19 Nov Credit Wellness Starts Here: Grab Your Free Credit Score

In our step-by-step guide to debt clearance, we highlight the importance of obtaining your credit report before taking out a loan. This isn’t the only time you should check your credit report, though. At Credit Boost, we recommend that credit-active individuals check their credit reports once a year to make sure everything that is shown is accurate and up-to-date. By staying on top of your finances, budgeting properly, and prioritising your debts, you’re on track for financial wellness.

What is your Credit Report used for?

Whenever an extension of credit is made by a bank or credit provider, a credit check is first conducted to assess your borrowing and repayment behaviours, both in the past and at present. A credit report will also show how much debt you are currently in, as well as reflect your payments towards them. In our tips for smart borrowing, we emphasize the importance of first obtaining your credit report before taking out a loan.

Your credit report is a powerful tool that keeps lenders from entering into any reckless lending agreements, where a borrower is going to struggle to afford their repayments. If your credit risk status is high and your credit score is low, it is unlikely you will qualify for credit in the traditional sense. It is important to note that your credit score changes based on your financial actions. If you work towards debt clearance, your next step should be to improve your credit score.

Any lender that is National Credit Regulator (NCR) approved will first check your credit report, as part of their process before approving or denying your loan application. Sometimes, landlords or estate agents may check your credit score as part of their property rental screening process. The ideal credit score is anything above 640, while a low credit score is anything below 615.

How can Credit Boost help?

At Credit Boost, we specialise in a selection of professional services to help you boost your credit and improve your finances. One way that we do this is by providing a FREE service to assist you in getting your credit report when you need it. Once you’ve taken this step with us, you’re given the useful insight needed to plan your next move.

To get your free credit score with our help, simply get in touch with us online today. Our team is on your side and can advise you on the different solutions available based on your exact circumstances and the findings on your credit report. We can also help you understand your credit report to see if there is anything on there you need to dispute.
Get a handle on your finances and take the right steps to boost your credit. We are here to help you, every step of the way.