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Credit Score Ratings

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Credit Score Ratings

Credit score ratings can sometimes be a daunting topic for borrowers. This is especially true when individuals are not familiar with what their score means or how they can take control of their ratings.

However, this shouldn’t be the case at all. With the abundance of available resources online, borrowers can easily stay on top of their credit scores. And by being able to view their ratings and reports conveniently, they can make more informed decisions and increase their creditworthiness.

Keep reading if you want to learn more about good credit scores and how you can view your report online.

What is considered a good credit score in Australia?

A lot of borrowers ask the question, ‘What is a good credit score in Australia?’ But before we proceed, it’s worth having a clear understanding of a credit rating so that you can assess yours properly.

A credit score or rating is a numerical value used to evaluate a borrower’s creditworthiness. If you’ve applied for credit in the past, then you have a credit score. Credit score ratings range from 0 to 1,000 or 0 to 1,200, depending on the credit reporting agency. A higher rating generally reflects a stronger level of creditworthiness and better chances of being approved for credit.

So, what is a good credit score? The answer depends on certain factors. 

To give you a better idea, let’s look at the three main credit reporting organisations in Australia, which are Equifax, Experian, and illion. They may hold different information about you, and each of them has its own scale for measuring credit score ratings. 

Equifax categorises credit scores as follows: a score of 661 to 734 is considered good, 735 to 852 is very good, and 853 to 1,200 is excellent. 

On the other hand, Experian defines a good credit score as ranging from 625 to 699, while scores from 700 to 799 are considered very good and 800 to 1,000 are considered excellent. 

Meanwhile, illion considers a credit score of 500 to 699 as good, 700 to 799 as great, and 800 to 1,000 as excellent.

Looking at these scales, you should have an overview of which value is considered favourable for most credit providers and agencies. Nonetheless, what constitutes a sufficient credit score for a particular credit product can vary based on the specific criteria set by each provider. For example, some providers may accept individuals with average credit scores.

How are credit score ratings calculated?

Credit score ratings are based on the data on an individual’s credit report – a comprehensive summary of one’s credit history and other necessary details about them. To calculate a credit score, agencies will take into account the following information:

  • The amount of credit you have previously borrowed
  • Your track record of repaying your debt
  • Any existing borrowing capacities on credit products
  • The frequency and number of past credit applications
  • Instances of bankruptcies, defaults, or court judgements associated with your name

As mentioned, these credit reporting agencies may possess different information regarding your credit history. That means they may come up with different credit scores. As such, you may want to know how to view your credit score conveniently to get an idea of how lenders assess the level of risk associated with you.

To help borrowers stay on top of their financial status, we have developed a simple way to check credit scores in Australia with the MONEYME app. To get started, download it for free from the Google Play Store or the App Store.

You just need to sign up and provide us with the necessary information about yourself. This includes your name, number, email, DOB, address, and driver’s licence number (optional). And through the Credit Score tool, you can get credit scores for free within minutes. 

It also provides you with personalised insights and features a monthly score chart so you can keep track of your credit score ratings. Even better, you can access useful tips and tricks on how to improve your credit score. You’ll also get to stay up to date with the special offers from us at MONEYME!

Where can I get a copy of my credit report online?

Now that you have a deep understanding of credit score ratings, you may want to know how to work on your credit score. The first step is to ensure that your credit report contains accurate information about you.

You can request a copy of your report online from the three main credit reporting bodies. You’re eligible to receive a free copy of your report once every three months. Additionally, if you’ve been denied credit in the last ninety days, you can also request a free credit report.

Typically, accessing your report online can be done within a day or two, but it can also take up to ten days to receive it by mail or email. It’s worth getting a report from each organisation at least once a year so you can check for any discrepancies and ensure you get accurate credit score ratings.

If you want a more straightforward way of accessing your credit score and details, you can use the MONEYME mobile app. 

Once you receive your report, pay close attention to each detail included in it. Check if your name, address, or contact number needs updating. Moreover, ensure that all the debts listed in your report are yours and that the amount is correct. 

And if you find any errors in your credit report, make sure to contact the organisation or your credit provider immediately. They should correct any misinformation about you at no cost.

With all this information in mind, assessing your credit rating and creditworthiness is easy and can be your starting point for achieving a better score. And now that you know what goes into your report and how simple it is to keep track of your rating through the MONEYME Credit Score tool, you can make informed decisions and be on top of your finances.

*Canstar’s Innovation Excellence Award 2022 was for MONEYME’s product Autopay. Credit scores are provided by Price Enquiry Pty Limited ACN 647 624 155.

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