The NAB has launched a free credit check for all Australians, even if you don’t bank with them.
The tool is designed to help people better understand their financial position.
“For many people, logging on to see their credit score can be overwhelming and daunting as they don’t know where to start or what their score means,” NAB chief customer experience officer Rachel Slade told Broker News.
“We wanted to remove the fear factor and have created a solution that will not only give Australians access to their score for free, but also provide tailored insights on how to improve it,” she said.
“This is all about changing the way we feel about our finances and making checking your score something that is positive and empowering.”
The initiative is in partnership with Credit Simple and can be accessed online by anyone, regardless of who they bank with.
“No matter who you bank with, you can jump on the secure website today and check your score as often as you want, free of charge and see it change in real time,” Ms Slade told Broker News.
“Our hope is this will help Australians no matter their circumstances. From those saving for a home to wanting to borrow for the dream family holiday or just wanting to know where they stand with their finances – this is a gamechanger.”
Credit Simple CEO David Scognamiglio says credit scores have increased importance since the expansion of Comprehensive Credit Reporting.
“Until the take-up of CCR, banks could only judge how much to lend based on ‘negative’ credit score – for things like missing a credit card repayment,” Mr Scognamiglio told Broker News.
“Being on top of your finances by paying credit cards or car loans on time were never included, but they have been from September.”
“Australians can be assured that accessing NAB Credit Health won’t negatively impact their credit score, that signing up won’t provide NAB access to their credit information and that all data is protected using industry best practice technology and processes.”