Numbers Game - Facts about Australian Credit & Debt

Did you know the average Australian has a "very good" credit score? Sounds great, right? But here's the catch: almost half of us have never even checked to see if that's true for our own report. In a country with the third-highest household debt in the OECD, it's time to stop guessing and start knowing. We've pulled together the essential facts and stats about Aussie credit and debt that might just surprise you.

• Fact: The average Australian credit score is considered "very good." According to Equifax data, the average Australian has a credit score of 855 out of 1,200.
  

• Stat: Almost half of all Australians (45%) have never checked their credit report, despite about 85% of us holding some form of credit.
  

• Fact: Women, on average, have a higher credit score than men in Australia.
  

• Stat: People aged 18-30 have a lower average credit score (731) than older Australians. This is often because they haven't been active in the credit system for as long as older generations.
  

• Fact: You have more than one credit score. Each of the three main Australian credit reporting bodies—now Equifax and Experian—calculates its own score based on the data they have.
  

• Stat: The average Australian credit card debt is about $3,454 per account.
  

• Fact: A "hard inquiry" from a loan application can slightly lower your credit score. This is different from a "soft inquiry," like when you check your own score, which has no effect.
  

• Stat: A payment default can remain on your credit report for five years, even after you've paid the debt.
  

• Fact: Australia has the third-highest level of household debt as a percentage of net disposable income among countries in the OECD, behind only Switzerland and the Netherlands.
  

• Stat: Out of the thousands of credit files one credit repair CEO has reviewed, "very few are without errors of some kind".