Many lenders have Equifax’s score feed directly into their own scorecard that they use to assess loan However, arrears on BNPL will not lower your score and making perfect repayments does not increase your Equifax score.Ĭommon buy now pay later providers in Australia are Afterpay, ZipPay, Humm, Openpay, Klarna, etc. If you’ve been discharged from bankruptcy then you may be able to borrow from a specialist lender.īuy now pay later (BNPL) transactions and facilities appear on your file as either Accounts. Judgments are listed when you’re unable to come to a suitable agreement with theīankruptcy history (including Part IX history)īankruptcy or entering into a Part 9 agreement will cause you to have a negative credit score. Defaults have a significant negative impact on your credit score.Ī court writ is a formally written document that is issued by the court, usually because someone has lodged a court case against you. Loans or accounts where you’re more than 60 days overdue are listed as defaults. If you apply for many loans from different lenders in a short period of time then this looks like a sign of financial distress and so your credit score will be impacted. Having no enquiries can also reduce your score as there’s little data for Equifax to work with. If you have a large number of credit enquiries in the last five years then this will negatively impact your score. Contrary to popular opinion, applying for a home loan can actually increase your credit score.Ĭredit that you have applied for in the last five years are listed as credit enquiries.Ī variety of types of credit show up on your credit file including credit cards, home loans, loans you guaranteed for your business and even mobile phone contracts. Home loans and HELP Debt are seen as a lower risk than car finance or payday lending. Applying with a ‘risky’ lender is likely to reduce your credit score and applying with a ‘safe’ lender can increase your score. There may be different levels of with each lender.įor example, credit unions and building societies often have lower risk customers than major banks who in turn have lower risk customers than specialist lenders. The type of credit provider you applied with If you’re a director or proprietor you should check both the individuals and commercial sections of your This includes your full name, date of birth, gender, address, previous address, drivers licence number, Your Equifax Score is ultimately a score of all the details of your credit file. SIGN UP FOR FREE How does Equifax calculate your score? Their Starter Pack starts at just under $80 and includes your full credit report.įind ways around a bad credit score through our Home Buyers Program. If you’re still curious about your score, you can order a copy by contacting Equifax.Ĭheck out their offers on their pricing page. Unfortunately, we cannot provide you with a copy of your Equifax Score. You’ll be able to see your Equifax Score /VedaScore when you apply for a home loan with one of our mortgage brokers. It’s extremely rare to see scores higher than 900 or lower than 200. Having a score of 550 would mean that you have a 1 in 12 chance of having a default lodged on your credit file in the next 12 months, whereas a score of 200 would mean you have a 1 in 2 chance. The average score for all Australians who are credit active is 550, however, your score can range from anywhere between -200 to 1,200. So what’s considered a good Equifax Score? The score provides us with a good indication of your strength as borrower. Do I have a good score?Īs part of your home loan application, we obtain a copy of your credit file from Equifax. Talk to our experts to get a free assessment. Think you might have a poor credit score? This is known as your Equifax Score (previously VedaScore) and it’s one of the factors lenders consider when they assess your mortgage application. On your credit file, held by Equifax (formerly known as Veda Advantage), there’s a score which comparesyou as a borrower to the rest of the Australian population. What your Equifax Score says about you as a borrower Calendar_today Last Updated: 6th December, 2022
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