Illion scores are often higher than Experian because they are calculated using different algorithms, data sources, and, significantly, different scoring ranges. While both are credit bureaus in Australia, illion may weight positive repayment history more heavily, while Experian might reflect a recent inquiry or data update sooner.
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.
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.
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.
This can result in variations depending on the information each agency has received from lenders. While your Equifax credit score may be high, your illion score could be lower and vice versa. illion's credit score ranges from 0 to 1000, with a score of 500 to 699 considered good.
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.
They are both licensed CICs. Both these bureaus operate independently. Hence, they both have different data and update your report at slightly different times, which produces minor differences in your scores. This is why if you ever notice that your Experian and CIBIL scores are different, it is normal.
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.
Credit reporting agencies provide credit reports to lenders, aiding them in assessing loan applications. Among the prominent agencies banks use are Equifax, illion, and Experian.
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.
Why has the score calculation changed? We're giving everyone a score that better reflects how lenders assess credit applications today. Banks and lenders are now looking at new data when making decisions, such as rent, overdrafts, and mortgage overpayments.
If you want to increase your score, there are some things you can do, including:
FICO® and VantageScore® are the two most popular credit scoring models today. The credit scores they assign are equally reliable and accurate, based on the specific credit scoring model that's being used. Scores can and do fluctuate as new data is received.
Common Mistakes That Can Hurt Your Credit
Yes, banks use Experian, Equifax, and TransUnion, often pulling data from one or all three to assess creditworthiness for different products like credit cards or loans, with lenders frequently using the middle score (median) from all three for major decisions like mortgages. Which specific bureau a bank uses can depend on the bank, the type of credit, and even your location, so it's important to monitor all three bureaus.
We provide a score from between 0-1250 and consider a 'good' score to be anywhere between 861 and 1000, with 'fair' or average between 641 and 860. Before you apply for credit, it's a really good idea to check your free Experian Credit Score, so you can make more informed choices when it comes to applying for credit.
A minimum credit score of 620 is required to purchase a $300,000 house with a conventional loan. Federal Housing Administration (FHA) loans require a 3.5% down payment for a credit score of 580 or above.