Experian teams up with Aussie to launch CreditSavvy.com.au

Experian has teamed up with Aussie Home Loans for the launch of Credit Savvy, a free service providing Australians with ongoing access to their credit score and resources to understand and manage their credit reputations.

It comes as alarming new research shows more than 80 per cent of Australians have never accessed their credit report, and over 77 per cent don’t know how their credit score might be used to determine creditworthiness.

Andy Sheehan, Managing Director of Credit Services at Experian, said that Credit Savvy is a much needed initiative to help address the gap in Australians’ credit education:

“Too many Australians don’t know or understand their credit score and how it could be used by lenders when considering credit applications. It’s in everyone’s best interests for this to change. As it changes, the industry will become more personalised with lenders tailoring products and services to suit their individual customers’ needs.”

“The changes to privacy legislation last year brought Australia in line with global best practice when it comes to credit reporting. Australians will begin to more actively manage their credit reputation and then we’ll start to see a more informed and productive dialogue between lenders and customers.”

“We are pleased to be teaming up with Aussie, one of Australia’s most trusted brands, to launch Credit Savvy and bring to life our shared vision for empowering Australians to improve their financial well-being.”

Credit Savvy retrieves existing credit information to give consumers free access to their Experian Credit Score. Each score is ranked from 0 – 1,000 and individually calculated by Experian’s unique algorithm, which has been influenced by global best practice from its 19 leading credit bureaus around the world.

Founder and Executive Chairman of Aussie, Mr John Symond AM, said:

“Since we opened our doors 23 years ago we have always tried to empower consumers and help them to get a better deal, whether that was by being a challenger for lower interest rates or making it easier to get a home loan by visiting our customers at a time and place that suits them. Credit Savvy is another way for us to help consumers get into a stronger position when applying for credit and give them more confidence to ask for a better deal.”

“Over the coming years credit reporting will have an impact on our industry, so this was a natural progression for Aussie which we are very excited to bring to market.”

Credit Savvy lets consumers check where they stand and provides practical information, regardless of whether their score is high or low. It will help consumers to develop their understanding of credit and management of their credit reputation by providing free ongoing access to their credit score, insights about their score and importantly, offering practical tips and tools to help them improve their score.

About Credit Savvy

Credit Savvy has been launched to help consumers access their credit score and manage their credit reputation in Australia. The free service includes:

  • Access to their Experian credit score, so users can see where they stand, at any time;
  • Monthly score updates, so users can track changes to their Experian credit score;
  • Credit file monitoring, updating consumers with any changes to their Experian credit file;
  • Access to news, tips, FAQs and commentary to educate users about credit, credit reporting and how to improve or keep their credit score; and
  • Comparison marketplace, where consumers can research and compare hundreds of financial products that could save them money.

For more information or to use the service, visit www.CreditSavvy.com.au.

About Aussie

Aussie (formerly Aussie Home Loans) was founded in 1992 by John Symond AM, who was widely credited with bringing competition to the Australian home lending industry. The company was unique in its approach to home loans, offering a mobile service and access to loans far cheaper than those offered by banks. In 1994 Aussie partnered with Macquarie to introduce the securitisation of home loans. The company rapidly grew as consumers became aware of its products and that of other non-banks and the competition heated up. In 2012 Aussie acquired mortgage aggregator nMB. In May 2013, The Commonwealth Bank increased its investment in Aussie from 33 per cent to 80 per cent.

More About Credit Savvy

Credit Savvy is a new digital initiative backed by Aussie that aims to help Australians make savvy financial decisions by understanding their credit status and how credit works. Credit Savvy provides consumers with free access to their credit score, credit file information, credit monitoring & practical tools.

Some of the key factors that can affect a consumer’s credit score are:

Bankruptcy Act – generally impacts report for 7 years

Try to discharge, close or complete the Bankruptcy Act action as soon as possible. This will reduce the amount of time that your credit profile will be affected.

Default – impacts report for 5 years

Try to avoid a formal default if at all possible.  If you get behind on payments, make contact with the credit provider and try and negotiate a payment plan.

Court judgments

Try to settle a dispute before it goes to Court.  If you do have a judgment against you, make sure you pay it as soon as possible.

Enquiries

Making multiple applications for credit can lower your score. 

Too many accounts

Having lots of credit accounts can be a sign of credit problems.  If possible, think about consolidating your credit accounts and cards, while closing those you don’t need.

Repayment History

Moving forward under the new Credit Reporting system the easiest way to improve your credit score will be to make your repayments on time. A good method is to set up a direct debit or a diary reminder to ensure payments are made on time. 

 


 

Experian commissioned research conducted online by Pure Profile in September 2014 among 1000 Australians aged 18 and over, representative of the broader population

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