ABOUT CREDIT SCORES
So, what is a credit score?
A credit score is a numerical representation of your credit risk provided by a credit reporting bureau. Each bureau has their own special way of calculating your score.
When applying for credit, your score plays a part in determining how financial institutions assess your reliability as a borrower in paying back credit. Your credit score is not the only factor they look at, but it is usually the first step in helping lenders review if your application for credit should be approved.
Why are the credit scores different?
Each credit reporting bureau uses a different methodology to create your score, however, they should be roughly comparable. If not, there could be a chance that there's an error on one of your credit reports. It's also important to note that your lender may take a different approach to assessing your creditworthiness. Use WisrCredit as a guide to your financial fitness.
What personal information do I need to provide to access my credit scores?
Most of the information you will know about yourself such as name, address and date-of-birth, as well as a valid driver's licence number to help identify your credit score. We've made WisrCredit easy to use and it only takes a couple of minutes to access your credit scores.
Is it free to check my credit score on WisrCredit?
Yep. itʼs free. Weʼve created WisrCredit because we believe all Australians should have the right to find out more about how they can achieve financial wellness.
How often can I check my WisrCredit?
There are no limits to how often you can use WisrCredit to check your credit scores. We recommend you check your credit scores regularly, as this gives you the opportunity to stay on top of your financial fitness.
Why is my credit score with a credit bureau different to another free credit score service?
WisrCredit provides free credit scores from major credit reporting bureaus (CRBs) in Australia (Equifax and Experian) using the negative credit score reports. It's important to ensure you're comparing the credit score for each relevant bureau as different free credit score services may use different CRB's, or some may use negative reports and others may use positive reports. If unsure you can check with the CRB's directly about your different credit scores.
Now that I know my scores, what can I do with them?
WisrCredit gives you a view of your financial fitness, to perhaps get a more competitive rate with your lenders. Just note though, lenders will take into account other factors when assessing your creditworthiness. Itʼs always good to check with your financial institution before applying for credit.
How accurate is my credit score?
WisrCredit sources data directly from Australia's leading credit reporting bureaus - organisations that are trusted to collect details of your past financial history. This includes information from companies youʼre regularly in contact with such as banks, insurance providers, utility companies and telecommunication services.
Why does WisrCredit show me more than one credit score?
One of the advantages of WisrCredit is that we show you individual credit scores from two major credit reporting bureaus in one place. This is particularly important to see if there are any major discrepancies between each score, as it may indicate that there could be an error on one of your credit reports.
What if I donʼt have a driverʼs licence?
Unfortunately, for now, we cannot provide you with your credit score without a valid driver's licence. We use your licence for identification validation. However we will be looking at allowing customers to enter in other forms of ID in the near future, so be sure to check back with us.
I canʼt get my score, why is this?
If you have trouble accessing your credit score, double-check to ensure that all information entered is correct. If you still canʼt access your score, please get in touch with us by using the Contact tab at the top of this page.
How can I get my credit report?
WisrCredit only provides you with your credit scores, not your credit report. All Australians are eligible to receive one free credit report per year from each credit reporting bureau. To access your free credit report, visit each of the major credit reporting bureaus (Equifax, Illion and Experian).
How can I improve my credit score?
Good financial behaviour can positively impact your score. You can do this by paying bills on time, not applying for too many lines of credit and avoiding risky lenders. Be sure to check out the WisrCredit Bootcamp if you want to find out more ways to improve your financial fitness.
Will using WisrCredit impact my credit score?
Not at all! WisrCredit makes a ‘soft enquiryʼ known as Access Seeker with participating credit reporting bureaus. It will touch your credit file, but it does not impact your credit score.
Why did I get the credit score which I did?
There are many factors that might affect why you got the credit score that you did. The type of credit providers you have used, the amount of credit you have borrowed and the number of credit applications and inquiries you have made in the past are a few of the factors that impact your score.
Who is Wisr?
Wisr is Australia's original Neo-lender, a company that provides a fairer way to financial wellness. Since launching in 2014 we have been committed to building products, apps and services, like WisrCredit, which have helped thousands of people do more with their money for less. Visit www.wisr.com.au to learn more about our company.
What makes WisrCredit different to other credit score sites?
Other credit score sites will only provide you with one credit score from one Credit Reporting Bureau (CRB). WisrCredit gives you access to more than just one score. You can compare your score from various CRBs. We pull data from various CRBs to help you see the bigger picture of your credit health. We also receive information from the CRBs as it is updated on your file.
How safe and secure is the information I provide to WisrCredit?
We take your privacy very seriously. We manage and store your data in accordance with the Privacy Act 1988 (Cth). We recognise that any personal information we collect about you will only be used for the purposes we have collected it for or as allowed under the law. It is important to us that you are confident that any personal information we hold about you will be treated in a way which ensures you privacy is protected.
Why do you need my personal information?
In order for WisrCredit to provide you with your credit scores, first we need some personal information. This ensures our system will match the information you provide against records of various CRBs systems. This helps ensure the score you see is uniquely yours.
What are you going to do with my personal information?
We collect this personal information to help access your credit scores and provide you with marketing materials that you might find helpful. From time to time we may offer you other products and services.
Is my information secure?
You can be assured, your information is safe and 100% secure. We take your privacy very seriously. We manage and store your data in accordance with the Privacy Act 1988 (Cth).
Can someone else check my credit score?
Your key personal information - such as Drivers Licence, Email and Address - identifies you, and should not be shared with anyone else.
Disclaimer: The information presented in this FAQ is general in nature and does not take into account your personal financial situation, objectives or needs. You should consider whether the information is appropriate to your circumstance before taking action. Wisr suggests seeking advice from a finance professional where appropriate.