Question 1

What is a credit score?

Accepted Answer

A credit score is a number that represents your credit worthiness as a borrower. Your credit score (also known as a credit rating) is determined by  a number of different factors such as your borrowing and repayment history, as well as the frequency of your credit applications. The better your credit history is, the higher your credit score will be. Having a high credit score lets lenders know that you make repayments on time and you can manage your credit well.

Question 2

What is a credit report?

Accepted Answer

A credit report is a full report of the data stored in your credit file at one of the credit bureaus (Experian, TransUnion or Equifax). Although the information in your credit file is generally the same at each credit bureau, each of them organises the data differently and formats its credit report in their own way. These full credit reports often cost a lot of money to obtain and can take weeks to receive. You need to request these directly from the bureau.

Question 3

What do you do if you are a victim of identity theft?

Accepted Answer

If you notice something that doesn't seem right or believe you've been a victim of identity theft, we'll help you take the next step in reporting issues. Alternatively, you can contact your credit provider directly to correct it.

Question 4

How is my credit score calculated?

Accepted Answer

Your credit score is calculated by a credit bureau, using an algorithm that looks at the information from your credit file such as accounts open, defaults, missed payments and even bankruptcies. Your credit score will range from 1000 to 1,200 depending on the bureau but generally a higher credit score suggests you are less risky. If you have a low credit score, it can make it difficult to obtain a loan or credit.

Question 5

Can I get a loan with bad credit?

Accepted Answer

If you have poor credit, this means that there are some marks against your credit report such as defaulted loans, missed payments or even bankruptcy. There are some specialist lenders that cater for people with bad credit, however these often come with high interest rates that could get you in more trouble if you can’t afford it. By checking your score with SocietyOne, you can see where you need to improve before applying for any credit.

Question 6

Why is my credit score important?

Accepted Answer

Your credit score is important for a number of reasons:
1. Your credit score is often  used by a credit provider (such as banks, lenders, credit card companies, utilities, and telecommunications companies)  to determine the risk of lending you money or extending your credit.
2. It provides you with an opportunity to take actions to improve your score, increasing the chances that your future applications will be approved. 
3. Having a better credit score may also give you access to better offers.

Question 7

How do I find out my score?

Accepted Answer

You can see your credit score here. It only takes a minute to check your score.
Have your driver's licence number handy, as we will need it to verify your identity and to access your credit report from Experian.
Checking your score won't impact your credit score. Get started now!

Question 8

What to do if I can't log into my account?

Accepted Answer

Refresh your browser, clear your cookies, or try another browser. Otherwise, contact credit.scores@societyone.com.au.
We will resolve it as soon as possible.

Question 9

Why do you have all my credit information?

Accepted Answer

SocietyOne has partnered with Experian, one of Australia's three official credit reporting agencies, to help our customers access their credit file information.
Experian collects information from a number of different companies that provide credit, such as banks, utility providers, telcos and insurance companies, to deliver your credit report. When you sign up for a SocietyOne credit score, you are simply authorising us to access some of  your credit information, including your credit score.

Question 10

Who are the credit reporting bodies?

Accepted Answer

There are a number of credit bureaus in Australia,  Experian, Equifax, and illion. Credit bureaus collect information on your borrowing history, debt, repayment history, home loan, credit limit for each of your credit products, number of credit inquiries, and any bad events to calculate your credit score. We use the Experian credit score to provide you with the SocietyOne score insights.

Question 11

Does checking my credit score impact my credit score?

Accepted Answer

No. Checking your credit score does not affect your credit score.

Question 12

I have a good credit score, why can't I get a loan?

Accepted Answer

While your credit score is an indication of your credit worthiness, which is important to your credit application, it is not the only factor considered by credit providers when assessing your application. Your credit application may be declined if:
1. You can't service the loan repayment.
2. You’re currently using too much credit.
3. You are considered to be too risky.
4. You don’t meet requirements set by the credit provider, such as citizenship, age and employment.
In addition, lenders may also refer to data beyond the Experian credit report, for example credit information from other bureaus, and your bank statements, to make the final credit decisions.

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