About credit scores

What’s a credit score?

It’s a number that’s calculated to determine the likelihood of you not repaying your loans (illion’s credit score ranges between 0 and 1,000) and is often looked at by Credit Providers when you apply for credit. Credit Providers may also calculate their own credit score. A higher score means you’re in better credit health because you are more likely to repay your loans and therefore more likely to be approved for new credit. However, other factors like your capacity to service a loan and your income, expenses and your existing debts are also important.

The credit score contained in the NAB Credit Health tool is provided by illion, one of three prominent credit reporting bodies in Australia, based on information reported to illion from a range of credit providers (including NAB) and obtained by illion from other sources. This is not a NAB credit score or report.

Does everyone have a credit score?

Most people have one – unless they’re under 18, or haven’t applied for a credit, utility service or similar before.

How do I know my score is correct?

You can check your detailed credit report on the NAB Credit Health tool and query anything that doesn’t look right using the “Question this” function.

Your NAB Credit Health report was created by illion, one of three prominent credit reporting bodies in Australia, based on information reported to illion from a range of credit providers (including NAB) and obtained by illion from other sources. This is not a NAB credit score or report.

Why is my score different on other credit websites?

Each website has their own way of calculating your credit score. It might depend on which of the credit reporting bodies they’ve used and the information they have access to – which can be different for each site.

It’s important to remember that while NAB Credit Health tool gives an indication of credit health, it isn’t the only thing lenders (including NAB) use to make credit decisions.

Why is my score so low/high?

The NAB Credit Health tool tells you how illion has calculated your personal score – including repayment history, your number of loan applications etc. Read your detailed credit information for more.

What can I do to raise my score?

Find the best way for you to improve on your personal profile in the NAB Credit Health tool. There are all kinds of ways you might be able to improve your credit score – including paying accounts on time, limiting your number of high-risk credit accounts and reducing overall debt. Your personal profile in the NAB Credit Health tool can help find a way forward.

My NAB application was rejected – but I’ve got a good credit score. What happened?

NAB uses information from several sources to make a credit decision, such as information you provided in your application, data NAB already has about you and data from multiple Credit Reporting Bodies. So even though a positive credit score here can indicate your likelihood of being approved for new credit, it’s not a guarantee.

My credit score is wrong, what can I do?

Get in touch with Credit Simple at support@nabcredithealth.com.au

I want to challenge my credit score, how can I do that?

You can query anything that doesn’t look right using the “Question this” function in your credit report.

About NAB Credit Health

Will NAB be able to access my credit score or credit report provided by illion?

No, NAB will not have access to your credit score or credit report provided by illion. credithealth.nab.com.au is hosted and operated by Credit Simple Australia Pty Ltd ABN 14 614 444 790 (a wholly-owned subsidiary of illion). Credit Simple will ask you for certain personal information in order to be able to provide you with your credit score and credit information, which is based on information reported to illion from a range of credit providers and obtained by illion from other sources.

Why does illion have this information about me?

illion is a credit reporting body. A credit reporting body is an organisation whose business involves handling personal information in order to provide another entity with information about the credit worthiness of an individual. Australian privacy laws require your credit provider to tell you which credit reporting bodies they share your personal information with (for the purpose of inclusion in your consumer credit report) when you apply for credit.

What’s the difference between a credit score and a credit report?

Your credit score is a number that represents your credit worthiness and is calculated using details from your credit report. Credit providers use credit reporting bodies to help them know that you have a good track record when it comes to credit and paying bills on time. A credit report is a set of details that is produced by a credit reporting body based on information about you that has been provided by credit providers and from other sources. Privacy laws set out the kinds of information that can and cannot be included in a credit report. You can read more about your rights in relation to credit reporting on the Office of the Australian Information Commissioner’s website.

Link: https://www.oaic.gov.au/individuals/privacy-fact-sheets/credit-reporting/

Another great resource is the Credit Smart website, which is a website developed by credit experts to help consumers understand how credit reporting operates in Australia.

Link: https://www.creditsmart.org.au

My credit score has changed. Why?

Credit scores can change for a number of reasons – even if that reason isn’t in your credit history. It could be because:

  1. Data is only held on your credit file for a set amount of time (how long depends on privacy laws). For example, a default from six years ago won’t affect your credit rating today.
  2. Some of your credit information is more relevant than others. For example, a recent loan enquiry is more relevant to your score than one you made four years ago.
  3. Even though you’re paying on time, the amount of time you’ve been up to date on your repayments can affect your score.
Will using NAB Credit Health impact my credit score?

No – you can look at this information as many times as you like without it affecting your score at all.

I don't have an Australian passport or driver's licence. How can I register?

You can also register using a Medicare card or international passport. If you don’t have these either you can register manually by selecting the option “None of the above” when choosing between the available Proof of ID options, and then supplying accompanying documents online.

Your Privacy

Who can see my credit information?

When you apply for credit (with a bank, telco, insurance company or utility company, for example), they’ll ask your permission to access your credit history – usually in the application form and/or terms and conditions.

You can read more about who can access your credit report and under what conditions here.

Where is my information stored?

All data is secured using industry best practice technologies and processes. Data is encrypted in transit and at rest. For more details, refer to clause 8 of the Privacy Policy.

What happens when I create an account with NAB Credit Health?

credithealth.nab.com.au is hosted and operated by Credit Simple Australia Pty Ltd ABN 14 614 444 790. Credit Simple will ask you for certain personal information in order to be able provide your credit score and credit report, which is based on information reported to illion Data Registries Pty Ltd ABN 38 101 620 446 (illion) from a range of credit providers and obtained by illion from other sources. NAB won’t have access to your credit score or credit report. You can read the terms of use here

Can someone else see my information on the NAB Credit Health site?

No. When you sign up on the NAB Credit Health site, you’ll need to answer questions about yourself that other people wouldn’t know.

Help

I’m having trouble signing up, who can I speak to?

Get in touch with Credit Simple at support@nabcredithealth.com.au

What browsers do you support?

We support all the more current versions of mainstream browsers – including Chrome, Firefox, Safari and Internet Explorer.

IMPORTANT INFORMATION

Obtaining a Credit Health Report will not affect your credit score or lending application. The information in your Credit Health Report is provided by Ilion Australia Pty Ltd ABN 95 006 399 677 (illion), a credit bureau in Australia. The information in your Credit Health Report is not shared with NAB. nabcreditheath.com.au is hosted and operated by Credit Simple Australia Pty Ltd ABN 14 614 444 790 and Australian Credit Licence 513554 (a wholly owned subsidiary of illion) (Credit Simple). Applications to NAB for credit are subject to NAB’s credit approval criteria (and if you do apply for credit from NAB, your credit history only forms a part of this criteria and won’t necessarily be collected from illion). Terms and Conditions apply to all NAB products and are available on application. Fees and charges are payable.

The information contained on this page is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information on this page.

National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.