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Struggling to learn how to get credit scores from the credit bureaus? Understanding credit reports and credit scores can seem intimidating at first, but it doesn’t have to be. Whether you are interested in understanding how your credit score works or how to improve your credit score, MONEYME has got you covered.
In this article, we will take a look at how to get credit scores and give you a quick and simple overview of how they work and why they are important. Your credit score is one of the things you should be aware of when it comes to managing your finances, so it is important to understand the process. Let’s get started.
Before we get into how to get credit scores, let’s talk about what they are and how they are calculated.
Your credit score is a numerical value that plays a crucial role in your financial life. It represents your creditworthiness and indicates how likely you are to pay back your debts on time. Credit scores are calculated based on the information in your credit report, which is a record of your credit history compiled by credit reporting agencies.
Credit reports contain a variety of data points used to determine your scores, such as your current and past credit accounts and applications, your payment and default history, and the total amount you owe to lenders. With Comprehensive Credit Reporting, your positive credit behaviours are also recorded and are part of how your credit score is calculated.
Credit scoring models differ depending on the credit reporting agency, so you may have a different score depending on who you request it from. Most commonly, scores will range from 0 to either 1,000 or 1,200.
So, what is a good credit score in Australia? Generally, the higher your credit score, the less risky you are perceived to be by lenders. This means that you are more likely to be approved for loans, credit cards, and other forms of credit, and you will also be more likely to get better interest rates and terms, which can save you money over time.
On the other hand, when you have a lower score, lenders may see you as more of a risk and be hesitant to lend you money or extend credit. This is why some people may be searching for low credit score loans.
It is important for everyone to know how to get credit scores and check if they have a good credit score in Australia. Checking your credit score regularly is a helpful practice that provides you with better insight into your credit position and can help you make informed decisions about your finances.
For example, if you are planning to apply for credit, whether it be for a home, car, or other large purchase, it is good to know your credit score beforehand. This will give you an idea of what lenders may see when you apply for credit and can help you prepare accordingly.
If you have a low credit score, you may want to work on improving it before applying for credit to increase your chances of approval and get better interest rates. You can also keep track of the number of hard inquiries you have as a result of credit applications and be mindful of how they are impacting your score.
Finally, there are instances where mistakes do happen, but inaccurate information can be reported to credit bureaus. When you check your credit scores regularly, you can detect any errors or incomplete information that may be negatively impacting your score. This can help you bring it back up and give you peace of mind knowing that your credit history is accurate.
People often ask about how to get credit scores for free and how to get credit scores without damaging your credit.
The good news is that you can request a free copy of your credit report from each of the three major credit reporting bodies (illion, Equifax, and Experian) once every three months. Besides that, you can also get a free copy if you have been rejected for credit within ninety days and when your credit-related personal information is updated. Outside of this, however, requesting a credit report may require a fee.
It is also worth noting that checking your own credit score does not have any impact on your creditworthiness or credit history. When you check your own credit score, the process is considered a ‘soft inquiry’, which means that it does not show up on your credit report and does not affect your credit score.
But there’s an even simpler method, and you don’t have to look up ‘free credit score in Australia’ to learn how to get credit scores.
If you want to make sure you know what is going on with your score, MONEYME can help you do that. Our Credit Score tool, available through the mobile app, provides a free, prompt, and personalised credit assessment. You will be able to view the same data that lenders and banks use to decide your creditworthiness and also receive tips on how to increase your credit score in Australia.
Getting started is as simple as downloading the MONEYME app (available in the Apple and Google app stores) and entering a few simple details such as your name, number, email, date of birth, address, and driver’s licence number (optional).
Credit scores are provided by Price Enquiry Pty Limited ACN 647 624 155.