Why are there different Credit Scores?

Different lenders and credit reporting bodies (CRBs) have different credit scores based on their own information and algorithms. A credit score is only as accurate as the information it is based on. A credit score based on minimal data could potentially lead to the wrong credit decision being made. Lenders may use one or more CRBs to help in their assessment.

As Australia’s leading credit information company, the Equifax Credit Score is calculated using information from the most comprehensive and current credit data source in Australia. The Equifax consumer bureau has more than 16 million active consumer credit files and is widely used among Australian lenders.