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Australian Credit Score Free

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Australian Credit Score Free

Looking up terms like ‘Australian credit score free’ on the web and obtaining your own credit report may feel like an overwhelming task. Especially if you’re not familiar with how the credit score system works, you may feel lost and unaware of where you stand on the ranking.

However, this shouldn’t be the case at all. Understanding how your credit score is calculated and what it means for lenders is actually simple. Even better, once you understand the basics of it, it can help you make better financial decisions that can benefit you in the long run.

What is Australia’s credit score system like?

For those searching for terms like ‘Australian credit score free’ online, it’s important first to understand the credit score ranking system. This will help you gain insight into how your score is calculated by a particular organisation. In addition, you’ll have a better understanding of how lenders assess your creditworthiness.

Equifax, Experian, and illion are the three main credit reporting organisations in the country. These organisations may hold different information about you when generating your credit report, which is the basis of your credit score. Generally, the factors they consider in calculating your credit score ratings include:

  • the total amount of money you’ve borrowed;
  • the number of times you have applied for credit;
  • how well you have kept up with your payments;
  • existing credit restrictions, such as those on a credit card; and
  • bankruptcies, defaults, or court judgements in your name.

And when searching for terms like ‘Australian credit score free’, it’s best to also know that different credit reporting agencies follow different scales. For example, this is the credit scale used by Experian:

  • Excellent: 800 to 1000
  • Very good: 700 to 799
  • Good: 625 to 699
  • Fair: 550 to 624
  • Below average: 0 to 549

Alternatively, illion uses this scale in generating their report:

  • Excellent: 800 to 1000
  • Great: 700 to 799
  • Good: 500 to 699
  • Room for improvement: 300 to 499
  • Low: 1 to 299

Finally, Equifax also follows a different scale compared to the two former credit reporting organisations:

  • Excellent: 853 to 1200
  • Very good: 735 to 852
  • Good: 661 to 734
  • Average: 460 to 660
  • Below average: 0 to 459

What is considered to be a good credit score in Australia?

If you happen to look up terms like ‘Australian credit score free’, you may also be wondering, ‘What is a good credit score in Australia?’ If you study each organisation’s scale above, you may notice that what one may consider good can only be an average score for another.

Simply put, a good credit score can vary depending on how much you want to borrow and a lender’s criteria for approval. Generally, the higher your score, the more creditworthy you’ll appear to lenders.

In addition, a good credit score in Australia can lead to more favourable credit terms, such as lower interest rates and a higher borrowing capacity.

So the next time you search the web for terms like ‘Australian credit score free’, consider your desired loan amount and the lender’s requirements as well. If you think your current credit score is not as high as it could be, it does not necessarily mean that you can’t get financial help. There are low credit score loans you may qualify for.

Still, it’s best if you consistently work on your credit score to see a higher result the next time you request a credit rating check. Here are a few tips on how to climb up the scale:

  • Ensure that you pay your rent or mortgage on time.
  • Ensure you pay your utility bills on or before the deadline.
  • Pay your credit card promptly every month. You should aim to pay in full or at least pay more than the minimum amount due.

Can I get a free credit score check online?

You can get a credit score check for free from the credit reporting bodies we’ve mentioned. It’s a legal obligation for them to provide you with a free copy of your credit report once every three months.

But if you want to end your search for terms like ‘Australian credit score free’, MONEYME offers a simpler, more convenient way for you to be on top of your finances. We have a mobile app that’s free to install and use. The app features a Credit Score tool that will show your ranking within minutes.

To learn how to check your credit score in Australia using our app, just follow a couple of easy steps: download and install the app from Google Play or the App Store. Then, provide some information, such as your name, number, email, DOB, address, and driver’s licence number (optional).

When everything is set up, you can use the Credit Score tool to see the same data that banks and lenders use to assess your creditworthiness.

The MONEYME app also shows personal insights about your score. You’ll have a clear understanding of what makes up your credit file, how it affects your score, and what measures you can take to make it higher.

Further, there’s no need to search for terms like ‘Australian credit score free’ and ‘best credit score check Australia’ from now on. That’s because aside from presenting you with your score, the app also provides a monthly score chart. This makes tracking your finances a lot easier, so you can better plan any financial decisions you need to make.

Even better, you’ll receive helpful tips and tricks to increase your creditworthiness and steer clear of the typical pitfalls that borrowers often fall into. You’ll also have access to MONEYME’s exclusive deals or promotions.

*Canstar’s Innovation Excellence Award 2022 was for MONEYME’s product Autopay. Credit scores are provided by Price Enquiry Pty Limited ACN 647 624 155.

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