ClearScore should be as accurate as Experian considering your ClearScore information is pulled from Experian. Thus, ClearScore is considered as accurate as any credit reference agency.
Lenders use Equifax or one of the other CRAs to make decisions about whether to lend you money - they don't use ClearScore. Equifax, like lenders, use your most up-to-date information.
Put simply, Experian will be the more accurate of the two, as it is Experian that lenders use to check your credit score when evaluating a credit application. But Clearscore provides a more intuitive dashboard for tracking trends in your credit score and finding out what factors are impacting your score.
ClearScore gets your credit score and report from Equifax. Depending on the date of your report, there could be slight differences in the score we have and the one Equifax has.
ClearScore is different from Experian, Equifax and TransUnion as it doesn't collect the information itself. Instead, it has been created as a way to let consumers access their scores for free, rather than paying the monthly fees charged by the credit reference agencies themselves.
When you apply for credit, lenders will go directly to Experian to look at your data rather than looking at how it appears in your ClearScore account. Bear in mind that your credit report is only one factor in a lender's decision.
Clearscore score bands updated in November 2021 to align with the new 1000-point Equifax credit score system. New bands: Poor (0-438), Fair (439-530), Good (531-670), Very Good (671-810), Excellent (811-1000).
The most accurate credit scores are the latest versions of the FICO Score and VantageScore credit-scoring models: FICO Score 9/10 and VantageScore 3.0/4.0. It is important to check a reputable, accurate credit score because there are more than 1,000 different types of credit scores floating around.
As it's the largest of the credit reporting organisations, most Australian banks use Equifax credit scores in their assessments of credit worthiness. However, they can also use information from the other credit reporting organisations, as well as their own internal risk assessment measures.
Experian and Equifax are two leading credit reporting agencies in Australia. They are responsible for collecting credit information, calculating credit scores, and providing credit reports to lenders to help them assess the creditworthiness of potential borrowers.
Some lenders report to all three major credit reference agencies, but others report to only one or two. Because of this, each of the three credit reference agencies may have slightly different credit report information for you and you may see different scores as a result.
Generally, Credit Karma is the overall best site in terms of getting free credit scores and free credit reports. It provides free weekly scores and reports from Transunion and Equifax that are available without having to provide your credit card first.
ClearScore is as accurate as Experian. This is because ClearScore gets its information from Experian. It's possible to have Experian credit history errors, and it's therefore possible to have errors on your ClearScore account.
No, you can check your credit score and report on ClearScore as often as you like and it won't affect your score at all. When a new report is generated, a 'soft' search will appear on your credit report.
Usually, borrowers applying for conventional home loans have a better chance of getting approved if their credit score is between 600 to 700. While a high credit score provides you more power to negotiate with lenders, it is still not a guarantee of a low-interest rate.
If your credit report shows scores out of 1,000, above 690 is excellent and above 540 is good.
Most negative items should automatically fall off your credit reports seven years from the date of your first missed payment, at which point your credit scores may start rising. But if you are otherwise using credit responsibly, your score may rebound to its starting point within three months to six years.
The Equifax 2022 Credit scorecard - combining survey data of 1,016 respondents with credit score information for more than two million individuals - found many Australians are establishing more disciplined spending habits. Average Australian's credit score is 846 according to Equifax.
Scores from Equifax and TransUnion are equally accurate as they both use their own scoring systems. Both credit agencies provide accurate scores, and whichever your lender opts for will provide suitable information.
While a score between 580-670 can be considered almost poor, a score between 300-579 is considered poor. Credit score ranges are often similar to this: Below 300: Very Poor. 300-579: Poor.
We update your report each month, depending on the day you signed up for a ClearScore account.