This powerful 3 digit number impacting your financial future

Wed, Oct 30, 2019 - Last Updated on Tue, Feb 04, 2020
Often overlooked, this three digit number can make or break your financial future.
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It’s all down to three digits. This nifty little number exposes the truth about your spending habits, your financial history, and how good (or bad) you are at paying your debts and bills on time. And guess what—credit scores are here to stay. Lenders, utility companies, credit providers… They all know about this three digit number.

So—do you know your credit score?

73% of people don’t, according to a 2019 survey conducted by Finder.com.au*. And now that banks have started sharing positive consumer data, Aussies can expect major changes to their credit score if they haven’t already.

Previously, lenders were only able to see the negative side of your financial history—you make one late payment after years of diligently paying off your mortgage, and all of a sudden you have a black mark beside your name. Now, with the introduction of positive credit reporting, lenders can see both sides to the story, portraying a much more accurate representation of your finances. Great news!

But before you jump the gun and apply for a home loan, credit card, or buy a car, there are a few things to be aware of. Let’s say you want to buy a home. If you fail to check your credit score before applying for your mortgage, and get rejected, not only have you set yourself back from your home owning goal, but you’re further damaging your score with history of an unsuccessful application. Before applying for any loan or credit, check your credit score and know where you stand. Chances are, there is room for improvement, and your credit history really is the deciding factor between an approval or a rejection.

Secondly, as lenders get a hold of more data and insights into your financial past, the credit scoring system grows in complexity. There’s more to be on top of and a greater number of factors that can influence your score.

For example, your repayment history (both good and bad) now counts. So it’s important to stay on top of your payments more than ever before, as lenders can see your whole history over the past two years. Consider setting up direct debits to ensure you never miss a payment.

Checking your score via Compareclub.com.au is considered a soft inquiry and therefore will not change it or affect it in any way. Also keep in mind, you can only check your credit score with credit bureaus for free once a year. With Compareclub, we’ll keep your credit score on file and update it for you once per month, absolutely free.

Here’s How You Do It:

Step 1: Select your state below.
Step 2: Fill out your details (in takes two minutes) and receive your free credit report and score. We’ll offer you new deals based on your score so that you can easily switch to a better rate on loans, household bills and more.

While the new system is widely viewed as a good thing for consumers, you may be wondering what not to do… Having too many credit accounts, limits that are too high on credit accounts, unsecured credit, or even having incorrect details on your account all play a part in decreasing your score—even if those errors aren’t your fault.

Don’t risk your chances. CreditSpring.com.au has partnered with Experian to provide a seamless online experience that provides you with your credit score, a summary report, and tips for improvement, all for free and in just two minutes.

Your financial future is really up to you.

CreditSpring.com.au is a trusted online service that makes it easy to obtain, understand and improve your credit score in Australia. On top of that, Aussies have the opportunity to save money by finding and applying for better deals and rates, online, all in one place.

Sound good? Grab your free credit score and report.

Get Started Now:

Step 1: Select your state below.
Step 2: Fill out your details (in takes two minutes) and receive your free credit report and score. We’ll offer you new deals based on your score so that you can easily switch to a better rate on loans, household bills and more.

This article is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.

*You can find the original findings published here on Finder’s website.

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Why Check Your Credit Score?

Set Yourself Up For Success

Whether you're applying for a loan, credit card or mortgage, your credit score largely determines success or rejection. And worse - if your application turns out to be unsuccessful, you'll further damage your credit score as lenders can see your application history.

Be Aware of Changes

With the introduction of positive credit scoring, you'll want to be on top of payments as lenders can now see everything - the good and the bad. You should be the first to know about any changes to your credit score, so you can prepare for a successful financial future.

Know Where to Improve

It's not just about timely payments and successful applications. Your credit limits, how often you apply, and when you apply, are just a few other factors that matter. But the first step to improving your score is actually knowing it. That's the easy part! Check yours in just two minutes.

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