Australians rush to check credit scores amid pandemic

More than half a million Aussies have checked their credit score in the past six months as the coronavirus pandemic continues to impact employment and create income uncertainty.

Credit Savvy, one of Australia’s leading providers of credit scores and an emerging fintech, found 614,000 people checked their credit score between March and August 2020, a 36 per cent increase on the same period in 2019.

Leo Hillary, Credit Savvy’s managing director, said: “The increased interest in credit scores came as many Australians stared in the face of financial uncertainty amid mass lockdowns and job losses.

“With many Australians having to make the difficult decision to defer their loans, or make other adjustments to their finances, it is no wonder people wanted to know how this would affect them and their financial future. This will be essential as consumers tackle the ongoing effects of the pandemic in the coming months while building financial buffers to help them play their part in the country’s economic recovery.”

Since launching, Credit Savvy has provided nearly 29 million free credit scores to Australian consumers who are becoming increasingly aware of the impact of their spending and budgeting habits on their financial “health”. It is now extending its services as part of its partnership with x15ventures, the venture building arm of Commonwealth Bank, and allowing Credit Savvy to offer its services directly to CommBank customers through the CommBank app.

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Source: Australians rush to check credit scores amid pandemic