Credit Score (2024)

The FICO^® Score Online Banking provides is a FICO^® Score 8 based on TransUnion Data. The score is from your TransUnion credit report and calculated on the "as of" date included with your score.

There are many reasons why your score may change. Each time FICO^® Scores are calculated, they take into consideration the information that is in your credit file from a particular credit bureau at that time. Creditors report information to credit bureaus at varying frequencies, so as information in your credit file at a bureau changes, your FICO^® Scores calculated based on information from that credit bureau can also change. Keep in mind that minor fluctuations are normal and that certain events such as late payments or bankruptcy can lower your FICO^® Scores quickly.

To better understand the factors impacting your specific score, review the "Key factors affecting your FICO^® Score" displayed under your score. These factors have the greatest influence on your score. Comparing key score factors from the two different time periods can help identify causes for changes in FICO^® Scores.

For an in-depth look at your credit data, visit www.AnnualCreditReport.comlayer. For more information on your credit report, or for help updating your credit report data, call TransUnion at xxx.

Typically, you will get an update to your FICO^® Score in Online Banking automatically every month. Your credit data is updated daily with the credit bureaus. These updates may impact your credit rating, but you will only see an updated score in Online Banking when it is received by Bank of America every month from TransUnion.

Please check back next month. You will also receive an email alert when an updated score is available to view, unless you opted out of the alert feature. To find out more about your credit information, you can request a copy of your free annual credit report from www.AnnualCreditReport.comlayer.

No. Viewing your FICO^® Score from Online Banking will not impact your score.

Your score in Online Banking is a FICO^® Score 8 based on TransUnion Data to manage your account and that is what Bank of America shares with you. FICO^® Scores consider five main categories of information from your credit report.

A FICO^® Score is a three-digit number that summarizes your credit risk based on your credit file at one of the three major consumer bureaus at a particular point in time. FICO^® Scores are used in 90% of lending decisions. FICO^® Scores help lenders evaluate credit risk and can influence the credit that's available and the terms, such as interest rate, that lenders offer.

Bank of America works with FICO and TransUnion, one of the major credit bureaus, to be able to provide you with your FICO^® Score for free.

Knowing your FICO^® Score can help you better understand how lenders view your credit risk and allow you to understand the health of your credit. Learn more about how to keep your credit healthy.

You enrolled to receive your FICO^® Score within Online Banking at no cost to you. If you no longer want to receive your score, you can unenroll at any time.

No. Most lenders use a number of factors to make credit decisions, including a FICO^® Score. Lenders may look at information such as the amount of debt you can reasonably handle given your income, your employment history, and your credit history. Based on their review of this information, as well as their specific underwriting policies, lenders may extend credit to you even with a low FICO^® Score, or decline your request for credit even with a high FICO^® Score.

Each time Bank of America provides your FICO^® Score, it's based on the information in your TransUnion credit report at that point in time. As the information in your credit report changes, your FICO^® Score may also change and Bank of America provides it monthly so you can view it over time in the FICO^® Score History Chart.

Key factors are the top variables that affect your FICO^® Score. The order in which the score factors are listed is important. The first factor indicates the area that most influenced the score and the second factor had the next most significant influence. Addressing some or all of these score factors can help you continue to responsibly manage your financial health over time.

The following information is not considered by the FICO scoring formula:

• Your race, color, religion, national origin, sex, or marital status
• Your age
• Your salary, occupation, title, employer, date employed, or employment history
• Where you live
• Any interest rate being charged on a particular credit card or other account
• Certain types of inquiries (such as promotional, account review, insurance, or employment-related inquiries)
• Credit counseling
• Any information not found in your credit report
• Any information that is not proven to be predictive of future credit performance

Your FICO^® Score considers both positive and negative information in your credit report. Good credit habits like always paying bills on time, keeping balances low, and only opening new credit cards when you need them can all have a positive effect on your financial health. Learn more about credit scores and financial health.

Keep in Mind: For all of these negative items, the older they are the less impact they will have on your FICO^® Scores. For example, a collection that is 5 years old will have less impact than a collection that is 5 months old.

Your factors are provided by FICO and directly reflect the data on your TransUnion credit report. To ensure your creditors are reporting your credit history accurately to each of the three major credit bureaus, check your credit reports for free once a year at www.AnnualCreditReport.comlayer, or call TransUnion at xxx.

After reviewing your report, if you find inaccurate information that may have affected your score, you can dispute your TransUnion credit report at www.transunion.comlayer or call TransUnion at xxx.

Learn more about credit scores and financial health.

Learn more about credit scores and financial health.