Credit Score Check — What Score You Need for a Personal Loan in Australia

Free Credit Score Check

In Australia, you can check your credit score for free through:

• Equifax (equifax.com.au)
• Experian (experian.com.au)

Australia now has two main credit reporting bodies; there used to be three. You have a right to a free credit report every three months. Each body can hold different information and use a different scoring scale. Sources: Moneysmart and OAIC, checked July 2026.

Australian Credit Score Ranges

Equifax uses a 0–1,200 scale. Other bodies can use a different scale.

1. Excellent · Equifax range：853–1,200
2. Very Good · Equifax range：735–852
3. Good · Equifax range：661–734
4. Average · Equifax range：460–660
5. Below Average · Equifax range：0–459

Source: Equifax Australia, checked July 2026. These bands do not guarantee approval or a particular rate.

What Affects Your Score

Positive Factors

• Paying bills and loans on time
• Keeping debt manageable
• A long credit history with the same accounts
• Limited credit applications (hard inquiries)

Negative Factors

• Late or missed payments
• Defaults, court judgments, bankruptcy
• Multiple credit applications in a short period
• High credit card utilisation
• Frequently opening and closing accounts

Is There a Minimum Score for Approval?

There is no universal Australian personal-loan score threshold. Lenders use their own credit assessment and may consider your report, income, expenses, savings, existing debts and requested loan. Ask the lender about eligibility before submitting a full application; do not treat a score band as an approval promise.

Improving Your Score Before Applying

1. Pay all bills on time — set up direct debit for at least 3 months before applying
2. Review unused credit limits — they may affect a lender’s serviceability assessment, but closing an account does not guarantee a higher score
3. Pay down existing debt — lower utilisation improves your score
4. Don’t apply for other credit — each application creates a hard inquiry
5. Check for errors on your credit report — dispute any incorrect listings
6. Wait — most negative marks fall off after 5-7 years

How Long Information Stays

Timing depends on the type of information and when providers report it. Under the Australian credit-reporting rules, repayment history stays for two years, credit enquiries and defaults for five years, and serious credit infringements for seven years. Paying a listed default does not remove it immediately; the report is updated to show it was paid. Source: OAIC retention periods, checked July 2026.