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Finding out your credit score is something many Aussies have to do at some point. You've got a credit score if you've ever borrowed money, used a credit card, or even just paid some bills. Think of it like a report card you got at school, but this one's all about money.
It doesn't say if you're good at sports or singing, but it does show if you've been smart with your dollars and cents.
Imagine you wanted to borrow a toy from a friend. If you've always returned toys in the past, they'll probably say yes.
Your credit score works the same way. If you ever want to borrow money, the people lending it will peek at your score. A high score? That's like a gold star sticker. It indicates that you're good with money and will help you get a thumbs up for loans.
Your score isn't just some random number. It's made by looking at a few things including:
It's like looking in the mirror before you leave the house:
When you look at your credit score, you might see names or companies you don't recognise. This happens because some places, like banks, use other companies to check your score for them.
Score 'checking' companies like Equifax, Experian, and Illion can help you. They'll want to make sure it's really you, so be ready with some ID. And remember, each company might see things a tiny bit differently. So, don't be surprised if the numbers jiggle between them.
Checking your credit score often helps you be smart with your money. Knowing your score is good if you want to borrow money or just know more about your finances. Also, if you feel you could do with a loan, Credit24 could help with a loan up to $10,000.
IPF Digital Australia Pty Ltd, trading as Credit24, ABN 59 130 894 405. Australian Credit Licence 422839. The information in this article is of general nature and does not take into consideration your objectives, financial situation or needs. Lending criteria, fees and charges apply. For more information about our products, eligibility criteria and terms and conditions, please visit www.credit24.com.au.