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Equifax is the largest credit score provider in Australia and has helped of 20 million people get their credit report. We'll run through what services they offer, how to read their credit reports, and the pros and cons of Equifax. What is an Equifax Score?There are a number of different credit scoring systems used by credit bureaus. These scores factor in the information listed on your credit file and reflect your ability to repay credit. An Equifax score is calculated by Equifax, Australia’s largest credit bureau. Your score helps lenders assess your credit application when you apply for a loan or line of credit. Similar to a tool that ranks your risk, all credit information is used to predict the outcome of your loan within the next 12 months. In addition to your Equifax Score, lenders will apply their own lending criteria. This is why you shouldn’t completely rely on your score as an indicator of whether you should apply for the credit or not. The difference between good and bad credit What's a good Equifax score?In Australia, your Equifax Score will be a number between 0 and 1200. A "good" credit score is between 622 and 725, a "very good" score is between 726 and 832 and an "excellent" score falls between 833 & 1200. We've broken down the Equifax score bands and what they mean in more detail below:
How does this range compare to other credit score services? Understanding your Equifax credit scoreYour Equifax Score is displayed as a number and indicates the likelihood of an adverse event being recorded on your credit file in the next 12 months. An adverse event can be a range of "bad credit" listings such as a default, a bankruptcy or a court judgement. The higher your Equifax Score, the less likely it is an adverse event will be recorded on your file and the less of a risk you will appear to lenders. The lower your credit score the riskier you will appear as a borrower.
How is your Equifax Score calculated?Your credit score is calculated using the information on your credit report and there are a number of factors that take into account your risk as a borrower. These include:
How to repair your credit Who is Equifax?Equifax previously Veda was founded in 1967 as a credit reference association. It would accumulate data on commercial entities and individuals and analyse it so as to develop a comprehensive credit report. This information then gave lenders an insight into their customers' creditworthiness and risk index. With over 40 years of experience and an international footprint, Equifax has established itself as a leading data and analytics business. Credit reports are constantly changing, so lenders need a service provider that can accumulate, interpret and transform new data to provide a better picture of a certain entity's ability to repay credit. This is why Equifax is dedicated to providing comprehensive credit reports for individuals and organisations. What credit reporting services do Equifax offer?Equifax offers a range of personal solutions to help you protect and manage your credit information. Here are the core products and services offered by Equifax:
How to read a credit report from EquifaxCredit reports from Equifax contain useful information on an individual's credit history and credit score. The file will contain the following fields of information:
What other services does it provide?
What are some of the features and benefits Equifax offers with its products?Equifax helps you access and manage your credit score to improve how you look to lenders. The comprehensive Equifax database containing credit information on companies, businesses and individuals can help you minimise the risk of accruing bad credit by giving you updated information about the credit histories of your customers. Equifax also provides analytics services that help you understand and apply financial and credit data to empower your business. The various Equifax packages on offer allow you to protect your identity and credit information, track your credit score to improve it and time your credit applications, and find solutions to personal and business financial and data analysis problems. If you want enquiries made into an entity in your credit report, Equifax can investigate and correct incorrect information to ensure your credit file remains accurate. This helps to ensure that your credit score improves and that you can be confident to apply for credit. What are the benefits and drawbacks of Equifax?
Frequently asked questions about your Equifax credit scoreHow can I improve my Equifax Score? There are a number of ways to improve your credit score and it depends on what your current credit position is. However, limited your credit applications and making sure your repayments are on time will help improve your credit score. If you are able to, you can also consider cancelling or reducing the limit on your credit cards. Find out more ways to improve your credit score here. How does my Equifax Score impact my credit application? Your Equifax Score ranks the level of risk you are compared to the rest of Australia. It could be used to help credit providers assess your ability to pay the loan back and whether or not to approve your application. Dig in deeper with our credit score guidesIs 900 a possible credit score?A credit score of 900 is either not possible or not very relevant. The number you should really focus on is 800. On the standard 300-850 range used by FICO and VantageScore, a credit score of 800+ is considered “perfect.” That's because higher scores won't really save you any money.
Is the highest credit score 850 or 900?The Perfect Credit Score May Vary
The generic FICO® Score has a score range of 300 to 850, so a perfect score on that scale is, of course, 850. The same is true of the most recent scoring models from FICO competitor VantageScore®: Its VantageScore 3.0 and 4.0 models also use a 300 to 850 scale.
Which credit score is out of 900?CIBIL Score range. How many people have a credit of 850?The percent of the population with an 850 credit score is relatively small, but has been increasing. As of April 2019, about 1.6% of the U.S. scorable population had an 850 FICO® Score.
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