How to understand your Illion credit score & report
06 Feb 2023
Your credit score is a reflection of how reliable you are seen to be as a borrower. To view your score, you can ask for a report from a credit reporting agency such as Illion. If you’re interested in knowing more about your Illion credit score, here’s how you can check it and what it means.
What is Illion?
Illion is a provider of data and analytics products and services in Australasia. The company collects and maintains information about individuals and businesses regarding their credit history. It then uses that information to compile credit reports and credit scores, which can be checked to see creditworthiness. Illion is one of three major credit reporting bureaus in Australia, the others being Equifax and Experion.
→ You can check your credit score for free with Canstar
Illion credit reports and scores
Illion provides customers with free copies of credit scores and reports. According to the company, your Illion credit score is an indication of how creditworthy you are and how likely you are to pay your bills and make credit repayments on time. An Illion credit check provides you with a score and shows how you compare to others.
Illion generates a credit report, which is a detailed history of your credit enquiries, bill repayments, loan defaults, court judgments and any current credit you may have, such as a mortgage, credit cards or debt that’s owed to buy now pay later (BNPL) providers.
→ Related: 10 ways you could be hurting your credit score
How can I get my Illion credit score and report?
According to Illion, you can request a copy of your personal credit report online via their website. Your identity will need to be verified, so you will need to be ready with ID documents. Illion says you can obtain one free copy of your credit report per year. Alternatively, you can apply online to receive a copy of your personal credit report in the mail.
Identifying documents you will need are:
- A copy of your Driver’s Licence or Passport or Birth Certificate or Proof of Age card; AND
- A copy of a document issued by an official body (such as a utility bill or bank statement).
What is a good Illion credit score?
Illion credit scores are based on a scale of 0 to 1,000, with a higher score indicating a healthier credit rating. It divides these scores up into the following categories:
Zero score
If you have a zero score, Illion says this means there is something negative in your credit history, such as a payment default, a court judgement or bankruptcy. You may also have some credit enquiries on your file, meaning that you have applied for credit and been declined.
A low score: 1-299
This score means you likely have some negative data on your file, such as payment defaults, poor payment history or bankruptcy. Illion says that a high number of credit enquiries may also be a factor, especially recent enquiries for small amounts.
Room for improvement: 300-499
Illion says that while a score in this bracket needs improving, it does not necessarily indicate any particularly negative history on your file. Illion says scores in this range are more likely to reflect a younger person, which lenders may see as a bit risky, or a record of recent credit applications to smaller lenders that offer services to higher-risk customers.
Good: 500-699
A score in this bracket may mean that there is not much information available about your credit history, or your good history with a current provider has not yet been reported. Illion says that this generally means that you have nothing significantly negative on your file. It also says that your score may be affected by your age or where you live, as your credit score generally increases as you age.
Great: 700-799
Illion says that a score within this range probably means that your payment history is good, however you may have a number of credit enquiries or loan applications against your name. It may also mean that you do not have enough credit history in general to gain an ‘excellent’ score.
Excellent: 800-1,000
According to Illion, this range is generally for older individuals who have shown discipline with credit applications and have a mortgage and/or investment property. Making consistent, timely payments on your existing credit may also increase your score, according to Illion.
A low score, however, may result in a lender charging you a higher interest rate or refusing your credit application altogether.
How does Illion calculate my credit score?
Illion says that your credit score is determined by how reliably you pay your bills, meaning people who have evidence of consistently paying their bills on time will generally have a higher credit score than those who frequent default on their payments.
Illion says that the following events could have a negative impact on your credit score:
- Failing to pay your bills
- Paying your bills late
- Applying for credit too often
- Your partner defaulting on joint debt
Comprehensive Credit Reporting (CCR) means that in recent years, it has been easier for lenders to form balanced assessments of applicants’ credit histories. This is important to keep in mind with your credit score.
How can I improve my Illion credit score?
If you are looking to improve your credit score, Illion recommends doing the following:
- Ensure that all the information on your credit history is correct.
- Find out what is negatively affecting your score and work to fix it.
- Pay your credit products (such as credit card, home loan and personal loan repayments) and bills on time, setting up regular automatic transfers or direct debits may help with this.
- If you need to, set up a payment plan with your credit provider or the collection agency handling it so you can pay any outstanding debt you owe.
- If possible, adjust your credit and spending habits so you do not need credit and can build up a good history of paying back your debts.
- Work on establishing a budget, use a prepaid mobile plan and try to buy items using your savings rather than credit.
Original article by Eliza Parry-Okeden. Cover image source: fizkes/Shutterstock.com
This article was reviewed by our Editor-in-Chief Nina Tovey before it was updated, as part of our fact-checking process.
