What Is a Credit Score and Why It Matters in Australia
What Is a Credit Score and Why It Matters in Australia If you’ve ever applied for a credit card, a personal loan, or even a mobile phone plan in Australia, chances are your credit score played a role in the outcome. But what exactly is a credit score, and why does it matter so much? What Is a Credit Score? A credit score is a numerical representation of your creditworthiness. In Australia, it typically ranges between 0 and 1,200 (depending on the credit reporting agency). The higher the score, the more trustworthy you appear to lenders. Major Credit Reporting Agencies in Australia Equifax (0–1,200 scale) Experian (0–1,000 scale) illion (0–1,000 scale) Why Does Your Credit Score Matter? Your credit score affects your ability to access loans, the interest rates you're offered, and even your chances of getting approved for a rental property or utility account. Benefits of Having a Good Credit Score: Better loan and credit card approvals Lower interes...