What your Equifax Score says about you as a borrower

On your credit file, held by Equifax (formerly known as Veda Advantage), there’s a score which compares you as a borrower to the rest of the Australian population.

This is known as your Equifax Score (previously VedaScore) and it’s one of the factors lenders consider when they assess your mortgage application.

Think you might have a poor credit score?
Talk to our experts to get a free assessment.

Do I have a good score?

As part of your home loan application, we obtain a copy of your credit file from Equifax.

The score provides us with a good indication of your strength as borrower.

So what’s considered a good Equifax Score?

  • Excellent: Any score above 700.
  • Good: Any score from 600 to 700.
  • Average: 550 is the average score.
  • Bad: Any score from 400 to 500.
  • Very bad: Any score below 400.

The average score for all Australians who are credit active is 550, however, your score can range from anywhere between -200 to 1,200.

Having a score of 550 would mean that you have a 1 in 12 chance of having a default lodged on your credit file in the next 12 months, whereas a score of 200 would mean you have a 1 in 2 chance.

It’s extremely rare to see scores higher than 900 or lower than 200.

How do I get a copy of my Equifax Score?

You’ll be able to see your Equifax Score /VedaScore when you apply for a home loan with one of our mortgage brokers.

Unfortunately, we cannot provide you with a copy of your Equifax Score.

If you’re still curious about your score, you can order a copy by contacting Equifax.

Check out their offers on their pricing page.

Their Starter Pack starts at just under $80 and includes your full credit report.

You’ll receive this report annually.

How does Equifax calculate your score?

Your Equifax Score is ultimately a score of all the details of your credit file.

Basic personal information
This includes your full name, date of birth, gender, address, previous address, drivers licence number, employer and previous employer.

If you’re a director or proprietor you should check both the indiviuals and commercial sections of your credit file.

The type of credit provider you applied with
There may be different levels of with each lender.

For example, a credit union may have a higher level of risk than a major bank or lender.

The nature of the credit or loan
Home loans and HELP Debt are seen as a lower risk than car finance or payday lending.

Credit enquiries
Loans that you have applied for in the last five years are listed as credit enquiries.

Loans or accounts where you’re more than 60 days overdue are listed as defaults.

Court writs
A court writ is a formally written document that is issued by the court, usually because someone has lodged a court case against you.

Court judgments
Judgments are listed when you’re unable to come to a suitable agreement with the creditor

Bankruptcy history (including Part IX history)
Bankruptcy or entering into a Part 9 agreement will essentially bring your score to zero.

How do lenders use Equifax Score?

Many lenders have Equifax’s score feed directly into their own scorecard that they use to assess loan applications.

Others ignore the Equifax Score and just use the data from your credit file.

Whilst your score with Equifax will not be the only factor that the lender considers, it will make a big difference to the lender’s own credit score and the outcome of your application.

If this may be a problem for you then you can consider:

What is a negative Equifax Score?

If you have serious credit infringement then your score will be negative! It’s possible to have a score as low as -200.

However, if you have been bankrupt or been in a part IX agreement in the last 7 years then your score will be between -994 and -999.

Equifax decided to do this to better differentiate between the risk associated with different types of people who have been bankrupt.

We’re not aware of negative scores being used by any lenders at present, however, we expect that once the accuracy of negative scores is proven then some specialist lenders will use this in their assessment rather than their current risk matrices.

How can I improve my Equifax Score?

Improving your Equifax Score /VedaScore is different to improving your credit score with a particular lender.

Equifax Score is calculated looking only at your credit file, whereas a lender is looking at all aspects of your application.

There are a few simple steps that you can take to improve your Equifax Score.

  • Ask Equifax to fix up any data that’s incorrect.
  • Avoid moving address or employer unnecessarily.
  • Avoid applying for credit that you don’t need.
  • Avoid applying for credit with less reputable lenders.
  • Pay all of your debts and bills on time every time.
  • If you have any defaults then make sure that they are paid.

Why are “enquiries” so important?

While most people are aware that a bankruptcy, court writ or default will have a large effect on their Equifax Score, few people are aware that just applying for a loan can damage their credit file.

Each time you apply for a loan, the lender checks your credit history with Equifax, and Equifax records this as an “enquiry” on your credit file.

This data has a surprisingly large impact on your score! In particular, Equifax takes the following into account:

  • Number of enquiries: Too many enquiries makes you look like a distressed or desperate borrower.
  • Type of credit: If you apply for a mortgage then this is a low risk whereas someone applying for multiple credit cards is seen as a high risk.
  • Choice of lender: If you’re applying with lenders of last resort then this will have a bigger effect on your VedaScore than applying with a bank.
  • Shopping pattern: Applying for 3 credit cards over 3 years is seen as normal, however applying for three credit cards in one go is seen as a risk.

Positive credit reporting and Equifax Scores

At the moment, there is a limited scope of information that banks can access to get a picture of you as a borrower.

Since the rollout of positive credit reporting or comprehensive credit reporting (CCR) in 2014, a whole lot more of your credit history is available.

This has both a negative and positive impact on your Equifax Score /VedaScore depending on your situation.

Apart from the information that’s already available to credit providers, your Equifax Score (VedaScore) now takes into account the following:

  • The date a credit account is opened.
  • Current limit on credit accounts.
  • The nature of the credit account.
  • The date a credit account is closed.
  • 24 months account payment history which will tell the bank whether you paid the minimum amount required on your financial commitments each month or not.
  • A “default” is listed on your credit file for being late by 60 days or more and for amounts you owe over $150, which is up from $100. It will still remain on your file for 5 years.

Apply for a mortgage

Do you have a low Equifax Score /VedaScore? Our mortgage brokers are experts in credit scoring and know which lenders will assess your application favourably.

Please call us on 1300 889 743 or fill in our free assessment form and one of our mortgage brokers will let you know if you can qualify for a home loan.

  • Lucy

    Hey, do I have to pay if you guys check my veda score?

  • Hi Lucy, you don’t have to pay us for accessing your veda report. Veda score will have a big impact to the lender’s credit score and the result of your application.

  • Franz

    Do lenders also use credit scoring from agencies such as Experian? My partner has an Experian score, but there is insufficient information on her Veda profile to generate a score. She has 0 enquiries, defaults, etc.

  • Yes some lenders do use Experian however it is the exception rather than the norm. I wouldn’t worry about your partner not having a VedaScore as with a joint application your score and the overall nature of the loan will have a bigger effect.

    FYI a couple scores higher than a single person in most cases so given that the rest of your situation is ok then I expect you should be fine.

    Try this calc to see what a lender would think https://www.homeloanexperts.com.au/credit-score-home-loan/credit-score-calculator/

  • corey

    I have recently been discharged from bankruptcy and have a score -996. how long will it generally take to get an average score?

  • Hi Corey

    If you have an act of bankruptcy such as a Part IX or Part X or an actual bankruptcy then you’ll have a negative credit score ranging from -994 to -999. Your credit score will stay in this range for 2 years from the date of discharge, or up to 5 years from the date you became bankrupt, whichever is later.

    After that date you’ll have a positive Vedascore, and in many cases it may be quite a good one above 550 from our experience.

    You can still get a home loan for approx 90% of the property value as a discharged bankrupt with this shown on your credit file https://www.homeloanexperts.com.au/bad-credit-home-loans/discharged-bankruptcy/

  • corey
  • Roberto Taranto


    I recently checked my credit score, its sitting at around 504

    I haven’t got any default, i’m just curious if i have a 5% deposit will that be enough to be approved. I made a few enquires in the past, not so much in the last 2 years. Also i have noticed my credit scores hasn’t gone up even thought i’ve been paying my finance car loan on time. Is it goong to change?

  • Hi Roberto

    504 is below average (550 is approx average), so it would be a concern and for some lenders it is likely you wouldn’t get approved.

    Your Veda Score feeds into the bank’s credit score. But the bank’s credit score takes more than just your Veda Score into account. Your length of time in your job, having genuine savings, the amount of debt you have and where you live would all matter.

    We have a few lenders with competitive rates that lend 95% with credit scoring. We also have some lenders that do guarantor loans with easier credit scoring and no LMI. https://www.homeloanexperts.com.au/guarantor-home-loans Both of these options would likely work for you.

    Your score will increase over time if you:
    – Don’t apply for unsecured loans like credit cards / personal loans / car loans
    – Make your payments on time (Positive credit reporting will be active within a year)
    – Don’t move address or employer too often.

  • linda ott

    Today, my new score is 775 out of a possible 850; my Vantage score is 990 out of 990; my auto score is 905 out of 950; and my home score is 912 out of 950. All scores computed from the same database on the same day. Why the variances? Use of different algorithms. Who controls the algorithms? The rating agencies..What can you do about it—-nothing! I filed a complaint against the rating agencies in 2010 to the FTC, and to date, they have acknowledged receipt
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    I repeat, the credit rating agencies have more power over your financial life than you can imagine, and they report to no one. Not one government agency will get involved in the algorithms used by rating agencies. It’s their call. Not even the new Consumer Protection Agency will touch this subject. I know. I tried to get them involved but got disappointed..As usual no response..I was able to put a full stop to through the help of a young man and now my scores are what I want it to be..He’s honest and very intelligent..The way he worked it all out I have no idea but he did..You should contact him today he will help change your life..eliterealhack(AT)gmail(DOT)com.

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  • SHRI

    Hi , I have a veda score of 604, I I checked recently, but the credit savvy score is 698, why so much difference ? And would I be able to get home loan on this score , my wife has good veda score and we are applying jointly.

  • Hi Shri
    A score of 500 – 600 is ok to get a home loan in many cases, it just depends on the lender as VedaScore is just part of the lender’s score. Time in your job, your asset position, residential stability and your LVR https://www.homeloanexperts.com.au/home-loan-articles/loan-to-value-ratio-lvr/ all have a big effect as well. In particular having lots of unsecured debt such as credit cards and personal loans will reduce your score. Joint applications score higher than sole applications.
    If you like contact us https://www.homeloanexperts.com.au/free-quote/ and one of our mortgage brokers can look up your credit file and let you know your options. In most cases you won’t pay a higher rate, it’s just about choosing the right bank.

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  • Jamie Evans

    Hi i have a low score was 410 its improving slowly now its 457 has default 2014 and missed car payments x 8 2015 clean payments since feb 2016 looking to get a home loan with sister who has a good rating 906 but low income i have a better income we will have a deposit about 30k looking to borrow 350k approx do we need 10% etc can you give idea of how that might play out

  • Hi Jamie,

    We’d need to see your full situation to know for sure. It’s quite complex and there are several possible solutions that you may or may not qualify for. Please contact us if you’d like our help https://www.homeloanexperts.com.au/free-quote/

  • Niharika Arora

    I have 508 credit score and I don’t have any defaults the reason for low scores is lot of inquiries but I have paid all the debt which I took in last 1 year so how its gonna effect in home loan?

  • Fiona Gillen

    Hi I dont understand your scoring. It doesn’t match what Veda says. My score is 836 which Veda says is Very Good not Excellent and my aprtner has a score of 634 which Verda saus is Average no Good. Can you please expalin?

  • Hi Fiona,
    It’s a small difference based on where you draw the line. As a general rule 634 and above would be fine to get approved for a home loan.
    Note that the banks take more than just VedaScore into account when they calculate the score of your application. You can use our credit score calculator to see how a bank would see your situation https://www.homeloanexperts.com.au/mortgage-calculators/credit-score-calculator/

  • Fiona Gillen

    Hi thanks for that.

  • Rob Lee

    Hi, I got divorced 4 years ago and was left with 79k in unsecured loans. (38k personal loan-family court costs, 18k Car (hers) and 23k credit card) I then lost my job 3 years ago with still 55k total amount left owing. (21k personal,11k car and 23k credit card)
    after 4 months no payments on the loans (CC payments fine) the debts were then “sold” onto credit companies. (but no default listed on my credit file)
    I recommenced employment at the same time but on a lower wage/casual and have slowly been crawling my way back to a decent pay and full-time employment, I have not missed a payment since they were on sold and have paid them off earlier than arranged.
    I tried to consolidate my loans multiple times (10+) over the last 3 years but to no avail and as a result my Veda credit score has taken a hit and currently stands at 450.
    At the start of this month (April) I am relieved to state, that I have paid my loans off in full and have paid the credit card out totally and have closed it down last week. My next income payment will see me the first time in 5 years actually being able to save and not owe any money at all.
    I am eager to know long would I have to wait to see a good score again as the last time I owned property was when I signed over my house to my Ex-wife. (4yrs ago.) and would like to have my own place once again.
    I will be saving approx. 4k a month and will not be seeking any other credit or loans in the meantime.
    So my question to you is, how long/ what score do I wait for before reapplying for a home loan. I want my next credit file check/application to be successful and not a maybe ?
    I am currently earning 120k+

  • Hi Rob,
    Firstly I’m so sorry to hear about what has happened to you. I hope that from here it’s a much better experience and you’re ready to begin building your new life.
    Firstly the good news is that there are some lenders who don’t credit score at all. So if you’ve got no defaults on your credit file then we can get you approved.
    As of today we can help you to borrow 95% + LMI to 97%. So it’s just a matter of having a deposit and enough to cover stamp duty.
    Alternatively if you have a guarantor https://www.homeloanexperts.com.au/guarantor-home-loans you can buy now with no deposit.

    How much are you planning to spend on a property and what state of Australia are you in?

  • Rob Lee

    Thanks for the quick reply.
    No Guarantor, I am looking to spend 450-500k. State is Western Australia

  • Hi Rob,
    Once you’ve got $45k saved then we’re good to go for a 95% + LMI loan for a $500,000 property in WA as a second home buyer.
    I’d recommend you open a separate savings account and put regular deposits into it each time you’re paid. That looks really good to a lender. Also a perfect rental history (paid on time, in your name, to an agent) also helps.
    I’ll get one of our team to email you in about 10 months time to check in and see how you’re going.

  • Rob Lee

    No worries. I just checked my Credit Savvy score and it is sitting at 650.
    Separate bank account already set up thanks to the Barefoot Investor.

  • Great stuff. Good luck buddy. With a score that high once you have your deposit we’ll be able to get you a fantastic interest rate.
    Don’t apply for any debts until then as in particular applications for credit cards and personal loans will lower your credit score.

  • Megan

    Hi, I’m currently paying a personal loan to help me get a car through my bank my loan was taken out in March 2014 and as a lower income earner (currently ona a carer benefit I was a little short on the monthly income amount so my husband was joined my application but all the money comes out from my account and I asked to increase my payment. My loan is meant to finish march 2018 but I have it as December of 2017 because I make extra repayments and also calculated when my monthly fee comes out etc. I was also paying Lender insurance. I had a good score before hand have never missed a paymnent. I had made a couple of enquiries since then and was knocked back unfortunately. I actually need another car, I was in an accident last week as the driver coming the opposite direction wasn’t watching the road and instead of hitting me he was headed for the car behind and they sped up trying to dodge them and have made my car a write off. I’d use any money I get from my insurer as a deposit for another car but I’m unsure how I would go getting some sonance or small loan to help me a bit. I checked my score and apparently mines 5 hundred and something and I’m unsure why? I never miss a payment.

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  • Ana Rodriguez

    Hello , I have just check my credit score on two different website. One says 519 is average and the other say 529 below average. It shows I have done a few enquired especially earlier this year because I wanted to combine my two credit cards into one for the 0% balance transfer but didn’t get them. My partner and me went on a joint debt consolidation loan to combine all out credit cards and personal loans into one. Have no credit cards not just all recently closed. My parent has a good credit score even though my isn’t good it say i have no defaults or anything. We both work full time. We recently applied for a keystart home loan together. I am just worried that they might knock us back. Any advise? Thank you

  • Hi Ana
    Keystart is relatively flexible so I expect you will be ok. However it’s hard to say without knowing your full circumstances. I’m sure your mortgage broker would have considered your credit history in their assessment and recommendation process.
    Your Equifax Score is below average but it is not too bad. I’d recommend that if you are declined then you can wait approx 6 months and as long as you don’t apply for any more credit it is likely that you will have a higher score. Lenders score your application which includes your Equifax score. So other aspects such as genuine savings can also have a big impact https://www.homeloanexperts.com.au/genuine-savings/

  • Ana Rodriguez

    Thank you for you response. We have gone through Commodore Homes and we had $5600 in savings which we put 4k to lock the house plans and the land which they said that is out genuine saving for a keystart home loan. Now that all the credit cards have been closed and we just have a one personal loan. I guess it looks better too.

  • Fantastic good luck Ana

  • Eva

    How do I get my credit report from Equifax?

  • Hi Eva,
    You can order a copy by contacting Equifax as we are not allowed to provide clients with a copy of their Equifax Score (Equifax was formerly known as Veda or Veda Advantage). However, you’ll be able to see your Equifax Score /VedaScore when you apply for a home loan with one of our mortgage brokers. You can contact them here https://www.homeloanexperts.com.au/credit-score-home-loan/what-is-equifax-score/

  • Niraye

    Just trying to get an understanding. My daughter is looking to buy her first home. She doesn’t have much deposit of her own and I’m willing to go as a guarantor for her to purchase the property. I wanted to know if the bank will run a check on my Veda file as a guarantor.

  • Hi Niraye,
    Most of the lenders who do guarantor loans usually don’t check the credit file of the guarantors, so it won’t be recorded on your Equifax file (previously called Veda Advantage). However, they want to check the guarantor is still working and not retired. You can visit our page https://www.homeloanexperts.com.au/guarantor-home-loans/ and learn all the essential details about the guarantor loans.

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  • Tatsuro22

    Hey! I just received my Equifax score and sadly it’s not very good. I’m guessing that it’s because I missed a few repayments on my credit card loan a few years ago. I have been paying all my loans on time since then, but for some reason, the score has remained static. I wanted to know if there was any way for me to improve my credit score!

  • Hey, Tatsuro22!

    I just received my Equifax score and sadly it’s not very good. I’m guessing that it’s because I missed a few repayments on my credit card loan a few years ago. I have been paying all my loans on time since then, but for some reason, the score has remained static. I wanted to know if there was any way for me to improve my credit score!

    While it’s true that your Equifax score feeds into your bank’s credit score, it takes more than just your credit score into consideration. The length of time that you’ve been working, the amount of genuine savings you have, the amount of debt you need to repay, and the location of the property you’re looking to purchase, all factor into your Equifax score.

    Your score will increase over time if you:
    – Don’t apply for unsecured loans like credit cards / personal loans / car loans.
    – Keep make all your payments on time.
    – Avoid moving address or employer unnecessarily.
    – Avoid applying for credit that you don’t need.
    – If you have any defaults then make sure that they are paid.

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  • Daniel2

    My son just completed college and started working as an engineer. He is looking to purchase a new place not too far from Sydney this year. He doesn’t have much of a deposit so he’s asked me to act as his guarantor, and I agreed. I just wanted to check if the bank will be checking my credit report while assessing my son’s home loan application.

  • Hello,
    Lenders who issue guarantor loans typically do not check the credit file of the guarantors while assessing their client’s home loan application. However, they could want to check if the guarantor is still employed and working. You can visit our page to learn about guarantor loans in detail: https://disq.us/url?url=https%3A%2F%2Fwww.homeloanexperts.com.au%2Fguarantor-home-loans%2F%3AukH7SquE2j_3CfYgllYrFEQzMPM&cuid=4006189

  • Jenna

    Hi, I checked my Equifax Score and it’s 506. I don’t understand why my score is so low. I never had a default except for a few late repayments on my Westpac credit card which I repaid in full the next month. Can you tell as to why my score is low?

  • Hi Jenna,
    Under the comprehensive credit reporting system, late repayments are also recorded on your credit file and these late repayments will negatively affect your credit score. They could be one of several factors affecting your credit score, so please go through your credit file thoroughly to work out what else may be adversely affecting your Equifax Score.