Check Your Credit Score for Free

What is a Credit Score?

A credit score is a mathematical algorithm used by lenders to determine an applicants’ character and propensity to make repayments.

Prior to the 1950’s, when you needed a loan for a vehicle or home repairs, you sat down with the neighbourhood banker, whom you had known since birth. The banker personally knew your entire family and could vouch for your character. He knew the amount of your pay check and if you had ever made a late payment.

Conversely, a credit score allows any lender, regardless of their relationship with you, to obtain a picture of your current debts with outstanding balances, along with your payment history.

Check Your Credit Score for Free


Importance of Knowing Your Credit Score

In additional to providing your financial history, credit bureaus will also provide lenders with a calculated credit score. Some lenders may choose to view the provided financial history and calculate their own credit score.

Knowledge of your credit score gives you advance notice of what lenders will see when you apply for a credit cards or a vehicle loan. Familiarity with your financial history and credit score can prevent the shock of being declined for credit.

High Credit Score

A “good” credit score is typically over 700 (on a scale out of 850). Anything over 780 is considered excellent credit. Applicants with a higher credit score are viewed as being lower risk.

Loans offered at 0%APR are typically reserved for high credit score applicants.

Low Credit Score

A low, or poor, credit score can reduce your chances of being approved. It is important to note that each lender has different credit score guidelines when reviewing applications.

Your credit score may negatively be impacted by the following factors:

  • Available credit (For example, how much money is available on your credit card)
  • Total debt
  • Payment history
  • Frequent credit searches (excluding searches completed by you)
  • Public records (not being registered on the electoral roll or court judgments)

Credit Bureaus and Credit Scores

While a credit score is a number, the data (your individual credit history) used to create is the score is provided to the bank or credit card company from a credit referencing agency, also known as a credit bureau.

Experian, Equifax, and TransUnion are the credit bureaus that compile your financial history and share this history with lenders by request.

Credit scores may vary slightly based on the credit bureau or lender that completed the calculation.

Improve your Credit Score

If your credit score is not as high as you desire, follow these steps to increase your score:

  1. Dispute any incorrect findings
  2. Make all payments ontime
  3. Pay off debt
  4. Keep credit card balances low
    1. Maintain a credit utilization of under 30%
    2. Credit utilization is your total debt divided by total available credit
  5. Assess unused credit card accounts
    1. Only close accounts if doing so will increase credit utilization %
    2. Fewer open accounts with the same overall debt may lower your score
  6. Register on the electoral roll

Calculate Credit Score for Free!

Visit Experian check your credit score for free. Using Experian to check your credit score will not negatively affect your current score.

An updated free credit score can be accessed every 30 days. Outstanding balances on credit cards and loans will be reflected as well.

Monitoring your credit score allows you actively increase your score while becoming a more informed applicant.


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