How do I find my credit score?
So you’ve set your sights on something brilliant – whether it’s a dream home, new wheels, a piece of machinery or anything in between. Amazing! Now, to make your goals a financial reality.
It all starts with understanding your credit score. But what do we mean by that?
What is my credit score?
A credit score, also known as a credit rating, is a number that describes your creditworthiness to prospective lenders. In simple terms, it’s part of your financial background check.
Depending on which agency provides your credit score (more on that shortly), it will be a number between 0 and 1,000 or 0 and 1,200. Generally speaking, the higher the score, the better your credit history – and the more attractive you are as a loan candidate to financial institutions.
When you’re looking to secure a new loan, lenders generally consult your credit score to first evaluate whether they will proceed with the loan. If it’s a yes, your credit score is then used to establish the terms of the loan; for example, your credit limit and the interest rates that will apply, among other factors.
Where is my credit score?
Australia has three main credit reporting bodies: Equifax, illion and experian. These agencies hold and manage your personal information, and use it to generate your credit report, which you can then use in dealings with financial institutions.
Something to keep in mind, though, is that each of these organisations has their own score range. In other words, they each have their own definition of a good (and bad) credit score – and this inconsistency can be tricky to navigate! It’s also important to note, that each credit reporting body has its own subscribers – e.g. lenders, telco’s, utilities etc - some subscribers use only one credit reporting agency, some two and in some small cases all two. Equifax has the largest subscriber base and is the main credit reporting body that is mainly used in the finance industry
not sure where you stand? That’s where rapid finance comes in. we’re here to retrieve all the relevant information for you and streamline the process so that you’re armed with a clear, actionable game plan when you decide to pursue a loan.
How do I check my credit score?
If you’re unfamiliar with the process, checking your credit score can be a pain. That’s why rapid finance offers a free credit check – (with Equifax) and getting your score is much easier than you’d think.
Simply populate our free credit check form with your personal information, and a rapid finance expert will contact you directly to guide you through the process – and help you make an educated decision about your next steps.
If we have all the correct information, determining your credit score takes just minutes!
Why is it so important to understand my credit score?
Your credit score influences the nature of the loan and all applicable terms – from how much credit you’ll receive to interest rate and other details. With so many financial products out there, your credit score is one of the keys to determining what the right loan for you will look like.
With more than 20 years of specialising in car loans, home finance and so much more, the rapid finance team is here to match you with the right lender and the right product. We assess your situation and give you exclusive access to financial products that best align with your goals and financial footing.
What if I have a bad credit history?
Even the slightest financial misstep can reflect poorly on your credit score – anything from an unpaid parking ticket to an accidentally missed power bill from years ago.
At Rapid Finance, we understand that, sometimes, life happens. And when it does, it can do a real number on your finances.
If you’re seeking a loan but have a bad credit history, don’t fret! Your dreams aren’t necessarily out of the question. Rapid Finance specialises in finding avenues for borrowers to secure finance – even if you have a bad credit history.
Rapid Finance is here to help
we know. It’s a lot of information to wade through and it can feel daunting. You’d be amazed at how many financial products there are – and that’s why rapid finance is here to assist with our knowledge and get a positive outcome for your unique situation.
At Rapid Finance, we make loans straightforward. Our dedicated team exists to make your life easier and help you achieve your financial goals – without worrying that you’re inadvertently damaging your credit score or missing out on better value elsewhere.
For more information or to better understand your financial options, contact the team today.
Ready to take the next step? Start your application online or call 1300 467 274
if you’re hoping to buy a new car and believe you fulfil all the requirements needed for car finance, take a look at our car loan repayment calculator. You can adjust the settings to figure out a finance solution that woks for you and calculate the interest rate, repayment frequency and the length of the loan. Chat to one of our friendly car loan specialists and find out what’s possible for you and your situation.
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