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Is it time to check your credit score?

  • October 08 2020
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Borrow

Is it time to check your credit score?

By Cameron Micallef
October 08 2020

Australian consumers who are looking to get a loan are being urged to recheck their credit score, with financial hardships and changing income statements likely to have an impact on their overall ability to obtain credit.

Is it time to check your credit score?

Is it time to check your credit score?

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  • October 08 2020
  • Share

Australian consumers who are looking to get a loan are being urged to recheck their credit score, with financial hardships and changing income statements likely to have an impact on their overall ability to obtain credit.

Is it time to check your credit score?

A report released by Credit Savvy showed that more than 614,000 Australians have checked their credit score in the first six months of the COVID-19 pandemic. 

This comes as the country falls into the first recession in almost three decades, with the ABS stating  GDP has fallen to -7 per cent and unemployment has risen to 6.8 per cent.

Credit Savvy’s managing director, Leo Hillary, said the increased interest in credit scores come as Australians face new uncertainties due to lockdowns and job losses.

“With many Australians having to make the difficult decision to defer their loans, or make other adjustments to their finances, it is no wonder people wanted to know how this would affect them and their financial future,” Mr Hillary explained. 

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He believes that checking a credit score will allow consumers to have a better understanding of their overall financial position. 

“This will be essential as consumers tackle the ongoing effects of the pandemic in the coming months while building financial buffers to help them play their part in the country’s economic recovery.”

The company noted that it has already checked 29 million scores in total, helping Australians gain a greater understanding of their financial situation.

“Australian consumers are becoming increasingly aware of the impact of their spending and budgeting habits on their financial ‘health’,” Mr Hillary said.

“By understanding the key factors that influence it, you can find the opportunities to improve or maintain it.”

Is it time to check your credit score?
Is it time to check your credit score?
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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