WeMoney members receive free monthly updates on both their Equifax and Experian credit scores, as we understand several important reasons this benefits members. See below:
Education: giving members the capacity to learn about the components that make up their credit score, as well as how they can maximise score improving behaviours and minimise score reducing behaviours.
Financial products: your credit score is often one of the first factors that lenders consider when evaluating your eligibility. A high credit score can increase your chances of approval, while a low credit score can make it more difficult to get approved, for example.
Interest rates & loan terms: A stronger credit score can help you qualify for more competitive interest rates and better loan terms, reducing your repayments. Conversely, a weaker credit score may result in higher interest rates and less favourable loan terms.
Overall, knowing your credit score and understanding the proponents that impact your score can help improve your financial health, helping you to make more informed decisions about borrowing and lending, as well as take steps to improve your credit score over time, if required.