Why Do You Need to Check Your Credit Score?
We explain why it's important to check your credit score regularly.
When it comes to your eligibility for a home loan, your credit score plays an important role, hence why it’s crucial to keep an eye on your credit score.
Lenders assess your credit score to help them determine whether to approve your application for credit or a loan. A good credit history indicates that you are likely to be a reliable customer into the future who consistently makes repayments on time – this will give you a better chance on getting your application approved. However, if your credit score is low, it may be viewed by lenders as being risky and this could impact your ability to receive approval on a home loan. If you do receive approval, you may be charged a higher interest rate and may also need to pay for Lender’s Mortgage Insurance or a Low Deposit Premium.
It’s also worth checking your credit report regularly to ensure the information is up-to-date and accurate. If there are discrepancies, you can contact the credit reporting body and ask for this to be changed at no cost.
How can I check my credit score?
You can check and track your credit score for free with tools like Credit Savvy. Different credit reporting agencies will score in different ways and generally the number is between 0 to 1000. but the higher the number, the better your score.
Learn more about what is credit score and how it’s calculated.
This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.
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