My Credit FAQ
What is My Credit?
My Credit is a complimentary financial wellness tool that provides access to your credit score and reporting, so you’ll know where your credit stands.
How do I access My Credit?
My Credit is easily accessed on your digital banking dashboard by clicking the link and following the on-screen instructions.
Is my credit affected when checking a credit score through My Credit?
No. My Credit conducts “soft pulls” of credit score information from the Experian credit bureau with no impact to your credit score.
Why is credit score monitoring important?
Good credit is essential for many of life’s personal milestones like obtaining or refinancing a mortgage, getting a car loan, or starting a business. Monitoring your credit keeps you aware and in control, which not only leads to better credit, but can also help you detect and fight fraud.
I have my credit frozen. Can I still use My Credit?
Yes, freezing your credit before or after enrolling will not impact the ability to leverage My Credit products.
Why is my score different from others I see, such as Credit Karma™ or other banking apps?
Each of the three credit bureaus (Equifax, Experian, and TransUnion) uses a different model to calculate a credit score and each gathers data independently.
The credit bureaus pull your information from many different sources (such as lenders, collections, court records) at different times; there will always be discrepancies at any particular time between the reports from each credit bureau.
The financial institutions and companies that provide your credit score use different methods. Some rely on FICO® Score and some rely on VantageScore. Even between those two companies, there are credit scores based on reports from one bureau, two bureaus, or all three bureaus.
How secure is my credit data? Does anyone else have access to any of my information?
Your credit data is fully encrypted and secure. No one else, including bank employees, has access to your information.
How frequently is my overall credit score updated?
Your credit score is updated every 30 to 45 days.
Will outstanding balances to the IRS show up on my credit?
The IRS doesn’t report your tax debt to the credit bureaus. Your tax return information is protected by law, so the IRS can’t disclose it to third parties. However, if the IRS has filed a Notice of Federal Tax Lien, your debt to the IRS enters into public record. Even though the debt is public, the credit bureaus won’t include it in their credit reports. However, it may be possible for a lender to find the information if they look through public records. You can avoid a tax lien by entering into a repayment agreement with the IRS.
How long do public records stay on my file?
Derogatory information can stay on your record for 7 – 10 years. It’s always good to review your records to ensure that the information is accurate. If you find something that you feel is inaccurate, take steps to dispute and correct it.
When will closed accounts come off my credit report?
Any accounts that were in good standing when you closed them will remain in your record for 10 years. Any negative information will remain for seven years.
Do creditors always look at gross income instead of net when calculating debt to income ratio?
Yes. Creditors always use gross income (before taxes) when calculating your debt to income ratio. However, some creditors may ask for net income on credit applications.
Why am I not seeing all of the credit data I would expect?
Various factors, such as newer accounts, recent payments, etc. may not show up on your credit report because the creditor hasn’t started reporting it yet.
What do I do if some of this information is incorrect?
If you see information in your credit report that you think is incorrect, you can dispute it with the creditor or the bureaus.
How long does it take before a late payment stops impacting my score?
Late payments will stay in your record for seven years. You can dispute a late payment report that you believe is in error, however you will need to provide proof, such as documentation that you did make the payment in question on time. If the information is accurate, however, you'll have to wait the full seven years before it clears.
How are the simulated scores calculated?
Credit Score Simulator uses calculations that are similar to Experian (My Credit leverages the VantageScore model).
How accurate are these simulations?
Credit Score Simulator is an educational tool that you can use for estimating the effect of certain financial actions on your credit score—but remember, they’re estimations only, not predictions. Actual results may be different.
How do I dispute and correct inaccurate information in my credit report?
If you discover information on your credit report that you believe is inaccurate, you can take the following steps to dispute and hopefully correct the information:
- Highlight the errors on your credit report
- Gather supporting documents that show your side of the story; for example, receipts or bank records showing that you made a payment on time that’s recorded as late or delinquent.
- Submit the information to the bureaus with a brief explanation (100 words or less).
You may find that some companies have forms on their websites that you can use.
For loans obtained through The National Bank of Indianapolis, you can contact your Banker directly. For other institutions you can also submit your information directly to the reporting lender.
After you submit your claim, you may need to wait 30 to 45 days before it’s resolved, and the corrected information appears on your credit report. Note, however, if the inquiry confirms that the information is accurate, the bureau or lender won’t change it.
If you still have questions after your claim is rejected and want to pursue your dispute further, you can file a complaint against a bureau or lender with the Consumer Financial Protection Bureau or with the Attorney General of your state.