A recent survey by credit agency Veda shows that a staggering 79% of 1000 credit active Australians are unaware of changes to credit reporting that took effect last March, an alarming number considering that more Australians are eligible for credit as their scores improve over the year.
Veda credit scores have improved to an average of 760 from last year’s 751, with risk of defaults improving from 15% to 13% this year. This came after 78% of the respondents admitted to have never checked their credit report. Individuals are strongly encouraged to harness the power of credit reporting, as it not only benefits the lenders, but the borrowers in such a way that they will have a clear understanding of their current financial standing.
Read more about this on the Adviser website.