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New illion credit score
This article explains what happened to illion credit scores between June and July 2023, and common reasons for score changes.
In this article
What happened to your illion score in June-July?
In Australia, there are 3 major credit bureaus that generate credit reports - illion, Experian and Equifax. The different credit bureaus will use their own scoring methods to decide your credit score.
In late June 2023, illion is changing the way they calculate the credit score they provide to ClearScore customers. While this may mean your score moves up or decreases, ultimately, the changes should provide you with a more accurate illustration of your financial position.
Common reasons for score increases
If you see your score go up between the end of June and July, it could be due to the fact that illion is calculating your score differently. Common reasons for increases between the ‘old’ and ‘new’ versions of the score include:
- Having a Home Loan account with good repayment history information.
- If you have accounts across 3 or more different lenders who also have good repayment history.
Common reasons for score decreases
If you see your score go down between the end of June and July, common reasons for decreases between the ‘old’ and ‘new’ versions of the score include:
- Having missed repayments, especially if you have 2 or more.
- Having loans with relatively 'new to market' lenders, especially those that don't require credit checks as part of the loans process.
- Having a debt purchase account
- The way illion calculates your credit score is changing in late June 2023.
- This may means the credit score may increase for some people and decrease for others.
- Different factors can influence whether your score went up or down. A good payment history is more likely to increase your score, while missed payments are likely to decrease it.
- What happened to your illion score in June?
- Common reasons for score increases
- Common reasons for score decreases
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