Checking your credit score in Australia is free and doesn't hurt your score. It's worth doing before you apply for finance, so you know where you stand and can fix any mistakes first.
Credit report vs credit score
Your credit report is the record of your credit history held by a credit reporting body. Your credit score is a number calculated from that information, and it's one of the things lenders look at. Lenders also consider your income, expenses, existing debts and the finance you're asking for.
Where to check
- Credit reporting bodies. The two main ones are Equifax and Experian (which now includes illion's consumer data). Each must give you a free copy of your credit report once every three months, and also if you've been refused credit in the last 90 days or your file has been corrected (OAIC).
- Free score services. Equifax, Experian, many banks and several comparison sites offer a free credit score, usually online. Services differ in which bureau they use and how they score, so don't be alarmed if two numbers don't match.
If you find a mistake
If something looks wrong, such as a loan that isn't yours or a late payment that was paid on time, ask the credit reporting body and the lender that listed it to correct it. If you're not satisfied with the outcome, you can complain to the Australian Financial Complaints Authority (AFCA).
Why it matters
Checking regularly helps you avoid surprises when you apply for finance. To see how your score can affect a loan, read Credit score: how it affects your car loan.