The service is 100% free and you can use it as often as you like – please remember the credit bureau information is only updated once a month.

Each credit inquiry through Finance365 is a consumer inquiry and does not affect your credit score.

It is important to pay your credit provider on time or early every month to ensure you have the best credit score.

By only utilising a percentage of each credit facility your credit score will improve as this shows you can manage your finances and not live on borrowed money.

It is best to start with some small accounts like store cards and cell phone contracts (if you can afford them) and then build your credit profile until you have a mix of different finances. This will assist when you want to apply for larger finances such as a car and house.

Payment History: This greatly impacts your credit score. Making timely payments and consistently paying bills on time demonstrates sound financial behaviour and can greatly improve your credit score. Not paying on time, even if you catch up next month could affect your credit history.

Debt utilisation Ratio: This ratio measures the amount of debt being used compared to the total available credit. Ideally try to keep the Debt utilised vs debt granted at 80% of the granted amount.

Credit Account Management: Consumers should aim to maintain a mix of different types of credit accounts, such as credit cards, instalment loans, and mortgages. However, it’s important to manage these accounts responsibly and avoid opening too many new accounts within a short period, as this can negatively affect credit scores. By keeping balances low on credit cards and other “revolving credit.” you could improve your credit score.

Debt History: The length of time accounts have been open impacts credit scores. Generally, a longer debt history can positively influence scores.

Number of Credit Bureau enquiries: Consumers should try and minimise the amount of enquiries. Be cautious about applying for new credit too frequently, especially if they are actively seeking to improve their credit score.

Identity fraud monitoring: Regularly monitoring your consumer credit reports allows you to identify possible fraudulent activity that may negatively impact their credit score. Contact your primary Credit Bureau should you suspect any irregularities.

Adverse listings monitoring: Information such as court judgments taken against a consumer’s name (commonly known as blacklisting) will negatively impact your credit score.

What to do about it?
Financial Wellness Coaching: Seeking guidance from your Finance365 Coach on how best you can utilise a personalised strategy aimed at improving your credit score as well as your overall financial wellness. This is where Finance365 can help.

We have financial wellness coaches available to assist you with any queries you have.

Our financial wellness coaches are available to review your individual circumstances and provide tailored solutions to get your credit record cleared.