Credit scoring tool achieves significant milestone

A free credit-scoring service backed by one of Australia’s largest mortgage broking groups has hit 100,000 members just shy of its first birthday.

Developed by Aussie and global business intelligence company Experian, Credit Savvy provides Australians with ongoing access to their credit score, as well as resources to understand and manage their credit reputation.

The start-up has already made available more than 600,000 free credit scores to its member base, having partnered with over 30 financial institutions and featuring some 600 credit products on its website.

“Just over a year ago, an Experian study found that 80 per cent of Australians had never checked their credit score,” Dirk Hofman, managing director of Credit Savvy, said.

“This shows that credit scores have still been a relatively new concept to consumers, so the pace of our growth has been remarkable given that our task was not only to build awareness of our brand, but also of credit scores and how they are used by credit providers to assess your credit card or loan application.”

Mr Hofman believes the ongoing changes to the Australian credit landscape will fuel further growth for Credit Savvy, especially with the emergence of risk-based pricing for credit products and the increased adoption of a positive credit reporting regiment.

“There are already a number of personal loans in the Credit Savvy marketplace that offer a better rate for consumers with a good credit history,” he said.

“As these offers become more prevalent, we expect that even more Australians will take notice of their credit scores. They’ll be looking at ways of managing and improving their credit reputation so that they can negotiate a better deal on their loans and credit cards.”

[Related: Credit Savvy nowhere near as savvy as Veda]

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