What is credit score?
Your credit score is a number from 0-1200 (Equifax) or 0-1000 (Experian/illion) that summarises your credit history — lenders read it to assess default risk. Australian scores are based on hard credit enquiries, defaults, and repayment history under Comprehensive Credit Reporting.
Australian credit scores are produced by three credit bureaus — Equifax (0-1200 scale), Experian (0-1000) and illion (0-1000). They summarise your credit history into a single risk score. Most lenders use Equifax as their primary, with at least one secondary check.
Score components: hard enquiries (loan, credit card, BNPL applications — each lasts 5 years on file), repayment history (24 months of monthly on-time / late flags under Comprehensive Credit Reporting), defaults ($150+ unpaid for 60+ days, lasts 5 years), bankruptcies (lasts 5-7 years), and the age and mix of credit accounts.
Score bands (Equifax): Excellent 833-1200, Very Good 726-832, Good 622-725, Average 510-621, Below Average 0-509. Lenders set their own internal credit-policy floors — Big 4 typically require Good+, non-banks accept Below Average but with rate loadings. Free credit reports are available annually from each bureau under the Privacy Act.
credit rating · Equifax score · credit bureau score
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General information only — not personal financial advice. Verified against https://ratesniffers.com.au/glossary on 2026-06-01.