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Commonwealth Bank Helps Consumers Understand Credit Risk

Commonwealth Bank has teamed up with Credit Savvy and Experian to unveil a credit score hub that lets customers view and access a personalised credit report for free.

The release of the app coincides with new CommBank research that reveals eight in 10 Australians say taking care of their financial wellbeing is important. Yet only one in five have checked their personal credit score in the past six months.

Around a third of Australians are also either unsure of what a credit score is or have never heard of the term.

The credit score hub – also accessible via its online banking app NetBank – helps customers understand their credit profile and what loans have been taken in their names. It also provides customers with information including:

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

Marcos Meneguzzo, CBA’s executive general manager consumer finance, says: “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. 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.

“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.”

The hub is available via the CommBank app and NetBank, and is now available to eligible digitally active CommBank customers.

Three in five Australians have been a victim of a scam, or know someone who has, according to research from Commonwealth Bank. On average, Australians receive five scam calls, emails or messages a week, equating to over 250 attempts a year.

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