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How Can I Check My Credit Score?

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How Can I Check My Credit Score?

If you’re wondering, ‘How can I check my credit score?’ you may also be interested in how to do it for free and understand its potential impact on your financial standing. Moreover, you may also feel unsure about what you need to do if you ever receive your credit score.

Credit scores can really be an overwhelming topic for borrowers. In reality, understanding it is easy. And with enough knowledge, you can take control of your financial health and make better and more informed financial decisions. As you read along, you’ll gain insights on how you can check your credit score efficiently and how it impacts your chance for credit approvals.

How often can I check my credit score for free?

Prior to checking your credit score, it’s important to have a deep understanding of what it is and how it affects you as a borrower.

Your credit score is a numerical rating that reflects your credibility as a borrower. It consolidates the information from your credit report – a comprehensive file of your information and credit history – into a single number.

It serves as an indicator of your creditworthiness, and a higher score indicates a greater level of trustworthiness and better chances of approval in the eyes of credit providers.

You can usually check your credit rating with credit reporting agencies or through credit score tools. The frequency will depend on the method you choose.

When it comes to the three main credit reporting agencies in Australia – Equifax, Experian and illion – you can request to check your credit report for free once every three months. But it’s also worth noting that not all credit reports may contain your credit score, so it’s best to reach out to the credit reporting agency beforehand.

And if you’re wondering, ‘How can I check my credit score more often for free?’ you may do so through credit score tools.

Depending on the credit score tool, you may be able to check your credit score ratings without charge on a more frequent basis, such as once every month. This is a great way to regularly gain insight into how lenders perceive your creditworthiness as a borrower. Just remember to be vigilant with the websites you’re looking to sign up for and to choose a trusted credit score checker.

With more options for checking your finances for free, you shouldn’t be anxious about questions like ‘How can I check my credit score?’ Instead, you can take advantage of these options to help you maintain a good credit score. On the other hand, if your score is not as excellent as it could be, you can seize the opportunity of being able to view it frequently to improve your ranking and appeal to more lenders.

Does checking my credit score lower it?

Borrowers who are wondering, ‘How can I check my credit score’ are sometimes worried that it may negatively affect their rating. If you find yourself in the same situation, you don’t have to feel this way.

When you check your own credit score, it’s usually considered a soft credit check, and it doesn’t impact your rating. A soft credit check is different from a hard enquiry performed by credit providers during an application, which can affect your rating.

With that being said, rather than just worrying about the potential impact of checking your credit score, it’s important to focus on how it can benefit you. Knowing what your ranking is will help you plan your future financial decisions better. In addition, you’ll have an idea of whether or not lenders perceive you as a risky borrower.

And if you’re asking yourself, ‘How can I check my credit score for free?’ There’s a convenient and modern way to do that with MONEYME that will surely not impact your credit score. The MONEYME mobile app features a Credit Score tool that lets you get your credit scores within minutes.

You can open up the App Store or Google Play and see what other users think about the app. Once you have installed the application, you just need to enter some information to proceed. This includes your name, contact number, email address, birthday, address, and driver’s licence number (optional).

Once you’ve signed up, you can use the Credit Score tool to gain a comprehensive insight into how you appear to lenders. Additionally, it provides you with personalised insights on your rating. You’ll have a summary of what factors make up your credit file and how to improve a credit score.

You’ll also have access to a monthly score chart, which can help you monitor your credit score over time and identify any changes or fluctuations that may require your attention. Even better, you’ll receive tips and tricks on how to work on your credit score and what common mistakes you should avoid to maintain a healthy credit profile. Additionally, you can take advantage of special offers from MONEYME.

How will I know if I need to boost my credit score?

Now that you know the different options you can take when wondering, ‘How can I check my credit score?’ it’s important to understand what the numbers represent. More importantly, you should know when to take steps to improve your credit score.

Credit scores range from 0 to 1,000 or 0 to 1,200, depending on the credit reporting agency. So, what is a good credit score in Australia, and what is a poor one? Each credit reporting agency has its own system of categorising credit scores. Generally, a score may be poor, fair, good, very good, or excellent.

For Equifax, credit scores are categorised by the following:

  • Below average (0 to 459)
  • Average (460 to 660)
  • Good (661 to 734)
  • Very good (735 to 852)
  • Excellent (853 to 1,200)

If your score is average or below average, it may be a good idea to start assessing your borrowing habits and looking for ways to improve them.

You will also know if it’s time to learn how to improve your credit score by understanding the requirements of the financial institution you are applying for credit with. For example, some lenders may require very good or excellent credit scores if you are looking to borrow large amounts of money.

With the MONEYME Credit Score tool, it’s easy to stay on top of your financial profile. Even if you’re not looking to apply for credit in the near future, you can regularly check the changes in your rating and proactively improve it.

*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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