Credit score hub provides further transparency to millions of Aussies

Commonwealth Bank announced today the launch of a new credit score hub to enable millions of customers to easily view and access their Experian credit score and personalised credit report, free of charge via the CommBank app and NetBank from this month.

With many Aussies currently on high-alert to fraud and scams, CBA’s Executive General Manager Consumer Finance, Marcos Meneguzzo, says the credit score hub is a timely feature to help customers understand their credit profile and what loans have been taken in their names.

“The new credit score hub makes it easy for customers to monitor their credit file and understand the drivers impacting their score, quickly and easily from the palm of their hand. It’s another tool we’re adding into the CommBank app and NetBank that customers can use to help improve their financial wellbeing and make smarter financial decisions,” he said.

CBA’s new credit score hub provides customers with information about:

  • their individual credit score and their score tier
  • credit accounts and repayments over the last 24 months
  • credit applications
  • reported negative credit events

CommBank has seen record levels of digital engagement1 – with customers logging in to its digital platforms more often than ever before – and partnered with Credit Savvy, backed by CBA’s x15ventures, as well as Experian, one of Australia’s official credit reporting bodies, to offer eligible customers access to the credit score hub.

“The new hub enables CommBank customers to get to know their credit score, what it is and how it’s made up. For those customers who would like to put a block on future credit applications and prevent from potential fraud or scam, Credit Savvy offers its SavvyShield feature,” Mr Meneguzzo said.

Today’s announcement coincides with new CommBank research2 showing that while 8 in 10 Australians say taking care of their financial wellbeing is important, only one in five have checked their personal credit score in the past six months.

According to CBA’s research, around a third of Australians (34 per cent) 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 impact it negatively. In fact, knowing your credit score can better empower customers to understand their overall credit worthiness and take steps to improve it. In addition, they can monitor their score and credit applications to protect themselves from fraud and scams,” Mr Meneguzzo added.

About the credit score hub

  • The credit score hub allows eligible customers to easily consent and gain access to their credit score and understand information related to their credit worthiness.
  • The hub can be accessed via the CommBank app and NetBank, and is now available to eligible digitally active CommBank customers.
  • CommBank partnered with Credit Savvy, backed by CBA’s x15ventures, as well as Experian, one of Australia’s official credit reporting bodies, to offer eligible customers access to the credit score hub.

About Credit Savvy

Credit Savvy is a trademark of CBA New Digital Businesses Pty Ltd, ABN 38 633 072 830 and Australian Credit Licence 516487. CBA New Digital Businesses Pty Ltd is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124.0

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