What is a Credit Score? What is an Equifax Credit Score?

Your Equifax Credit Score is a summary of your credit information held by Equifax and indicates how finance and utility providers may view you when applying for credit. It is derived from information held on your Equifax Credit Report as held by Equifax when the score is requested. The Equifax Credit Score is a number between 0-1200 and in simple terms, the higher your Equifax Credit Score, the better your credit profile and the lower the credit risk.

The information that can be put on your Equifax Credit Report is strictly regulated by the Privacy Act 1988. Equifax calculates your Equifax Credit Score using information collected directly from you, as well as from credit providers. Publicly available information, such as court actions relating to insolvency and ASIC records, may also impact your Equifax Credit Score.

Knowing your Equifax Credit Score may help you negotiate a better rate with some lenders. You can also take steps to improve your Equifax Credit Score, if it is low.

Learn more: Both CreditSmart and the Australian Government's MoneySmart have useful information about credit scores.