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What is my Credit Score? And what do lenders use it for?

Each person has a credit score, it is three digits and is essentially a score that takes into account your "credit worthiness".


What do lenders use the score for?




In practice, this means that a lender just checks the file to make sure you are who you say you are, what loans you have applied for and if you have defaulted on any loans in the past.


The higher the score, the more likely you are to repay your loan.


How and when can lenders access this file?


All information in your credit file is governed by the Privacy Act. So a lender cannot access your file unless you provide consent, which is usually in the form of a signed document confirming your application for credit to the specific lender.


What is in my Credit Score file?


The file will contain basic information such as your name, date of birth and drivers license number. It will also show what applications you have made for credit, i.e. to get a loan or credit card and the amount you applied for. It also contains information on any loan defaults, bankruptcy or court judgements.


Can you get a copy of you credit file?


Yes, you can, for free.


The main credit reporting bodies can provide you a copy of your report, we have listed their direct contact numbers below for you.

  • Dun & Bradstreet: 1300 734 806

  • Experian: 1300 784 134

  • Equifax: 13 83 32


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Skyward Financial Pty Ltd ACN 620 915 675 is Authorised Credit Representative 506871 of Australian Credit License 390261