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Credit score is a number which is a reflection of how likely you are to pay back any money you borrow. It is used predominantly by loan companies, banks, insurance comapnies and credit card companies to assess your creditworthiness.

Your credit score is based around information from your own credit history. It is mainly for this reason it is so important to keep your credit report in flawless condition and to ensure that if anything looks suspicious, you deal with it straight away.

Credit scores generally range between 300 and 850. The higher the number, the lower interest rates on loans you will get. Good credit scores usually start at 720; it is virtually impossible to get a mortgage if your credit score falls below 660. If your score is low you should improve it.

How to check your credit score for free?

If you genuinely need to know your credit score, you can get it online almost instantly. There are various companies who advertise on the internet and whose service you can use if you need to check your credit score. However, most of these websites will charge you money for this information. Solution? Use only Credit Score Wiz if you want to receive truly free credit scores.

Why Your 3 Credit Scores May Be Different?

Not all credit reporting companies hold the same information on you, and each company may well use a different mathematical equation to calculate your score, so it is very likely every credit score from each company will be different. There are a number of reasons for this:

    • Each major credit reporting agency uses a different scoring equation to calculate scores;
    • Each lending source may not send your details to every major credit rating company, so your credit rating file will also be different from agency to agency;
    • Other than credit transactions, information about your domestic arrangements, court appearances and such likes is treated differently by each credit rating business;
    • There is often a difference between the credit score given to a potential creditor and an individual whose score it actually is.

TIP: Always get a copy of your credit score from each of the major credit bureaus to see who offers you the best score and look for a creditor who uses that bureau for their credit checks. With Credit Score Wiz™ you get exactly that – all 3 credit scores from major bureaus – and it’s absolutely free!

Free Score From a Lender? Yes!

Keep in mind that any finance company offering credit must also provide you with a copy of your credit score IF they have used all, or part of, your credit report when calculating your credit score and subsequently:

    • Refuse your request for credit;
    • Raise the cost of present borrowing rates;
    • Offer less than favourable rates for credit.

All you need to do is ask for a copy of your score from the business who refused to grant you credit, free of charge. Yes, it’s that simple!

What Affects Your Credit Score Number?

    • How regularly you have paid bills in the past;
    • The type of credit accounts you have and how many of them you have;
    • Details of your recent credit changes;
    • Details of any debts, foreclosures or late payments;
    • Whether you are already overextending your credit facilities.

Items such as your gender, ethnicity, sex, or whether or not you are married cannot be taken in to consideration when calculating your credit score.