Understanding your credit score
In Australia, we currently have 3 credit score agencies. Understanding your credit score has become more and more difficult as our reports have become more comprehensive.
Credit score agencies are also known as credit reporting bureaus, or CRBs. They hold information on our credit histories.
The 3 credit score agencies are Equifax, Dun & Bradstreet and Experian.
We have helped over a 1000 Australians fix their credit and understand their credit scores and credit histories.
Most of our clients send us a Equifax report, as they tell us that they were knocked back for finance by a bank who checked this report.
However, some banks also check your Dun & Bradstreet report and your Experian report.
Do you need help understanding your credit score? Contact our credit report experts today.
TIP: Don’t get other companies to check your report as this leaves a mark on your report. Run a report yourself. (See below for more details)…
Experian is not so common, they are an American company, but they seem to be gaining momentum in the market.
Dun & Bradstreet are also a debt collector, but they also do credit reports.
Sometimes you can have a clear report with one agency and a bad report with another.
The following case study of an actual client may help you in understanding your credit score.
Kim had a clear Equifax report. She applied for a car loan but was knocked back.
Confused… she contacted an accredited finance broker who told her she should check her other credit reports.
When Kim received her Dun & Bradstreet report, she found a credit card default on there.
Kim’s broker referred her to us to help her remove the default from her report, as it was listed incorrectly.
We successfully removed the default and Kim was then able to get her car loan approved.
Have you been knocked back for finance or need help understanding your credit score?
Contact us for a free copy of your credit report from credit score agencies.
TIP: You should check all your reports before applying for finance if you think there may be a chance that you’ve had bad credit in the past 5 years.
An Equifax report can be obtained from:
Your Dun & Bradstreet report can be obtained from:
Your Experian report can be obtained from:
There is no way to find out which lender checks what report.
You could have your report checked from 1 or all 3 credit score agencies.
TIP: Speak to an accredited finance broker before you apply, as too many enquiries can affect your ability to obtain finance approvals.
Sometimes lenders check one report, and then other times they change their credit scoring system.
This is basically all top-secret credit scoring information.
Are you confused by credit score agencies?
Send us an email today and we can speak to you regarding you understanding your credit score.
Do you have a bad credit score?
We can help you fix it! And totally no win no fee!
Credit score agencies hold personal information.
This information may include, but is not limited to:
- Your full name, and any change of names;
- Date of birth;
- Address history;
- Employment details;
- Any enquiries for finance, or other accounts such as phone and electricity;
- Any defaults or overdue listings;
- Your repayment information on current accounts;
- Court actions / default judgements;
- Directorship information;
- Bankruptcy information.
The above information affects your credit score.
The credit score ranges from 0 to 1200.
Scores from around 600 and above seem to be ok for most lenders, although this is subject to lender criteria.
Find out more about your credit score, and email us today.
Or call 1300 43 65 69 to speak to a credit score specialist and we can help you understanding your credit score!