Credit FAQs

Explore this learning center to better understand your credit scores, credit reports, and the credit monitoring services available through your IDClub.com membership.

What is a credit score?
A credit score summarizes your entire credit report information into one number. This number is calculated by a mathematical equation that evaluates many types of data points (score factors) from your credit report at that particular credit-reporting agency. By comparing this information to the patterns in thousands of past credit reports, scoring identifies your level of credit risk. Your score tells a lender how likely you are to repay a loan, or make credit payments on time. The higher your score is, the better chance you have of getting the credit you apply for.
How is my credit score calculated?
Credit scores are calculated using complex algorithms that consider various factors from your credit report. The most common factors include payment history (35%), credit utilization (30%), length of credit history (15%), types of credit accounts (10%), and new credit inquiries (10%). Different scoring models may weigh these factors differently, but payment history and credit utilization typically have the most significant impact on your score.
How is my credit score used?
Lenders use your credit score to evaluate your creditworthiness when you apply for loans, credit cards, or mortgages. A higher score typically leads to better interest rates and loan terms. Credit scores are also used by landlords for rental applications, insurance companies for premium calculations, and some employers during the hiring process. Understanding your credit score helps you make informed financial decisions and improve your credit health.
How can I get my credit report?
You can obtain your credit report from the three major credit bureaus (Experian, Equifax, and TransUnion) for free once per year at AnnualCreditReport.com. Through your IDClub.com membership, you can access your credit report and score more frequently with additional monitoring services. You can also request reports directly from each bureau or through credit monitoring services that provide regular updates.
How often is my credit report updated?
Credit reports are typically updated monthly, but the timing can vary depending on when creditors report information to the credit bureaus. Some creditors report monthly, while others may report quarterly or at different intervals. Changes to your credit report can occur at any time throughout the month, which is why regular monitoring through services like IDClub.com is valuable for staying informed about changes to your credit profile.
What is credit monitoring?
Credit monitoring is a service that tracks changes to your credit report and alerts you to significant updates. This includes new accounts opened in your name, changes to existing accounts, credit inquiries, and other modifications to your credit profile. IDClub.com provides comprehensive credit monitoring to help you detect potential identity theft, track your credit improvement progress, and stay informed about your credit health.
What is a credit inquiry?
A credit inquiry occurs when someone checks your credit report. There are two types: soft inquiries (which don't affect your score) and hard inquiries (which may temporarily lower your score). Soft inquiries include checking your own credit or pre-approved offers. Hard inquiries happen when you apply for credit. Multiple hard inquiries in a short period can impact your score, so it's important to be strategic about credit applications.
What are the benefits of a IDClub.com membership?
Your IDClub.com membership provides comprehensive credit monitoring, regular access to your credit score and report, identity theft alerts, and educational resources to help improve your credit health. You'll receive notifications about important changes to your credit profile, access to credit score tracking tools, and expert guidance on credit improvement strategies. The service helps you stay proactive about your financial well-being.
How do I view my credit report & score?
Once logged into your IDClub.com member dashboard, you can easily access your current credit score and detailed credit report. Navigate to the "Credit Report" or "Credit Score" section in your account menu. Your score will be prominently displayed, and you can click through to view your full report with detailed information about all accounts, payment history, and other factors affecting your credit.
How do I view my credit alerts?
Credit alerts can be viewed in multiple ways through your IDClub.com membership. You'll receive email notifications for important changes, and alerts are also available in your member dashboard under the "Alerts" or "Notifications" section. You can customize your alert preferences to receive notifications about new accounts, credit inquiries, score changes, and other significant updates to your credit profile.
What should I do if I receive a credit alert?
When you receive a credit alert, first review the details to determine if it's legitimate activity. If you recognize the activity, no action is needed. If you don't recognize it, immediately contact the creditor involved and consider placing a fraud alert on your credit reports. For suspicious activity, also contact the credit bureaus to dispute unauthorized accounts or inquiries. IDClub.com provides resources and guidance to help you respond appropriately to different types of alerts.