Stay on top of your finances with regular email alerts from Finder.
Opting in to Finder's free credit monitoring service when you get your credit score means you'll be alerted anytime something on your report changes. Even if nothing has changed you'll get an update every month so you can stay on top of your score, as well as providing some peace of mind.
This service, just like your credit report, is available for free via Finder and doesn't impact your credit score.
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Why should I monitor my credit score?
Your credit score fluctuates as your financial history changes, so there are several reasons why you should check it regularly:
- Early alert to identity theft or fraud. If you notice that your credit score drops, it could be because one of your accounts has been used for fraudulent activity. If you see suspicious listings on your credit report, you can immediately contact your credit issuer to have it resolved and removed.
- Quick reporting of errors and inconsistencies. If you check your credit score frequently, you're more likely to spot any errors earlier. This could include incorrect debt amounts and defaults from contested overdue accounts. The sooner you spot these mistakes, the sooner you can contact your credit issuer or the credit reporting bureau to have it resolved.
- Assess your likelihood of being approved. Whether you're applying for a new credit account or a limit increase, you should check your credit score to understand your likelihood of approval. Your application could be denied if you have a low credit score, which would further impact your credit history. If you have good credit, you'll know that you're ready to apply and if not, you can spend some time improving your credit score before you apply.
If you check your credit score and it's lower than you'd hoped, you can check out our detailed guide to credit repair to learn how you can improve it.
How can I get my current credit report and credit score?
If you opt in to Finder's credit monitoring service online, you will automatically receive a current Experian credit report to the email address you provide monthly or whenever your credit score or report changes. You can withdraw from this program at any time.
What information could cause a change?
Whether your numerical score changes or not, all of the below will cause a change on your report if and when they are reported:
- New credit enquiry. If you apply for a new utility account, loan or credit card, the provider will enquire about your credit. These enquiries are listed on your account regardless of whether you're approved or declined.
- Credit limit increase or decrease. All credit limit changes are listed on your report. For example, if you request a credit limit increase on your credit card to make a large purchase.
- Existing credit account added. If your existing credit issuer starts reporting to a credit reporting bureau, it will begin showing up on your credit report. For example, if you've had a mobile plan for years and the telco just started to report data to Experian.
- Your repayment history. Your repayment history, both on time and late, will be detailed on your credit report.
- New and cancelled credit accounts. From applying for a new personal loan to closing an old credit card, these account changes will be listed on your report.
- Defaults. If you have an overdue account of $150 or more that's delayed for 60 days or longer, it will be listed as a default. Whether it's paid, settled, increased or decreased, it will remain on your report for 5 years.
- Serious credit infringements. If you have overdue accounts and haven't made contact with your provider in six months, any amount owing will be classified as a serious credit infringement. This could happen if you fail to pay your bills or haven't seen correspondence from your credit issuer because you've moved and haven't updated your details. Even if you pay it, these will remain on your report for seven years.
- Bankruptcy. If you've declared bankruptcy or your bankruptcy status has changed (for example, the bankruptcy you declared five years ago has been removed from your report), you'll see a change on your credit report.
- Court judgements. If a court judgement is added, paid, discontinued or set aside, it will be listed on your report. For example, a court ordering you to pay your credit provider what you owe them, including any fees, interest and penalties, will appear on your report.
Whether you're applying for a new credit account or resolving an invalid listing, it's important to stay on top of your credit history. When you opt in to this complimentary service, you'll have a better understanding of your finances, ensure your report's accuracy and protect yourself from identity theft or fraud.
You can get your credit score and comprehensive report for free through Finder today.