Understanding your credit score

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Question 1 of 5

1. Question
What is a credit score?
- It is a score made by the Government that represents your level of personal debt;
- Your credit score is a numeric representation of your creditworthiness that creditors can use to assess your application;
- Every time you repay a loan or any type of credit, you get a rating from your creditor. That is your credit score;
- Once your application for credit gets accepted, you call this a credit score.
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Question 2 of 5

2. Question
What is a good Equifax credit score?
- A good credit score starts from 622;
- A score above 300 is already pretty good;
- Nothing below 900 can be considered a good score;
- 450 is considered a good credit score.
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Question 3 of 5

3. Question
Which of the following can cause a bad credit score?
- Too many hard enquiries in a short amount of time;
- Late or unpaid bills;
- Listed defaults;
- Maxing out your credit card;
- All of the above.
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Question 4 of 5

4. Question
Who can access your credit scores?
- Anyone can have a look at someone's credit score. It’s an openly accessible document;
- Credit scores are well protected. Only Government agencies and companies that you give permission to can see your credit score;
- You can nominate a set amount of people that can see your credit score, including your partner and family members;
- Like a police check, you have to apply for an assessment if you want to know your credit score. You can then share the document with others.
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Question 5 of 5

5. Question
Which of the following statements will ensure the best credit score?
- I pay most of my bills on time. I occasionally forget to pay small fees like parking tickets. I repay my mortgage responsibly.
- My credit report lists 2 defaults from 3 years ago. However, I have improved, am now on top of my bills and make loan repayments on time.
- I check my credit score frequently and make any repayments in a timely manner. I haven’t had any adverse events listed in my credit report over the past 7 years.
- Most bills are under someone else’s name as I still live with my parents. I have recently applied for 5 loans and now make my repayments on time.
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Understanding your credit score

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