Knowing your credit score gives you power
CONSUMERS in Mt Druitt have the lowest credit rating in NSW.
New figures released by Veda and GetCreditScore.com.au reveal an average credit score for Mt Druitt residents of 680, well below the national average of 740.
Individual credit scores, which range between zero and 1200, used to be hard to get but now can be obtained free via the online GetCreditScore.com.au service, giving users a snapshot of their credit history.
The higher the score the better consumers appear to prospective credit providers and the better bargaining position they have to seek lower rates or better rewards, particularly in the new peer-to-peer lending market.
“The average credit score for Mt Druitt is still considered very good, and generally in the middle percentile compared to other parts of the country,” said GetCreditScore managing mirector David Scognamiglio.
“Your credit score is a very powerful tool to know, even if you’re not considering taking out credit.”
GetCreditScore.com.au, a partnership of credit bureau Veda and peer-to-peer lender SocietyOne, launched with a goal to give away one million credit scores to empower Australian consumers. More than 125,000 have obtained their credit score through the platform.
SocietyOne, founded in 2012, has attracted big investors including News Corporation and offers an alternative to banks in matching lenders and borrowers. SocietyOne co-founder Matt Symons said there was a strong correlation between loan applications and traffic on the GetCreditScore website.