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Canstar’s Credit Score Information Hub is designed to help you understand your credit score and credit report. It covers topics including:
A credit score, also known as a credit rating, is a number calculated by a credit bureau (a credit reporting agency) to represent how trustworthy your reputation is as a borrower. Your credit score will typically be on a scale of 0-1,200 or 0-1,000 depending on the credit bureau you use. The higher your credit score, the better your credit position currently is.
Your credit score is one of the factors lenders may use to decide whether or not you are eligible for a credit product, and when deciding what interest rate to charge you.
Your credit report contains details about your credit history. The information in your credit report is used to calculate your credit score. The system of credit reporting in Australia is knows as ‘comprehensive credit reporting’, meaning both negative and positive information could be included on your report.
Your credit report may show things like details of any applications you have made for credit cards, loans, or other credit products; current credit accounts you hold and ones you have had in the past; overdue accounts or late payments, bankruptcy, and other credit-related information. Your credit report may also contain positive information about your credit history, such as details of the regular repayments you have made in full and on time.
Your credit report contains details about your credit history, whereas your credit score is a number that represents your ‘creditworthiness’ by drawing on the data from the report at a particular point.
No, checking your credit score does not have a negative impact on your rating.
If you notice an error in your credit report, you should consider contacting the credit bureau who may be able to investigate the complaint on your behalf and look into removing the incorrect listing.
Your credit score is usually on a scale between 0 and 1,200 or between 0 and 1,000 depending on the credit reporting agency you use to check your score.
Here’s how Equifax (formerly known as Veda) determines which categories different scores fall within:
|Credit-worthiness||Excellent||Very Good||Good||Average||Below Average|
|Score||841 – 1,200||756 – 840||666 – 755||506 – 665||0 – 505|
Equifax’s data shows that people who score in this range are in the top 20% of Australian consumers with an Equifax credit report and are highly unlikely to experience an adverse event that will harm their credit in the next 12 months.
Read about what having a high credit score can mean for your finances.
How can I maintain my excellent credit score?
If you’re keen to keep your credit score in a healthy position, the article below explains some steps you can consider taking.
Equifax’s data shows people who score in this range are twice as likely as the average Equifax credit report holder to keep a clean credit report over the next 12 months, and are unlikely to incur an adverse event during this time.
How can I keep or improve my score?
To improve a ‘very good’ credit score, continuing and building on your good habits – like paying your bills on time – may be important factors to consider. Find out more here:
People who score in this range are more likely than consumers who score in the lower ranges to keep a clean credit report in the next 12 months, according to Equifax’s data, and are less likely to experience an adverse event during this period.
What can I do to help improve my score?
Improving on a ‘good’ credit score could involve steps like continuing to make regular progress on paying down your debt and being careful when applying for additional credit products. You can read more about these and other steps to consider here:
According to Equifax data, scores in this range belong to people who are likely to experience an adverse event such as default, bankruptcy or court judgement in the next 12 months.
What can I do to help improve my score?
To fix or improve an average credit score, you may want to consider steps like keeping your credit card balances low and working to pay off outstanding loans and debt.
Find out more about fixing or improving your credit score:
Equifax’s data indicates that scores in this range belong to people who are more likely than consumers in the higher ranges to experience an adverse event such as default, bankruptcy or a court judgement in the next 12 months.
What can I do to improve my score?
Those who find themselves with a below average credit score may want to consider taking more urgent action to improve their position. You can read about some steps to consider taking here:
Here are some factors that may affect your credit score:
Having a poor credit record, or no credit history at all, doesn’t necessarily mean you likely won’t be able to access credit. Here are some articles which may give you an idea of what to think about if you find yourself in this position:
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