news release
Experian teams up with Aussie for launch of Credit Savvy™
New service gives consumers free access to Experian Credit Score
Wednesday, 11 March 2015,Sydney, Australia — Experian has teamed up with Aussie Home Loans
to launch CreditSavvy.com.au, a freeservice providing Australians with ongoingaccess to their credit
score and resources to understand and manage their credit reputations.
It comes as alarming new research 1 shows more than 80 per cent of Australians have never
accessedtheir credit report, and over 77 per cent don’t know how their credit score might be used to
determine creditworthiness.
Andy Sheehan, Managing Director of Credit Services at Experian,said that CreditSavvy is a much
needed initiative to help address the gap in Australians’ credit education:
“Too many Australians don’t know or understand their credit score and how it could be used by
lenders when considering credit applications. It’s in everyone’s best interests for this to change. As it
changes, the industry will become more personalised with lenders tailoring products and services to
suit their individual customers’ needs.”
“The changes to privacy legislation last year brought Australia in line with global best practice when
it comes to credit reporting.Australians will begin to more actively manage their credit reputation
and then we’ll start to see a more informed and productive dialogue between lenders and
customers.”
“We are pleased to be teaming up with Aussie, one of Australia’s most trusted brands, to launch
Credit Savvy and bring to life our shared vision for empowering Australians to improve their financial
well-being.”
Credit Savvy retrieves existing credit information to give consumers free access to their Experian
Credit Score. Each score is ranked from 0 – 1,000 and individually calculated by Experian’s unique
algorithm, which has been influenced by global best practice from its 19 leading credit bureaus
around the world.
Founder and Executive Chairman of Aussie, Mr John Symond AM, said:
“Since we opened our doors 23 years ago we have always tried to empower consumers and help
them to get a better deal, whether that was by being a challengerfor lowerinterest rates or making it
easier to get a home loan by visiting our customers at a time and place that suits them. Credit Savvy
is another way for us to help consumers get into a stronger position when applying for creditand
give themmoreconfidence to ask for a better deal.”
1
Experian commissioned research conducted online by Pure Profile in September 2014 among 1000
Australians aged 18 and over, representative of the broader population
“Over the coming years credit reporting will have an impact on our industry, so this was a natural
progression for Aussie which we are very excited to bring to market.”
Credit Savvy lets consumers check where they stand and provides practical information, regardless
of whether their score is high or low. It will help consumers to develop their understanding of credit
and management of their credit reputation by providing free ongoing access to their credit score,
insights about their score and importantly, offering practical tips and tools to help them improve
their score.
About Credit Savvy
Credit Savvy has been launched to help consumers access their credit score and manage their credit
reputation in Australia. The free service includes:
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Access to their Experian credit score, so users can see where they stand, at any time;
Monthly score updates, so users can track changes to their Experian credit score;
Credit file monitoring, updating consumers with any changes to their Experian credit file;
Access to news, tips, FAQs and commentary to educate users about credit, credit reporting and
how to improve or keep their credit score; and
Comparison marketplace, where consumers can research and compare hundreds of financial
products that could save them money.
For more information or to use the service, visit www.CreditSavvy.com.au.
-ENDSFor further information or to arrange an interview with Andy Sheehan or John Symond, contact:
Experian
Lauren Magid, n2n communications
(02) 9213 2328 or 0468 598 683
[email protected]
Aussie
Tim Allerton, City PR
(02) 9267 4511 or 0412 715 707
[email protected]
About Experian:
We are the leading global information services company, providing data and analytical tools to our
clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing
offers and automate decision making. We also help people to check their credit report and credit
score, and protect against identity theft. In 2014, we were named by Forbes magazine as one of the
‘World’s Most Innovative Companies’.
We employ approximately 16,000 people in 39 countries and our corporate headquarters are in
Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo,
Brazil and Melbourne, Australia.Experian plc is listed on the London Stock Exchange (EXPN) and is a
constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2014, was US$4.8
billion.To find out more about our company, please visit http://www.experianplc.com or watch our
documentary, ‘Inside Experian’.
About Aussie
Aussie (formerly Aussie Home Loans) was founded in 1992 by John Symond AM, who was widely
credited with bringing competition to the Australian home lending industry. The company was
unique in its approach to home loans, offering a mobile service and access to loans far cheaper than
those offered by banks. In 1994 Aussie partnered with Macquarie to introduce the securitisation of
home loans. The company rapidly grew as consumers became aware of its products and that of
other non-banks and the competition heated up. In 2012 Aussie acquired mortgage aggregator nMB.
In May 2013, The Commonwealth Bank increased its investment in Aussie from 33 per cent to 80 per
cent.
About Credit Savvy
Credit Savvy is a new digital initiative backed by Aussie that aims to help Australians make savvy
financial decisions by understanding their credit status and how credit works. Credit Savvy provides
consumers with free access to their credit score, credit file information, credit monitoring & practical
tools.
APPENDIX
Some of the key factors that can affect a consumer’s credit score are:
Bankruptcy Act –
generally impacts
report for 7 years
Try to discharge, close or complete the Bankruptcy Act action as
soon as possible. This will reduce the amount of time that your
credit profile will be affected.
Default – impacts
report for 5 years
Try to avoid a formal default if at all possible. If you get behind
on payments, make contact with the credit provider and try and
negotiate a payment plan.
Court judgments
Try to settle a dispute before it goes to Court. If you do have a
judgment against you, make sure you pay it as soon as possible.
Enquiries
Making multiple applications for credit can lower your score.
Too many accounts
Having lots of credit accounts can be a sign of credit problems.
If possible, think about consolidating your credit accounts and
cards, while closing those you don’t need.
Repayment History
Moving forward under the new Credit Reporting system the
easiest way to improve your credit score will be to make your
repayments on time. A good method is to set up a direct debit
or a diary reminder to ensure payments are made on time.