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How To Check A Credit Score

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How To Check A Credit Score

When it comes to your finances, it’s always a good idea to double-check your information, and learning how to check a credit score is essential.

In this age of fast funding, more Australians are taking out personal loans or applying for similar options like credit cards and cash advances. For this reason, a lot of people are asking questions like ‘How to check my credit card score?’ on the web.

While this is a good thing, going through credit checks can still be daunting. However, we at MONEYME have an easy-to-use Credit Score tool suitable for a variety of borrowers. Whether you’re someone who’s new to credit products or someone who’s trying to pay more attention to their financial standing, you can make the credit check process simple with us.

To get a free credit score check, just download the MONEYME mobile app, available on the App Store or Google Play Store. This way, rather than just asking questions like ‘What is my credit score in Australia?’ and ‘How to check a credit score?’ online, you can simply read a convenient and comprehensive report.

Begin by sharing some personal details, including your name, number, email, DOB, and address. Optionally, you can also provide us with your driver’s licence number. With this set of data, we can run a personalised check and then give you a credit report summary. You’ll even be pleased to know that it will have the same information banks and lenders look at when calculating your creditworthiness.

Plus, you’ll get more than just free credit score ratings here at MONEYME. Using our Credit Score tool, you can receive tips and tricks that’ll help you build your rating, and you can also get special offers. In just a few simple clicks, you can take a more in-depth look at your specific situation and discover ways you can improve your chances of a successful credit application.

Spend less time wondering, ‘How to check a credit score?’ or ‘How to improve a credit score?’ and have more financial oversight with the MONEYME mobile app.

How does a credit score check work?

A credit score works in line with a credit report. Your credit score is a numerical value, typically ranging from 0 to 1,000 or 0 to 1,200 (depending on the Australian credit reporting agency). In order to calculate this figure, these reporting bodies assess a wide range of factors, particularly the ones that make up your individualised credit report. Examples of this would include:

  • how much credit you’ve used or taken out in the past;
  • your repayment history for credit products like personal loans, credit cards, or cash advances;
  • the credit applications you’ve submitted before and how often you've made them; and
  • confirmed bankruptcies, court judgements, or defaults tied to your name.

With all this information in mind, you can have an easier time making positive adjustments that could either rebuild, maintain, or improve your credit score.

So, now that you know the answers to questions like ‘How to check a credit score?’ and ‘What are credit scores?’ it would be ideal to learn more about what credit scores and credit reports are used for.

What can I use a credit report for?

Since your credit score and credit report are measures of your creditworthiness, you can use them to show financial institutions how reliable a borrower you are.

For lenders and banks, the better your credit score and credit report are, the fewer chances there are of you missing deadlines and being in default when you take on a loan. This means that they can offer you more suitable terms and conditions (such as lower interest rates, higher principal balances, and more flexible repayment durations) as they see that there’s less risk associated with funding you.

However, aside from learning how to check a credit score, you should also keep in mind that some financial institutions will also look at other factors to come up with a fair credit decision. For instance, there are loans for low credit score holders, with approval being dependent on aspects like living expenses, debt obligations, additional sources of income, and more.

Where can I find legit credit reporting agencies?

Searching for terms like ‘How to check a credit score for free?’ and ‘How to check a credit score online?’ can lead you to legitimate credit reporting agencies. The main ones you’ll encounter in Australia are Equifax, Experian, and illion. These credit bureaus collect and store financial data about you to generate your credit report and calculate your credit score.

Generally, for each of these agencies, you can get one free credit rating check every three months. If you’ve been denied credit in the last ninety days or if some information was changed on your report, then you can also be eligible for a free request.

But there’s a simpler way to view free credit scores. Instead of looking at the calendar and waiting for the next time you can request your credit report, you can leverage MONEYME’s intuitive Credit Score tool, which provides you with comprehensive information on your credit score without any additional cost.

*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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