Equifax – one of the three major U. S. credit reporting agencies – has admitted it sent out inaccurate credit score data on millions of Americans. This happened from mid-March into early April.

All WyHy members can breathe a sigh of relief. WyHy does not use Equifax to make lending decisions. WyHy uses a different credit reporting agency - TransUnion. As a result, our member loan application review process and loan decisions loans were not susceptible to this issue.

This matters because when Americans apply for loans like mortgages, auto loans, or credit cards, credit bureaus like Equifax provide the applicant's financial history — including a credit score — to the lender. A person’s credit score and history can influence the details of a loan agreement, including the cost of credit.

What does this mean for WyHy Members?

Through TransUnion, WyHy provides all members with their FICO (Credit) Score quarterly at no charge.  (Look for FICO Score in the Digital Banking menu.)  Scores range from 300 to 850.  The higher the score, the better the opportunity of being approved for the lowest possible loan rate.

This is one reason why it is very important to keep your credit score as high as possible by making payments on time and using credit wisely. Having a high score can also impact other areas of your life. Potential employers/landlords may look at your credit score when you apply for a job, rent an apartment, or even get an insurance quote.

It is also important to make certain your credit report is accurate. Check your report at least quarterly at no cost through WyHy Digital Banking. Report any errors to the credit reporting companies because both positive and negative information remains on your credit report for seven years.

As your credit union, our mission is to educate and improve the financial well-being of our members.  So go online at www.WyHy.org or give us a call at (800) 442-2392 if you have questions about credit or have any other financial needs.  Because like we say, We’re with you.