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

By Sara Borman · · 1 min read
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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.

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Last updated 12 December 2024 Important disclosures and comparison rate warning*
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  • Unsecured Personal Loan

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  • Unsecured Personal Loan

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    6.75% p.a.to 26.95% p.a.based on $30,000
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* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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