How to understand your Illion credit score & 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.

→ You can check your credit score for free with Canstar

Interested in finding out more about your Illion credit score and credit report? Canstar explains:

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 credit reports and scores

One of the financial services 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 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. 

How can I get my Illion credit report and credit score?

To get a copy of your Illion credit score and credit report, you can:

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.

Cover image source: SergeiShimanovich

This article was reviewed by our Sub Editor Jacqueline Belesky before it was published as part of our fact-checking process.

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