Credit Savvy FAQs

Who is Credit Savvy?

That's us - pleased to meet you. Credit Savvy is a free, consumer initiative.

We set up Credit Savvy because we're committed to helping Australians make savvy financial decisions by understanding their credit reputation and how credit works.

We believe that everyone should know their credit reputation and how it affects them as this information is already held and used by lenders today.

Through Credit Savvy we'll empower you with your Experian credit score, a Credit Report Card, and the resources you need to make sense of them both. We'll also give you tips and tools on how to manage your score and improve it over time.

It doesn't matter if your score is high or low - we can help you. So join now, it's free.

Credit Savvy is backed by Aussie who have always challenged the status quo to put the power back in the consumers' hands and help them get a better deal.

What is a credit score and why do I need to know mine?

A credit score is a number that summarises your credit history and shows lenders how good you are at managing credit.

In Australia, credit scores are a popular way of assessing credit applications. Lenders, like banks and credit card companies, use credit scores to assess the likelihood of getting their money back from borrowers.

It's important for you to monitor your credit score. The better your score, the more likely you will be approved for a credit card, a personal loan, a mortgage and any other type of loan - quite possibly at a better interest rate.

When you join Credit Savvy, you'll be able to access, track, monitor and improve your credit score. For free.

If it's free, how do you make money?

Rest assured, it's completely, utterly free. We don't even ask you for your credit card details.

Our money comes from banks and other financial institutions. For example, they may pay us to show you their products. This enables us to give you your credit score and credit file information for free.

Will you share my personal information with a broker, a lender, or anyone else?

No. We respect your privacy and we value your trust.

We won't ever share your personal information and you will not be contacted by lenders or brokers as a result of using this service unless you specifically request so.

Can you sort out a loan for me?

No, but even before you think about taking out a loan, you need to be loan-ready, and that's where we come in. We help you check where you stand with lenders, and get you in better financial shape before you apply. This could help you get a better rate. It's all part of being savvy.

When you feel that you're ready to take out a loan, we can point you in the right direction - our website features loans from 3rd party lenders. Before making a decision to apply for a product, you should consider whether the product is appropriate for your circumstance and make sure you read the product's terms and conditions.

We'll help you understand the acronyms, the jargon and all the legal speak, so you'll know what you're getting into. Our Credit Knowledge Centre provides simple, factual information that's actually relevant.

If you can't find what you're looking for, let us know and we'll point you in the right direction.

This can't be right. What should I do?

Your score may come as a bit of a shock, especially if it's low. But there are lots of small things you can do to improve it. The articles and tools on the site are a good place to start.

If there are incorrect listings on your credit file, you can change these, for free, by contacting the organisation that provided the incorrect detail. For example, if your credit file says you didn't pay a utility bill that you know you did, you should contact the utility company in the first instance.

If they don't resolve the issue, you can escalate it to the industry ombudsman.

You should request a copy of your free credit report from Experian and if the error is a personal detail, contact Experian.

If there are details on your file that you know nothing about, it could mean that your identity has been stolen. In this case, you should contact the credit reporting body, the provider (such as a lender, utility company or telecoms company), as well as the police and you should do this as a priority.

Why do you need my personal details and how safe are they?

We ask for some personal details so we can access the right information to get your credit score.

We check your identity by partnering with Edentiti, one of Australia's leaders in online identity verification, to confirm your government provided identity documents and then match your details with Experian, our partner credit reporting agency.

Where appropriate we'll also ask you some questions to help understand you better and give you a more personalised experience.

You can be sure that your details are safe. You can read more about our safety measures here.

How can I get in touch?

If you have any questions or comments, you can send us a message through our Help Centre and we'll get back to you as soon as we can.

Or, you can like us on Facebook, follow us on Twitter and LinkedIn, or circle us on G+.

What happens to my details if I cancel my membership?

If you cancel your membership, we'll be sorry to see you go. We'll delete all your personal information from our systems as per our Privacy Policy.

If you do want to re-join Credit Savvy we'll be delighted to have you but we'll have to start from scratch.

Who is Experian?

Experian Australia Credit Services Pty Ltd (Experian Credit Services) runs the Experian Australian consumer credit bureau. Experian Credit Services is part of the global organisation Experian that leads the world in providing data, analytical, marketing and credit services that assist individuals and organisations to make great financial decisions.

Experian brings innovation, global expertise and competition to the Australian credit services market.

We've teamed up with Experian to help bring to life our shared vision for building consumer credit knowledge and empowering consumers to help better understand and improve their financial health.

Can you give me access to my official credit report?

We can't, but you can get a copy of your report by asking a consumer credit reporting body (credit bureau). Reports can vary from bureau to bureau, as they may include different pieces of information that they've collected.

A full list of consumer credit reporting bodies can be found at Money Smart, which is provided by the Australian Securities and Investments Commission.

You can access your Experian credit report here

Should I share my score with anyone?

It's completely up to you.

In the UK, it's all a big secret, shhhhh! But in the US people chat about it over coffee and it's even important for people who are dating.

The important thing is that you know your score. Knowledge is power - knowing your score can give you the confidence to ask lenders for a better deal.

Why is my score between 0 and 1000?

Here at Credit Savvy, we believe in simplicity and 0-1000 seems pretty straightforward to us.

Although, different credit reporting bodies can have different credit score ranges. The 0 - 1000 range is commonly used in the US and UK.

Why can't you verify me?

The security of your information is extremely important to us. We are dedicated to protecting your personal information through encryption, monitoring and identity verification.

We use Edentiti, one of Australia's leaders in online identity verification to protect your identity. Ultimately, we need to make sure that you... are you!

We do this through checking at least one form of valid government-provided identity documents and unfortunately, if the details entered do not match the details held on the issuer's database, then the verification check will fail.

The identity documents we use for this include Australian driver's licence, Australian passport or international passport (if there is a valid substantive Australian visa). For anyone needing to provide a second form of identification, Medicare card details become a further option.

Unfortunately, if you do not have the identity documents required for your identity to be verified, you will be unable to obtain your credit score and credit file information with us.

In some instances it is possible that we will be unable to verify your identity due to mismatches between your identity information and what is checked through the issuer or official record holder. In these cases then unless you are able to submit another identity document that we can accept, you will be unable to obtain your credit score and credit file information with us. If you believe the information held on you might be wrong then you should contact the relevant identity issuing authority.

For security reasons we can only allow a limited number of attempts to verify identity before we need to lock further access for a period of time. This is to safeguard against any attempts at fraudulent access to our service.

If you have genuinely made a mistake and been locked out, you are able to try again after a few days.

Why isn't the website showing correctly in my browser?

To provide you with the best user experience, we have designed Credit Savvy to function with the most recent versions of popular browsers including Chrome, Firefox, Internet Explorer, and Safari.

If you are experiencing issues then please update your browser to the latest version. If this doesn't solve the problem then do let us know.

If you are stuck with a non-compatible browser at work (we all know how this feels), then you can always try using your smartphone or other device as Credit Savvy also been designed to work across most mobile devices and browsers.