Put your credit score to work and use it to negotiate a better deal on your loans.Your odds of keeping a clean credit report are 2 times better than Equifax's average credit-active population. VERY GOOD - 726-832 - Your EquifaxScore suggests it's UNLIKELY that you will incur an adverse event in the next 12 months that could harm your credit report. See if you're eligible for greater rewards, lower rates and lower fees.Seek out the best deal using your excellent credit score.Get more out of your credit score by negotiating a better deal on your loans.Your odds of keeping a clean file are 5 times better than Equifax’s average population. If you want to learn more about how your credit score is calculated check out our infographic hereĮXCELLENT - 833-1200 - You’re in the top 20% of Equifax’s credit-active population, suggesting it’s HIGHLY UNLIKELY that an adverse event could harm your credit report in the next 12 months. Your credit score will never factor in personal information like your race, gender, religion, marital status or national origin. Below are the Equifax rankings to help you understand your relative position and credit strength against other Australians. The higher your Equifax Score, the better your credit profile and the better you may appear to credit providers. What are the score ranges for the Equifax Score?Ī Equifax Score falls in a range between. For example if you make an application for credit with a lender, your credit score may change depending on the nature of the loan and the amount of the loan. Remember that credit score's are dynamic and are likely to change over time. Equifax is Australia’s leading credit reporting body and has information on more than 18 million Australians, and is used by most lenders and credit providers. GetCreditScore features the Equifax Score, which is used by hundreds of lenders and credit providers in Australia. It’s a number that is between, where a higher number means you are more likely to be able to repay the loan. Keep in mind, however, that even if you discover that Equifax provided your score to your lender, this doesn't mean the number was inaccurate enough to change the terms of your loan.Let us guide you through what you should know about your credit score, so you can find out where you stand!Ī credit score is a number that is calculated based on the information in your credit report, which helps credit providers know how responsible you are to lend to, and whether you have the endurance to pay them back. So if you don't see Equifax in your paperwork, you are not affected. For auto and personal loans, banks usually ask only one of the three big credit-reporting firms - Equifax, TransUnion or Experian - for a score, Bingham said. If you wonder whether you could have been impacted because you took out a loan, or tried to but were rejected, during the affected time frame, you should be able to check your documents from the transaction to see if the lender provided your FICO score in disclosure forms, Bingham said.īe aware that lenders handle various consumer loans differently when it comes to the information they acquire to make a lending decision. A spokesman for JPMorgan Chase, the largest bank in the U.S., said, "We are proactively working with Equifax and our customers to address on a case-by-case basis." It's unclear when consumers would hear directly from their bank or other lender if they were materially affected by an inaccurate score. The suit seeks a jury trial for damages suffered by affected consumers. District Court in North Georgia, according to an NBC News report. The revelation also has led to a class-action lawsuit being filed against Equifax in U.S. (How to determine that is explained further down.) More from Personal Finance: Millennials' average net worth more than doubled in pandemic Gen Z is saving more for retirement than older generations Here's how social media 'FOMO' drives bad spending habitsĮquifax said in its announcement that it is collaborating with its customers - i.e., the lenders - to determine the "actual impact to customers." A company spokesperson told CNBC that consumers who think their loan decision was affected should reach out to their lender. That's more than enough to cause a different lending decision. While most of the scores did not experience a material difference, Equifax said, a sizable number - less than 300,000 - saw a shift of 25 points or more due to the error. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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