CREDIT

May 18 2020

Find out credit rating #Find #out #credit #rating



Find out credit rating

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How good is your credit score?

OUR ability to repay credit on time is largely good, but there are still areas with woeful financial histories, a new score rating shows.

Wise move . credit scores gives users a realistic snapshot of their financial status Source:Supplied

AUSTRALIANS’ ability to repay credit on time is largely good, but there are still areas with woeful financial histories, a new score rating shows.

The average national credit score, according to VedaScores, was of 760 out of 1200, which is in the ‘very good’ category and just 73 points shy of excellent status.

Getcreditscore.com.au’s spokesman Christopher Zinn said it was vital Australians did a quick online 30-second check to retrieve their credit score and find out how their finance file fares which could impact their ability to obtain credit.

Try it . Getcreditscore.com.au’s spokesman Christopher Zinn says Australians should take 30 seconds out of their day to do a quick online credit score check. Source:Supplied

“By getting your credit score you’ll be alerted of your score on a monthly basis so it’s a good way of keeping in touch,’’ he said.

“This is giving people more timely data . then you can take whatever steps you can to fix your credit score.”

Getcreditscore.com.au is giving 1 million Australians from today (MON) the opportunity to get their get score for free by visiting the website.

Credit scores gives users a realistic snapshot of their financial status before they take the leap and approach a lender for credit.

It includes personal details such as a person’s age, length of employment, length of time at your current residential address and also delves into the number of applications you’ve made for credit.

Also taken into account is overdue debts and serious credit infringements that may negatively impact your score.

Work it out . the average national credit score, according to VedaScores, is 760 out of 1200. Source:Supplied

An excellent credit score is anything between 833 — 1200, very good is 726 — 832, good is 622 — 725, average is 510 — 621 and below average is 509 or less.

Lenders across the nation are in the process of shifting to more “comprehensive” or “positive” data systems which includes a customers’ information such as their ability to repay credit on time.

Credit Savvy’s Managing Director Dirk Hofman said one of the nation’s biggest banks, National Australia Bank, has signalled its intent to begin sharing customers’ additional data such as credit limits and positive repayment history with credit reporting agencies such as Veda and Experian from as early as next month.

Peer-to-peer lender Society One’s chief executive officer Matt Symons urged Australians to take a short space of time to find out their credit score online.

“Now is the time to understand your score and fix it if you don’t have a great one,’’ he said.

He said if you do have a good credit score to contact your lender and see if it can get you a better deal.

* The owner of this masthead, News Corp Australia, is part of a consortium that owns 25 per cent of SocietyOne.

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SOURCE: http://www.news.com.au/finance/money/budgeting/how-good-is-your-credit-score/news-story/aaa098467e635cd3dd0979268338c5ee

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