Introducing Credit Score Factors

Introducing Credit Score Factors

Last updated: 06 October 2020

At Credit Savvy, we think everyone deserves to know their credit reputation and how it affects them, and we feel it’s our job to give you the tools and resources to make real, meaningful improvements.

We’ve been working closely with our partner credit reporting body, Experian, to find better ways to help you understand your Experian credit score, and today, we’re excited to announce the arrival of our new feature, Credit Score Factors.

 

Insights into your credit score

Credit Score Factors is a credit insights tool that helps you identify the ‘Factors’ that could be influencing your score so you can take actions to improve it.

 

Credit Score Factors

‘Factors’ are categorised into 3 types, ‘Helping’, ‘Hurting’ and ‘Opportunity’, to provide you with a better understanding of the potential impact each factor has on your score.

 

  • Helping

Information on your credit file that could be assisting your credit score. This score factor indicates that you are showing positive signs of being a responsible borrower.

  • Hurting

Information on your credit file that could be lowering your credit score, such as late payments, the number of credit enquiries, or negative events (like defaults and bankruptcies).

  • Opportunity

Information on your credit file that is identified as a potential opportunity to improve your credit score, such as credit enquiries or negative events on your file ageing over time.

Through this tool, you’ll receive educational information and suggested tips that could help you manage or maintain your score.

 

Get started with Credit Score Factors

If you’re an existing Credit Savvy member, you can simply log in to your account to find out the factors that could be influencing your credit score. If you’re unable to see your Credit Score Factors, don’t worry, the information will appear on your next monthly score update. You can find this date displayed on your Member Dashboard.

 

Not a Credit Savvy member yet? You can sign up for free today.

Join Credit Savvy

 

Important Information

Influences and tips delivered as part of Credit Score Factors are for guidance and educational purposes only and should not be relied on as financial advice. The influences and tips may not impact or improve your credit score. Not all lenders use the same credit reporting body, or scores impacted by the influences and tips provided.