Kiwis can get better deals with Credit Simple
Kiwis can get better deals with Credit Simple
The launch of CreditSimple.co.nz today gives New Zealanders instant and free online access to their credit scores for the first time
New research shows:
92 per cent of Kiwis don’t know their credit score
72 per cent don’t know what a credit score is
Only 13 per cent have ever ordered their full credit file
New Zealanders can access their credit score for the first time, instantly and free, with the launch of CreditSimple.co.nztoday.
Through Credit Simple, Kiwis can access their credit information and use it to get better deals, from banks, energy companies, and telecommunication providers. Credit Simple also offers handy financial tools to help people monitor their credit information, compare their score to others, and improve their score.
Credit Simple today unveiled a raft of better deals it has negotiated with partners such as The Warehouse, Co-op Bank and Baywide for Kiwis with good credit scores. Full details of the deals can be viewed at CreditSimple.co.nz. Credit Simple CEO David Scognamiglio said the company is on a mission to help New Zealanders live their best financial life.
“Credit Simple enables New Zealanders to access their credit score online, instantly and for free,” Mr Scognamiglio said. “Banks and credit providers use this information to determine how credit-worthy you are, so a healthy credit score is vital to having credit applications approved. It’s only fair that Kiwis can access this information as well, and use it to their advantage to ask for a better deal.”
Research carried out by Credit Simple shows 92 per cent of people don’t know their own credit score, while 72 per cent of Kiwis don’t know what a credit score is. In contrast, around 60 per cent of US consumers don’t know their credit score, and 85 per cent of consumers in Australia don’t know theirs.
Credit scores are a common test of credit-worthiness in the US and Australia, but in New Zealand many people are unaware of the power credit scores have in determining whether they can get a mortgage, take out a personal loan or even open an electricity account.
A credit score is a number between 0 and 1,000 that indicates how good an individual is at paying their bills. A credit score is the primary measure banks and credit providers use to determine whether they will give someone credit, and at what price.
“Banks love people with high credit ratings,” Mr Scognamiglio said. “So if you’ve got a high credit score, you’ll be able to access great deals from our partners, such as banks, telcos and utility providers. If you’ve got a low score, we’ll help you figure out why and how to improve it.”
Credit Simple’s research shows only 13 per cent of people have ordered their credit file, although 84 per cent say they’re interested in finding out what their score is. A small proportion – just 15 per cent – have used their good credit score to ask for a better deal.
“The research also shows that Kiwis are hungry for better financial deals,” Mr Scognamiglio said. “Forty-two per cent have a loan with a bank or other financial institution, and of those, 59 per cent would consider switching banks to get a better interest rate. Meanwhile, 45 per cent of all those surveyed are considering getting a new loan or credit card. With Credit Simple, many of these people may be able to get a better deal than they realised. We’re stoked to be able to negotiate great deals for New Zealanders and plan to keep them coming!”
Kiwis can find out their credit score at www.creditsimple.co.nz.
Note: Credit Simple used independent research company Perceptive to survey 1,014 New Zealanders about their credit habits. The survey was done online using a nationwide sampling framework and the results were then weighted to Statistics New Zealand census gender, age and location data.
About Credit Simple
Credit Simple is an online tool that gives all New Zealanders free, instant and straightforward access to their credit score. We work with banks, energy and telecommunication providers to get the best deals for New Zealanders, based on their credit scores. In addition to instant access to credit information and better deals, Credit Simple offers financial tools to help New Zealanders monitor their credit information, compare their score to others and improve their scores. Credit Simple is a wholly owned subsidiary of Dun & Bradstreet, a credit reporting agency which supplies data to Credit Simple. Visit www.creditsimple.co.nz for more information or to check your credit score.
A credit score is a number between 1 and 1,000 that indicates how credit-worthy an individual is, and how likely they are to pay their bills on time. The higher the score, the better the credit rating. Most credit scores are between 300 and 850. A high score means better deals from banks, telcos, insurance companies and utility companies. A low score means credit providers may be reluctant to give credit or may charge a higher interest rate. A credit score is different to a credit report, which is a full history of an individual’s bill payments, any defaults, court judgements, and how many credit relationships they have (such as a mortgage or credit cards).