Do you know
your credit
score?

In Australia, it’s not surprising that many people want to get credit scores for free. Your credit score affects your ability to get approved for loans or credit cards and the interest rates you are offered, so it’s crucial to know your credit score.

However, it can be quite frustrating to work on improving your credit score when you can’t access the same information that banks and lenders see. But MONEYME has a Credit Score tool and other financial products that can help you stay on top of your personal finances. With our help, you don’t have to keep searching for terms like ‘free credit score Australia’ and ‘check my credit score Australia’.

To learn more about how to check credit scores in Australia, keep reading for answers to common questions about free credit checking.

Many Australians wondering how to get credit scores for free may also be wondering whether the information they receive will be as detailed or accurate. With that, they look up search terms like ‘free credit score check Australia’, ‘how to check a credit score’, and ‘get my credit scores’ online for answers.

There are three major credit reporting agencies in Australia – illion, Equifax, and Experian. These agencies gather and maintain financial data about you, which they use to generate your credit report and determine your credit score. With that, you’ll get a reliable and detailed credit report.

Your credit score is a number that reflects how you borrow and pay back money. It helps lenders evaluate the risk of lending you money or letting you open a credit card by using a ranking system. This digit usually ranges from 0 to 1,000 or 0 to 1,200, depending on the credit reporting agency.

Essentially, the higher your score, the less risky you appear to lenders. This increases the likelihood of being approved for credit at lower interest rates.

In contrast, a low credit score may result in less credit being offered, at higher interest rates, or even being denied credit altogether. A low credit score is typically associated with a history of missed or late payments, numerous credit applications within a short period, or other financial inconsistencies and debts.

Meanwhile, your credit report summarises your credit history for the past five years. It includes information about your credit applications (and if they were approved or denied), your repayments, borrowing capacity, and debts.

In the past, your credit report only displayed negative behaviours like missed payments and credit applications, so when you applied for credit, lenders would only see the negative marks on your record and not the good things you did with your credit.

Nowadays, lenders have access to positive credit behaviours as well, meaning your consistent, timely repayments are also recorded. This gives lenders a better understanding of your overall borrowing history.

As we’ve discussed above, you can get credit scores for free from the three major credit reporting agencies in Australia: illion, Equifax, and Experian. You can request a free credit report from each of these agencies, but there’s an even easier way to stay on top of your credit score – the MONEYME Credit Score tool.

With MONEYME’s Credit Score tool, you can quickly and easily obtain a free, personalised credit check through our mobile app. You can access the same information that banks and lenders use to assess your creditworthiness and even receive tips and tricks to help you boost your score. You can also access special offers on top of getting credit scores for free.

Checking your credit score with MONEYME will give you a thorough overview of the factors that influence your creditworthiness, including:

• your borrowing history, including how much you’ve borrowed in the past;
• your repayment history for credit cards and loans;
• any credit limits that are currently in place on your credit card;
• the frequency and number of credit applications you’ve made; and
• any bankruptcies, defaults, or court judgements associated with your name.

You can ask the major credit reporting agencies for a free credit report every three months. But if you have the MONEYME app installed on your mobile device, you can obtain your credit score for free in a matter of minutes from anywhere.

Interested users can get credit scores for free by downloading the MONEYME app from either the Apple or Google app stores. You might need to share some details, including your name, mobile number, current email, date of birth, and driver’s licence number (optional). After a few clicks, you’ll get access to your credit score and helpful insights to manage your finances better.

Individuals shouldn’t only know how to get credit scores for free. It’s also important to know that the key to improving your credit score is to understand what’s affecting it and to take control of your financial circumstances.

One of the best ways to increase your credit score is to consistently exhibit positive credit behaviours, such as making regular, timely payments. The more you demonstrate these behaviours, the higher your credit score will climb.