Your credit score is too important to be a set-and-forget number. Here’s why.
If you’ve taken a look at your credit score in the past, give yourself a pat on the back. You’re one step ahead of the 80% of Australians who’ve never checked out their credit score.
But here’s the thing. Your credit score isn’t set in cement like your date of birth. It can change over time and there are 5 smart reasons why it pays to make a habit of checking your credit score regularly.
1. It’s your reputation on the line
Lenders use your credit score to assess what sort of credit risk you pose, and having a healthy credit score can be one of your best assets when it comes to securing a home loan. It can even help you negotiate a better deal, which can make active management of your credit reputation a top priority.
2. A mistake could be unfairly lowering your credit score
Even if you pay your bills on time, it’s worth checking for any mistakes on your credit file. Something as simple as a misspelling of your name can impact your credit record.
It can take time to fix your credit score, so don’t wait until you’re ready to apply for a loan before checking your credit record. Keep regular tabs on your credit score to be sure the details are always up to date and spot on.
3. Your identity may have been stolen
Your identity can be worth a lot of money to thieves. Armed with your personal details, crooks can run up debts, take out a mobile phone contract and even apply for a passport – all in your name. The scary part is, you may not even know you’re a victim of identity theft until you get rejected for a loan.
Reviewing your credit score regularly is an easy way to know if someone is using your name to borrow money.
4. It’s fun
No, really. When you check your credit score on Credit Savvy, you can find out all sorts of interesting facts and figures – like how your current score compares with the previous scores – great to know if you’re heading for a personal best!
5. It’s free!
Zero. Zip. Zilch. That’s exactly what you’ll pay to find out your credit score with Credit Savvy. But don’t stop there. Sign up for monthly score updates and receive alerts if there are any changes to your credit file. It won’t cost a cent – and it won’t damage your credit score either.
You may also be interested in Quiz: can you cut through the credit score jargon? and How Do Phone & Internet Bills Affect Your Credit Score?