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Free Credit Score Australia

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Free Credit Score Australia

You may have ended up here because you typed in ‘free credit score Australia’ in hopes of being able to check your credit score conveniently. In today’s world, knowledge is power, and part of that knowledge includes being aware of a very critical figure that lenders and credit companies often take into consideration when they think of you – your credit score.

But before we get into how to check a credit score, you probably want to know: what are credit scores, anyway?

Your credit score is a reflection of your borrowing and repayment habits in the past, and it’s how you can obtain credit in the future. A borrower’s credit score is often taken into consideration when determining whether to approve their loan or credit card application. Since it is a measure of creditworthiness, having a higher credit score increases your chances of getting loans and credit on more favourable repayment terms.

In addition, people who are looking up ‘free credit score Australia’ may be interested in checking their credit scores because of their potential interest rate. Maintaining a good credit score can help you save money over time because it can help you secure lower interest rates. On the other hand, loans for people with low credit scores may carry higher interest rates, making borrowing more expensive.

While enduring higher interest rates may be manageable for things like quick loans or payday loans, it’s not the same story in the real estate or housing market.

Those with lower credit scores could either need to stomach unfavourable payment terms and sky-high interest rates – or be declined from obtaining a home loan altogether. The more that money goes towards interest rather than the principal cost of one’s home, the harder it can be to break away from long-term debt and achieve financial freedom.

Many people searching for terms like ‘free credit score Australia’ want to learn more about their current financial situation so that they can eventually access the money they need with terms they can handle comfortably and won’t place them in further financial turmoil.

The first step to this is to get your credit scores and determine whether they look good in the eyes of lenders and financial institutions or if you’ll need to work towards improving your credit score. Our team here at MONEYME is happy to get you on track towards better financial health, so read on to get the answers you need.

What can affect my credit score in Australia?

Your payment history is one of the most important factors affecting your credit score. Making a late payment or defaulting on a loan, credit card, or bill can drastically affect your credit score.

Using most or all of your available credit limit can also indicate financial stress and lower your credit score. A good rule of thumb for those looking up ‘free credit score Australia’ would be to try and keep your credit card balance below thirty per cent of your available credit.

It’s possible for your credit score to be lowered if you make frequent credit applications, which can raise concerns about your financial stability. Each application usually entails a hard credit inquiry, which could possibly have a small negative impact.

Closing old credit accounts can reduce your overall credit limit and shorten your credit history as well.

If you default on loans or go into collections on debt, your credit score can be severely damaged. If you are able to, it’s important to address any outstanding debts and work towards resolving them.

Major negative events, like declaring bankruptcy, having your house go into foreclosure, or having your car repossessed, can have a significant, long-lasting impact on your credit score. These events usually leave a stain on your credit report for several years.

Errors on your credit report or a history of fraudulent activity can, of course, affect your score. For those who have been looking up ‘free credit score Australia’ because they’re curious about their credit score, it’s important to always submit complete and accurate information whenever you seek a line of credit and to dispute any incorrect information on your credit report as soon as you spot it.

Fortunately, your positive credit behaviours are also reflected in your credit report. These include your consistent and timely repayments, which provide lenders with a clearer borrower profile. Lenders won’t have to make a decision based on a rough patch you might have gone through four years ago but are well past.

The more positive your credit behaviours, the higher your credit score. This means the better your chances are of gaining approval for the credit you’re applying for since lenders use it as a measure of creditworthiness.

What is included in a credit report?

Your credit report contains information about your credit history and financial behaviour. Credit bureaus compile it based on data provided by lenders, creditors, and other sources.

While the exact information may vary depending on the credit bureau you enquire with, your report typically includes the following information when you check your credit score:

  • How much you have borrowed in the past
  • Your repayment history for any credit cards or loans
  • Any credit limits currently in place, e.g., on a credit card
  • How many applications you’ve made in the past and how regularly
  • Any bankruptcies, defaults, or court judgements attached to your name

What is the easiest way to get a free credit score check?

If you’ve been scouring the search results for ‘free credit score Australia’ in hopes of checking your credit score, here’s some good news. You can request a credit report for free once every three months from major credit reporting bodies like illion, Equifax, and Experian. These companies store financial data about you and can generate a credit report to calculate your credit score.

But for those who want a simpler solution to their enquiry, this is where we can be of service. You don’t have to keep looking up terms like ‘free credit score Australia’ and ‘how to check my credit score for free’.

With MONEYME’s Credit Score tool in the MONEYME mobile app, you can now get a fast and personalised credit score – absolutely free. You will have access to the same information that banks and lenders use to assess your creditworthiness. Plus, we’ll even provide tips and tricks on how to improve a credit score, as well as special offers you can benefit from.

In summary, you can stay on top of your personal finances by being aware of your credit score. One great way to do this is by using the MONEYME Credit Score tool.

*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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