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How To Check Your Credit Score

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How To Check Your Credit Score

More and more people are now searching for terms like ‘How to check your credit score?’ and ‘How to know my credit score?’ It’s no surprise since many are aware of how credit scores affect their finances. 

Credit scores reflect an individual’s creditworthiness and are typically based on a credit report, which contains information that credit bureaus store and collect.

Banks and lenders typically look at your credit score when assessing your application for loans, credit cards, mortgages, and other types of credit. Your credit score can also affect the terms and conditions of the credit offers you receive since it indicates how much of a risk you are to lenders.

With that, you should know what a good credit score is in Australia to know if you fit within the range. And if you’re also curious about how to check your credit score, there are a few ways to go about it.

One option is to check with credit reporting agencies since they offer free credit reports, which may include credit scores. You can also opt for an online credit score provider, which typically only takes a few minutes to use but may charge a fee. These providers calculate your score using data from one or more credit reporting agencies.

Fortunately, with the MONEYME Credit Score tool, you have a simple, quick, and free way to check your credit score, all from a handy mobile app. 

Now that you’ve learned how to check your credit score, you may have some additional questions related to the topic. Let’s explore some common questions you may have.

Does checking my credit score lower it?

Regularly checking your credit report and credit score is essential to ensure their accuracy and identify potential identity theft. With that, it’s no wonder that many people look up questions like ‘How to check your credit score?’ ‘What’s a good credit score in Australia’ and ‘How to increase credit scores in Australia?’ 

When you check your own credit report or score, it’s considered a soft enquiry that won’t harm your credit score. These enquiries are not visible to lenders and do not affect your creditworthiness. Soft enquiries are also usually done for pre-qualified credit cards, loans, insurance offers, and even background checks by potential employers.

On the other hand, hard enquiries are made when you apply for credit, and they may impact your credit score. These usually stay on credit reports for five years. On the bright side, these enquiries require your approval before they’re done, so you shouldn’t have to worry about your credit score getting affected unknowingly.

Which agencies offer free credit score checks?

Wondering how to check your credit score for free? Many may find it helpful to know that in Australia, there are three main credit reporting agencies: Experian, illion, and Equifax. Some may provide you with your credit score for free.

Another option is to go to an online credit score provider that offers the service for free. For safe and secure transactions, it’s best to avoid those that require you to provide your credit card information. At MONEYME, we use a secure process and only ask you for your name, phone number, email, date of birth, address, and driver’s licence (optional) to get started.

When you request a credit score check, each agency has a slightly different method to report your score, but all use a ranking system to assign a single credit score. Depending on the agency, the score falls between 0 and 1,000 or 0 and 1,200. 

The higher your credit score, the better your creditworthiness and the less risk you pose to lenders, which makes it more likely for you to be approved for credit at lower interest rates.

If your credit score is low, you may get approved for a credit offer at higher interest rates or even have your application denied, depending on your specific situation. This is because a low credit score typically indicates a history of missed or late payments, numerous credit applications within a short period, or other irregularities related to your finances and debts. 

How many times can I check my credit score for free?

Credit reporting agencies, like the ones you’ve been introduced to above, only allow free credit report checks once every three months. But it’s important to note that not all agencies include credit scores on the reports. You may be asked to pay a fee to view your credit rating.

The great news is that there are user-friendly tools that offer quick, regular, and free credit score checks. They can spare you from constantly scouring the internet for phrases like ‘How to improve credit scores in Australia?’ ‘How to check your credit score?’ or ‘How to check my credit card score?’ and provide you with convenient information.

One example is the MONEYME Credit Score tool, which makes checking your credit score more convenient than ever. You can do it quickly and free of charge, and you can even track your progress with our monthly score chart. 

On top of all that, you also get personalised insights into your credit report and access the same information that banks and lenders use to check your creditworthiness, plus helpful tips and tricks to improve your score. Special offers may be up for grabs, too.

To get started, just download the MONEYME app from either the Apple Store or Google Store so you can begin using our Credit Score tool. With this tool, you won’t have to worry about gathering stacks of documents. No need to keep looking up ‘How to check your credit score?’ either – you can get the information you need within minutes. 

Understanding how to check your credit score is crucial for managing your financial health. Remember that credit scores play a significant role when applying for different credit offers since they measure your creditworthiness. Using tools like the MONEYME Credit Score tool can simplify the process, offering quick and free credit reports along with personalised tips for improving your credit score. 

*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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