How often should I check my credit score?

There’s no limit to how often you can check your credit score – and it’s easy to do. Just head to platforms such as RateCity or Finder, which let you see your credit score and keep tabs on whether it has gone up or down.

Just taking a look at your credit score won’t impact your credit record. So you can check your score quarterly, every six months or annually – whatever suits your preference.

However, there are times when it makes sense to check your credit score in between these dates.

You plan to apply for a loan or credit card.

Before applying for any sort of credit it’s a good idea to take a look at your credit score. This way, you can be confident that your score is in good shape before you make a formal application with a lender.

You’ve been waiting for a negative event to be wiped from your credit record.

Your credit report records both positive events such as regular credit card repayments, as well as negative events including a loan default (non-payment).

Negative events can tarnish your credit history, and reduce your credit score. But the good news is that they won’t remain on your credit report indefinitely.

A default, for instance, stays on your credit file for five years. So, once this time has elapsed, you should see an uptick in your credit score, and this can put you in a better position to apply for a loan or credit.

You are concerned you may have become a victim of identity theft.

Fraud can happen in a variety of ways, and it’s more common than you may think. According to the Australian Bureau of Statistics, 2.1 million Australians – one in nine of us – experienced personal fraud in 2020-211.

Fraud can mean losing money to scams. But it can also involve people stealing your identity to take out credit in your name.

If you’re concerned you may have been impacted by fraud, it’s a good idea to let your bank know. But it’s also sensible to check your credit score. A decrease in your score can be the result of cyber-crims making loan applications using your identity, and the sooner you alert credit reference agencies of what’s happened, the sooner they can take action to preserve your great score.

For more information on why your credit score matters, talk to the team at Defence Bank. Call our Contact Centre on 1800 033 139 or visit your local branch to find out more.

Got questions? We have the answers. See our FAQs.




Important note: This information is of a general nature and is not intended to be relied on by you as advice in any particular matter. You should contact us at Defence Bank to discuss how this information may apply to your circumstances.

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