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Credit scoring in Australia: Equifax, illion, Experian

Australia has three credit bureaus - Equifax, illion and Experian - and each produces a different credit score based on the same underlying credit file data. Lenders subscribe to one or more bureaus, which creates the odd situation where the same borrower looks different at different banks.

The three bureaus

Equifax (formerly Veda) is the dominant bureau in Australia, used by CBA, ANZ, most second-tier lenders and the majority of non-bank lenders. Their score is 0-1200 and their data coverage is the broadest.

illion (formerly Dun & Bradstreet) is used by Westpac and NAB as their primary bureau. 0-1000 scale. Their data coverage overlaps heavily with Equifax but misses some niche credit providers.

Experian is the newest entrant. Used by some international lenders and a growing number of digital banks. 0-1000 scale. Their Australian coverage is thinner than the other two.

What goes into the score

All three bureaus weight roughly the same inputs:

  • Repayment history (40-45%): on-time vs late payments over 24 months, across all credit accounts
  • Credit utilisation (15-20%): how much of your available credit you’re using
  • Account age and mix (15%): how long accounts have been open, variety of credit types
  • Credit enquiries (10-15%): recent applications reduce score (recency-weighted)
  • Derogatory marks (bleeds everything): defaults, judgements, bankruptcies

Scores in context

Rough bands across all three bureaus:

  • Excellent (800+ Equifax, 850+ illion, 800+ Experian): unlikely to have any scoring issues
  • Very good (700-800 / 750-850 / 700-800): standard pricing at all lenders
  • Average (600-700 / 650-750 / 600-700): standard pricing at most lenders
  • Below average (500-600 / 500-650 / 500-600): some lenders will decline
  • Poor (<500): specialist lenders only

How lenders actually use the score

Despite the scoring system, most prime lenders don’t make decisions purely on score. They run the raw credit file through their own internal scorecard, which includes data the bureau score doesn’t (employment stability, savings pattern, banking history with the lender itself).

The bureau score is a first-cut filter - an auto-decline threshold below which the file doesn’t reach a credit officer. Above that threshold, the bureau score is one input among many.

Correcting errors

Each bureau allows one free credit file per year. Check them annually, and immediately dispute:

  • Payment markers for accounts that weren’t yours
  • Defaults that have been paid in full but still show as outstanding
  • Multiple enquiries from the same lender within 14 days (should be merged)

Disputed items are suspended from scoring while the dispute is investigated, typically 30-45 days.

The practical tips

  • Don’t cancel old credit cards. Account age helps your score.
  • Keep utilisation under 30% on each card.
  • Space out credit applications by at least 6 months unless rate-shopping the same loan.
  • Pay off defaults even if they’re old. Marked “paid” is better than marked “unpaid” for five years.