We answer the top three Personal Credit Score Questions

Posted by: Centrix
Category: News
Centrix Credit Bureau Money Week

Money Week is a great initiative for all Kiwis to get involved with and we’re proud to be helping Kiwi’s feel sorted by understanding their Personal Credit Scores. We answer the most common questions around Personal Credit Scores below.

  1. How do I get a higher credit score?

Pay your accounts on time and keep them up to date.

Settle any outstanding defaults. A default will stay on your file for 5 years but over time the impact of the default will reduce. Paying your default will help reduce the negative impact.

Don’t open new accounts or make repeated applications for credit. Lots of enquiries for small loans or credit on your file can negatively impact your score as it could be seen that there is an increased risk. Please note, asking for a credit history by requesting a report is not the same as a credit enquiry with a lender. You can access your credit history with us and get your score as many times as you like, and it will not impact your score.

  1. There is no bad credit on my file so why do I have a score that is in the fair range and not higher?”

There may not be much information about your credit history, meaning you might not have applied for much credit, so there is limited data to base your score on.

Very Good and Excellent scores are usually assigned where you have a long active credit history and a very good payment history demonstrating a high level of stability.

  1. I don’t understand my score numbers?

Your credit score is a number between 1 and 1000 that indicates how likely you are to pay your bills on time. A good score is more than 649.

For all other frequently asked questions, please go here.