Credit Savvy Urges EOFYS Credit Score Awareness To Save Hundreds of Millions On Personal, Car Loans

Sydney, Australia, June 2, 2015 - Consumer credit score advocate, Credit Savvy, is reminding Australians that a good credit score can give them access to lower interest rates from risk based pricing lenders.

This comes at a key time of year when consumers flock to take advantage of car deals as part of End Of Financial Year Sales, consolidate debt or borrow for home improvements.

“There’s always a rush of activity around the end of financial year as people review their finance options or take advantage of the EOFYS. Consumers may not realise that their credit score can impact the interest rate they pay on their car loan and other types of personal loans,” said Dirk Hofman, Managing Director at Credit Savvy.

“Our aim is to increase transparency around this as we believe it’s only a matter of time before credit card providers also start offering lower rates for customers with good credit history.”

Credit Savvy allows consumers to obtain their Experian credit score for free and compare a marketplace of loan and card products. As part of this service, it has today also expanded its range to include personal loans and car loans. These join its existing portfolio of credit card and home loan products.

“Our goal is to add value to our members so we're excited to expand our offering to include personal and car loan comparisons ahead of this busy period,” Hofman explained.

This follows Credit Savvy’s recent launch in March that uses data from the credit reporting body, Experian, to provide Australians with free ongoing access to their credit score and resources to understand and manage their credit reputations. In addition, the Credit Savvy service offers credit alerts to users to notify them of key changes to their Experian credit file and provides them with the opportunity to pick up any errors in a timely manner giving them peace of mind.

Credit Savvy’s free service includes: Access to their Experian credit score, so users can see where they stand, at any time; Monthly score updates, so users can track their Experian credit score over time; Credit file monitoring, updating consumers with key changes to their Experian credit file; Access to news, tips, FAQs and commentary to educate users about credit, credit reporting and how to improve or keep their credit score; and Comparison marketplace, where consumers can research and compare hundreds of financial products that could save them money. For more information or to use the free service, visit www.CreditSavvy.com.au

About Credit Savvy Credit Savvy is a new digital initiative that aims to help Australians make savvy financial decisions by understanding their credit status and how credit works. Credit Savvy provides consumers with free access to their credit score, credit file information, credit monitoring & practical tools. It works with global credit provider Experian. Credit Savvy is a fully owned subsidiary of Aussie Home loans.

1 According to APRA, as of March 2015, borrowing on personal loans in Australia totalled $59.7 billion. The average interest rate across 100 typical personal loans is 11% p.a (loans tracked by Credit Savvy). The average interest rate across 3 providers that offer risk-based pricing for a good credit score is 9% - Citibank, SocietyOne, RateSetter. With a difference of 2% p.a. (11%-9%), hundreds of millions in savings on $59.7 billion could theoretically be achieved.