CreditSavvy.com.au launches today, providing Australians with free access to their credit score and resources to understand and manage their credit reputations. This free consumer initiative is backed by Aussie Home Loans, which has long been an advocate of empowering consumers and helping them get a better deal.
Founder and Executive Chairman of Aussie, Mr John Symond AM, said “Consumers need to be on the front foot when it comes to understanding and managing their credit reputation. It will help them be in a stronger position to get an application approved or have the confidence to ask for a better deal from their bank or lender.
“Credit Savvy lets consumers check where they stand and provides practical information, regardless of whether their score is high or low. It will help consumers to develop their understanding of credit and management of their credit reputation by providing free ongoing access to their credit score, insights about their score and importantly, offering practical tips and tools to help them improve their score,” Mr Symond explained.
Alarming new research shows that more than 80 per cent of Australians have never accessed their credit report and over 77 per cent don’t know how a credit score might be used to determine creditworthiness, even though they can directly affect their ability to borrow money and influence the rates that the lenders offer them.
Credit scores are an indication of an individual’s credit reputation and are a popular way for banks and other lenders to assess loans and customers for credit risk. Consumers have been benefiting from pro-actively managing their credit scores in other markets, including the US and UK, for decades as a powerful way to negotiate better deals.
Credit Savvy retrieves existing credit information and uses credit scores from world leading credit reporting body, Experian. Each credit score is ranked from 0 – 1,000 and individually calculated by Experian’s unique algorithm, which has been influenced by global best practice from its 19 leading credit bureaux around the world.
Experian’s Managing Director of Credit Services, Andy Sheehan, said “We are pleased to be teaming up with Aussie, one of Australia’s most trusted brands, to bring to life our shared vision for empowering Australians to improve their financial well-being.”
Credit Savvy has been launched to help consumers access their credit score and manage their credit reputation in Australia.
The free service includes:
Access to your credit score, so you can see where you stand, at any time;
Monthly score updates, so that you can track any changes to your credit score;
Credit file monitoring, updating you with any changes to your Experian credit file;
Access to news, tips, FAQs and commentary to educate you about credit, credit reporting and how to improve or keep your credit score; and
Comparison marketplace, where you can research and compare hundreds of financial products that could save you money.