Your credit score is like your Uber rating, but for lenders.

It’s usually a number between 0 and 1200, and instead of indicating to drivers how many times you’ve made a mess in the backseat of the car, it tells banks how likely you are to repay them should they lend you money.

Generally, the higher the credit score, the better you look to a bank, and the more likely the bank is to loan you money. The lower the credit score, the tougher it is to access credit. 

How do lenders know my credit score?

When you make an application for finance, banks send that information off to credit reporting bodies (CRBs), like Equifax, Experian or Illion.

This crew then compile all your information (including your regular deets, like your address and date of birth) into a credit report. Then, they work out a credit score based on a bunch of different factors, like how much money you’ve borrowed before, and whether you make your loan repayments on time.

Banks can then access this score when they want to assess whether to issue you with new credit.

What is a good credit score?

Here's the thing, the exact number associated with a good credit score depends on which CRB you ask. Here's the breakdown at the three main agencies mentioned above:

Illion

• Low: 1-299
• Room for improvement: 300-499
• Good: 500-699
• Great: 700-799
• Excellent: 800-1000

Experian

• Below average: 0-549
• Fair: 550-624
• Good: 625-699
• Very good: 700-799
• Excellent: 800-1000

Equifax

• Below average: 0-459
• Average: 460-660
• Good: 661-734
• Very good: 735-852
• Excellent: 853-1200

As you can see, the three credit providers are pretty similar... But not the same. So, it can be useful to be aware of the differences. You might have a slightly different score with each!

What is my credit score?

Now you know how important it is, you're probably asking yourself 'how do I find out what my credit score is?'.

If you haven’t checked your credit score, it’s an easy fix. Just download the Flux app and we’ll do the math to work out exactly what your credit score is! We make it easy to see a free credit report using data from Equifax

We’ll also tell you what factors are impacting your credit score - good and bad - and give you some helpful tips to make sure your finances are lookin’ good.

Alternatively, you have a right to access a copy of your credit report for free every three months! You'll just have to contact the individual CRBs to get it.