It means access to and pricing in relation to products such as credit cards, home or personal loans may be impacted, and some borrowers may be able to access better deals. So, how can you work out which option is best for you? For me, the answer is not just about cost, it also comes down to asking yourself five basic questions. The impact of the reforms are particularly concerning when you consider that a quarter of Australian women are completely unaware of what a credit score is and 65 per cent of women have never checked their credit report, according to research from consumer education website, CreditSmart.
It’s really useful to double or even triple check with one or more credit score providers when getting a free credit check. This will reassure you that you’re getting the most reliable credit rating applicable to you at the current time. By contrast, the number of women who have obtained a wealth management product such as superannuation or managed funds from a financial planner or accountant has fallen by 4 per cent since 2016, according to Roy Morgan. You need to be aware that free credit checks aren’t always reliable and up to date as your credit score is dynamic. She adds that robo advice tends to be more suited to women who are “financially educated and have a genuine interest in investments”. This means that it can change in line with your financial circumstances so if you default on a loan one month, it could dramatically decrease – whereas you may pay back a loan in full in which case your credit score could increase. It could take a little while for your credit check to update and show the results accordingly.