How to understand your Illion credit score and report

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.

What is Illion?

Illion is a provider of data and analytics products and services in Australasia. For example, it collects and maintains information on individuals and businesses regarding their credit history. It then uses that information to compile credit reports and credit scores that individuals and businesses can check to see how credit worthy they themselves or their potential customers are.

Illion credit reports and scores

One of the financial services that Illion provides to consumers is a free copy of your credit report and your Illion credit score.

According to Illion, its credit scores are an indication of how credit-worthy 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 or credit card. 

To get a copy of your credit report, there are three ways to gain access:

  • Through its website
  • By emailing
  • Or by calling 1300 734 806

Another method is to go through Credit Simple which uses Illion’s information to provide consumers with their credit score.

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 your 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

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.

To find out more about credit scores, how they work, and the impact yours could have on your finances, visit our credit score information hub. 

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