How Do I Understand My Equifax Score?
Understanding your Equifax Score can give you a better indication of how lenders view you when applying for credit. Your Equifax Score is a credit rating between 0-1200 that lenders may look at when you apply for a loan or credit. Generally, the higher your score, the better it is as it indicates lower risk.
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 dynamic and changes as information is added to or deleted from your credit file.
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.
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 to get a copy of your free credit report you can do so here. The free credit report does not include your Equifax Score.
We also suggest
Check out our informative infographic to understand what goes into your credit profile and what it can be used for.
A rebound in Australia’s overall economic performance has been reflected in the fall in insolvencies experienced in the December 2016 quarter.
Your credit report holds information relating to your credit history and it can help 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.