For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.
Equifax: Good – 661 to 734; very good – 735 to 852; excellent – 853-1,200. Experian: Good – 625-699; very good – 700-799; excellent 800-1,000. Illion: Good – 500-699; great – 700-799; excellent – 800-1,000.
What is the average credit score in Australia? Finder's research has found the average credit score in Australia is 735. This is based on analysis of 59,016 credit reports in 2022. We also found the average has improved since 2021, when it was 711.
Fair credit score (500-649): Late or irregular credit card bill payments and EMI payments can get you stuck in a fair credit score range. While you are still considered a risk by lenders, you are still more likely to get approved for some credit applications.
Credit scores from the three main bureaus (Experian, Equifax, and TransUnion) are considered accurate. The accuracy of the scores depends on the accuracy of the information provided to them by lenders and creditors. You can check your credit report to ensure the information is accurate.
The average Australian Equifax credit score is 846 out of a possible 1,200, which lies in the 'very good' range.
510-621: Firmly in the average range, people with this score often have to provide additional requirements to be approved. Even with some bad marks in your credit score, your lenders will still look at other credit criteria to determine if home loan approval is possible.
What is bad credit in Australia? Both Experian and Equifax (popular credit bureaus) state that a credit rating of 500 or lower is bad credit, meaning you have a bad credit history (with poor FICO scores). Specifically, bad credit for Experian is less than 579 and less than 549 for Equifax.
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.
Mortgage lenders will often get a single report that contains your credit reports from each of the three credit bureaus and the associated FICO® Scores. It may base the lending decision on your middle credit score or, if you're applying jointly with a partner, the lower middle score.
Yes, the big four banks of Australia tend to check credit reports from all three credit bureaus i.e. Equifax, Illion and Experian, as defaults listed on Experian might not show up on other credit reports.
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 three main credit reporting bodies in Australia: Equifax, Illion and Experian. For more information about Credit Reporting Bodies please visit the Office of the Australian Information Commissioner.
Calculating the score
At Equifax, your score is on a scale of 0 to 1200, whereas Experian calculates it on a scale of 0 to 1000. Of course, the algorithms they use for calculating the score are also different. As a result, you may notice a difference in your score across these bureaus.
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.
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.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.
Excellent (800 to 850): Lenders generally view these borrowers as less risky. As a result, individuals in this range may have an easier time being approved for new credit. Very good (740 to 799): Very good credit scores reflect frequent positive credit behaviors. Lenders are likely to approve borrowers in this range.
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.
What is an Experian Credit Score? Experian credit scores are a three-digit number ranging between 300 and 850. They are calculated by the credit information company using an individual's history of repaying bills, credit usage, loan applications and more.
Your Experian score may be higher than what another credit bureau shows because Experian calculates credit scores using its own unique scoring model.
Why is my Experian credit score different from FICO? The credit scores you see when you check a service like Experian may differ from the FICO scores a lender sees when checking your credit. That's because the lender may be using a FICO score based on data from a different credit bureau.
You've Missed Some Payments
Your record of making timely or late payments to credit card issuers and other lenders is the No. 1 factor in calculating your credit score. Your payment history makes up about 35% of your FICO® Score☉ , which is the credit score used by 90% of top lenders.