Your credit score is a number that represents your stability and financial trustworthiness.
Everyone’s credit score is determined by their credit report, which is a record of each individual’s history of borrowing, including all positive and negative credit events.
But what’s a good credit score, and what does “good” really mean for you?
Let’s dive in.
Credit scores range from 0 to 1,000 or 1,200, with 1,000 and 1,200 being excellent scores.
IMPORTANT: If you’ve never made a credit enquiry or held a utility account you may not have a credit report or credit score.
Credit scores are split into five ranges, from low to excellent.
There are three main credit reporting agencies in Australia, and each of them ranks a ‘good’ credit score differently.
For example, a credit score of 505 is Average with Experian, but Low with Equifax and Credit Simple. Learn more about credit ranks below.
|Credit score||Experian||Equifax||Credit Simple|
You can check your credit score for free and without any impact on your credit score with Money Matchmaker®.
You'll need to create an account with these details:
Your score won't be negatively affected and we protect your data with encryptions.
See what parts of your credit report are negatively, or positively, affecting your score.
Having a bad credit score isn’t the end of the world but it can make securing credit more difficult.
If lenders deny your applications you may still be able to access credit with lenders who specialise in bad credit loans.
Bad credit loans often have much higher interest rates and fees than other products on the market - it may be worth improving your credit score before applying.
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Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.