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Do you find yourself frequently searching online for terms like ‘view my credit score’? If so, chances are you may be looking into taking out credit in the future. However, you may lack confidence in your ability to be approved since you’re not sure how lenders perceive your creditworthiness.
More often than not, the lack of information about their credit scores causes feelings of worry and uncertainty for borrowers. However, with the abundance of tools, websites, and organisations available, Australians can now easily gain insight into their financial standing. Read along as we guide you on how you can get a free credit report.
Have you ever wondered, ‘Can I check my credit score at no charge?’ or ‘Is it possible to get my free credit score?’ The great news is that there are credit reporting agencies that provide individuals with their credit scores for free, while others may charge a fee.
Before reaching out to these agencies, it’s important to note that credit scores or ratings are different from credit reports.
Your credit score is a numerical assessment of your creditworthiness. It combines the data in your credit report to generate a single number, which reflects the level of risk associated with you as a borrower. A higher score indicates a stronger level of creditworthiness and better chances of getting credit opportunities.
In terms of your credit report, you’re eligible to get a copy of it for free once every three months. You can also ask for a free report if you have been denied credit in the last three months. In Australia, you can request a credit report from the three main credit bureaus: Experian, Equifax, and illion.
It depends on the credit reporting agency whether or not they will include your credit score on the report. Fortunately, there are credit score providers who can help you. They use information from other credit reporting agencies to get your credit scores. Even better, you can access this service for free.
With that said, you shouldn’t worry about how to get credit scores for free with the numerous options available.
Now that you know you can get valuable information through your credit report, you don’t have to wonder how to view your credit score, and you can focus on how often you should check it instead.
It’s good practice to check your credit scores and reports at least once a year, even if you don’t have plans to apply for any sort of credit in the near future.
It will allow you to determine whether there are any errors in your credit report and correct them accordingly. You can even use it to determine whether you have been unknowingly defrauded or if your personal information has been compromised. This is crucial because it will help you avoid any problems when you do need to use credit.
It’s also beneficial for those who have had some credit problems in the past. Most negative information, such as missed payments, repossessions, and bankruptcies, appears in credit reports for seven years. Some information may stay longer, depending on the type of default or bankruptcy.
If you believe that there’s negative information on your report that should be removed because of incorrect reporting, you can contact the credit reporting agency and ask them to fix it.
It requires a conscious effort to make it a habit to check your credit score routinely, but the benefits of doing so are well worth it.
As mentioned, you can request a credit report check from the three main credit reporting bodies in Australia, and they may include the credit score. There are also online credit score providers that you may explore, but it’s crucial to exercise caution when considering them.
It is advisable to be vigilant about any service provider that requests your credit card information. In addition, be wary of those who charge a fee for your credit report, which you are entitled to receive for free every three months.
Let’s say you keep on looking up terms like ‘get my credit score’. There’s a simpler, safer, and free way to do so. The MONEYME app offers a Credit Score tool for those who want to make checking credit scores a hassle-free experience.
If you’re wondering, ‘How to view my credit score for free?’ this app is a great way to check in on your credit health within minutes and take control of your finances.
The MONEYME app also allows users to conveniently get personalised insights on their ratings, which can be useful when you want to learn how to improve a credit score. You’ll also get to understand what’s in your credit file, which relates to your approval chances. These include:
Furthermore, the app also features a monthly score chat that makes tracking your progress easier. You’ll also get access to tips and tricks on how to work on your credit score so you can better boost your ranking. Ultimately, you’ll get the chance to take advantage of special offers from MONEYME.
In light of these points, monitoring your credit scores shouldn’t be daunting. Instead, it’s better to take the opportunity brought about by resources such as the MONEYME Credit Score tool to maintain a good financial profile and improve your rating for better credit opportunities.
Credit scores are provided by Price Enquiry Pty Limited ACN 647 624 155.