Most Australians enjoy, but are still in the dark, on credit
SYDNEY, June 2, 2022 /PRNewswire/ — A CompanyOne A survey of 1,596 credit score customers found that while nearly all respondents believed knowing their score was absolutely essential to improving their finances, the majority had no idea about their score before signing up with SocietyOne. .
97.7% of respondents thought it was important for Australians to know their credit score, 93.3% said they found it useful to have finally learned their score through SocietyOne, and 73.5% also wanted improve their credit score and overall finances.
Yet despite these stated beliefs, only 32.8% of respondents knew their credit score before being encouraged to verify it with SocietyOne, and 60.9% were then surprised by the result once they received their score, highlighting a significant gap between knowledge and action.
Most respondents (66.3%) said they had improved their credit score since becoming a SocietyOne customer, 23% of respondents said they had already used their score to get a better deal on a loan product, and 43.3% wanted even more advice on how to further improve their score.
The SocietyOne credit score is based on data from the Experian credit bureau. SocietyOne’s more than 200,000 customers also benefit from deeper insights and access to exclusive content designed to help educate customers on credit scores and broader financial topics.
The SocietyOne survey was conducted just prior to the acquisition of SocietyOne by MONEYME (ASX:MME), a digital lender and non-banking challenger that is equally passionate about the financial well-being of its customers.
Jonathan Chan, COO of MONEYME
Jonathan ChanChief Operating Officer at MONEYME, said: “A credit score is a great indicator of financial health, and many Australians seem to understand its importance.
“However, half of Aussies still haven’t asked for their score know where they stand when applying for credit or a loan. And knowing your score is also just the first step.
“Understanding what actions and habits impacted your score can help guide what you need to do to improve it. Credit scores are dynamic and can change with certain types of financial behavior, so we also encourage Australians to check their credit report regularly to proactively manage your financial health.
“The fact that so many of our customers have improved their credit score since signing up with us shows that knowledge and commitment to your score and your overall finances can help you improve your overall finances, whether it’s getting a better deal on a loan or creating good financial habits.”
Managing Director of Experian Credit Services, Tristan Taylorsaid: “While improving your credit score takes time and careful management, there are ways to proactively manage its health.
“Remember that a credit score is simply a view of your financial health and how you work with credit. Staying on top of your repayments and choosing the right financial products for your situation are important factors in maintain a solid credit rating.
“Advice on how to improve credit scores can be found on CreditSmart, an industry initiative developed by credit experts to help Australians understand how the credit report works and how to deal with credit health.”
Key factors that can help influence a credit score include:
- The type of lender you applied to
- How well you tracked your repayments
- The credit limit for each of your credit products
- The type of product you requested
- The number of credit applications you make
- Any negative events, such as payment defaults, judgments or bankruptcies
CompanyA (www.societyone.com.au) is a wholly-owned subsidiary of MONEYME Ltd (ASX:MME), listed on the ASX, since its acquisition by the Group in March 2022. Its award-winning digital finance platform has delivered over $1 billion of total loans and has helped over 35,000 borrowers since 2012. Its broker distribution channel has generated over $70 million loan originations since its launch in 2019.
SocietyOne offers fixed rate secured and unsecured personal loans, as well as a free credit score product that helps customers understand and improve their score with clear and simple information. The latest addition to SocietyOne’s product line is its BaaS-powered transaction and savings accounts, SpendOne and SaveOne.
SocietyOne has also received numerous Tier 1 awards, including making it to AFR’s Most Innovative Companies list in successive years, winning Deloitte Rapid 500 (APAC), listed in the Top 100 Global FinTechs by KPMG and H2 Venture, and receiving multiple product category awards from Canstar and Product Review.
About MONEYME Group
MONEYME Group is one of the leading FinTech disruptors on the way to becoming australia 1st supplier of non-bank credit.
With a focus on innovation, we fund ambitious Australians with top speed and seamless customer experiences. Leveraging AI and advanced cloud-based technology, we offer highly automated credit products for personal, automotive and real estate finance.
The flagship brands of the MONEYME Group (www.moneyme.com.au) and SocietyOne (www.societyone.com.au) reflect the first digital experiences that meet or even exceed the expectations of Generation Now.
MONEYME Ltd (the “Group”) is a licensed, regulated and ASX listed credit provider operating in Australia.
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