The SIMPLE Trick That Could Save Aussies $800
Imagine if I told you there was $800 sitting there, ready to be collected.
Well, I am.
A new credit score service has claimed that Aussies are missing out on BILLIONS of potential savings.
This is how:
People with high credit scores can leverage their reliability to negotiate better deals with banks, lenders, credit card providers and power and phone companies.
People don’t know how to check their score - or that they can improve it.
A new survey by a company called Credit Simple shows 85 per cent of Australians think they should be able to use a high score to get better deals on interest repayments and bills but don’t realise they can.
A high credit score (on the scale of 0 to 1000) means you’re more attractive to lenders, basically because you pay your bills on time, and a low score makes you less attractive, and therefore less likely to get a better deal from lenders.
Credit Simple chief executive David Scognamiglio said many credit providers were open to providing better deals to people with high scores, and that an analysis of RBA data showed consumers with good scores could save $864 a year on average by negotiating with their lenders or utilities.
The good news is, if your score isn’t great, say, under 500, the experts say you can improve your rating by getting financial advice on how to improve it.
Good news, eh?