Your credit score is an important part of your overall financial health, and can affect your ability to secure personal loans, credit cards and vehicle finance. A good credit score can also save you money by helping you qualify for lower interest rates, while a lower credit score can lead to higher interest rates or not getting the credit product you have applied for.
So, how do you know if you have a good or bad credit score? Can you check your credit score – for free – so that you have a better understanding of whether you will qualify for a loan or not? Read this blog post to find out how.
What is a credit score?
A credit score is a 3 digit number that can determine your chances of being approved for certain financial products like personal loans or credit cards. The higher your credit score, the higher your chances are of success when you apply for a loan. If you want to improve your credit score, read our insights on how our FASTACard can help you.
Your credit score is based on your credit report – a record of your credit history and how you’ve managed your finances in the past. This allows lenders to assess your level of risk when you apply for credit.
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How to check your credit score for free
There are a number of online platforms where you can check your credit score for free. Here are 3 websites you can use to get a free credit score check:
ClearScore
ClearScore is dedicated to helping others improve their financial wellbeing. ClearScore provides access to your financial data, including credit reports and credit scores. By signing up for free, you will have access to your credit report and credit score, as well as personalised offers for personal loans, credit cards and more.
Experian
Experian offers free personal credit reports as well as credit scores on “My Credit Check” and “My Credit Expert”, which are their own, easy-to-use, online portals. All South Africans can access their free credit report and score by providing their valid South African ID number. Once you’ve signed up, you will be able to understand your credit data, monitor accounts, manage debt, and improve your credit profile.
TransUnion
Anyone can obtain their free TransUnion report directly from TransUnion. The benefit of receiving your credit report and credit score from a credit bureau, like TransUnion, is that anyone who obtains their free credit report and has concerns about any errors can contact the credit bureau that issued the report and lodge a dispute.
Remember, it is a good practice to check your credit score regularly so that you can stay on top of your financial health. By using these websites, you can monitor your credit score without having to pay for it.
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