How to find out your credit score using GetCreditScore
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Myths and misinformation abound in the world of credit reporting and it can be hard to keep track of what you actually need to know. To help you cut through the noise (and avoid combing through a lengthy credit report), credit bureaus like Equifax now work with online services to make it easier for you to find out whether you have a good credit score or a not so good one.
By providing just a bit of information on your side, GetCreditScore can get you your credit score for free and give you access to additional tools to help you track your score. Read on to find out what to expect, where your credit score fits in and what you can do to improve your credit score.
What is GetCreditScore?
GetCreditScore is owned by Equifax, one of Australia's leading credit bureaus. Credit bureaus like Equifax collect and maintain people's credit information and provide it to lenders, creditors and consumers in the form of a credit report.
GetCreditScore is an organisation that acts on your behalf to retrieve your credit information and help you understand what it means and where you fit in amongst the rest of the population.
What service does it offer?
GetCreditScore is a free service that provides you with your Equifax credit score along with a personalised credit dashboard. You can use your dashboard to see your latest credit score, your score history, get tips on how to improve your credit score and also see what's helping to improve your score or what's holding it back.
Credit scores are dynamic and can change over time so each month, GetCreditScore can send you a reminder to log in to your dashboard and check your credit score.
How to get your credit score with GetCreditScore
You can create an account with GetCreditScore by providing some personal information and your driver's licence to help identify you. You'll also need access to your email to verify your address and activate your account.
GetCreditScore will then securely retrieve your credit information from Equifax and present you with your credit score.
What are the credit score ranges from GetCreditScore?
The Equifax model is used to calculate your credit score with GetCreditScore. This means your score will fall between 0 and 1,200. Generally speaking, the higher your score, the healthier your credit rating and the greater your chances are of a lender approving a loan application.
Equifax uses rankings to help you and potential lenders understand your credit strength and position relative to other Aussies. The ranges are based on historical analysis to determine how likely an event, such as a default, court judgement or personal insolvency, is to be recorded on your credit report in the next 12 months.
If you fall in this rank then you're in the top 20% of Equifax's credit-active population and, according to GetCreditScore, your odds of keeping a clean file are five times better than Equifax's average population.
Very good: 726-832
A score in this range suggests it's unlikely that you will incur an adverse event in the next 12 months. Your odds of keeping your credit report clean are double that of Equifax's average credit-active population.
This credit score suggests it's less likely you will incur an adverse event that could harm your credit report in the next 12 months. Your odds of keeping a clean credit report are better than Equifax's average credit-active population.
If your credit score is between 510 and 621 then your credit score range is Average. Your GetCreditScore score would suggest it's likely that you will incur an adverse event such as a default or bankruptcy in the next year.
Below average: 0-509
A score in the below average range means you're in the bottom 20% of Equifax's credit-active population. This would suggest it's more likely that an adverse event could occur in the next 12 months.
What can I do about a low GetCreditScore score?
If you're looking at your credit score and thinking you can do a bit better, there are several ways you can improve your credit score.
GetCreditScore suggests checking your personalised dashboard each month along with the following steps:
- Pay-off any defaults
- Avoid late payments on bills
- Make loan repayments on time
- Avoid applying for several loans or credit cards in a short period of time
How does GetCreditScore get your credit score?
Once you've signed up for your account, GetCreditScore connects directly to Equifax to check your identity. There are a number of key factors that are taken into consideration when generating your credit score, including:
- Type of credit provider making an enquiry on your report
- The type and size of credit requested in your application
- Number of credit enquiries and shopping patterns
- Age of credit report
- Pattern of credit enquiries over time
- Your personal details (including age, how long you've been employed in your current position and how long you've resided at your address)
- Default information
- Court writs and default judgements
Keen for more? Make a beeline for our full credit score guide for more information on what they're used for, how they work, and where else you can get your credit score for free.
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