Help & support
Your credit score is a number that indicates your credit worthiness, or ability to repay your bills on time. Generally, the number is between 0 and 1,000.
If you have a high credit score, this means you’re rated more likely to pay back a loan. This will increase your ability to borrow money, and you may also be offered a better interest rate by lenders.
Lenders such as banks, credit card companies, utilities and telcos can use your score. It helps them decide how much they'll lend you, and may impact the interest rate you’re offered.
Keep in mind, however, that these lenders may have other criteria as well.
When you know your score, it can help you make smarter financial decisions.
Rest assured, when you check your score with us, it's a 'soft' enquiry (see below) – so your score won't be affected simply by checking.
CBA New Digital Businesses Pty Ltd, trading as Credit Savvy, helps Australians access, understand, leverage and protect their credit reputation. It's a free consumer initiative, and part of the CommBank Group.
Experian is one of Australia's official credit reporting bodies. It collects and aggregates information about people and businesses.
CommBank pays Experian a fee to provide this service. However, there's no charge to you.
A hard enquiry is when a lender checks your credit file before approving you for a loan (like a mortgage, car loan or credit card).
Checking your own credit report is called a “soft” enquiry. Credit Savvy uses a soft enquiry to retrieve your credit file from Experian to display in NetBank or CommBank app.
Your credit score won't be affected by a soft enquiry, but it can be affected by a hard enquiry.
Knowing your credit score can be especially useful when you're looking for a loan or credit product such as:
Making a major purchase or consolidating your debts
Looking to buy a house
For ongoing expenses
Split your purchases or repayments over time
Access additional funds whenever you need
Generally, improving your credit score takes a little time and requires you to maintain a healthy credit history. Here are some suggestions:
Credit Savvy retrieves credit report information and credit scores from Experian, one of Australia’s official credit reporting bodies.
Experian obtains information from a number of sources, and this is used to calculate your credit score.
Scores can frequently change, and some common reasons for this include:
Staying on top of your credit score can be helpful when
Your credit score is a number (generally between 0 and 1,000) that indicates your creditworthiness. Your Comprehensive Credit Report includes information about:
The CCR enables credit providers to obtain a more comprehensive view of your financial situation before they choose to approve your application for credit.
The four major Australian banks, CommBank, ANZ, NAB and Westpac (plus lenders owned by them), currently supply 100% of their personal credit account information to credit reporting bodies.
Yes, information about financial hardship arrangements can appear on your credit report. A credit report can show that a financial hardship arrangement has been entered for the credit account, although it won’t include the reason for the hardship nor the details of the arrangement.
During a financial hardship arrangement, your repayment history will show whether or not you have met the requirements of the financial hardship arrangement (instead of your usual payment obligations).
Financial hardship information cannot be used by credit reporting bodies in the calculation of your credit score (except where you have failed to keep to an arrangement and this is reflected in your repayment history), and can only remain on your credit report for 12 months.
Our service retrieves your credit report information from Experian through Credit Savvy every month on your behalf. Unfortunately, it can take time for account changes (including closures and corrections) to be reflected on your NetBank or CommBank app dashboard.
Your credit providers will first have to update the information with Experian (you can contact them directly to check why your credit report doesn’t reflect any recent changes).
Once the information has been amended on your Experian credit report, then when our service retrieves your credit report information from Experian through Credit Savvy, it will be displayed on your dashboard summary.
Credit scores are calculated by an algorithm that uses information from your credit report. This information includes patterns in your credit history, characteristics of your credit profile, and aspects of your credit applications.
Patterns in your credit history can include:
Characteristics of your credit profile:
Aspects of your credit applications:
Credit scores help with understanding your credit wellbeing. Your credit report and credit score are used by lenders to evaluate your creditworthiness, for example to understand your debt levels and how you manage your credit obligations. These are one of the inputs into making a credit decision, such as approving a new credit application or changing an existing credit arrangement.
Having a good credit score can come with many advantages, such as savings on interest rates or better terms on credit products.
Each of the three credit reporting bodies has its own credit score algorithm. This interprets the information held in a credit report and calculates your credit score from that data.
Key reasons why your scores could differ across the three reporting bodies include:
Information in your credit file can only be changed or removed if it's incorrect or out of date.
If there's incorrect information on your credit report summary, you should first contact the organisation that provided it.
If they don't resolve the issue, you can also contact Experian and explore their corrections process.
If there are incorrect details on your report, you should first contact the organisation that provided them.
If the organisation doesn't resolve the issue, you can also contact Experian and explore their corrections process.
When you apply for a credit product, the provider may record an enquiry on your credit report. This is regardless of whether your application was approved or rejected. It doesn't indicate if the product was ever taken out or remains active – nor whether it's been paid off or the account is closed.
How enquiries affect your credit score will depend on how frequent and recent they were. It will also depend on the type of credit and provider.
Credit enquiries can stay on your credit report for five years, and only be removed if incorrect or out of date.
A default is recorded on your credit report by Experian if your payment of $150 or more is overdue by 60 days or more.
Your credit provider must first send you a written notice to recover the payment, and let you know that it intends to list a default on your credit report.
If a default has been recorded and you’ve since repaid the amount in full, that payment will be noted on your credit report.
A default is kept on your credit report for five years, even after the amount has been repaid.
If you're in financial difficulty, and at risk of not making a payment, contact your credit provider as soon as possible. You can request hardship assistance.
Credit scores are calculated based on the information held on your credit file. Depending on the type of information and its status, it can be held on your file for a varying amount of time. You can get more details at Credit Savvy.
If you’re a victim of fraud, or are likely to be, a temporary ban can be requested on your credit report. This means your credit report and any personal information can’t be used or disclosed by a bureau in the ban period.
A ban initially lasts for 21 days. It’s free to request a ban and any subsequent extensions.
There’s no limit to the number of times a ban can be extended or its length. You can find more information at Credit Savvy.
Our service can't access your credit report when there's a ban in place, so you'll need to contact Experian.
If you have any questions or concerns about your Experian credit report or credit score, you can get in touch with Experian directly:
Email: creditreport@au.experian.com
Phone number: 1300 783 684
Call centre hours of operation: 9am to 5pm Monday to Friday, Syd/Melb time (closed on public holidays)
Credit Score Hub, powered by Credit Savvy, gives you access to your credit score and other credit-related information held by credit reporting body, Experian Australia Credit Services Pty Ltd ABN 12 150 305 838 (Experian).
By using this service, you agree to be bound by these Terms and Conditions. If you don’t accept these Terms and Conditions, please don’t use this service.
You must be 18 years of age or older and a CommBank customer to use this service.
Credit reporting bodies (like Experian) collect and exchange your credit information with credit providers and other service providers such as phone companies. They may use this information to assess your applications for credit, verify your identity and manage your accounts held with them. It is important you know what is in your credit file and that it is correct.
The Privacy Act (Cth) 1988 permits an individual to appoint another entity (known as an ‘access seeker’) to assist them to access their credit information held with a credit reporting body.
This service enables you to appoint CommBank subsidiary, Credit Savvy, as your access seeker to assist you to obtain access to your Experian credit score and other credit information held by Experian about you, and have this delivered to you in the Credit Score Hub (within NetBank or CommBank app) for your ease and convenience.
By using this service:
For more information on how CommBank, Credit Savvy and Experian collect, use and disclose your information, go to CommBank Group Privacy Statement, Credit Savvy Privacy Policy & Credit Savvy Terms of Use and Experian Privacy Policy.
To request a copy of your free Experian credit report, contact them directly at www.experian.com.au.
Your credit information may include:
Credit Score
Your credit score is calculated and produced by Experian.
This service does not reflect or capture any data held by any other credit reporting body. Your Experian credit score may be different from a credit score obtained elsewhere. Your Credit Score and other credit-related information about you may be presented in a different way if it is requested directly from Experian, however in this case the information is based upon a subset of the same underlying data.
Fees and charges
You will not be charged any fees by Credit Savvy or CommBank for using the Credit Score Hub. However, CommBank pays fees to Experian for providing this service.
Accuracy and availability
Credit Savvy receives your credit information from Experian and relies on Experian to provide it with accurate and up-to-date credit information about you. Credit Savvy will make every reasonable effort to ensure this information remains accurate and up-to-date and will correct any errors or omissions as soon as practicable after being notified of them. You acknowledge despite Credit Savvy’s best efforts, the information you access through this service may not always be accurate, complete or up-to-date. Neither Credit Savvy nor CommBank will be liable for any incorrect or incomplete information provided by Experian, as displayed in the Credit Score Hub, or for any loss, cost or expense that you may suffer by relying upon the accuracy or completeness of any information provided through this service, except to the extent that CommBank or Credit Savvy, or their employees or agents, have caused or contributed to the relevant loss through their negligence, fraud or wilful misconduct.
You acknowledge that temporary interruptions to the service may occur from time to time. Neither Credit Savvy nor CommBank will be liable for any loss, cost or expense that you may suffer as a result of not being able to use or access the service in a timely manner or at all, except to the extent caused by the negligence, fraud or wilful misconduct of Credit Savvy, CommBank or their respective employees or agents.
Corrections
If you believe information contained in your credit file, Credit Report Summary or any other credit-related information is incorrect, please contact your credit provider and/or the credit reporting body to have the mistake investigated and corrected.
Cancel access
You may withdraw your consent at any time. This will cancel your access to this service.
Termination, cancellation and suspension of use
CommBank may terminate, suspend or otherwise limit your access or use of the Credit Score Hub without prior notice to you, if we reasonably believe that you are misusing this service, engaging in fraudulent or unlawful behaviour or breaching these Terms and Conditions in a manner which materially increases our risks in relation to this service. Where we take such action, we will notify you as soon as possible afterwards.
CommBank may also vary, discontinue or cease offering any aspect of this service at any time. Where we do so, we will always try to give you advance notice. However this may not always be possible. For example, where we need to vary or discontinue the service to address an immediate risk of harm. We will not be liable to you for any costs, losses or damages you may suffer as a consequence of any decision by us, acting reasonably, to vary, discontinue or cease any aspect of this service.
Indemnity
To the maximum extent permitted by law, you indemnify and agree to keep CommBank and Credit Savvy indemnified against any loss or claim arising out of, or in connection with:
This indemnity will not apply to the extent CommBank or Credit Savvy caused or contributed to the relevant loss through their own negligence, fraud or wilful misconduct, or that of their respective employees or agents.
Changes
CommBank reserves the right to change these Terms and Conditions, and make changes to the content and layout of NetBank or the CommBank app at any time. We will always act reasonably when exercising these rights and only make changes we consider reasonably necessary. Any modifications will be effective immediately. We accept no liability for any costs, losses or damages of any kind arising as a consequence of any such change, except to the extent CommBank, Credit Savvy or any of their respective employees or agents have been negligent, fraudulent or exhibited wilful misconduct.
Any subsequent use by you of this service will constitute an acceptance by you of any varied or modified Terms and Conditions. We encourage you to periodically review these Credit Score Terms and Conditions to become aware of any changes that may have occurred. If CommBank makes a change that you are not happy with, you can discontinue your use of this service at any time and as a result these Terms and Conditions will no longer apply to you.
1 Credit Savvy is a trademark of CBA New Digital Businesses Pty Ltd, ABN 38 633 072 830 and Australian Credit Licence 516487. CBA New Digital Businesses Pty Ltd is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124.
The information on this page is intended to provide general information in summary form for educational purposes. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.
