Credit scores can change for various reasons based on your financial behaviour and credit activity. WeMoney provides detailed information about the factors that impact your score.
How to see what's affecting your score
Tap Score on the bottom menu bar of the WeMoney app
Scroll down to view Credit factors
You'll see information about your credit accounts, repayment history, and other factors impacting your score
Common reasons credit scores change
Payment history (making payments on time or missing payments)
Credit applications (applying for new credit cards, loans, or other credit products)
Credit utilisation (how much of your available credit you're using)
Number and type of credit accounts
Length of your credit history
Defaults or negative marks on your credit file
Understanding your score changes
WeMoney's detailed breakdown can help you identify areas for improvement and develop a plan to reach your financial goals. By monitoring these factors over time, you can take proactive steps to improve your credit score.
If you notice any unusual changes or potential fraudulent activity, you can contact Equifax (13 83 32) or Experian (1300 783 684) directly to investigate.