Frequently Asked Questions

What is a Credit Score?

A Credit Score is a number that indicates how healthy your Credit Report is. Generally, the higher your score, the better.

Your Credit Score is a quick indication of your 'creditworthiness' and can indicate to a lender how likely you are to pay back the money they lend you.

A Credit Score is calculated using the information on your Credit Report that includes:

  • How often you've applied for credit
  • What type of credit and the limits you've applied for
  • Your repayment history 
  • If you've had any defaults or judgements in the last 5 years

Your score may include additional information, particularly if you are an existing customer with the lender. 

A Credit Score is a good indicator of your credit health, but it may not always indicate that you'll be approved for a loan. Lenders may have additional policies in place that could impact your application.

Learn more about credit scores on the CreditSmart website.

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