What is my credit score?Your credit score is a number between 0 and 1,000 that lenders use when deciding whether to give you a loan or credit card. The higher your score, the more likely you are to be approved.
Why should I check my credit score?It can help you determine whether you'll be approved for a loan or credit and what interest rate you could get. Knowing your credit score can also open up opportunities and help you make more informed financial decisions.
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Apply for financial products with confidenceSee your likelihood* of getting accepted for a credit card or a loan. This can help you protect your credit score by avoiding applications that you might not be eligible for.
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What is a credit score?
Your credit score is a numerical score that represents how creditworthy you are, or in other words, a number that demonstrates your reputation as a borrower. The higher the score, the more creditworthy you appear.
Experian uses a 1000-point credit score scale and any credit score of 670 or higher is considered a good score. Depending on your score, you will be given a classification band that ranges from "Below average" up to "Excellent".
What is a credit report?
A credit report contains the nitty-gritty detail of how a credit score is calculated. Along with your date of birth, driver's licence number and contact details, a credit report includes details of any credit product you've held or applied for, your repayment history, defaults on bills and loans and any bankruptcies or debt agreements.
How do credit scores work?
When you apply for credit in Australia, your lender will check your credit score and credit history. Lenders then use this to determine how likely you are to repay your loan or line of credit and therefore your eligibility as a borrower.
Lenders check your credit score using 1 of the 3 major credit reporting agencies in Australia - Experian, Equifax or illion. These agencies collect your financial information and collate it into a credit report and calculate your credit score. Each one has its own system for determining your credit score.
The data used to calculate your credit score can also differ slightly between agencies but will include the following details from your credit report:
- Your personal details (name, date of birth, employment history and length of time at your home address)
- The type and amount of credit you have applied for in the past (including the credit provider, product, opening and closing dates and the credit limit)
- The number of credit applications you've made
- Your repayment history on credit accounts (showing if you've paid on time)
- Overdue accounts
- Information regarding any court judgments or bankruptcy
Why should I check my credit score and report?
How to check your credit score
What can I do with a good credit score?
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How your credit report can protect you from identity theft
Over the last few years, Australian companies such as Optus, Latitude Financial, Medibank and Canva have suffered major data breaches.
This has meant the personal details of millions of Australians have been exposed. If you personal details have been leaked, they can then be used to fraudulently apply for financial products in your name.
By regularly checking your free credit report, you can stay on top of any irregularities in your credit file, including potential fraudulent credit applications or other forms of identity theft.
How can I improve a bad credit score?
How can I fix errors in my credit report?
If you find any errors on your credit report or see something that shouldn't be there, you should contact Experian immediately to request to have it removed. Learn more.
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