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How to Check Credit Score

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Monthly repayment from


Example interest rate

6.95 %

Comparison rate3

8.34 %

Total charges


Total repayments


Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The interest rate for this product is variable and subject to change. Any calculations made by you using this calculator is intended as a guide only.

3This comparison rate is based on an unsecured variable rate personal loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. $495 establishment fee and $10 monthly fee applies. Comparison as of:06/06/2022

How to Check Credit Score

Whether you are applying for a personal loan or a credit card in Australia, it can be useful to know how to check credit score for free before going ahead. If you have a good credit score, it may help you when negotiating your interest rate and loan terms. Here, we will show you the steps you can take to get your free credit score online.

How does credit score work?

Before you find out how to check credit score, you’ll need to ask questions such as ‘What is a credit score?’ ‘How is credit score calculated?’ and ‘How does a credit score work?’ A credit score is a number used by banks, money lenders, and credit providers when they are assessing your loan or credit card application to help them decide whether or not to lend you money and how trustworthy a borrower they think you will be. Your credit score is calculated using personal and financial information collected from a variety of sources that is contained in your credit report. Information in your credit report can include your name, address, date of birth, and employer as well as your credit history such as past and present loans and your repayment history. It may also include any bankruptcies, defaults, or court judgements. This information can be useful to your new credit provider as it can give them an indication of how you are likely to handle any debts in the future based on how you have handled your debts in the past.    

There are three main credit reporting agencies in Australia – Experian, illion, and Equifax – and you may have a credit report with more than one of these agencies as they can hold different information about you. Depending on what method the credit reporting agency uses to calculate credit score, it will either be a number between 0 and 1,000 or 0 and 1,200. The better your credit score, the less risky you’re likely to be seen by your money lender. 

Why is it important to know your credit score?

If you do a credit score check to find out your credit score before you apply for your loan, this can give you peace of mind if you have a high score; and if it is not as good as you would like, it gives you the opportunity to work towards improving it. Knowing your credit score may also help you when you are negotiating your loan as your money lender can use it when deciding whether to approve your loan and how much money they are willing to lend you. It can also make a difference to the interest rate you will be offered, as well as the loan term. If your loan is rejected, you might also want to know how to check credit score and credit report so you can get a better understanding of why.

How to check your credit score?

According to the Australian Government Office of the Australian Information Commissioner website, a credit reporting body is obliged to give you a free copy of your consumer credit report every three months. You can also request free access to your credit report if your credit-related personal information has been corrected or you’ve been refused credit in the past ninety days. You can also request copies of your report at other times, but you may be charged a small fee.

You could have a credit report with multiple credit reporting bodies, as they may hold different information about you. Here are the contact details to request a credit report from the three main credit reporting agencies:

Typically you should be able to access your report online within one or two days, but it can take up to ten days if you wish to receive your report by mail or email. If you are wondering, ‘What is my credit score?’ some of the credit reporting agencies may also be able to give you access to your credit score for free; but if not, there are online credit score providers such as Finder, Canstar, or Credit Simple that can provide you with this information free of charge in just a few minutes. If you are worried that checking your credit score will actually have a negative impact on it, you can rest assured that this is not the case. To find out more about checking your credit score and report and how to increase credit score, head to ASIC’s Moneysmart website

When you find out credit score, if the score seems lower than you were expecting, you can check that all the information contained in your credit report is accurate. Check for things such as whether the amount of debt is correct and make sure no debts are reported twice. If you do find that the credit reporting agency has made a mistake, you can get in contact with them, and they should be able to fix the error. If your credit provider has provided incorrect information to the credit reporting agency, you can contact your credit provider and ask them to get the incorrect information removed. And remember, there may be a time lag before your lender reports your information to the credit reporting body, so you might not see any change to your credit score immediately. 

If you are wondering how to improve credit score, there are several things you can do. You may want to consider reducing your credit card limit if you don’t need it to be as high as it currently is. This may help improve your credit score, and it could also help reduce excessive spending! Another factor that can help your credit score report is making sure you pay back your bills and repayments by their due date. If you are juggling multiple credit cards, loans, and other debts, you might want to consider consolidating your debts so that your repayments are easier to manage, and it is less likely you will forget a payment. The number of loan applications you make may also impact your credit score, as applying for multiple loans could be a red flag to a potential credit provider. 

As well as credit scores stored with a credit reporting agency, the credit provider you go to, to apply for your loan, may also use an internal scoring system to determine your creditworthiness. For example, if you are applying for a personal loan or line of credit through online lender MoneyMe, we use our customers’ credit history to give them a MoneyMe loan rating score from A1+ to A5+. Each time you take out a MoneyMe loan and make all your repayments by the due date, you can improve your MoneyMe rating. By doing this, you may be able to borrow at a lower interest rate next time you apply for a MoneyMe loan. We like to reward our customers who have a good credit history! 

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How to Check Credit Score

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Transparent and
simple pricing

Interest rate

6.95 %
to 22.95 %

Comparison rate*

8.34 %
to 24.33 %

Establishment fee
(Direct applications)

$395 for loans between $5,000 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees


*This comparison rate is based on an unsecured variable rate personal loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. $495 establishment fee and $10 monthly fee applies. Comparison as of: 06/06/2022

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