Credit Savvy is an online service that gives Aussies access to their credit score for free. It launched in 2015 and is owned and operated by CBA New Digital Businesses Pty Ltd (the Commonwealth Bank).
Credit Savvy is a free service; it earns money from advertising from banks and other financial institutions. This means third parties may pay Credit Savvy to show you their products.
What service does it offer?
Credit Savvy works with Experian, one of three main consumer credit reporting companies here in Australia. Using Experian data, it provides the ability for you to find out your credit score along with resources to help you understand how they work and how to improve a low score.
With Credit Savvy's free online service you can:
Get access to your credit score
Track your credit score with monthly updates
Learn what's behind your credit score
Receive alerts when there are changes to your credit file
How to get your credit score with Credit Savvy
You can create an account with Credit Savvy by verifying your identity with a form of ID, such as your driver's licence, Medicare card or passport. Credit Savvy will then securely retrieve your credit data from Experian and get your credit score and credit file information to you within minutes.
You will need to create an account with Credit Savvy first and you can choose to sign up with your email, Facebook or Google account.
What are the credit score ratings from Credit Savvy?
The Experian model is used with your Credit Savvy credit score, which means that you will receive a score between 0 and 1,000. There are other credit bureaus that use slightly different scales and models.
The higher the number, the better your credit score. Generally speaking, the better your credit score, the greater chance you have of a lender approving your loan application. To help you see how you rank, your score will fall into one of five tiers ranging from "Excellent" for the highest scores down to "Below average" for ones that need more improvement.
Score
Rating
800-1,000
Excellent
700-799
Very good
625-699
Good
550-624
Fair
0-549
Below average
Source: Experian
There are several practical steps you can take to improve your credit score including paying your bills on time, lowering the limits on your credit cards and making frequent payments to any existing loans.
How does Credit Savvy get your credit score?
Credit Savvy credit scores are calculated by a statistical algorithm using information from your credit report. The score is generated by looking at some key attributes including your repayment history, the credit limit of each of your credit products and the number and type of credit provider that have made credit enquiries on your report.
It's important to note that there are some things that could have a negative impact on your Credit Savvy credit score, including:
A large number of credit applications in a short period of time
Defaults
Court judgements
Open accounts with debt collection agencies
Missed payments
Short term credit such as payday lenders
Bankruptcy actions
Keen to learn more about credit scores? Read our full guide on credit scores that includes how they work, what they're used for and where else you can get your credit score for free.
Tom Stelzer is the Members Publisher for Finder, specialising in content for Finder app and website members. He previously worked for Finder as a writer in Australia and the UK, covering things like personal finance, loans, investing, insurance as well as small business and business loans. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.
The average Australian has a "very good" credit score according to Finder analysis. Here's how credit scores are categorised in Australia, and how to check yours.
Credit scores are recognised in many countries, but can be calculated very differently. Find out how the USA, UK, China, India and Canada score credit, and how Australia's system compares.
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