A report issued by credit score agency getcreditscore.com.au using data gathered under the Veda Australian Credit Scorecard revealed residents in the Augusta Margaret River region are some of the most financially savvy in WA.
According to Luke Keller, chief executive of getcreditscore.com.au, women in the South West have a higher than average credit score than men, but overall the area rates well with credit providers.
“Local residents from the Augusta, Margaret River, Busselton region hold one of the highest average credit scores of 784, also making it one of the strongest areas in Australia when it comes to creditworthiness,” Mr Keller said.
The Scorecard analysed over two million credit scores across 326 regions and found that on average, Western Australians are slightly ahead of the rest of the nation.
It appears Generation Y residents have some catching up to do, with Baby Boomers leading the way with an average credit score of 824.
By comparison, Generation Y scored an average of 728 while Gen-Xers are just behind on 783.
Mr Keller said it was important for people to understand how their credit rating was measured and why it was important for the future.
“Many Australians are confused as to what affects their credit score, yet it is an important part of their financial health,” he said.
“These figures are important as many Australians now rely on credit to maintain their lifestyles.
“Whilst living on credit can bring instant relief, certain behaviours can potentially damage your ability to apply for credit in the future.
Mr Keller said that a large portion of the community were not aware that paying a utility bill after the payment deadline could seriously affect credit ratings.
“Our survey found that 81% of Australians didn’t realise that paying electricity or gas bills 60 days late could have an impact on their credit score,” he said.
“There is real value having a strong credit score as it can affect you and your future financial options.
“Your income and status doesn’t determine your credit rating.”
Mr Keller said the top tips for maintaining a good credit rating included paying bills on time, keeping track of credit commitments including store finance arrangements, and by only applying for credit when you need it.
“Every time you apply for credit it is recorded, if you make multiple applications in a short period it can begin to have a negative impact on your score.”
Those interested in checking their credit score can do so for free, and compare their suburb with other locations by visiting www.getcreditscore.com.au/creditscoremap
Nicky Lefebvre
I am a journalist, photographer and content creator based in the beautiful Margaret River wine region, covering all aspects of our community including local news, sport, entertainment and events, as well as providing a platform for our readers to share their voices direct from regional Australia.
I am a journalist, photographer and content creator based in the beautiful Margaret River wine region, covering all aspects of our community including local news, sport, entertainment and events, as well as providing a platform for our readers to share their voices direct from regional Australia.
