Illion and Experian credit scores differ because they are generated by separate, competing credit bureaus using unique proprietary algorithms, different data sources, and, in some cases, different scoring ranges. These agencies do not always receive the same information from lenders, and they weigh factors like repayment history, credit inquiries, and account age differently.
There are three credit reporting bodies who provide credit scores to credit providers in Australia - Experian, Equifax and Illion. Each credit reporting body has their own way of calculating their score, so your credit score is not the same across the three credit reporting bodies.
What's the difference between illion and Experian? Both illion and Experian are credit bureaus that generate credit scores and reports. However, they gather their credit data from different sources, meaning there could be differences in your credit reports.
With multiple options available, you may be wondering which of these sources is the most accurate. Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.
illion Credit Check is now part of Experian CreditConnect
If you previously had an account on illion Credit Check, we've moved your account to our new platform, Experian CreditConnect.
Illion credit score range
Average: 500-699. Great: 700-799. Excellent: 800-1,000.
You may notice that your so-called Experian score is slightly different from your FICO Score. That's because both scores are based on different scoring models. FICO uses its own algorithm, while Experian's score uses both FICO and VantageScore.
Data differences
Not all lenders report to all three credit bureaus. Some might send updates to TransUnion and Equifax but ghost Experian entirely. So if you've got a positive payment streak that only TransUnion knows about, that explains why your Experian credit score feels like the odd one out.
Why has the top score increased from 999 to 1250? The score has been expanded to give you a clearer picture of the new information that banks and lenders now use to make decisions. Things like rent, overdrafts, and mortgage overpayments.
However, most mortgage lenders use FICO scores. Your score can differ depending on which credit reporting company is used, but most mortgage lenders look at scores from all three major credit reporting companies – Equifax, Experian, and TransUnion – and use the middle score for deciding what rate to offer you.
Illion uses a range of 0 to 1,000 where 0 to 299 is considered 'low'. If your score sits here, you likely have negative data (e.g. repayment defaults or many enquiries for small amounts) on your credit file. If your score is between 300 to 499, there is 'room for improvement'.
Yes, you can likely get a $50,000 loan with a 700 credit score, as this falls into the "good" credit range (670-739) that unlocks better rates, but approval also hinges on your income, debt-to-income (DTI) ratio (ideally below 36%), and overall credit history, with lenders looking for stability and repayment ability, so prequalifying with multiple lenders helps compare terms.
Experian completes A$820m acquisition of illion.
There is no single credit score that's considered the most accurate. The truth is, there are several types of credit scores and many versions of each of those scores. And while different scores are often calculated based on many of the same factors, thinking of these scores in terms of accuracy can still be misleading.
Yes, car dealerships use both Equifax and TransUnion (along with Experian), often pulling reports from multiple bureaus to find the best auto loan rates, as lenders specialize in different ones, with Experian being very common for auto loans, but Equifax and TransUnion being used too, depending on the lender and region, with multiple pulls usually counting as one inquiry for "rate shopping".
1. Make On-Time Payments
Payment history includes on-time, late and missed payments, all of which are reported to one or more of the national consumer credit bureaus (Experian, TransUnion and Equifax). Always making payments on time can go the furthest to helping you improve credit.
The credit score used in mortgage applications
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)
The primary reason for any discrepancy is that Credit Karma uses the VantageScore model, while most lenders use FICO scores. Additionally, Credit Karma doesn't include data from Experian, the third major credit bureau.