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What your credit score is

A credit score is a number that is calculated by Credit Reporting Bodies (CRB) using information from your credit file, at a particular point in time.

This score itself is a measure of risk and aims to indicate to lenders the likelihood of a borrower experiencing an ‘adverse event’ (such as a default on a loan).

Your score, when used alongside other information, helps lenders like us to determine if you will be offered a loan and if you’re offered a loan - the amount and interest rate.

There are four CRBs in Australia and each could have a different score for you because each calculates their own score using their own formulas and information available to them at that time.

When calculating your score, the credit reporting body may look at data on your credit file such as:

  • Your personal details (such as how old you file is and where you live)
  • The type of credit providers you have used (e.g. bank or utility company)
  • The amount of credit you have borrowed
  • The number of credit applications and enquiries you have made
  • Monthly repayment history information
  • Any unpaid or overdue loans or credit
  • Any debt agreements or personal insolvency agreements relating to bankruptcy

Your credit score is dynamic and changes over time based on the most current financial and personal information available to CRBs.

Want to find out your credit score?

Several websites can provide you with your credit score for free.

Each of these sites will provide you with a different score, depending on the CRB they refer to.

These are listed below.

It is a good idea to also obtain a copy of your credit reports so you can better understand some of the information which may have been used to calculate that credit score

If you’d like more information on credit scores and credit files in general, you can check out at these websites.

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