Credit scores

Discussion in 'Loans & Mortgage Brokers' started by significance, 21st Jan, 2020.

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  1. significance

    significance Well-Known Member

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    I recently looked up my credit score through creditsavvy.com.au and while it's nice to see that they give me an "Excellent" score, it is interesting to see the gaps in their data. They know about one of my credit cards (Westpac) but not the other (Woolworths) and they don't know about my home loan (Bank Australia) either. Is this typical? Is this the information that credit providers rely upon?
     
    significance, 21st Jan, 2020
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Lucky!

    You might be split into 2 people so some credit showing in one profile and some in another./
     
    Terry_w, 21st Jan, 2020
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Not all lenders are yet on CCR.

    This can work for one or against one

    Eg, client with perfect history with a lender thats not yet on CCR, vs a so so history with a lender that does report to CCR

    Some lenders are now using CCR as a more all round picture of the BIGGER data than looking at say just 6 mths of refi statements........... Mac Bank is one of the first - no refi statements needed IF the refi debt is reported on CCR.............again that has pros and cons

    ta
    rolf


    ta
    rolf
     
    Rolf Latham, 21st Jan, 2020
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  4. significance

    significance Well-Known Member

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    Hmm. Both Bank Australia and Woolworths claim on their websites that they use Experian (which is what creditsavvy reports), so I think @Terry_w must be right that I am split into two profiles. Maybe there's one with and one without my middle name, or one associated with my Western Australian Drivers License number from 20 years ago. I wonder how my other credit score compares with the first.
     
    significance, 21st Jan, 2020
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  5. lifecompetitor

    lifecompetitor Well-Known Member

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    Very typical from personal experience. Particularly if you deal with organisations outside of the four major banks.

    I watch and monitor my credit score like my life depends on it.....in many ways my investment life does.
     
    lifecompetitor, 21st Jan, 2020
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  6. Archaon

    Archaon Well-Known Member

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    Illian And Equifacts both gave me a score of about 600, Experian was 820...
     
    Archaon, 21st Jan, 2020
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  7. Lindsay_W

    Lindsay_W Well-Known Member

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    Just because a lender says they use Experian doesn't mean they will.
    EG. Woolworths says they use all credit reporting agencies on their 'Credit Check Terms" but they generally only report to one, Equifax (previously Veda) so don't just rely on that.
    Get a copy of your Equifax report and compare it.
     
    Lindsay_W, 21st Jan, 2020
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  8. significance

    significance Well-Known Member

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    Equifax has more information, including a more up to date credit limit for my Westpac card, a report of a query from Bank Australia when I applied for the home loan with them, details of my previous home loan through First Mac, and the address that I am about to move into. However, it does not mention my Woolworths credit card, nor the fact that I do now (as of the months ago) have a home loan with Bank Australia.
     
    significance, 21st Jan, 2020
    #8