Understanding My Credit Score
Frequently Asked Questions
When you apply for credit in Australia, the credit provider will usually ask for your permission to obtain and access the information on your credit report. The information helps them determine how you manage repaying other credit obligations and process a decision to approve your application.
Your Experian credit score is a snapshot of the strengths and weaknesses in your Experian credit report. The score gives you an idea of how credit providers may view your credit report and the information contained in it when assessing your application for credit. View the information on your topic of interest below.
There are three credit reporting bodies who provide credit scores to credit providers in Australia - Experian, Equifax and Illion. Each credit reporting body has their own way of calculating their score, so your credit score is not the same across the three credit reporting bodies. Your Experian credit score can range from between zero and 1000, with a higher score signalling a healthier credit history. A higher score could indicate that you have a history of managing your credit sensibly and making repayments on time.
Your credit score is a snapshot of the strengths and weaknesses in your credit report, as interpreted by the credit reporting body. If you have a good record of making loan repayments on time, your score is likely to be much higher than if you have missed repayments. Your credit score is derived by a credit reporting body from your credit report. The credit report holds information supplied by lenders to the credit reporting body.
It’s important to remember that a credit score is not the only thing a credit provider looks at when considering whether to give you credit. In fact, some credit providers may not look at the score at all. Either way, all credit providers will also look at your financial situation (including income, expenses and other existing debt) before deciding whether to approve credit.
There are steps you can take to proactively manage your Experian credit score, learn more here.