No Credit Score Impact
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Understand your report and what is affecting your score
We'll help you understand and improve your credit score to make you financially stronger
Hear from people who improved their credit score
Having a healthy credit record makes a big difference when you apply for new credit.
You see, lenders in Australia check your credit score and report before deciding whether to lend to you and how much.
They’ll also use this information when
calculating your interest rate.
So checking your credit score BEFORE you apply can help you understand whether you’ll be approved for credit AND how much you’re likely to pay.
Our credit score tool uses data from credit reporting company, Equifax.
To check your credit score and report, you’ll need to enter some information so Equifax can confirm your identity. This includes:
This information will be stored
securely and will not be shared with any third parties.
Your credit score is a number that represents your track record as a borrower.
It's calculated by credit reporting companies based on information in your credit report.
Various factors affect your credit score, like the loans and credit cards you've applied for, how much you borrowed and how consistently you paid it back.
Negative information like any payment defaults are captured in your credit report and will be reflected in your credit score.
But the positives will be reflected too, like consistently making your repayments on time and avoiding too many credit applications.
Your credit report includes personal and financial details:
If your aim is to get on top of your finances, knowing your credit score is an important first step.
But the real advantage is in what it allows you to do next.
We want to make managing money easy, and fun!
We do this by giving Australians simple tools so they can make
good decisions about their money.
We want to build a nation of confident financial decision makers, in control of their own financial wellbeing.
improving your credit score gives you a better chance of loan approval, lower interest rates and more borrowing capacity if you need it.
Your credit score is simply a number that represents your creditworthiness on a scale (0-1,200).
Your credit report is a more detailed record of your credit history and is what your credit score is based on.
Lenders typically look at both your credit score and report when assessing a loan application.
We work with one of Australia's leading credit reporting companies, Experian.
Your free credit score and credit report will be based on credit information gathered by Experian from financial institutions.
Government agencies provide information such as court rulings.
No it won’t. We do what’s called a 'soft' Access Seeker check that does not affect your credit score.
Nothing. We offer this service for free to help as many Australians as possible understand and improve their financial position.
You can check your credit score as often as you like. But changes, if any, are generally only reflected in your score once a month.
Generally we recommend checking your credit score every few months if you are actively working on improving it. Or once or twice a year if you are not actively seeking credit.
Of course if you are concerned about errors in your credit report or potential fraud, you may want to check your score more frequently.
It takes around a minute in total. You simply enter your details (you only have to do this the first time when you register) and we will reach out to Experian to verify it's you and pull your score and report into an easy to read dashboard.
We need to make sure it's you. Credit scores and reports are personal so we will only ever show you your report once we have verified your identity.
We store your registration details and identification so that you only need to enter this once. Next time you check your score we'll send those details to Experian to pull your latest score and report.
We will not share your credit score or report with any other parties.
If you apply for a loan or credit product through a lender, they will confirm the information in your report and your credit score separately at the time of application.
Your credit score is built by managing credit well over time.
If you have never taken out a loan or a credit card you might have a low credit score because you have no track record of paying off debt.
It might also be because you have missed repayments on loans or credit cards, or you have court rulings against you.
Enquiries for loans and credit count too, sometimes as much as actually borrowing money. So if you have applied for loans but never completed the process,that can lead to a lower credit score.
Of course a low credit score can also be caused by errors in your report. If your score is lower than expected, check your report carefully for any mistakes or signs of fraud. If you find anything unusual, you can report it to the credit reporting agency and your lender.
It is possible to have no score if you've never had a credit account or loan.
If you want to start building a credit history, think about an internet plan, mobile plan, other utility or a low fee credit card in your name.
Checking your credit score is recorded as a 'soft' record on your report. But it does not impact your credit score.
Anyone who views your credit report (e.g. a lender you are making a loan application with) may be able to see soft credit checks you have made.
Simply checking your credit score is generally not viewed as a negative signal.