Commonwealth Bank launches Credit Score Hub

Commonwealth Bank today announced the launch of a new credit score hub, allowing millions of customers to view and access their Experian credit score and personalized credit report for free, starting this month, through the CommBank app and NetBank.

With many Aussies currently on high alert to scams and scams, Marcos Meneguzzo, CBA’s executive general manager of consumer finance, says the Credit Score Hub is a timely feature to help customers understand their credit profile and which loans are being taken on their behalf were recorded.

“The new Credit Score Hub makes it easy for customers to monitor their credit file and understand the drivers affecting their score, quickly and easily from the palm of their hand. It’s another tool we’re adding to the CommBank app and NetBank that will help customers improve their financial well-being and make smarter financial decisions,” he said.

CBA’s new Credit Score Hub provides customers with information on:

their individual creditworthiness and rating level
Credit accounts and repayments for the last 24 months
credit applications
reported negative credit events
CommBank has seen record levels of digital engagement1 – with customers logging onto its digital platforms more than ever – and has partnered with Credit Savvy, backed by CBA’s x15ventures, and Experian, one of Australia’s official credit bureaus, to bring eligible offers to make customers access to the Credit Score Hub.

“The new hub enables CommBank customers to learn about their credit score, what it is and how it is composed. For those customers who wish to block future loan applications and prevent potential fraud or fraud, Credit Savvy offers its SavvyShield feature,” said Mr. Meneguzzo.

Today’s announcement coincides with new CommBank research2 showing that while 8 in 10 Australians say taking care of their financial well-being is important, only one in five have checked their personal creditworthiness in the last six months .

According to CBA research, around a third of Australians (34 percent) are either unsure of what a credit score is or have never heard of the term.

“Contrary to popular belief, checking your credit score does not negatively affect it. In fact, knowing your credit score can better enable customers to understand their overall credit score and take steps to improve it. In addition, they can monitor their points and credit applications to protect themselves against fraud and scams,” added Mr. Meneguzzo.

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