How is my Equifax Score displayed?

Your Equifax Score is displayed as a number as well as a percentile range, showing where your Equifax Score sits in relation to other credit-active Australians held in our credit reporting database. Our Equifax Scores (which you’re compared to) are reviewed regularly, and the algorithm adjusted where necessary to account for population and economic changes. To provide you with an understanding of where your score sits compared to others, we use a risk grade:

• Below Average (Bottom 20%) - Based on history, scores in this category indicate that an adverse event such as a default, court judgement, personal insolvency or similar, is more likely to be recorded on a credit file in the next 12 months when compared to the average credit active Australian population as recorded on Equifax’s credit bureau.

• Average (21% - 40%) - Based on history, scores in this category indicate that an adverse event such as a default, court judgement, personal insolvency or similar, is likely to be recorded on a credit file in the next 12 months when compared to the average credit active Australian population as recorded on Equifax’s credit bureau.
• Good (41% - 60%) - Based on history, scores in this category indicate that an adverse event such as a default, court judgement, personal insolvency or similar, is less likely to be recorded on a credit file in the next 12 months when compared to the average credit active Australian population as recorded on Equifax’s credit bureau. In other words, the odds of no adverse events occurring on your credit file in the next 12 months are better than the average population odds. Hence this score has been classed as the good population grade.
• Very Good (61% - 80%) - Based on history, scores in this category indicate that an adverse event such as a default, court judgement, personal insolvency or similar, is unlikely to be recorded on a credit file in the next 12 months when compared to the average credit active Australian population as recorded on Equifax’s credit bureau. In other words, the odds of no adverse events occurring on your credit file in the next 12 months are more than 2 times better than the average population odds. Hence this score has been classed as the very good population grade.
• Excellent (81% - 100%) - Based on history, scores in this category indicate that an adverse event such as a default, court judgement, personal insolvency or similar, is highly unlikely to be recorded on a credit file in the next 12 months when compared to the average credit active Australian population as recorded on Equifax’s credit bureau. In other words, the odds of no adverse events occurring on your credit file in the next 12 months are more than 5 times better than the average population odds. Hence this score has been classed as the excellent population grade.

The way your Equifax Score is used in practice by credit providers may differ to the way we display it in your Equifax Credit & Identity portal. In addition to your Equifax Score, each provider applies their own lending criteria and policies, which is why some lenders may approve your application for credit while others may not.

If you’re curious about what your Equifax Score is and how you compare to others, check out our annual subscription packages today. If you would like a copy of your free Equifax credit report you can find more information here.