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 24 November 2024 Important disclosures and comparison rate warning*
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    Excellent Credit, $5,000 - $75,000

    interest rate
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    Monthly repayment
    6.57% p.a.to 8.39% p.a.
    7.19% p.a.to 8.75% p.a.based on $30,000
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    Competitive low rates for borrowers with excellent credit on 1-7 year loans from $5,000 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

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  • Unsecured Personal Loan

    Fixed

    interest rate
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    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'

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  • Debt Consolidation Loan

    $5,000-$75,000

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    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 19.39% p.a.based on $30,000
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    Competitive fixed rates on loans up to $75,000 depending on your credit score. Zero monthly account keeping fees, no exit fees and no early repayment fees. Make weekly, fortnightly or monthly repayments, over 1 to 7 years managed entirely online, at any time. Fast and easy, 100% online application.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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  • Unsecured Personal Loan

    interest rate
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    Monthly repayment
    6.56% p.a.to 21.99% p.a.
    6.56% p.a.to 22.79% p.a.based on $30,000
    over 5 years

    Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away.

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  • Express Personal Loan

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    32.99% p.a.to 45.5% p.a.based on $10,000
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    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-36 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

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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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