How Credit Scores Work in Australia
Australia uses a positive credit reporting system meaning your good financial behaviour is recorded alongside any negative events. Scores range from 0-1,200 with Equifax and illion being the two main credit bureaus used by Australian lenders.
What Affects Your Score Most
- Payment history is the most important factor in your score
- Amount of credit utilised relative to your total available credit limits
- Length of your credit history and age of oldest accounts
- Number of recent credit applications creating hard inquiries on your file
How to Improve Your Score
Pay all bills on time and in full every month. Keep credit card balances below 30% of the credit limit. Check your credit report annually for errors through Equifax, illion or Experian free annual report services which are available to all Australians.