Do you know
your credit
score?

One way to stay on top of your personal finances is to check your credit scores for free. Perhaps you’d like to make upgrades to your quality of life, and there are a multitude of ways to do this. 

Maybe you’re gunning for a credit card that can give you more privileges and exclusive access. Perhaps you’d like to upgrade your car for a more comfortable riding experience. Or you could want to give your family a more spacious home in a better neighbourhood. Whatever your reason for wanting to check your credit scores for free, you probably know that a good credit score can determine your borrowing power.

What are credit scores? A credit score is a number ranging from 0 to 1,000 or 0 to 1,200, depending on the credit reporting agency, and it is a direct reflection of your financial health and creditworthiness as a borrower. In essence, it’s a way for lenders to assess how risky it is to provide a borrower with a loan or line of credit.

Many people who are curious about where to see their credit scores for free have family or loved ones they want to protect, and one way to do this is with life insurance. Some insurance companies consider credit scores when determining premiums for different kinds of insurance. Low credit scores may result in higher insurance premiums, while high credit scores may result in lower rates.

Here at MONEYME, our goal is to shed some light on how you can view credit scores for free and how safe it is to do so online.

The next question on your mind could be, ‘How do I check my credit score safely online?’ If you want to know how to see your credit scores for free but are worried that an online credit check could jeopardise your privacy or affect your credit score negatively, we have good news for you. But first, let’s talk about the difference between a soft credit check and a hard credit check.

A soft credit check gives an initial look at your credit report but is not permanently recorded on it. This allows lenders to get a quick overview of your credit history without having to conduct a full credit check.

Conversely, a hard credit check examines your credit history in depth and appears on your credit report. An application for a loan, credit card, or mortgage usually results in a hard enquiry. Several hard credit checks in a short period of time may indicate that you're relying heavily on credit or are in financial trouble. When this happens, lenders may view you as a higher risk.

Thankfully, checking your own credit score is considered a soft credit check and will not impact your credit score.

You can safely request a credit report for free once every three months from major credit reporting bodies like illion, Equifax, and Experian. With their stored financial data about you, they can generate a credit report and calculate your credit score. But there’s an even simpler way to get your credit scores for free.

The credit reporting bodies mentioned above are legitimate and provide you with your credit scores for free. However, you can only use their free credit score check once every three months. And not being able to easily and conveniently track your credit score's progress over time can pose a variety of problems.

When you aren’t able to check your credit score regularly, you could face uncertainty when applying for credit. It is difficult to know whether you will be approved or what terms you will qualify for without knowing your creditworthiness. As a result, major financial endeavours like home or car ownership can be harder to plan for.

By monitoring your credit score in Australia, you can identify areas for improvement and take steps to improve your creditworthiness. If you don't know your credit score, you could miss opportunities to address negative factors in your credit history, such as late payments or high credit card utilisation. As a result, you may be unable to improve your credit standing or access better financial products and rates.

That said, it’s not enough to be able to check your credit score only once every few months. You want to be able to closely monitor your progress over time so you can work your way towards better credit score ratings.

Now you’re wondering, ‘How can I view my credit score for free on a regular basis?’ All you have to do is download the MONEYME mobile app.

You can receive a free, fast, and personalised credit score with MONEYME’s Credit Score tool on our mobile app. By having this nifty tool in your pocket, you can access the very same information that banks and lenders use to get a sense of your creditworthiness. 

Once you’ve got the MONEYME app on your device, just enter a few basic details like your name, number, email address, date of birth, address, and optionally, your driver’s licence number. We’ll take it from there and use our secure process to show you your credit score in a matter of minutes.

In addition to personalised insights about your credit profile, you’ll also be able to view your monthly score chart. This easy-to-understand graphic allows you to track your progress over time. If it starts to trend downward, you can course-correct as needed. And if you’re making improvements, you can have the well-deserved satisfaction of watching your credit score go up!

And the benefits don’t stop there; you’ll also get tips and tricks on improving your credit score, as well as special offers.

Get a bird’s eye view of your financial profile and empower yourself to make informed decisions about money with the MONEYME Credit Score tool today.