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New Veda research has found that Australians have improved their credit scores but are largely unaware of the new credit rules.
A survey of 1,000 credit-active Australians in September found that they had an average Veda credit score of 760 compared to 751 the year before.
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The proportion of credit-active Australians at risk of default also improved, from 15 per cent to 13 per cent.
However, 79 per cent of respondents were not concerned about their credit history and 78 per cent had never checked their credit report.
The survey also found that only 21 per cent were aware of the new credit reporting landscape that came into effect in March.
Veda spokesperson Belinda Diprose said the new rules mean that positive credit behaviour will become essential to negotiate a better deal with lenders.
“The extra information will enable credit providers to assess risk levels more accurately, which we have seen benefit consumers overseas,” she said.
“This shift has resulted in the first lender offering interest rates based on credit scores, with others likely to follow by year’s end.”
