In Australia, credit scores range from 0 to 1200, depending on the reporting bureau. Here is the typical breakdown:
- Excellent: 800 - 1200
- Very good: 700 - 799
- Good: 625 - 699
- Average: 550 - 624
- Below Average or "bad": 0 - 549
The range varies between the below credit reporting agencies.
These agencies collect information about your credit history, including loans you have applied for, defaults on loans, your repayment history, and court judgements. They use this information to create a credit report and calculate a credit score, which lenders can use to assess your credit risk.
If your score is in the "below average" range, it may be harder for you to get a loan or credit, or you might have to pay a higher interest rate. If you're in this situation, you might want to look into ways of improving your credit score, such as paying your bills on time, limiting your number of credit inquiries, and reducing your overall debt. Complete our free credit check form to get started.