Credit Score At Risk
If this is your first time hearing about a “Credit Score”, I’ll start off with a very brief summary. If you’d like to learn more about Credit Scores, you can visit Previous Blog Post for more information.
A Credit Score is a quick way for a Credit Providers to judge your “risk factor”, the higher of a risk you are, the less likely it is you’ll get the finance you’re looking, and – if you do manage to get it – the higher the interests rates can be. A Credit Score draws in the information from your Credit File, which acts as a record for most past finance, and credit cards you’ve applied for, as well as defaults and credit cards you have or had. A Credit Score also uses the information from other Australians, acting similarly to the grading systems used in schools. How well other people perform can change the way your Credit Score looks; making your Credit Score shift daily.
Each Credit Reporting Body has their own methods for calculating a Credit Score because of this, you’ll get a different credit score depending on the site you use. Using the right site can, at times, make all the difference when trying to see whether or not you’re a “low risk” consumer.
Now you must be asking, “How can I get my Credit Score? What site do I use?”
At CreditReboot, we recommend using “Get Credit Score” to see what your Credit Score is. “Get Credit Score” is a joint venture between Equifax (formerly Veda) and SocietyOne, as such; they draw their information from your Equifax Credit File to judge your score. If you’re a consumer looking for credit or finance, it’s important to get your Credit Score through a website that collects their data from Equifax. Equifax is the most popular Credit Reporting Body in Australia and is often used by Credit Providers to judge the risk of a potential customer. Alternatively, you can use Finder.com.au. This Credit Score Website, however, isn’t owned by Equifax.
Another website is “Credit Simple”, owned by Dun & Bradstreet. “Credit Simple” is owned by Dun & Bradstreet, so it draws data from a Dun & Bradstreet file, a file more commonly used in the Commercial world rather than Consumer.
“Credit Savvy” is also a website you can use to view your Credit Score; this website will view the information on your Experian Credit file. Experian is vastly more popular in the US and is a “new-comer” here in Australia. It should be noted that “Credit Savvy” is owned by “Aussie”, a mortgage broker, and not Experian.
However, be warned, while these services are free in the sense that you don’t pay for them in money, you’re still going to be paying a different price. Upon signing up to any of the websites mentioned above, you agree to their terms and conditions; allowing them to sell your information to a third party.
If you’re going to get your Credit Score, tread carefully, and we recommend emailing us first. We can send you a free email template to forward
If you’d like to know more about our services, you can go here to check out our pricing page.
You can also check out our How It Works page if you’re not sure yet and you’d like to know more about us.
Alternatively, you can chat to one our team members through the Live Chat system, or email us at [email protected]
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