How Do I Understand My Equifax Score?
Understanding your Equifax Score helps give you confidence when applying for credit. Your Equifax Score is a credit rating between 0-1200 that lenders can look at when deciding whether to accept your application for a loan or credit. Generally, the higher your score, the better you look to lenders.
Your Equifax Score is calculated using the information on your credit report at a certain point in time and, as it can be used by lenders to assess your application for a loan, it’s an important number to know.
Your Equifax Score is also a great tool in helping you understand the information on your credit report.
If you have ever looked at your credit report, you’ll know that it can contain lots of unfamiliar information that can be difficult to understand. With your Equifax Score, not only do you find out your credit rating, but you’ll also learn what information on your credit report is contributing to that rating, good and bad. We call this information 'contributing factors'. It’s important to understand what's contributing to your credit rating as there may be things you can do to help improve your credit rating.
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Your credit report holds information relating to your credit history and it helps credit providers, such as banks, financial lenders, telco and utility companies, get a clear picture of your credit worthiness when you make an application for a loan or credit contract.