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Have you ever found yourself searching the internet for topics like ‘How to improve credit score Australia’? This isn’t a surprise. Millions of individuals all over the world often ask the internet questions like ‘ What are credit scores?’ because of the impact these scores have on our financial opportunities.
A good credit score can give you access to a wide range of financial opportunities, such as personal loans and commercial investments. It can also give you better chances when it comes to rental or housing applications, among other things.
But before we go into detail about ‘What’s a good credit score?’, it’s important to understand what a credit score is first.
Your credit score is your overall rating based on your credit history. This history covers financial obligations like personal loans and debts, credit lines, mortgages, and even utility or rental payments. This collected data is used to calculate your credit score, which lenders then use to assess your credit risk.
Keeping track of your credit score helps you stay informed about your financial health. If you’ve been searching for advice by looking up questions such as, ‘how to improve credit score Australia’, then consider the following tips as well.
Part of your due diligence as a borrower is keeping an eye on factors that can negatively impact your credit score ratings. When it comes to learning ‘how to improve credit score Australia’, here are some examples of what to avoid:
In Australia, the main credit reporting agencies are Experian, Equifax, and illion. While credit scores are routinely updated, they are not calculated on a fixed schedule. However, it can be reasonably expected that credit scores are updated every month or every time you apply for a new credit product (such as low credit score loans). You can compare previous reports this way and see if there’s been any improvement in your score.
If you’re looking for extra guidance under the topic ‘How to improve credit score Australia’, then consider adding the following to your list:
On the topic of ‘how to get credit scores’ and ‘how to improve credit score Australia’, you can access your credit history one of two ways: through your credit reporting agency, as mentioned above, or through online services like the MONEYME app.
As an Australian citizen, you are entitled to your credit history report. You can request free credit scores from your credit reporting agencies once every three months. You can also request another free copy of your credit report if you’ve been refused credit within the past ninety days or if you’ve reported and asked for corrections on errors in your credit history. Beyond these instances, you may be asked to pay a small fee before they send you a copy of your credit report.
The great news is that there’s an easier and more convenient way to review your credit score: the MONEYME app.
MONEYME’s Credit Score tool – accessible through the MONEYME mobile app – gives you access to a free and quick credit check personalised just for you. Our Credit Score tool shows you the same information available to banks and lenders when they evaluate your creditworthiness. Through the app, you’ll also receive helpful tips to help you boost your score and establish a healthier financial profile. You’ll even gain access to special offers depending on your eligibility for such offers.
The MONEYME app is available through the Apple App Store and Google Play Store. Once you’ve downloaded the app, simply create a user account by entering a few personal details, such as your name, mobile number, email address, and other requested information.
A good credit score is a long-term commitment that can have a big impact on your finances and personal opportunities. This is why building and maintaining your credit score should be taken seriously, and researching topics like ‘how to improve credit score Australia’ is the first step forwards.
By looking out for your credit score today using the MONEYME app, you’re also investing in your goals for tomorrow.
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