What Is a Good Credit Score in Australia?

You checked your credit score, saw a number, and want to know whether it is any good. The answer to what is a good credit score in Australia depends on which credit reporting body produced the number. The two bodies that score Australians do not use the same bands, so the same figure can land in two different ratings.

There is no single Australian credit score

When you apply for finance, the lender asks a credit reporting body for a report about you. That body runs its own model over the report and produces a score. Different body, different model, different number.

Until recently there were three consumer credit reporting bodies here. There are now two. illion has been absorbed into Experian: illion.com.au redirects to Experian Australia, whose site states that illion is now part of Experian.

ASIC's Moneysmart, last updated on 9 September 2026, names Experian and Equifax as the two main credit reporting bodies, and points out that they can hold different information about you.

So you can have a different score with each. That is normal, not an error, and it is the first thing to understand before you compare your number with anyone else's.

What the bands actually mean

Equifax scores run from 0 to 1,200 and sit in five bands. This is the newer generation of Equifax score, built on both positive and negative data now that comprehensive credit reporting is in place; earlier Equifax scores were drawn from negative data such as defaults. Equifax describes the bands as approximate, so treat the edges as soft rather than exact cut-offs.

Experian also scores from zero to 1,200, but it divides that range differently.

So what is a good credit score in Australia?

Put the two tables side by side and the problem with the question becomes clear. A score of 700 is Good at Equifax and Very good at Experian. A score of 550 is Average at Equifax and Good at Experian. A score of 850 is Very good at Equifax and Excellent at Experian.

The accurate answer is a question back: good on whose scale? Your friend quoting a number from one report and you quoting yours from another are not comparing the same thing.

If you want a rule of thumb, take it from the tables rather than from the number. On both scales the top two bands begin somewhere in the 700s, and the bottom band ends below 500. Where you sit relative to those two lines tells you more than the raw figure does.

What lenders do with the number

A score is one input into a lending decision, not the decision itself. Lenders look at your income, your existing commitments, the security you are offering and whether you can comfortably meet the repayments. Equifax says a good score improves your chances of approval and can help you negotiate a better deal, which is a fair description: it opens the conversation, it does not settle it.

The reverse is also true. A middling score is not a closed door: it can mean the lender wants more context, such as a longer employment history, a larger deposit, or an explanation for a listing on your file. Subject to lender approval, terms, and conditions apply.

The lender may not even be looking at the number you saw. Equifax says that once a lender adopts its newer score, the figure the lender sees when assessing an application matches the one you retrieve online, which implies the two can differ.

If your score is at the low end

A past default, a missed payment or a low score does not automatically rule you out. Some lenders specialise in applications that mainstream lenders decline, and they tend to look past the score to your bank statements and current position. The trade-off is price: a lower score signals higher risk, and the rate reflects it. How that lending works is covered in our guides to personal loans with bad credit and car loans with bad credit.

Moneysmart has a caution worth repeating: lenders who advertise to people with bad credit or low income may charge high interest and fees, so check that any lender you deal with is a member of the Australian Financial Complaints Authority.

If you run a business

A business has a commercial credit file of its own, and Equifax offers a business credit report with its own score, which is what lenders and suppliers see when the business applies for credit. The two files are not sealed off from each other. Equifax says that if you go guarantor for a company loan that is not repaid on time, your personal score is affected, and a lender that wants to see both your consumer and commercial files needs your consent to do so.

If something on your report is wrong

You have a right to have errors fixed for free, and you can arrange it yourself. The Office of the Australian Information Commissioner says to contact the credit provider that listed the item in the first instance, or any credit reporting body; whichever you ask has to help or consult the other, and once they accept the information is wrong they have 30 days to correct it. If they refuse, they must tell you why in writing and you can take it to an external dispute resolution scheme such as the Australian Financial Complaints Authority.

Credit repair companies advertise this same service for a fee. Moneysmart says you do not need to pay one, that paying one may not improve your score, and that nothing correct can be removed from your report even if it is negative. A default that is accurate stays for its five years whoever you pay.

What sits on the file behind the score

Your score is calculated from what is on your credit report, so it helps to know how long each item lasts. The Office of the Australian Information Commissioner publishes the retention periods that apply under the credit reporting rules.

A rough patch is not permanent: a default drops off after five years and repayment history after two. And an application for credit leaves an enquiry that sits on the file for five years, so a burst of applications in one fortnight is still there when the next lender looks.

How to check your score without paying for it

You have a right to a free copy of your credit report every three months. Moneysmart says it is worth getting one at least once a year, and because the two bodies can hold different information, request both:

• Equifax: 138 332
• Experian: 1300 783 684

Experian states the same free-report cycle on its own site. Some online providers will also show you a score in a few minutes at no cost, which is fine for a quick look, but the report is the document that explains the number.

What to do next

Order both reports and read them before you apply for anything. Check that each listed account is genuinely yours and that the repayment history matches what you know you paid. Errors do happen, and you can ask for a correction.

If something on the file is wrong, deal with it before the application rather than during it. If the file is simply thin, time is on your side: paying existing commitments on schedule is what builds the record the score is calculated from.

And when you are ready to shop, do the comparing in one go rather than applying to lender after lender and collecting enquiries along the way.

If you would like to know what your score means in practice, Emu Money's finance specialists can compare options across 50+ lenders and tell you where you stand before you apply. Compare personal loan options.