Aussie credit scores stayed strong in 2022 in spite of growing economic pressures

people moving upwards on a exponentially rising graph showing how 2022 credit scores rose and are still rising

Despite the rising cost of living and interest rates continuing to climb, new data from leading credit bureau Experian says that Australia’s credit scores actually increased over 2022.

Throughout 2022, credit scores lifted by 0.4% overall - especially notable as the same period saw the consumer price index increase 7.3% and interest rates rise 3%. 

This keeps Australian credit scores firmly in “excellent” territory, which represents a strong commitment to clearing debt and making payments. This can also be credited to better hardship reporting policies, which were implemented in early 2022.

What will 2023 bring for credit scores?

While 2022 saw a small growth in credit scores, risk experts warn of increasing hardship and defaults in 2023. 

Experts foresee the impact of the continually rising cost of living, along with the forecasts of potential recession, taking a toll on credit scores throughout the coming year. 

To help prevent any lasting marks on your credit history, this is a great time of year to focus on creating a budget and setting some goals for the year ahead.

A good credit score will often make you eligible for lower rates when it comes to personal loans, and help you gain approval for credit products like credit cards. Being proactive about your credit score can help you take control of your finances, and put you in the best possible position for future borrowing.

If you want to put that excellent credit score to work, find some of the best personal loans available.

Compare personal loans - last updated 17 April 2024

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