Where can I find my Equifax score?

Any general questions you might have in regards to loans and finance.
Radi0Thom
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Joined: Wed Feb 27, 2019 2:36 pm

Where can I find my Equifax score?

Postby Radi0Thom » Wed Feb 27, 2019 2:38 pm

Hello,

I’m a career counsellor living and working in Sydney. I’m looking to purchase a property in Sutherland in September of this year. The property is currently priced at $600,000 and I already have around $120,000 in my deposit. I’ve been inquiring around and came to know the importance of having a good credit score to get my loan approved from the bank.

I was wondering if you could guide me through the process of obtaining my credit report.

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Otto Dargan
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Re: Where can I find my Equifax score?

Postby Otto Dargan » Wed Feb 27, 2019 3:10 pm

Hi Thom,

Welcome to the forums.

Your credit score or your Equifax Score is a score which compares you as a borrower to the rest of the Australian population.

It can be found on your credit file that’s held by Equifax (formerly known as Veda Advantage).

It is one of the factors lenders consider when they assess your mortgage application.

You can find 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.

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

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

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Radi0Thom
Posts: 4
Joined: Wed Feb 27, 2019 2:36 pm

Re: Where can I find my Equifax score?

Postby Radi0Thom » Wed Feb 27, 2019 3:25 pm

Hey,

Thanks for letting me know. I really appreciate the help. I just received my score and it says that it’s 520. I realise it’s a very low score, but I don’t understand why it’s so low!

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Otto Dargan
Mortgage Specialist
Posts: 7535
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Where can I find my Equifax score?

Postby Otto Dargan » Wed Feb 27, 2019 4:00 pm

Hey Thom,

A score of 520 is considered a below average score (550 is considered average), so it’s likely for your home loan will get rejected by some lenders.

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.

One of these factors could have had something to do with your low scores.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Radi0Thom
Posts: 4
Joined: Wed Feb 27, 2019 2:36 pm

Re: Where can I find my Equifax score?

Postby Radi0Thom » Wed Feb 27, 2019 6:03 pm

Oh! Okay. Thanks for the info. One last question! Can you tell me how lenders use my Equifax score in deciding whether I’m eligible for a loan?

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Otto Dargan
Mortgage Specialist
Posts: 7535
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Where can I find my Equifax score?

Postby Otto Dargan » Wed Feb 27, 2019 6:36 pm

Hey Thom,

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:

Using our credit score calculator to identify the problems with your situation.

Reading about lenders that don’t credit score.

Calling us on 1300 889 743 or completing our free assessment form so that one of our mortgage brokers can assist you.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Radi0Thom
Posts: 4
Joined: Wed Feb 27, 2019 2:36 pm

Re: Where can I find my Equifax score?

Postby Radi0Thom » Wed Feb 27, 2019 6:41 pm

Oh! Okay. I’d rather have this conversation over the phone. I will be calling you first thing tomorrow.


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