How to get your credit score using ClearScore
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Applying for credit can sometimes be a daunting experience. Who knows how you'll stack up against all the criteria and metrics designed to decide if you're worthy of approval or not? Fortunately, there are services out there that can unlock a part of that mystery by helping you learn your credit score.
Understanding what makes a good or bad credit score gives you a leg up when navigating your finances. Companies such as ClearScore can get you your credit score for free and give you access to additional tools that help you track your credit report.
What is ClearScore?
ClearScore is an online service that gives you access to your Equifax credit score and lets you see how you appear to banks and lenders. Equifax, one of three credit reporting agencies in Australia, is sent information by lenders about your credit and how you manage it to compile a comprehensive credit report.
While ClearScore is a free service, it does earn money from advertising from banks and other financial institutions. If you choose to purchase a financial product that is suggested to you, ClearScore is paid a commission by the provider.
What service does it offer?
ClearScore can provide you with a credit score using the information in your credit report. This can be used personally to give you an idea of where you stand financially and by lenders to determine whether you qualify for credit, such as a credit card or loan.
With ClearScore's free online service you can:
- Get access to your credit score
- Track your finances in your credit report
- Learn what's behind your credit score
- Check your credit report for signs of fraud
- See if your passwords have been stolen with dark web monitoring
How to get your credit score with ClearScore
You can create an account with ClearScore by verifying your identity with a form of ID, such as a passport, driver's licence or Medicare card. This is a security measure to make sure only you can access your credit report and score.
Once your identity is verified, ClearScore will securely retrieve your credit data from Experian and provide you with your credit score.
What are the credit score bands from ClearScore?
Your ClearScore credit score is a number out of 1,000 which helps lenders decide whether to give you credit. A higher score means that your application has a higher chance of being accepted and that you could be eligible for better interest rates when borrowing money or taking out a home loan.
To help you see how you rank, ClearScore categorises your credit score into one of five bands ranging from "Soaring high" for the highest scores down to "Raise your game" for ones that need more improvement.
|625-699||On good ground|
|550-624||On the up|
|0-549||Raise your game|
What can I do about a low score on ClearScore?
Once you learn your credit score, your next thought might be how you can make it better. When you view your score in your ClearScore report, you'll be shown insights that are tailored to your credit history that include what might be affecting your credit score and ways to improve them.
According to ClearScore, these are some of the factors that can positively or negatively impact your score:
Factors that can positively impact your score
- Good repayment history
- A low number of credit enquiries
- A stable address
- No negative entries on your credit report (for example, missed payments, defaults, court judgements or bankruptcy)
Factors that can negatively impact your score
- Short term credit (for example, payday lenders)
- A large number of credit enquiries in a short space of time
- Defaults, bankruptcy actions, missed payments or court judgements
- Open accounts with debt collection agencies
How does ClearScore get your credit score?
ClearScore gets your credit report from Experian when you sign up and verify your identity. It will continue to get updates to your report every month and provide you with an updated score, if applicable.
Ready to learn more about the world of credit scores? Head to our credit score guide for more on how they work, what they're used for, and where else you can find your credit score for free.
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