Banks use credit scores from major bureaus like Equifax, Experian, and Illion in Australia, often favouring Equifax but checking multiple sources, and they look at data like payment history, debt levels, and credit applications to assess your risk, with scores varying slightly by agency but generally ranging from 0 to 1,000 or 1,200. Lenders use these scores (and their own internal criteria) to see how reliably you repay debts, with higher scores indicating lower risk.
FICO scores are generally known to be the most widely used by lenders. While FICO Score 8 is the most common, mortgage lenders might use FICO Score 2, 4 or 5.
Yes, a 700 credit score puts you in the "good" to "very good" range, making it very possible to get a $50,000 loan, though approval and rates depend on income, debt, and lender; you'll likely qualify for better terms than someone with a lower score, but still might not get the absolute best rates compared to scores over 740. Focus on lenders like online platforms or credit unions for better options, and pre-qualify with multiple lenders to compare offers without hurting your score, as lenders also check income and debt-to-income ratio.
Every bank uses Equifax, Experian, or TransUnion to evaluate creditworthiness — some even use more than one bureau. Which bureau is used depends on each individual bank, the type of credit product you're applying for, and the state in which you reside.
The three main credit reporting bodies in Australia are Equifax, Experian & Illion, each create their own credit score from the data in your credit report.
Yes, a 700 credit score puts you in the "good" to "very good" range, making it very possible to get a $50,000 loan, though approval and rates depend on income, debt, and lender; you'll likely qualify for better terms than someone with a lower score, but still might not get the absolute best rates compared to scores over 740. Focus on lenders like online platforms or credit unions for better options, and pre-qualify with multiple lenders to compare offers without hurting your score, as lenders also check income and debt-to-income ratio.
Generally speaking, negative information such as late or missed payments, accounts that have been sent to collection agencies, accounts not being paid as agreed, or bankruptcies stays on credit reports for approximately seven years.
The majority of credit providers appear to use a single credit bureau and most often that bureau is Equifax. The ACCC also found that even where the large credit providers contract with multiple bureaux, some see Equifax as the primary bureau and utilise Experian and illion as a secondary data source.
Different credit scores from Experian and Equifax are normal. Each bureau uses different scoring scales, data feeds, update timing, and scoring models. Lenders may check one or both reports—and often use their own internal risk models anyway.
Your credit report
The credit reporting bodies we use are: illion (formerly trading as Dun & Bradstreet Australia) Equifax (previously known as Veda)
The 2-2-2 credit rule is a guideline lenders use to assess a borrower's creditworthiness, requiring two active revolving credit accounts, open for at least two years, with a history of on-time payments for those two consecutive years, often with a minimum limit of $2,000 per account, to show financial stability for larger loans like mortgages. It demonstrates you can handle multiple credit lines responsibly, not just have a good score, building lender confidence.
High-income professionals with strong credit histories are more likely to be approved. This includes: A “good” to “excellent” credit score—the typical $200K loan credit score is 700 and above. Some lenders may approve scores in the 660 to 699 range, but with less favorable terms.
PenFed Credit Union is the only loan company that uses only your Equifax credit data. In most cases, you won't be able to determine beforehand which credit bureaus your lender will use.
Not all credit reference agencies use the same scale for the credit scores they provide. Experian rates your creditworthiness on a scale of 0 to 999, while ClearScore uses 0 to 1000 and Credit Karma uses 0 to 710. This can make the numbers look quite different, even if they reflect a similar level of creditworthiness.
Ways to improve your credit score
The answer depends on you. If you are thinking about buying something big soon a new car or even a home you may want to get all of your credit reports now. That way you can correct any mistakes on all of them right away. If you are not planning a big purchase, requesting them over time might be a better choice.
Your score can differ depending on which credit reporting company is used, but most mortgage lenders look at scores from all three major credit reporting companies – Equifax, Experian, and TransUnion – and use the middle score for deciding what rate to offer you.
Credit scores from the three main bureaus (Experian, Equifax, and TransUnion) are considered accurate. The accuracy of the scores depends on the accuracy of the information provided to them by lenders and creditors. You can check your credit report to ensure the information is accurate.
Yes, a 700 credit score puts you in the "good" to "very good" range, making it very possible to get a $50,000 loan, though approval and rates depend on income, debt, and lender; you'll likely qualify for better terms than someone with a lower score, but still might not get the absolute best rates compared to scores over 740. Focus on lenders like online platforms or credit unions for better options, and pre-qualify with multiple lenders to compare offers without hurting your score, as lenders also check income and debt-to-income ratio.
There isn't one single "most accurate" credit score in Australia, as the three main bureaus (Equifax, Experian, Illion) use different data and algorithms, but Equifax is often cited as very comprehensive due to its extensive data, including positive credit reporting (CCR). For the most complete picture, you should check reports from Equifax, Experian, and Illion, as lenders use these, and scores can differ significantly.
Factors such as defaulting on loan , late payments, joint debts, and applying for too many credit products can lower your score. Credit scores may differ between credit reporting agencies like illion, Equifax, and Experian since they all use their own proprietary algorithms to calculate scores.
There are other items that cannot be disputed or removed due to their systemic importance. For example, your correct legal name, current and former mailing addresses, and date of birth are usually not up for dispute and won't be removed from your credit reports.
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
The "777 rule" in debt collection, also known as the 7-in-7 rule, is a guideline under the CFPB's Debt Collection Rule (Regulation F) that limits how often debt collectors can call you: generally no more than seven times in seven days for a specific debt, with a mandatory seven-day waiting period after a phone conversation before another call. This rule, established by the Consumer Financial Protection Bureau (CFPB), aims to prevent harassment by setting presumptions for acceptable call frequency, applying to personal debts like credit cards and medical bills.