Commonwealth Bank has launched a new credit score hub designed to enable millions of customers to view and access their credit score and personalised credit report.
CBA says many Australians are on high alert over fraud and scams, following the latest MediBank and Optus customer data leaks.
The hub, which is free of charge via the CommBank app, will provide CBA customers with information about their individual credit score and their score tier, credit accounts and repayments over the last 24 months, credit applications and reported negative credit events.
CBA executive general manager consumer finance Marcos Meneguzzo (pictured above) said the credit score hub was a timely feature to help customers understand their credit profile and what loans had been taken in their names.
“The new credit score hub makes it easy for customers to monitor their credit file and understand the drivers impacting their score quickly and easily from the palm of their hand,” Meneguzzo said. “It’s another tool we’re adding into the CommBank app and NetBank that customers can use to help improve their financial wellbeing and make smarter financial decisions.”
Meneguzzo said the credit score hub allowed eligible customers to easily consent and gain access to their credit score and understand information related to their credit worthiness.
“CommBank partnered with Credit Savvy, backed by CBA’s x15ventures, as well as Experian, one of Australia’s official credit reporting bodies to offer eligible customers access to the credit score hub,” he said.
“At CBA, we have seen record levels of digital engagement with customers logging in to our digital platforms more often than ever before. This is why we partnered with both Credit Savvy and Experian to offer eligible customers access to the credit score hub.”
Meneguzzo said the new hub enabled CommBank customers to get to know their credit score, what it was and how it’s made up.
“For those customers who would like to put a block on future credit applications to prevent from potential fraud or scam, Credit Savvy offer its SavvyShield feature,” he said.
“New CBA research showed eight in 10 Australians say taking care of their financial wellbeing was important, with only one in five saying they checked their personal credit score in the past six months. Contrary to popular belief, checking your credit score does not impact it negatively. In fact, knowing your credit score can better empower customers to understand their overall credit worthiness and take steps to improve it. They can monitor their score and credit applications to protect themselves from fraud and scams.”
