Is it really possible to check your credit score for free online?

Rapid Finance on 1 March 2017

How free credit checks work

Your credit score is an estimate of your creditworthiness. Represented as a number, it gives potential lenders an evaluation of your financial position and history so that they can assess the risk of your application.

The better your financial position, the higher your credit rating and the less 'risky' your application will be considered by lending institutions.

To get an idea of your chance of loan success, you too can check your credit score. You can arrange this through a few organisations, including us at Rapid Finance.

We'll request your credit score from the relevant credit reporting agency and then pass it on to you. We'll also provide some information regarding what your score means to your borrowing power.

We can also give you information about how to improve your credit score and about how you could secure finance despite a low score based on our experience.

So, what's the catch?

There isn't so much a catch as there are a couple of conditions.

First, you can only check your credit score for free once a year. This is because Australia's credit reporting agencies such as Veda Advantage, and Dun and Bradstreet only offer consumers free credit checks once annually. And, it is through these organisations which we arrange free credit checks.

You can request more credit checks throughout the year. However, there may be costs associated with this.

Second, as with many free services on the Internet, we do request some contact details; your email and a mobile number.

We may use these details to contact you regarding relevant services. For example, if you're looking a car loan, we may call or email regarding available offers or new deals.

If you'd rather we didn't contact you, simply let us know by phone or by hitting 'unsubscribe' on any of our emails. We'll remove you from our call and mailing lists straight away.

Sound okay? Check your credit score now.

Beware of free credit check scams

Before you check your credit score online, ensure that the provider you're using is a reputable one.

There have been instances, where scam artists have created websites offering free credit checks, only to steal users' data and use it for identity theft or fraud.

If the website you're using looks suspect, then it may be so.

Remember, no agency should ask for your credit card or banking details when you request to check your credit score. If a website does do this, look elsewhere, it may be a scam.

Another tip is to look for a 'https://' and a lock at the beginning of the website's URL - look at ours for an example. This indicates that the site you are using is secure.

Mistakes on your credit history

If something doesn't seem quite right with your credit score. For example, if you've never missed a payment in your life, but your score is suspiciously low, there may be an error in your credit history.

It's annoying, but it happens. Credit reporting agencies can make mistakes.

The good news is that if you believe a mistake has been made, you may request a copy of your report from the relevant credit reporting agency. You can then go about having the error corrected.

Common mistakes can include information that has been confused because of names or addresses. As well as details which are out of date or that still include information regarding ex-spouses and the like.

Remember, it's just a number

When you're applying for a loan, your credit score can seem like the most important thing in the world, particularly if you have a low one.

However, it's important to remember that in the end, your credit score is just that: a score. While it can certainly make a loan easier to obtain, it's not the be all and end all.

If you discover that you have an average or below average credit score, there are still things that you can do in order to obtain finance. For more information see our bad credit car loans page.

"Remember that in the end, your credit score is just that: a score."

Ready to check your credit score?

At Rapid Finance, we can check your credit score for you. As stated above, it's free, and we'll only use your contact details to provide you with information relevant to your situation.

You can opt out of our phone or mailing lists at any time. And unlike some other websites, we remove your details straight away, not next week or next month.

Get my free credit check online