New Credit Score Hub Aims to Provide Greater Transparency to Consumers in Australia

CBA has launched a new credit score hub “to help customers improve their financial wellbeing, as new research reveals only 1 in 5 Aussies have checked their personal credit score in the past 6 months, with around a third unsure what a credit score is.”

Commonwealth Bank confirmed the introduction of a credit score hub “to enable millions of customers to easily view and access their Experian credit score and personalized credit report, free of charge via the CommBank app and NetBank from this month.”

With many Aussies currently on high-alert to fraud and scams, CBA’s Executive General Manager Consumer Finance, Marcos Meneguzzo, says the credit score hub is “a timely feature to help customers understand their credit profile and what loans have been taken in their names.”

As noted in the update:

“The new credit score hub makes it easy for customers to monitor their credit file and understand the drivers impacting their score, quickly and easily from the palm of their hand. It’s another tool we’re adding into the CommBank app and NetBank that customers can use to help improve their financial wellbeing and make smarter financial decisions.”

CBA’s new credit score hub provides customers with information about:

  • their individual credit score and their score tier
  • credit accounts and repayments over the last 24 months
  • credit applications
  • reported negative credit events

CommBank has “seen record levels of digital engagement – with customers logging in to its digital platforms more often than ever before – and partnered with Credit Savvy, backed by CBA’s x15ventures, as well as Experian, one of Australia’s official credit reporting bodies, to offer eligible customers access to the credit score hub.”

Mr Meneguzzo said:

“The new hub enables CommBank customers to get to know their credit score, what it is and how it’s made up. For those customers who would like to put a block on future credit applications and prevent from potential fraud or scam, Credit Savvy offers its SavvyShield feature.”

This latest announcement “coincides with new CommBank research showing that while 8 in 10 Australians say taking care of their financial wellbeing is important, only one in five have checked their personal credit score in the past six months.”

According to CBA’s research, “around a third of Australians (34 per cent) are either unsure of what a credit score is or have never heard of the term.”

Mr Meneguzzo added.

“Contrary to popular belief, checking your credit score does not impact it negatively. In fact, knowing your credit score can better empower customers to understand their overall credit worthiness and take steps to improve it. In addition, they can monitor their score and credit applications to protect themselves from fraud and scams.”

As explained in a blog post, the credit score hub “allows eligible customers to easily consent and gain access to their credit score and understand information related to their credit worthiness.”

The hub can be “accessed via the CommBank app and NetBank, and is now available to eligible digitally active CommBank customers.”

CommBank partnered with Credit Savvy, “backed by CBA’s x15ventures, as well as Experian, one of Australia’s official credit reporting bodies, to offer eligible customers access to the credit score hub.”

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