What is Australia's average credit score?

Australia's Average Credit Score

Australia boasts a high average credit score of 855, according to Equifax. This score indicates a strong level of creditworthiness among the Australian population.

In Australia, credit checks fall into two categories:

• Soft inquiries: These do not impact your credit score and are typically used by potential lenders or employers to assess your credit history.

• Hard inquiries: These can negatively affect your credit score and occur when you apply for credit, such as a loan or credit card.

Understanding the average credit score in Australia and the impact of credit checks is crucial for managing your finances effectively. By maintaining a good credit score, you can qualify for better loan terms, lower interest rates, and increased access to financial products and services.