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Understanding your illion credit score and report
Got your credit score through illion and not sure how to interpret it? We've got you covered.
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Want to get on top of your credit score? Illion is one of Australia's accredited credit report agencies, allowing you to see what you score is, understand your report, and ultimately see how creditworthy you are. Best of all, their reports are free!
Who are Illion?
Labelling themselves as a "leading independent provider of trusted data and analytics products and services in Australasia", illion are one of few credit registries in Australia that can give you your credit score and report.
They company collects information about individuals and businesses about their credit history. They then use this information to create credit reports and credit scores, and shows how you compare to others.
Their credit report includes a details on your credit enquiries, loan, defaults, bill repayments, and current credit you might have - like a mortgage, credit card, or buy now pay later services.
How can I get my Illion credit report and credit score?
That's easy. You can head to the Illion website and sign up, or give them a ring on 1300 734 806.
What's a good Illion credit score anyway?
Illion credit scores exist on a scale of 0 to 1,000. If you have a higher score, you have a better credit rating. The lower the score, the more room for improvement you have. It divides scores up into 6 categories:
If you have a zero score, chances are that there's a few negative things in your credit history. Think: payment defaults and bankruptcy. You might have also applied for credit and been declined. If you sit in this category, don't fret. Check out our guide on how to improve your credit score.
A low score: 1-299
If you sit here, you probably have a few negative strokes on your file like payment defaults, a poor payment history, or bankruptcy. You may also have a large amount of credit enquiries, especially for small amounts.
Room for improvement: 300-499
Illion state that if you're sitting here your score does need improving, but it doesn't necessarily indicate any negative history on your file. It's likely that you're a younger person (which some lenders see as risky), or you've recently made a few credit applications to smaller lenders who tend to take on higher-risk customers.
If you're in this category it may mean that there's not much information available on your credit history. You likely don't have anything significantly bad on your file. Your score might also be affected by your age or where you live, as your credit score generally goes up as you get older.
A score in this range probably means that your payment history is good, or you don't have enough credit history to nab an excellent score. You may also have a few credit enquiries or loan applications against your name.
Illion says that this range is generally reserved for older people who have shown discipline with credit applications and have a mortgage or investment property. They've made consistent, timely payments on their existing credit. Well done!
How can I improve my Illion credit score?
Credit score seen better days? That's totally okay. Here are some ways Illions recommends you do if you want to improve your credit score:
- Make sure all the information on your credit history is correct.
- Find out what is bringing down your score and work to fix it.
- Pay your bills on time - that includes your credit card, home loan, personal loan repayments, and even your mobile phone. Set up automatic transfers or direct debits to help with this.
- Set up a payment plan with your credit provider or collection agency to pay any outstanding debt you owe.
- Establish a budget, buy things with your savings instead of a credit card, and be more money conscious.
Want a better way to check your credit score?
Dig in deeper with our credit score guides
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