Available in English Area served Australia Parent organization Aussie Date founded 10 March 2015 | Country of origin Australia Managing director Dirk Hofman Headquarters Sydney | |
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Industry Personal finance
Software Services Credit monitoring, Credit report, Credit score, Comparison shopping website Motto Check your credit score for free at Credit Savvy | ||
Credit history
Contents
- The Service
- Credit Savvys credit scores
- Launch and Developments
- Recognition
- Business model
- Corporate Structure
- References
Credit Savvy is a free credit scoring and credit reputation service for Australian consumers available on the web and mobile browsers. It provides members with free access to their credit score, a summary of their credit history, and updates the information each month.
The Service
Credit Savvy provides users with free monthly updated credit scores and credit file information from Experian, one of three national credit reporting bodies in Australia. Credit Savvy also provides credit file monitoring from Experian, and will send a credit alert to a user if certain information is added to their credit report. The offer is similar to Veda's VedaScore service, which is available for a fee.
Credit Savvy also hosts a Credit Knowledge Centre which has range of articles about managing credit and credit reporting in general, as well as the Credit Savvy Blog which includes some general hints and tips to maintaining a healthy credit score and credit reputation.
Credit Savvy’s credit scores
In March 2015, Credit Savvy began offering credit scores and credit file information provided by Experian, becoming the first online tool in Australia to offer free and instant access to monthly updated credit scores and credit file information. Credit Savvy features the Experian Score, which ranges from 0 to 1,000. The Experian Score is unique and was developed by Experian Australia using its own credit scorecard and differs from scores provided by other credit reporting bodies in Australia. Consumers can see updates to their credit scores and credit file information once a month through the Credit Savvy dashboard and credit report card.
Launch and Developments
Credit Savvy launched on 10 March 2015, the first anniversary of the introduction of comprehensive credit reporting in Australia - an overhaul of the credit reporting rules that allowed credit providers to add a lot more information to consumer credit reports. The site aims to improve financial literacy around credit reporting and credit in general. It was created by Aussie founder and executive chairman John Symond, and was backed by organizations such as the Commonwealth Bank.
On 2 June 2015 the site added the ability for consumers to compare Personal Loans and Car Loans.
Recognition
In 2015, the website was awarded Financial Services Standard of Excellence by the Web Marketing Association and was a Silver Award Winner in the W³ Awards.
Business model
All of Credit Savvy’s services are free to consumers. Revenue from advertisements for financial products offsets the costs of free credit reports, credit scores and credit file monitoring. As part of this revenue model, Credit Savvy incorporates a comparison engine where visitors can compare financial products. As of July 2015 the comparison engine lists over 800 home loans from 18 lenders, over 100 credit cards from 13 issuers, and approximately 100 personal loans and car loans from 24 issuers.
Corporate Structure
Credit Savvy was developed and launched by Aussie, a partly owned subsidiary of the Commonwealth Bank of Australia. Credit Savvy is a trading name of AHL Investments Pty Ltd and trades under the same Australian Business Number and Australian Credit Licence. Credit Savvy is headquartered in The Rocks, Sydney.