You don't just have one credit score. You actually have three - one from each of Australia's credit reporting agencies (also known as credit bureaus).
Here's how you can check each one and how to understand what they mean.
Your credit report is compiled by companies known as credit reporting bodies. There are 3 credit reporting bodies in Australia – Experian, Equifax and Illion (formerly Dun and Bradstreet).
These credit bureaus are the companies that create, and keep hold of your credit reports. They gather information about your credit history, and put this into a credit report and calculate a score for you based on this information. In turn, lenders will ask one or more of these agencies for information about you before accepting your credit application.
ClearScore is not a credit reporting body. We show you your Experian credit score and report for free.
How do credit reporting agencies work?
Each credit reporting body is sent information by lenders about the credit you have and how you manage it. Other information, such as public records like bankruptcy data, are also sent to the reporting agencies and form part of your credit report. Once a credit reporting body has enough information on you, they will generate your credit report and calculate your credit score.
Why do you have different credit scores?
Your Experian, Equifax and Illion scores may be slightly different because not all lenders report to every credit reporting body. Some lenders only report to one or two credit reporting agencies, whereas others will report to all three.
Credit reporting agencies also have different maximum scores. Equifax’s score is out of 1,200, Illion’s is 1,000 and Experian, the credit reporting body that we use here at ClearScore use, have 1,000. They all have different scales, too.
So, your credit score might be 909 with Equifax, 939 with Experian and 845 with Illion, even with the same information. This is nothing to worry about — as long as your information is accurate, this won’t affect your creditworthiness.
How do I check my credit report?
To look after your credit score, it’s important to get a full picture of your finances. To do this, you can check in with all three Australian credit reporting agencies periodically. This is especially true before an important application like a credit card, loan or mortgage.
You’re already in the right place to check your Experian credit report –gives you your full Experian score and report absolutely free.
- . It’s free and always will be. You'll get access to your full Experian report and score, updated monthly. You'll also get a free coaching tool to help you improve your finances.
- Experian offer a free credit report, however, it can take up to 10 working days to be delivered.
- Equifax’s free credit score. You can sign up and see your credit score for free, but you won’t have access to your report.
- Equifax ID Basic. This gives you access to your full report and score once a year and is $4.95 a month.
- illion provide their credit score and credit report for free through their credit check website.
Once you’ve checked in with each credit reporting body you’ll have a good idea of your overall financial situation and you can fix any mistakes (you can, and add a notice of correction if anything seems wrong).
It’s best to continue checking your report regularly to look after your score.