What is a credit score?

Your credit score is a score between 300 and 850 that is created from multiple sources of data including banks, utility, and telco providers. It represents your risk profile as a borrower. The higher the number, the lower the risk for lenders providing you with credit.

It can be found on your credit report, which is a detailed credit history profile comprising credit worthiness information such as your previous credit enquiries, insolvency and court judgements, accounts and repayment history and overdue accounts.

Can I find out my credit score before applying?

Yes! In fact, it is highly recommended that you do if you intend on applying for finance in the near future. You can access a free copy of your credit report once a year through Equifax.

What gets listed on my credit report?

Your Equifax credit report includes information about your credit history and your risk profile as a borrower. Lenders may use it (along with other criteria) to help them make decisions on whether to lend you money and under what terms. For more information, read this article from Equifax about what goes into a credit profile.

For more information on how to read your credit report, visit the Equifax blog to read their guide to help you understand your Equifax credit report.

How often should I check my credit report?

At least once per year through the Equifax free credit report service. You can also sign up to Equifax identity monitoring services for a small fee. Equifax will then notify you directly if suspicious activity or potential fraud is detected on your profile.

What do I do if something on my credit report doesn’t look right?

Need to make a correction to the information on your Equifax credit file? You can request a correction through the Equifax Corrections Portal. If you think you may have been the victim of identity theft or fraud, you can place a ban on your credit report through Equifax. Continue reading for more information about how to protect yourself from identity theft.

How can I protect myself from identity theft?

According to Equifax, identity theft is one of the most common crimes in Australia. Up to 1 in 5 Australians experience identity crime.

However, there are steps you can take to help protect yourself from identity theft. Equifax can help you be alerted to early signs of identity theft or fraud with identity monitoring services.

It is important to know what’s on your credit profile, not just when applying for finance, but also to make sure you’re not the victim of identity theft. We also recommend checking out this article on 8 ways to protect your identity against a data breach.

Looking for bank-beating finance?

To discuss your individual finance needs or apply for finance, call our friendly Finance Consultants today on 1800 538 287. It’s obligation-free, so find out how affordable finance can be with Loans For U.