Ditch the abs and get a date with a good credit score this Valentine’s

Analysis of more than 4.6 million Equifax Scores, or personal credit scores, reveals a person’s name can be an indicator of their financial fitness. For Gen Ys, your best chance at fiscal freedom is by dating a Brendan, Wei, Georgia or Ying, while Gen Xers should take a leap of love with a Lachlan, Murray, Ying or Claire.

Baby Boomers on the lookout for romance are advised to steer clear of Jose, Henry, Gloria and Marlene, and turn their affections towards Brendan, Ross, Penelope or Gillian.

Belinda Diprose, Veda Marketing Manager, said Australia was likely to follow the US trend where credit scores were one of the things people considered when sizing up a prospective partner.

“As wild as it seems for a personal credit rating to influence the chemistry of a first date, a recent survey in the US found that women and men now rank financial responsibility as equally important with physical attractiveness,[i]” she said.

“While it’s early days in Australia, over time credit scores will rise as a status symbol, as more Australians access and manage their Equifax Score. It’s highly likely those who are fiscally prudent will ask about a prospective partner’s Equifax Score to understand their financial past.

“The higher the Equifax Score, the better an individual’s credit worthiness. Someone with a lower Equifax Score is at higher risk of a credit default in the next 12 months.”

Launched in October 2013, the Equifax Score is a number between 0 and 1,200 that summarises information on your Veda credit file at a specific point in time. Veda says that 15% of credit active Australians (2.3 million) may be at significant risk of default in the next year.[ii]

“There is a lack of awareness in Australia about what a credit history is, or how a poor credit report can impact chances of getting credit from lenders – which for most Australians is an essential part of settling down. If you find out what’s on your credit report, you can check whether it’s accurate and know where you stand when you apply for credit,” she said.

This is becoming increasingly important with the introduction of Comprehensive Credit Reporting in Australia, permitted from 12 March, which will mean that positive credit data – not just negative data – will appear on a person’s credit file.

Ms Diprose added: “A good credit history generally makes a person more attractive to credit providers as well as potential partners. It’s more important than ever to understand what’s on your credit file, establish good repayment habits and manage your credit profile.”

To find out how you score or for more information, go to http://www.veda.com.au/yourcreditandidentity/valentines