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FREE Monthly Credit Score (Experian) @ Credit Savvy

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FREE Monthly Credit Score (Experian) @ Credit Savvy
Go to Deal
ronnknee on 01/02/2017 - 09:33 creditsavvy.com.au (6567 clicks)
Last edited 04/02/2017 - 21:22 by 1 other user

There's been a lot of credit card deals lately. An average OzBargainer would probably apply for one just to get the points, cancel it and then move onto the next. Would it hurt their credit score?

On Credit Savvy, you can get a monthly credit score for free. It's basically a lender's risk assessment based on your credit application history, and they provide you a score and a rating (eg. below average, okay, good, very good and excellent).

You can use this tool as a guide to decide whether it's a good time to apply for another card with success or maybe you should wait around a bit in case you get rejected.

Experian and Veda only provide you a free credit report once a year otherwise they charge you. That's why I think this is a great deal! Also I've been using this for almost a year and nothing dodgy has come out from it.

Basically you can:

  • Find out your Expedian credit score
  • See the contents of your credit report ie. a list of credit enquiries and if applicable: defaults, serious credit infringements, bankruptcies and court judgements.
  • See a history of your credit score.
  • Compare yourself against others in Australia, your State, your Postcode, the same age or the same gender.

As other users have pointed out, Get Credit Score is another free tool which I have posted as a separate deal. Credit Savvy provides you an Experian score while Get Credit Score provides you a Veda score. Majority of credit companies use either systems or both for risk assessment.

You can use both tools to better evaluate your borrowing power.

You can use my referral link if you like. Originally I just wanted to share this deal but then I realised that there's also a competition for referring the most people. I may be able to win $1000 EFTPOS gift card. Your help is appreciated ;)

https://www.creditsavvy.com.au/?r=rvn5dlddhonktrgu

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closed Comments

  • denpol85 on 01/02/2017 - 09:44

    Great service. Stopped me from balance transferring my cards after I saw how much it impacted my score.
    I'm waiting for some old queries to get off my file so my score can climb!

    • noone on 01/02/2017 - 10:06

      I did a balance transfer but it didn't show up in the report

    • Duram on 01/02/2017 - 10:35
      +4

      Why would you care about your score?

      When it comes time to a real loan and showing all documentation proving you have 0 debt / minimal debt why would the score matter?

      • eggboi on 01/02/2017 - 10:41
        +16

        We would love to have you as a customer but computer says no. Sorryyyyyyy.

        • Duram on 01/02/2017 - 10:42
          +4

          Yeahhhhh nah that's not how it works.

        • ronnknee on 01/02/2017 - 11:18

          @Duram: Do you work at a bank or credit company? Can you provide us more information on the assessment?

        • Duram on 01/02/2017 - 11:33

          @ronnknee:

          Have a look @ potatox reply below it sums it up nicely.

        • ronnknee on 01/02/2017 - 11:41

          @Duram: Like I mentioned in my post, it's a good indicator on whether you could apply for your next credit card.

        • eggboi on 01/02/2017 - 12:09
          +1

          @Duram: it was a joke brah. but seriously if you have zero debt and a good income but a bad cred history, you'll be flagged as a customer that will likely need to be chased and more of a liability. even if they do offer you credit, you'll probably get a less competitive interest rate as well.

        • dirkgonnadirk on 01/02/2017 - 14:14
          +1

          what he wrote made no sense whatsoever

        • [Deactivated] on 02/02/2017 - 16:49

          @Duram: Oh yes it is on some forms of finance, believe me, as a single mum - I relied on algorithm based loans. That I can tweak.

    • ronnknee on 01/02/2017 - 18:39

      I think a good rule of thumb is to wait at least three months before applying your next card. Obviously the longer the better. If the deal isn't that great, it might be better to skip it and wait for the next one.

  • Clear on 01/02/2017 - 09:53
    +2

    Credit Index is very interesting. Shows you how you rank compared to others in your State, postcode, age group and gender.

  • 1101011100010101 on 01/02/2017 - 09:55
    +4

    Some of these services sell your info on and you get bombarded with "pre-qualified" type finance products.

    Pretty sure you can get your credit history frm from veda for free.

    • ronnknee on 01/02/2017 - 09:59
      +6

      Personally I haven't received any unsolicited finance products or services. Yes, you can also get credit reports from Veda for free but it's once a year.

    • neil on 01/02/2017 - 10:00
      +8

      From FAQ:

      Will you share my personal information with a broker, a lender, or anyone else?

      No. We respect your privacy and we value your trust.

      We won't ever share your personal information and you will not be contacted by lenders or brokers as a result of using this service unless you specifically request so.

      What happens to my details if I cancel my membership?

      If you cancel your membership, we'll be sorry to see you go. We'll delete all your personal information from our systems as per our Privacy Policy.

      If you do want to re-join Credit Savvy we'll be delighted to have you but we'll have to start from scratch.

      So get your score and if you are worried then delete your account.

    • [Deactivated] on 01/02/2017 - 10:15
      +16

      +1 The OAIC came out recently about this issue (example here).

      Everyone is entitled to their credit report for free directly from the various credit reporting agencies. Under regular circumstances, one doesn't ever have to reveal all of their private data to marketing companies to get a copy of one's credit file at no cost.

      Ways to get your info privately & for free are listed below:
      1. Veda
      2. Experian
      3. Dun & Bradstreet

      Hope this helps.

      • FirstWizard on 01/02/2017 - 11:43
        +9

        I've used Veda free credit file access. For requesting, you just have to fill up your confidential information in an encrypted webform and submit.

        However, Experian and Dun & Bradstreet requires you to fill your details in a PDF, attach 100 points ID and email it to them. Email inherently is the most unsecured way you can choose to send confidential information (Unless it's within the company mail servers which you have control over encryption). Sending such information through a private free email service means all your personal information gets exchanged via unknown servers on the internet before reaching these guys and you risk that information ending up on the internet.

        I'd use a paper form if I really want a report from them. (But It's me, and I'm extra paranoid when dealing with personal info)

        • EnALup on 01/02/2017 - 12:49

          After you fill Veda free credit file, you get a call from veda asking why you need your file and why it is important to get paid report at a heavy discount of $74 ( normal price is around $79).
          They are getting desperate to trap more people into the getting paid credit file report on a monthly basis.

        • FirstWizard on 01/02/2017 - 12:52

          @Gaggy:

          True! I've gotten the report 3-4 times from Veda (once per year) and like clockwork, they always call me up within few business days.

        • virhlpool on 01/02/2017 - 20:40

          I registered on CreditSavvy which uses Experian service but it didn't ask me to attach any ID.

        • FirstWizard on 02/02/2017 - 08:01

          @virhlpool:
          You're right. Creditsavvy verifies your ID online. And they are not a company who actually stores and collects your data directly from banks etc.

          However, it's not the case if you apply directly to some of the credit bodies as @naritas suggested above.

        • Member 0230 on 02/02/2017 - 11:22
          +2

          @FirstWizard

          I'm 100% with you on sending sensitive data via email ("like sending a postcard" ).

          What I've done over the years for when sensitive details can only be sent as a PDF over email is to encrypt the PDF with a long-but-easy-to-type password then provide that password over the phone.

          Diceware password generators are good for this, like this one, e.g., meaty-apple-leaf-coach-bingle-sepia

          A little bit of inconvenience yes, but worth it to me.

        • FirstWizard on 02/02/2017 - 14:33
          +1

          @Member 0230:
          Yeah! that's an option.

          Google Docs now lets you limit any shared files being downloaded. Also, you can set an expiry time for the share.
          Doesn't prevent anyone from taking a screenshot though.

    • RedHab on 01/02/2017 - 15:50
      +1

      Veda are currently under investigation for illegally selling your info:

      Veda Advantage investigated for selling personal financial information to marketing companies

  • orange123 on 01/02/2017 - 09:56

    Is there a difference between this and https://www.getcreditscore.com.au/ ?

    • ronnknee on 01/02/2017 - 10:02

      You can only get it once a year (and I also noticed you edited your comment from "Veda" to "getyourcreditscore.com.au").

    • MrBr0 on 01/02/2017 - 10:03

      Yes, two different services which will give you different ratings. Some banks use Veda that get credit score uses and some use experia that credit savvy uses

      Banks use either of them or both or none. It all depends on their lending criteria.

    • ingster on 01/02/2017 - 10:05
      +4

      getcreditscore I beleive is your Veda score where as CreditSavvy is from Experian. CreditSavvy will give you a bit more of a breakdown (show you credit applications etc) where as Getcreditscore will just give you a score and tell you how good it is.

      • orange123 on 01/02/2017 - 10:27

        Ahh ok, Thanks for that!

    • FirstWizard on 01/02/2017 - 11:33
      +5

      One of the main differences I see is,

      Getcreditscore:

      Will my personal details be shared or used for direct marketing purposes?
      GetCreditScore is a free service provided by Veda and SocietyOne. When you make a request for your credit score, SocietyOne, Veda and our partners may access your personal details to provide you with relevant offers.

      and Creditsavvy (as @neil pointed out)

      Will you share my personal information with a broker, a lender, or anyone else?
      No. We respect your privacy and we value your trust.
      We won't ever share your personal information and you will not be contacted by lenders or brokers as a result of using this service unless you specifically request so.

  • frankfu1122 on 01/02/2017 - 09:59
    +4

    Thanks for sharing! The UI is excellent and sign up was hassle free!

  • craigmate on 01/02/2017 - 10:10

    That's interesting. I did a credit check with getcreditscore.com.au about 2 weeks ago, and it was quiet high, whilst I just did one now with Credit Savvy and it said I was in the "OK" range..
    I have just re-financed my homeloans, so not sure if they checked either of them of not, but seems a bit strange to be such a big discrepancy

    • JDogman on 01/02/2017 - 10:31
      +1

      I am the same. With Veda it looks like I have a terrible score but with experian, I look like the worlds greatest borrower. So much discrepancy!

      • t25 on 01/02/2017 - 10:58

        Noticed that with a couple of reports I got lately.

    • ronnknee on 01/02/2017 - 11:21

      Credit Savvy provides you an Experian score while Get Credit Score provides you a Veda score. Credit companies use either or both systems for credit assessment. That would be why they're different.

  • [Deactivated] on 01/02/2017 - 10:11
    +1

    good service, always reports i have a over 700+ score too.

  • currymcflurry on 01/02/2017 - 10:15

    Does anyone know if cancelling a credit card affects your credit score?

    Noticed that OP mentioned people churning through cards so am curious.

    • ronnknee on 01/02/2017 - 10:18
      +6

      It only impacts your credit score when you make an enquiry (whether you get approved or rejected). Cancelling cards won't have an impact on your score but not cancelling the card does have an impact on the approval on your next application since you need to declare your existing credit limit on all other cards.

    • Elwes on 01/02/2017 - 10:54
      +3

      Yes it can, indirectly.
      "The age of your credit history can impact your credit score. A credit file with a longer credit history will have a different level of risk than a newer file with a limited credit history."
      If you're always cancelling old cards and taking out new ones, you look less stable. The algorithm used by the American agencies (including Experian) only cares about your oldest line of credit. So if your oldest credit card has no annual fee, just hold onto that one and cancel the newer ones.

    • whichtyler on 01/02/2017 - 12:38

      Veda does record closures on credit reports. Not sure what impact is has on the score though.

  • mbck on 01/02/2017 - 10:19

    Thanks op. I used Dun and Bradstreet, but this is miles better.

  • lucyr on 01/02/2017 - 10:20

    Just signed up, cool to see it right away, rather than waiting a week or so with Veeda.
    I opened a 15k ANZ card that isn't listed there. Does that mean it didn't affect my rating and mortgage lenders won't be able to see it?

    • oison on 01/02/2017 - 10:34
      +1

      Hi lucyr - I also signed up for the ANZ card. I did not advise of a limit when I signed up, in the end they chose to give me the minimum $15,000.. however on my credit report it shows they triggered an enquiry for $50,000. My credit score is still 780 (very good). I am happy with that. I can also see that I refinanced my home loans last year in May.

    • ronnknee on 01/02/2017 - 18:42

      Quite possibly ANZ only used Veda which is why it's not showing on the Experian report.

    • [Deactivated] on 02/02/2017 - 16:53

      My sons Commbank CC didnt show up either, but it was linked to his native bank account that he has had from primary school, so I think it is not considered an application, more of an upgrade.

  • ameno on 01/02/2017 - 10:22

    I've been using this site for some time and find it extremely useful.

    But I just checked another site you mentioned (getcreditscore.com.au) and it is showing my credit score as totally different to creditsavvy.

    Does anyone have any idea why that would be?

    • ronnknee on 01/02/2017 - 10:51
      +2

      That means this deal is worthy of a pos, right ;)?

      Credit Savvy provides you an Experian score while Get Credit Score provides you a Veda score. Credit companies use either or both systems for credit assessment.

      • ameno on 01/02/2017 - 11:49

        Of course lol.

        As for the score with Savvy I am on excellent at 822 and with GCS I am only good with 530.. I don't understand how there is such a large discrepancy.

        • od810 on 01/02/2017 - 12:47
          +1

          It depends on the data collection. Experian Credit Bureau is fairly new in Australia. They are working hard on data collection. In term of credit data, Veda has more than Experian hence the discrepancy between the 2. I think majority of the Australian businesses use Veda score. It might take few years before Experian becomes a major competitor in Credit Bureau business.

        • FirstWizard on 01/02/2017 - 12:54

          @od810:
          Exactly! My Veda report has things like signing up for mobile phone plans as well, where the Experian has only the credit cards I've signed up for.

        • T0ken on 01/02/2017 - 21:19
          +1

          @FirstWizard: Experian bureau was initially a joint venture with a couple of the banks.
          Whilst they are a market leader OS, the data the hold in Aus is quite thin.
          Veda & DnB hold significantly more data.

  • Frankenbeanie on 01/02/2017 - 10:22

    thank you for sharing.

    i have signed up and my score is 645 which falls under the good category :)

  • jubified on 01/02/2017 - 10:31

    Very good on getmycreditscore and just made it to average in credit savvy. 3 credit enquires from 2015. 1 from telstra when I got a mobile plan, 2 from CBA (apply and then raising limit). Not sure which one to believe in.

    • ronnknee on 01/02/2017 - 11:16

      Both are applicable as Credit Savvy provides an Experian score while Get Credit Score provides a Veda score.

  • [Deactivated] on 01/02/2017 - 10:32
    +3

    mine is 745..wow

    that's awesome considering ive applied and been granted 5 cc's in the past month

    • carwashhair on 01/02/2017 - 11:40
      +6

      something sinishta about that…

      • Kapinny on 01/02/2017 - 20:02

        would give gold but this is not reddit

        • [Deactivated] on 02/02/2017 - 16:54

          did you read it in Sean Connerys voice too?

    • noshopping on 02/02/2017 - 09:57

      If true, get ready to be disappointed. I cancelled a few cards because they were showing up as active credit liability on my credit report. It took 4 months before it disappeared off my official credit report. There is sometimes a "lag" factor.

  • RENERO on 01/02/2017 - 10:37

    Interesting. My score is 537 which is below average but the only "activities" that affected my score are 6 enquires from 2013 until now… Does it sound right to you guys?

    • [Deactivated] on 01/02/2017 - 11:19

      I have 6 enquiries since 2013 too.. Score 736..

      • RENERO on 01/02/2017 - 11:52

        Lol

      • [Deactivated] on 02/02/2017 - 16:56

        5 years and they fade away, my earliest is 2012, it should dissappear in a couple of months.

  • melodrake on 01/02/2017 - 10:41

    Veda score is 'average' and Experia one is 'good'. Experia one only has one credit enquiry 2 years ago but I've definitely made 6 in the last two years, so that might be why my Veda score is so average? If the Veda one has the other 5 enquiries over 2 years, that's quite harsh as most were as a student where I got declined due to having almost no income at the time.

  • dosada on 01/02/2017 - 10:45

    I have done a check with this company and with Veda on the same day. The amazing thing is that the score here was around 200 points higher than with Veda. Shouldn't it be the same?

    • [Deactivated] on 01/02/2017 - 10:49
      +1

      nope, because some lenders use only Veda and some only use Experian, some use both, and some use none.
      Im 767 on Experian and 691 on Veda.

  • Detonal on 01/02/2017 - 10:49

    Have been a user of CS for a long while, it still has not picked up my homeloan credit checks from mid-last-year, but is showing a single query from 2014.

    • ronnknee on 01/02/2017 - 10:54
      +1

      Possibly the home loan credit check was done only on Veda.

      • Detonal on 01/02/2017 - 11:21

        You are right, thank you.

  • Bad Wolf on 01/02/2017 - 10:57

    I've been using this for awhile, been free for the time I've used it.
    Nice as a general indicator.

  • banzini on 01/02/2017 - 10:59
    +1

    any reason why this company would spend their resources/time/money to offer this free service?
    What is in it for them (genuine question)?

    • LurvinOZB on 01/02/2017 - 11:38

      It works something like a lead generator to essentially a mortgage broker or finance company

    • ronnknee on 01/02/2017 - 18:45

      Probably hoping you would sign up to one of their offers.

  • potatox on 01/02/2017 - 11:01
    +9

    It's worth noting that unlike the US, the 3 reporting agencies here don't have "scores."

    They keep track of your credit applications, and defaults.

    I think Credit Savvy run some kind of algorithm that turns these metrics into a "score."

    In reality most financial institutions get a full report of your activity, and make a decision based on that.

    They might have a similar algorithm to to Credit Savvy, they might not.

    Especially for bigger loans (house, business), having some bad things on your report might not cause too much trouble if you can explain them.

    TL;DR: the score doesn't matter, Credit Savvy invented it.

    • dirkgonnadirk on 01/02/2017 - 14:15

      this is complete b0llox

    • spendinghacker on 01/02/2017 - 14:29

      You are wrong @potatox!

      Credit Scores do exist and came into effect with the introduction of the new credit reporting regime in Australia in March 2014.

      While it's true that each of the credit reporting agencies use a slightly different calculation formula and have different numerical scales for the scores, they all now have them.

      Credit Savvy didn't "invent" anything and they are not even the ones who calculate and maintain the scores. They simply retrieve your score from one of these credit reporting companies (Experian in this particular case) and provide it to you.

      Mod: Third party website edit.

      (P.S Sorry if we came across as a bit harsh. You're definitely not alone in thinking that. The vast majority of Aussies still don't know about the new credit reporting regime even though it has been in place for almost 3 years now)

      • T0ken on 01/02/2017 - 21:27
        +1

        Yep, each of the bureaus produce a risk score based on their data and make the response available to their clients to us in their process.
        I know of scenarios where a decline is returned foley on the bureau risk score.

  • punkindrublic on 01/02/2017 - 11:02

    Second these guys - the interface is pretty nifty and they seem legit. They haven't picked up my mortgage yet but I'm sure that'll pop into their system in time

  • railspider on 01/02/2017 - 11:07
    +1

    A mortgage broker once told me that just inquiring about your credit score can negatively affect your score. Sounds unlikely, but can anyone confirm there are no repercussions from using these checking services?

    • movieman on 01/02/2017 - 11:39

      Can any one confirm?

    • silvertone on 01/02/2017 - 12:44

      With Veda, the credit score enquiry appears on the report, so if you believe potatox's comment above, an individual banks algorithm would take that into account somehow.

    • bejahi on 01/02/2017 - 12:52
      +2

      Haha Heisenberg uncertainty principle for credit!

    • spendinghacker on 01/02/2017 - 14:33
      +3

      can anyone confirm there are no repercussions from using these checking services?

      Yes. We can confirm there are no negative effects from this.

      All these companies use what's called a 'soft touch' mechanism to access your file and this access is not recorded on your credit file and is not considered as a credit enquiry (which does affect your score)

  • akd on 01/02/2017 - 11:09
    +3

    I thought it was always free. I get email every month. What I am missing here in this deal?

    • [Deactivated] on 01/02/2017 - 11:10
      +3

      but for the people that didn't know it was free, it is a deal.

      • syousef on 01/02/2017 - 13:16
        -1

        No it's not. Take a look at the rules. Always free is not a deal.

        • ronnknee on 02/02/2017 - 13:05

          I read the rules. That only covers multimedia content ie. ebooks, videos, software etc. This is a service. Did you read the rules?

        • syousef on 02/02/2017 - 13:15

          @ronnknee:

          How about we take a look at the rules then shall we?

          https://www.ozbargain.com.au/wiki/help:deal_posting_guidelin…

          "Mutli-media AND CONTENT
          …
          NO Freeware or Free Websites."

          I think this would definitely qualify as a free website.

          "Free Multimedia Content & Websites
          …
          In general, multimedia content that are always free and available to everyone should be posted in the forums, > > but if something that was not previously free is offered free temporarily or permanently, it qualifies as a deal."

          Examples of what you shouldn't post:
          …
          Websites: Google (Free Search Engine, Always Free)

          Credit search, Web search….it's a search.

          Examples of what you should post:
          …
          Websites: Used Car Ads Free on Carbuddy.com.au (Free for now but later on not free)

          So the above are websites that give you content that is not multimedia - not an ebook or video.

          How about instead of negging you actually take a look next time.

        • ronnknee on 02/02/2017 - 13:24

          @syousef:

          The intent of that section is in regards to multimedia. If you read the whole section, it's talking about multimedia content and multimedia websites, not multimedia content and websites.

          You literally typed "Mutli-media AND CONTENT" and quoted it as if it's on the page. I could not find that phrase.

          I think this would definitely qualify as a free website.

          Yes, it's free to access but that's not the point. You get a service ie. reporting of your credit score and history (which is not usually free without limitations).

          How about instead of negging you actually take a look next time.

          I can't give you two negs.

          If you require more clarity on the rules, please talk to a moderator and they can clarify. The fact that this deal has been here for over a day, sighted by at least one moderator (neil) and pos'd 299 times, carries weight that this is a deal.

        • syousef on 02/02/2017 - 13:30
          -1

          @ronnknee:

          How is this multimedia???

          Examples of what you shouldn't post:
          …
          Websites: Google (Free Search Engine, Always Free)

          Mate you can give me a thousand negs and I wouldn't give two hoots.

          At best you can say this is a grey area. A grey area is not worthy of negging unless you're unreasonable. Note that I did not neg the deal.

          Anyway you aren't a moderator so who are you to say what the intent of the rules is?

        • ronnknee on 02/02/2017 - 13:35

          Again, it's not because this website is free that makes it a deal. It's because it provides a service that normally others would charge. Therefore it's not against the rules.

        • syousef on 02/02/2017 - 13:43
          -2

          @ronnknee:

          So I guess legal aid should be a deal too? Normally lawyers charge.

          http://www.legalaid.nsw.gov.au/

          What about bulk billing doctors? They're kinda getting rare.

        • [Deactivated] on 02/02/2017 - 14:01
          +1

          @syousef:

          It's an interesting debate you guys are having here.

          Strictly speaking, one's credit data is always free. It's yours, the Privacy Act compels credit reporting agencies to make this information available to you privately and at no cost. The OAIC has been very firm about this even going so far as taking Veda to task about it (details here). Also, the OAIC has recently been trying to promote understanding amongst consumers that free options do exist and that the methods available to consumers to get their info should be similarly easy to access as paid options.

          Secondly, comparing this service to what you get when you buy an instant copy of your data directly from Veda, Experian, etc is not a correct comparison in theory. Why? When you buy direct from the source your data is not supposed to be leaked to marketing companies. In the case of these 'free' services, an exchange is taking place. You are agreeing to have your private details provided to the site operator. The site operator will then provide you an interface that is slightly different to what the free service provides in exchange for using your details for their own marketing efforts. Alternatively, they will provide 3rd parties the ability to market at a granular level to that list without seeing it, or they will simply sell the details gathered in the list to 3rd parties as they see fit (the approach depends on the site you use - and there are many such sites as the one listed in this deal).

          TL;DR - you both have valid points. If a person is willing to share their financial data with 3rd parties, the interface/service is slightly different to what one gets directly for free or when paying. It's up to the consumer to decide whether the trade is worthwhile.

        • [Deactivated] on 02/02/2017 - 16:58
          -1

          So if you find something cool that is free, is not on ozbargain but has been free for a while, You will not share it? You are a poopyhead. Also rules say, it gets voted up it is a deal, semantics are so 2016.

        • syousef on 02/02/2017 - 17:28
          +1

          @stormii:

          Share it in the freebies.

        • syousef on 02/02/2017 - 17:29

          @syousef:

          Go on keep down voting then. I've already been told to go back to where I came from today though I was born here and born a citizen.

        • [Deactivated] on 02/02/2017 - 19:48
          -1

          @syousef: are you arguing with yourself?

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