ClearScore should be as accurate as Experian considering your ClearScore information is pulled from Experian. Thus, ClearScore is considered as accurate as any credit reference agency.
Lenders use Equifax or one of the other CRAs to make decisions about whether to lend you money - they don't use ClearScore. Equifax, like lenders, use your most up-to-date information.
We take great care in making sure your data is always completely safe. We scan the dark web securely and privately without revealing any of your data to third parties or the dark web.
Put simply, Experian will be the more accurate of the two, as it is Experian that lenders use to check your credit score when evaluating a credit application. But Clearscore provides a more intuitive dashboard for tracking trends in your credit score and finding out what factors are impacting your score.
Key Points. Clearscore score bands updated in November 2021 to align with the new 1000-point Equifax credit score system. New bands: Poor (0-438), Fair (439-530), Good (531-670), Very Good (671-810), Excellent (811-1000).
ClearScore is different from Experian, Equifax and TransUnion as it doesn't collect the information itself. Instead, it has been created as a way to let consumers access their scores for free, rather than paying the monthly fees charged by the credit reference agencies themselves.
ClearScore takes your credit report and financial information from Experian and illion, then uses that very information to generate its own score. While the credit scores can vary slightly depending on the credit reporting agency, the same rule follows for all scores – The higher the better.
Some lenders report to all three major credit reference agencies, but others report to only one or two. Because of this, each of the three credit reference agencies may have slightly different credit report information for you and you may see different scores as a result.
ClearScore gets your credit score and report from Equifax. Depending on the date of your report, there could be slight differences in the score we have and the one Equifax has.
While a score between 580-670 can be considered almost poor, a score between 300-579 is considered poor. Credit score ranges are often similar to this: Below 300: Very Poor. 300-579: Poor.
Linking your bank account to ClearScore is a secure and easy way to verify your identity. It won't affect your credit score and you can unlink it at any time. Your money is safe.
CIBIL is quite popular as it has been in the business for a long time. Non-Banking Financial Companies and banks use the credit score provided by CIBIL, Experian and Equifax to determine the potential risk of lending to a customer. The lenders make use of these scores fix the credit limit for all eligible customers.
Generally speaking, you'll need a credit score of at least 620 in order to secure a loan to buy a house. That's the minimum credit score requirement most lenders have for a conventional loan. With that said, it's still possible to get a loan with a lower credit score, including a score in the 500s.
When you are applying for a mortgage to buy a home, lenders will typically look at all of your credit history reports from the three major credit bureaus – Experian, Equifax, and TransUnion. In most cases, mortgage lenders will look at your FICO score. There are different FICO scoring models.
As it's the largest of the credit reporting organisations, most Australian banks use Equifax credit scores in their assessments of credit worthiness. However, they can also use information from the other credit reporting organisations, as well as their own internal risk assessment measures.
The most accurate credit scores are the latest versions of the FICO Score and VantageScore credit-scoring models: FICO Score 9/10 and VantageScore 3.0/4.0. It is important to check a reputable, accurate credit score because there are more than 1,000 different types of credit scores floating around.
Experian and Equifax are two leading credit reporting agencies in Australia. They are responsible for collecting credit information, calculating credit scores, and providing credit reports to lenders to help them assess the creditworthiness of potential borrowers.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
More companies use Experian for credit reporting than use Equifax. This alone does not make Experian better, but it does indicate that any particular debt is more likely to appear on an Experian reports.
ClearScore earns revenue from financial institutions, who pay ClearScore when acquiring new customers through the service. The Group has agreements with over 150 financial institutions around the world.
The Equifax 2022 Credit scorecard - combining survey data of 1,016 respondents with credit score information for more than two million individuals - found many Australians are establishing more disciplined spending habits. Average Australian's credit score is 846 according to Equifax.
While the exact range for a bad credit score in Australia can depend on the credit scoring model, usually a score between the range of 300-550 is considered a bad credit score.
Your affordability score is a number out of 100 calculated by ClearScore, which uses Open Banking (including information like your income and bank account data) to help you understand how lenders see you. We give you 'insights' to help you understand the sorts of things lenders check for when you apply for credit.
At ClearScore, we show you your Experian credit report and score data. Experian (our data provider) will not be able to generate a credit score for you if you don't have much credit. This could be because you're new to credit or you don't have many active accounts.