As the heading suggests, does credit checks by Electricity or Gas Retailers affect you credit score? I thought it doesn't but then saw this thread in whirlpool https://forums.whirlpool.net.au/archive/9p6y5nr9 (Look for posts by Kampua) which says it does. Anyone in the financial industry can give a definitive answer regarding this?
Does Utility Company Credit Check Affect Credit Scores
Rockhard on 18/07/2022 - 18:32
Comments
Multiple enquiries in a short period can affect credit score.
The score that user refers to us the score provided by the credit monitoring company or the bureau.
It is not the same score used by banks and each bank can have their own modelling setup with the credit bureaus.
I've switched utility companies about every quarter for the last few years and have had zero issues with mortgages or credit cards. Every circumstance is different.
I would not let fear about your score prevent you from saving money.
My GetCreditScore dropped from 1020 to 880 a couple of months ago when I joined Alinta and they did a credit check. That was the only activity on my account for the past 6 months.
My GetCreditScore dropped from 1020 to 880 a couple of months ago
I think everyone's went down when the credit monitoring companies realised Albo was going to be PM.
There was an adjustment to GetCreditScore a couple of months ago. I got an email.
the credit reporting body that we use to obtain credit scores has informed us that an error occurred which subsequently led to credit scores being calculated incorrectly between 26th March and 13th May 2022. This has been fixed for all new scores generated and any historical incorrect scores will be removed by mid-July.
Credit score doesn't mean much in Australia, specially for home loan.
It doesn't affect your score, no. It will appear on your credit report though, as an enquiry.