Do you know
your credit
score?

If you’re curious about how to check your credit score for free, then you’ve come to the right place. You may have heard about how your credit score can make or break your loan, credit card, or mortgage application. And that’s because a credit score, though it’s just a number, is a direct reflection of your financial history and situation.

So what are credit scores, and where can I get my credit scores, you ask? 

This number, which ranges from 0 to 1,000 or 0 to 1,200, depending on the credit reporting agency, symbolises your creditworthiness and the state of your finances. 

In essence, your credit score is a reflection of past borrowing and repayment habits, and it determines your future borrowing power. Lenders and financial institutions will often consult a potential borrower’s credit report to see how high of a risk it would be to approve them for a loan, credit card, or another credit product. 

Since they indicate creditworthiness, higher credit scores will increase the chances of approval with favourable payment terms. On the other hand, those with lower credit scores may have to deal with higher interest rates and unforgiving repayment schemes. 

If you want to know how to check your credit score for free, then you’re probably aware of the impact this number can have on your life. It can determine whether or not you can move into your dream house on a mortgage, upgrade your car for your children’s comfort, or secure a much-needed enterprise loan.

Here at MONEYME, we want to help you figure out how to check your credit score for free. Here’s how to know your credit score in Australia and get a better picture of your financial situation.

We understand that financial issues can be hard to talk about and can induce anxiety in some people. That’s why we’re here to help – after all, nobody wants to do anything that would intentionally lower their credit score.

But at the same time, there can be many reasons you want to know how to check your credit score for free. 

For example, if you have had financial difficulties in the past and are in a better position to improve your score now, you want to have a baseline number to work with. Or you could want to anticipate your odds for approval and potential interest rates for credit you’d like to secure in the future, even though you don’t need the funds just yet.

Before anything else, it would benefit you to know the difference between a soft and hard credit check. A soft credit check is just an initial look at your credit report, but unlike a hard credit check, it does not leave a record on it. This is what lenders typically use if they just need an overview of your credit history. 

However, to purchase larger assets like cars, property, and real estate, a hard enquiry is conducted. The same usually applies to applications for loans and credit cards. If a lender or financial institution can see that several hard checks on your profile have been conducted over a short time period, it can imply that a borrower is relying too heavily on credit, which could discourage them from approving your application.

On a positive note, checking your own credit score ratings is considered a soft credit check and does not impact your credit score. So if you’re figuring out how to check your credit score for free on your own, rest assured that you can proceed without affecting your credit report.

Once every three months, you can request a credit report for free from major credit reporting bodies like illion, Equifax, and Experian. With their stored financial data about you, they are able to generate a credit report and calculate your credit score. 

But because you can only request credit reports from these agencies once every three months, you won’t be able to closely track your progress from month to month. And in some cases, being able to easily view your credit score regularly can be critical to improving your financial habits.

Let’s say you’re figuring out how to improve your credit score before a certain deadline – for example, as soon as your child reaches school age and you’d like to move to a better neighbourhood. You’ll want to see just how much you can improve your credit score until then. 

Or you’re hoping to apply for a credit card with more benefits, but your current card has a history of missed payments. You’re making payments on time right now, so you want to see if these positive borrowing behaviours are finally reflected in your credit report. 

But there’s another solution for how to check your credit score for free, and it’s a lot simpler.

If your goal is to find out how to check your credit score for free, we have great news. Now you can get a free, fast, and personalised credit score with MONEYME’s Credit Score tool in the MONEYME mobile app. This will give you access to the very same information that banks and lenders use to assess your creditworthiness. Plus, we’ll give you tips and tricks on how to increase your credit score fast, as well as special offers to boot.

With the MONEYME Credit Score tool in your pocket, you can get your free credit score check in a matter of minutes. Finding out your score is as easy as downloading the MONEYME app. Then, simply type in some basic details like your name, number, email address, date of birth, address, and optionally, your driver’s licence number, and we’ll handle it from there.

Checking your credit score is a way to take control of your personal finances, and now, it’s easier than ever with the MONEYME Credit Score tool.