What is Australia's average credit score?
The average credit score in Australia, as reported by Equifax, stands at 855. This reflects a high level of creditworthiness among Australians. Its important to note that credit checks can be of two types: soft inquiries and hard inquiries. Soft inquiries dont affect your credit score, while hard inquiries can.
Australia’s Average Credit Score
Australia boasts a high average credit score of 855, according to Equifax. This score indicates a strong level of creditworthiness among the Australian population.
In Australia, credit checks fall into two categories:
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Soft inquiries: These do not impact your credit score and are typically used by potential lenders or employers to assess your credit history.
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Hard inquiries: These can negatively affect your credit score and occur when you apply for credit, such as a loan or credit card.
Understanding the average credit score in Australia and the impact of credit checks is crucial for managing your finances effectively. By maintaining a good credit score, you can qualify for better loan terms, lower interest rates, and increased access to financial products and services.
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