Credit Score Update in 2021

News
January 6, 2021

Staying on top of your credit score is important, especially if you’re planning to apply for a home loan. Your credit score is determined by factors like how well you’ve managed debt and bills in the past, but there are some things that don’t affect your score at all. Let’s set the record straight on what doesn’t impact your credit score.

– Checking your credit score
Just keeping track of your credit score won’t impact it in any way. Checking your score with a provider like Equifax generates a ‘soft enquiry’. This has no effect on your score, unlike ‘hard enquiries’, which are recorded if you actually apply for credit.

If you’re not sure, please contact us and we will help you through the process to give you peace of mind…

Loan repayment deferrals will not impact a borrower’s credit rating.

Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.