The Easiest Way to Check your Credit Score

Check your credit scoreAre you looking for the easiest way to check your credit score?  Before you sign up to a dodgy website or pay for a credit monitoring service, make sure you take a look at WeMoney.  It’s a completely free and easy way to quickly check your credit score.

The Easiest way to check your Credit Score – WeMoney

WeMoney is a relatively new app for tracking your personal finance.  You can use it to get an overview of your net worth and spending and it also automatically keeps track of your credit score.

Using WeMoney will have no impact on your credit score (it’s a myth that checking your credit score has some kind of impact on it).

What I like most about WeMoney is how it presents your credit score info in a really simple and easy to understand way.

Here’s what WeMoney will show you:

  • Credit Accounts and Relationships – This will show you all the accounts that are contributing to your score in some way.  If you don’t recognise something on this screen it’s a good idea to find out more!
  • Repayment on Time – This will show you the repayments you make on your various credit accounts (loans, credit cards etc).  It will show you if the repayments were on time or late.
  • Credit Enquiries – If a company checks your credit score, it will show up on this screen.
  • Negative Events – These events will negatively effect your score.

They also show you how to get in touch with Experian (the company who tracks your credit) so you can report anything that isn’t right.

Your score gets updated through WeMoney once a month.

Is WeMoney Free?

Yes!  WeMoney is free to use.  You shouldn’t need to pay to access data about yourself.  Never pay to access your credit score, it’s more likely a scam!  WeMoney makes money by showing offers to various financial offers.

As well a checking your credit score, you can use WeMoney to keep track of your investments (like Spaceship and Raiz), your Super, your Afterpay and bank accounts.  You can get a complete overview of your net worth.

Get $5 When you Sign up to WeMoney

WeMoney is currently running a promotion where you get $5 when you sign up!  You can find out more about the WeMoney referral bonus here.

Why Check your Credit Score

Why is a credit score important?  Personally I don’t think it’s super important to keep track of your score, unless you’ve had credit issues in the past.

If you’re looking to apply for a loan or get a credit card, then a credit score might be important.  For home loans, a credit score isn’t going to be a huge issue unless you have a really bad score.  Banks need to look at a range of factors before giving you a loan – not just a number.  If you’re looking to apply for a credit card or take out finance in a store, then a credit score will be more important.

Checking a credit score will also give you peace of mind.   You’ll discover if there are any unexpected items.

Do you need to “build you score”?

This a myth often thrown about by older generations.  Ever heard someone say, “you should get a credit card to help build you score”.  If you’ve never had a loan or credit card, and you’ve never fallen behind on your bills, then you will have a good credit score.  You don’t need to “build” one.

You don’t need to get a credit card or loan in order to build your score. I’ve never had any loans or credit cards, and I had no problem getting a home loan.  When I checked my credit score it was rated as “excellent”.

If you have got a bad credit score, then yes, knowing your score will be more important.  And knowing where you stand you can work at getting a better score.

You can find out more about WeMoney here

 

This post is for educational purposes and should not be considered as investment advice. This post is based on individual experience and journalistic research.

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