Do you understand your credit score?
A credit score in Australia is generated by 1 of the 3 official Credit Reporting Bureaus.
These are Equifax, Illion and Experian.
Many adverts on TV and radio claim to give you your free credit score.
However, many of these ads are not giving us our true scores.
Some of the ads grabbing data from 1 or all of the credit reports, and sometimes giving a false score altogether.
Then, these sites are selling your information to Lenders as a lead, to try to coax you into enquiring for finance.
Don’t use free credit scoring websites or other ads that you find on TV or online.
If you want your real credit report and score, then go to one of the 3 official Credit Reporting Bureaus:
N.B If you get a free report you won’t get a score. You have to pay for a credit score.
Where to obtain your credit reports & scores:
www.mycreditfile.com.au – Equifax
www.creditsimple.com.au – Illion
www.experian.com.au – Experian.
Or contact us today to get help with obtaining your reports! (Click on ‘contact us today’ or call 1300 43 65 69).
What exactly is my credit score?
From the score above, the main score is 441.
In this example, that’s because this report carries a default, as well as a court action and 31 credit enquiries.
Have a look at the ‘Score Key Contributing Factors’.
If you order a paid report like this, read through your score key contributing factors, as they will explain why your score is where it is.
If you’ve made lots of enquiries, then this can damage your score.
Defaults and court actions will also lower your score, even if you pay them out, they will stay on your report for 5 years.
Also, have a look at the ‘VedaScore 1.1’ in the example above.
This is where the credit reporting bureau believes the score is going to be in 12 months.
This is dictated by current consumer behavior.
If you have any questions regarding credit scores, get a copy of your credit report and score.
Then feel free to email it to us at info@creditfixsolutions.com.au for a complimentary assessment.
Also, if you believe any information is wrong, you may be a candidate for our no result no fee credit repair services.
You do not pay us a cent unless we can improve your score first.
We also have payment plans for successful clients, starting at around $55 per week!
Call our team on 1300 43 65 69, or else we look forward to hearing from you.
