Franchise broker launches free credit score service

A mortgage broking franchise has teamed up with a credit agency to launch a new site giving Australians free access to their credit score

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A mortgage broking franchise has teamed up with a credit agency to launch a new site giving Australians free access to their credit score.

Aussie Home Loans has announced a partnership with Experian to launch CreditSavvy.com.au, a free service providing consumers access to their credit scores. Recent research commissioned by Experian revealed more than 80% of Australians have never accessed their credit report, while more than 77% don't know their credit score could be used to determine their creditworthiness.

“Too many Australians don’t know or understand their credit score and how it could be used by lenders when considering credit applications. It’s in everyone’s best interests for this to change. As it changes, the industry will become more personalised with lenders tailoring products and services to suit their individual customers’ needs," Experian managing director of credit services Andy Sheehan said.

“The changes to privacy legislation last year brought Australia in line with global best practice when it comes to credit reporting. Australians will begin to more actively manage their credit reputation and then we’ll start to see a more informed and productive dialogue between lenders and customers.”

Aussie founder John Symond said the service would help consumers put themselves in a stronger position when applying for credit.

“Over the coming years credit reporting will have an impact on our industry, so this was a natural progression for Aussie which we are very excited to bring to market,” he said.

In addition to their Experian credit score, the service will offer consumers monthly score updates, credit file monitoring to update on changes to their credit file, access to news and tips on credit reporting and a comparison marketplace.

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