How getting your credit score can help you achieve your financial goals

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THE start of the financial year is a great time to set new money goals.

Whether you are planning to buy a house, renovating, getting a credit card or saving for a new car it is likely you will need to call on a lender to help realise these ideas.

To ensure you achieve them it makes sense to find out how banks and other financial institutions rate you first.

All of them rely on credit agencies to find out as much as they can about a potential lenders borrowing and payment history.

Mortgage Finance Specialist Lisa Montgomery says, until recent years, consumers had limited access to their credit score and often only found out after applying for a mortgage or another product.

Its important to be credit aware and thats what getting a credit score can do for you, Montgomery says.

It can help you negotiate a better deal ... and if you come across something negative (in your credit history) it gives you a chance to correct it. You have a chance to query, resolve and repair it.

Credit scores are comprised of information generated by a whole range of financial products including phone and data bills, electricity bills as well as credit card accounts and loans.

Lucy Lugton decided to get her credit score as she wants to buy a property in the next year or two.

I am going through the processes of what I need to do to be able to afford to get a mortgage and a credit score looks at your trustworthiness, Lugton says.

She is glad she found out how potential lenders might view her application as her score was not as high as she had expected.

I am good at managing my credit cards but I think it (the lower than expected result) was a hangover from when I was younger, she says.

She says it was goo to know that up front so she can manage her finances and work out how much she can borrow.

Izzy Silva, spokesman for, says sometimes the negative points impacting your credit score may be incorrect and knowing what your number is enables you to have your record corrected before it has a chance to affect a future loan.

The company is giving away free credit scores to anyone who applies online at this site.