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.