Know­ing your credit score gives you power

Mt Druitt - St Mary's Standard (East) - - NEWS -

CON­SUMERS in Mt Druitt have the low­est credit rat­ing in NSW.

New fig­ures re­leased by Veda and GetCred­itS­ 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 GetCred­itS­ 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.”

GetCred­itS­, 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.

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