Your credit score is a number given to you, by credit reporting agencies.
Your credit score is determined by the data on your credit report.
With Equifax, one of the credit reporting agencies, your score ranges from 0 to 1200.
We deal with thousands of finance brokers across Australia.
They send us their clients credit reports for free assessments.
From speaking with many finance brokers over the years, as we’ve been doing this from 2014.
The brokers tell us that consumers scores need to be around 650 or higher to get access to the best interest rates for home loans.
Are you looking to purchase a home soon?
Have you checked your credit score?
Get your free copy of your credit report from Equifax at www.mycreditfile.com.au
Then you can email it to us for your free assessment: firstname.lastname@example.org
Or, are you just looking for some more information on your credit score?
Complete our contact form on the home page (click here) and we will email you our eBook on credit reporting for your education.
We wish you all the best on your wealth creation journey.
*This article is not financial advice, and is for information purposes only. For free finance tips go to www.moneysmart.gov.au.
For free financial advice or if you are experiencing hardship, please call The National Debt Helpline on 1800 007 007
There are 3 credit reporting agencies in Australia, Equifax being the oldest and most used.
Then there is also Illion and Experian. You can have different credit scores due to reporting differences with credit providers.
TIP: Check all 3 reports before applying for finance, and use a finance broker for home loan enquiries.