How accurate is my credit score on Credit Savvy

How accurate is my credit score on Credit Savvy?

Last updated: 20 June 2018

We love to hear from our members and get all sorts of questions asked, and one of the most commonly asked questions we get is surrounding different credit scores and which one matters most.

Before we jump into the accuracy and computations around credit scores, it’s important to understand the source and key elements that influence your score.


Where does my credit score come from?

Here at Credit Savvy, our goal is to empower you with your Experian credit score, your Credit Report Summary, and the resources you need to make sense of them both.

Experian is one of Australia’s national Credit Reporting Bodies (CRBs), also known as a credit bureau, who collects credit-related information about individuals (and sometimes companies) from credit providers and publicly available sources. This information is then processed into a credit report and credit score, essentially representing your credit reputation.


What is included in the makeup of a credit score?

Unfortunately, the exact formula of how credit scores are calculated remains a mystery to this day and the CRBs are not in a hurry to share the secret with us anytime soon.

Though each CRB has their own scoring system and the information they have on you may differ one another, there are some common key factors between all CRBs we can identify that’s driving your score, such as patterns in your credit history, characteristics of your credit profile, and aspects of your credit applications.

Read all about How are credit scores calculated?, What’s in a credit score? and What’s not in a credit score?


Why is my Experian credit score different to other CRBs?

You might wonder why your Experian score differs from other CRBs and which credit score is the most accurate?

Well, the fact is, each CRB, and many credit providers, calculate their own score based on the information they hold on you, and the information held on you can differ between organisations. As a result, you may have different credit scores compared to other CRBs.

Don’t worry, this is normal. You can find more information on the possible reasons here: 3 reasons why you may have different credit scores

Remember, scores simply act as an indication of your credit worthiness, as long as you request a credit report from each CRB and check that the information in each report is accurate, there’s no need to worry if you have different scores.

To help you interpret what your score means, Credit Savvy provides a descriptive score band from Below Average to Excellent on your Dashboard.


This cannot be my score, I always pay my bills on time and in full

With Comprehensive Credit Reporting (CCR) in place, banks and licensed credit providers are sharing a more detailed view of your financial history (positive and negative data) with the CRBs. If you already and continue to demonstrate good credit behaviour (such as making your repayments on time), you can now expect to see that plus reflected on your file and credit score.


Monitoring your credit score is more important than ever

Your credit score is dynamic, meaning it may change from month to month as your financial circumstances change. Therefore, knowing about and continuously working towards improving your credit score is important, as it will be used in addition to other factors to assess you if you need credit in the future, helping you access better rates or deals to save more money.


Haven’t signed up yet? You can sign up for free to get your free Experian credit score and start being a Savvy Aussie today!

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