Check Your Credit Score with Jacaranda

Jacaranda Finance customers can now check their credit score for free every month. Monitor your score and know where you stand to unlock new financial opportunities in the future.

Download the FastMoney app using the links below and follow the prompts to check your credit score today.

Decorative graphic of a Mobile
Check your score for free using our FastMoney app
Decorative graphic of a Coin
It’s free for current customers and won’t impact your credit score
Decorative graphic of a clock
Only takes a few minutes
Decorative graphic of a Database
Bank-level encryption keeps your credit safe

Jacaranda Finance customers can now check their credit score for free every month. Monitor your score and know where you stand to unlock new financial opportunities in the future.

Download the FastMoney app using the links below and follow the prompts to check your credit score today.

Decorative graphic of a Mobile
Check your score for free using our FastMoney app
Decorative graphic of a Coin
It’s free for current customers and won’t impact your credit score
Decorative graphic of a clock
Only takes a few minutes
Decorative graphic of a Database
Bank-level encryption keeps your credit safe
1.

About your credit score

A credit score, also known as a credit rating, is a score given to you based on your borrowing history from credit providers. When you apply for a credit product (such as a homeloan, car loan or credit card), your credit score can essentially act as a numerical representation of your trustworthiness and reliability as a borrower.

Credit scores can range between zero and 1,000 to 1,200, depending on the credit reporting bureau.

Why is checking your credit score important?

When you apply for a loan or credit product, lenders will likely use your credit score to assess your application.

Having a low credit score can limit your options in many ways. It could not only lower your chances of being approved for loans you apply for, but it could also exclude you from being eligible for certain loans.

On the other hand, a higher credit score can improve your chances of a successful loan application for a desirable product that meets your needs.

By checking your credit score regularly, you can see where you’re at financially. Knowing your credit score can stop you from applying for loans you might not be eligible for. It can also give you an idea of where you need to be and how much you might need to improve your credit score.

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Why check your credit score with Jacaranda Finance?

We make checking your credit score quick, easy, and, most importantly, free for our customers!

Take full control of your credit score

Despite how important a credit score is, 73% of Australians have no idea what theirs is. If that wasn’t bad enough, nearly half (48%) have never checked it, and 6% don't know what a credit score is at all!

We want to change that. If you're a current Jacaranda customer, you can track your credit score's progress with monthly updates to help you monitor your credit in real-time by signing into the FastMoney app. Remove the guesswork before you apply for your next loan, credit card, or whatever else you might need your credit score for!

No impact on your credit score

One of the biggest myths around credit scores is that frequently checking your credit score will lower it. However, according to Equifax, this is not true.

You are encouraged to check your credit score regularly, and doing so with Jacaranda Finance is no exception. What's more, when you apply for a loan with us, checking if you qualify first will have no impact on your credit score either!

 

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Improve your credit score quickly

Jacaranda Finance reports data under the Comprehensive Credit Reporting (CCR) regime. This means we provide a more detailed and comprehensive view of your credit history to credit bureaus.

If you have a loan with us, your credit behaviour, such as making timely repayments and managing your loans responsibly, will be reported, potentially strengthening your credit profile. You may also have improved access to more competitive loan products, better loan terms and increased transparency in your credit information.

Jacaranda customers can see how their credit score is tracking thanks to Comprehensive Credit Reporting in the FastMoney app.

Protect your credit from fraudsters

Your information is protected through bank-level security and encryption. You can also protect your credit by receiving alerts when there are any changes to your credit file, such as applications made in your name. This can help you guard against fraud and identity theft.

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Learn more about your credit

The more you check your credit score, the more you’ll know about how it works and how your credit behaviours can affect it.

You can also access important guides and resources about all things credit with Jacaranda Finance. Here are some of them below:

4.

How it works

Here’s how you can quickly and easily check your credit score with Jacaranda Finance.

Signing up is simple

If you’re an existing customer with Jacaranda Finance, simply login to your FastMoney mobile app account - download it here if you haven’t already!

In your customer dashboard, you should see an option to ‘Track Your Credit Score For Free’. Hit ‘Track My Credit Score’ to grant us access to your credit file via an access seeker check. Don’t worry: this is a ‘soft credit enquiry’ and won’t appear on your credit report to other lenders and won’t affect your credit score in any way.

As long as you don’t have any overdue loan repayments with us, you can view your credit score in the FastMoney app for free as often as you like!

Powered by Equifax

Your credit score is provided by Equifax, Australia’s largest credit reporting agency. Your Equifax credit score is out of 1,200. We’ll never charge you to obtain your score from Equifax. It’s 100% free.

Website: www.equifax.com.au
Privacy Policy: www.equifax.com.au/privacy
Telephone: 13 8332

Monthly updates

Our partnership with Equifax lets us provide you with an updated credit score every month based on the numerous factors and insights Equifax uses.

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See what the banks see

In addition to your credit score, banks and lenders will see the following information on your credit report:

Personal information

Personal info like your name, DOB, current and previous addresses, as well as your employment history and current employment status, will be shown.

Repayment history

A significant influence on your credit score is your repayment history. According to Experian, as much as 35% of your credit score is comprised of your repayment history, both good and bad.

Your report shows your recent on-time and missed repayments from your credit accounts.

Credit enquiries (applications)

Every time you apply for credit or a loan, the lender records this application (known as a 'credit enquiry') and appears on your credit report.

Defaults & infringements

Defaults appear on your credit report when a payment of $150 or more is overdue by 60 days or more. Other serious infringements can show up, too.

Bankruptcies & financial hardships

You can view bankruptcies, court readings, and personal insolvencies you may have filed for on your report. Financial hardship applications will also appear.

6.

It’s easy with the FastMoney app!

If you're new to Jacaranda or you're already a customer, the FastMoney app is here to make your life easier. Not only can Jacaranda customers check their credit score for free, but you can also:

  • Check your eligibility in minutes without impacting your credit score;
  • Apply for a loan in just 5-12 minutes1;
  • Receive a same-day outcome2 on your application and 60-second transfers to your bank account if approved3;
  • Check your loan balance and loan contract;
  • Request loan statements;
  • Make extra repayments;
  • Request to change repayment dates and frequency (weekly, fortnightly, monthly);
  • Quickly contact our customer service team for anything you need
7.

Credit score information & FAQs

Read more about credit scores - and some of our most frequently asked questions - below.

You can only check your credit score by logging into the FastMoney app and following the prompts. This feature is not available in the online portal.

Download the app on the Google or Apple store today.

Nothing! Checking your credit score in the FastMoney app is completely free for Jacaranda Finance customers!

The ability to check your credit score is a feature that is only available to existing Jacaranda Finance customers. If you're interested in taking out a loan with us, we offer three distinct products:

For detailed information about who our products are designed for, please review our Target Market Determinations.

For our check credit score feature, your credit report data is provided by Equifax, Australia’s largest credit reporting agency. Your Equifax credit score is out of 1,200.

We use the information you provide in the online application form as well as information on your bank statements to make sure that you qualify for a loan product during our credit assessment. If you don't qualify, your application will be declined without a credit check being conducted.

Once we have verified that you meet our non-credit report-related criteria, we do perform a credit check as part of our credit assessment, where an inquiry will be left on your credit file.

We will never perform a credit check without your express consent, which you provide to us when you apply for a loan with Jacaranda Finance. We store your acknowledgement and consent for seven years, and it can be supplied on demand.

There are four credit reporting bodies that we may use to conduct a credit check:

  • Equifax
  • Experian
  • illion
  • Talefin

Review our Privacy Policy for more information.

When you are considering applying for finance with Jacaranda, you can check if you qualify using our QualifyCheck technology, which does not affect your credit score.

Checking if you qualify

When you check if you qualify, we can access your credit file in a way that does not impact your credit score and that is not disclosed to anyone other than yourself. If you have alerts set up on your credit file, you will get a notification. This is called 'file access', and is different to a 'full credit enquiry'.

Submitting your loan application

Once you have checked if you qualify, and in the case that you do qualify, you have the option to submit your application to Jacaranda to perform a credit assessment. By submitting a full application, you authorise Jacaranda Finance Pty Ltd to obtain a copy of your full credit file. Other lenders will be able to see that you applied for a loan with Jacaranda.

Information we provide to Credit Reporting Bureaus

While we receive information from credit reporting bodies, we also advise them about your repayments. This is a good thing because other credit providers will be able to see your repayment history with Jacaranda. If you're making all of your repayments to us on time, this could positively impact your ability to get credit in the future.

For more information on your credit report and credit score, visit CreditSmart's website. You can also contact our customer service team if you have any further questions about how your credit score can be impacted by applying for one of our loans.

Checking your credit score with Jacaranda will not affect it in any way. We use a ‘file access’ to retrieve your credit information from Equifax, which is different to ‘full credit enquiry’ and will not appear on your credit report.

There are several main credit reporting agencies in Australia, primarily Equifax, Experian, and illion. Each of these companies uses a different formula when calculating your credit score, but generally speaking, your credit score will be calculated based on the following factors:

  • Your repayment history
  • The type of lender you’ve applied with
  • Your number of recent credit applications
  • The amount of money you’ve borrowed
  • Any defaults, bankruptcies and court judgements

Comprehensive Credit Reporting (CCR for short) refers to sharing more comprehensive customer information between credit providers and credit reporting bodies. It means someone’s positive credit behaviour can now be seen on their credit report, such as:

  • Repayment history of accounts (credit cards, loans, bills etc.)
  • Types of credit accounts opened in the last two years (including Buy Now, Pay Later)
  • The dates you applied for, opened, and closed credit accounts.
  • The current limits on your credit products.

And more. Jacaranda Finance is reporting data under Comprehensive Credit Reporting, which means that your credit behaviour, such as making timely repayments and managing your loans responsibly, will be reported, potentially strengthening your credit profile.

Learn more about Comprehensive Credit Reporting here.

If you miss a repayment or have an outstanding balance on your loan, you will be unable to view your credit score in the FastMoney app until this has been resolved. You can also be charged a late fee for missing a repayment.

If you think you'll miss a repayment or already have, contact our customer service team to discuss your options.

Our customer service team exist to make your life easier, and that’s what they'll do. It’s important that you contact them and communicate with them so they can help you.

Please consider that any changes to the loan schedule may extend the term of your loan and result in additional interest and/or fees being applicable.