entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies (Experian, TransUnion, and Equifax). You can obtain a copy of your credit report by visiting www.annualcreditreport.com, the only authorized website for free credit reports, or by calling 877-322-8228.
If you have been declined for credit by MPOWER (or any other lender), you may also request to see a copy of the credit report the company received from the credit bureau. To receive a free copy of this credit report you must contact the credit bureau directly within 60 days of being declined.

How does MPOWER help me build my credit?

MPOWER reports your loan balance and monthly payment history to the U.S. credit bureaus (Experian, TransUnion, and Equifax) each month. Showing a positive payment history allows you to build a solid U.S. credit history. Other creditors can see this information when they pull your credit history and this enables them to make decisions regarding your creditworthiness.

When can I expect to see my MPOWER loan on my credit report?

It can take several months for your MPOWER loan and payment history to show up on your U.S. credit report. Though the U.S. credit bureaus (Experian, TransUnion, and Equifax) can see your information fairly quickly, it can take a few months for them to update your credit file with your new MPOWER account.

© MPOWER Financing, Public Benefit Corporation

DISCLAIMER - Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.