How to monitor your credit score

Your credit score is one of the biggest factors that lenders take into account when looking at any credit application you make, so it is important to make sure all of the information that factors into your credit score is up to date.

Your credit score is calculated by using the information listed in your credit report, such as your financial history, your repayment history, and how many times you have applied for credit. By making sure this information is correct, you are giving yourself the best chance you can of being approved for any credit that you may wish to apply for.

Read on below to find out more about how to monitor your credit score.

How to monitor your credit score

Monitoring your own credit score or credit report is known as a soft inquiry, and generally will not affect your credit score. Regularly checking your credit reports and credit scores is essential in ensuring your personal and account information is correct. Regular monitoring may even help detect signs of potential identity theft. It’s important to familiarise yourself with all of the information listed on your credit report, as this information affects your credit score.

A credit report provides an overall image of how you use your credit, and how you have in the past. If you have ever owned a credit card or taken out a loan, you will have a credit history. Your credit file may include information such as loan inquiries, current loans, defaults or judgements, bankruptcies, and details about your repayment history. This information is used by credit providers when reviewing your credit applications.

As well as soft inquiries, there are also hard inquiries. Hard inquiries usually occur after you have applied for credit, and your lender reviews your credit history.

What should I look out for?

When monitoring your credit report, it’s important to make sure all your personal information is accurate, and there isn’t information listed that is unfamiliar to you. You should recognise all of the credit histories, payment histories and loan information. If you don’t recognise a piece of information, or there are changes to your credit report that you don’t think is right, it’s possible that there is an error on your credit report.

A credit report error can be any piece of information that appears on your credit report that is inaccurate. Incorrect information on your credit file could have an effect on your credit score and may affect your ability to be approved for a loan in the future.

If your credit score is lower than you believe it should be, you might want to consider looking at if the loans and debits listed are yours and if the listed amounts are correct. You might also want to check that the same loans and debts are not listed more than once and that your payment history is correct.

If you see a serious credit infringement on your credit report that you were unaware of, it may be because you owe a debt but your lender has been unable to contact you. An infringement may also be listed under your name if you have had no contact with your lender about any overdue repayments, and your lender has been trying to contact you.

If you do find an error, you can ask your lender or the credit reporting body to investigate the information you think might be wrong. If they find the information to be incorrect, they can get the error removed or amended.

How we can help

Try our credit score calculator today to find out your credit rating. Fast, free and safe, Tiger Finance can help you to find out your credit score at any time. If you’re looking for a loan, we can help to get you funded in four easy steps. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved. Call to speak to one of our loan specialists today for your free consultation.