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Banking, Finance Investment

Mind the Gap – Most Aussies unaware of what can damage their credit scores.

Salt&Lime 2 mins read

New research from lender Salt&Lime shows most Aussies (65%) don’t know* what their credit score is
and most of those people (64%) don’t know at least one factor that can damage the score.
The findings show misconceptions about credit scores are strongest amongst woman compared to
men and 1 in 4 (26%) Aussies have been knocked back for a loan by their banks.
The Salt&Lime research shows:
 Most Aussies do not know their credit scores (65%) despite most having at least one credit
product (79%).
 Women (31%) lag men (40%) in knowing their credit score.
 Baby Boomers (79%) and Gen Z (73%) are more likely NOT to know their credit score than
Millennials (49%) and Gen X (58%)
Even more concerning, the Salt&Lime research shows most Aussies do not know what hurts their
score which in turn affects the chances of securing a loan at a reasonable interest rate.
Of those that know what a credit score is:
 64% of Aussies do not know at least one factor that negatively impacts the score.
 65% don’t know that shopping around for a credit card can negatively impact credit score.
 Almost half (47%) of people with BNPL products are not aware that missing a payment
impacts their credit score.
 69% don’t know that having a pay day style loan will impact their credit score.
The Salt&Lime research shows:
 26% of Australians have been knocked back by their bank for a loan (men 31%, women
21%).
 61% of Aussies with four or more forms of credit have been knocked back for a loan by their
bank.
 People living in Qld (32%) and SA (37%) are more likely than those in NSW (23%) and
Victoria (21%) to have been denied a loan by their bank.
Salt&Lime CEO and Co-founder Will Klin says the findings show there is a strong need for Aussies to
learn more about lending.
“A person’s credit score will determine whether they can secure loans under reasonable conditions.”
“Unfortunately, this sort of thing is not taught in schools and a lack of knowledge can push people into
loans with punishing interest rates, high fees and restrictive conditions.”
“We have people coming to us to consolidate loans that had them going backwards not forwards.”
Salt&Lime is a socially responsible lender that offers interest rate discounts of up to 5.5% for
customers who complete financial education modules and set automatic loan repayments.
“We believe lenders have an obligation to help customers understand how lending works, including
compound interest and the impact of fees and conditions.”
Salt and Lime Funding Pty Ltd - ACN: 619 820 833 - Australian Credit Licence: 501633
“I’m proud to say 81% of our customers complete the modules and 75% improve their credit scores
within the first year of their loan.”
Media contract:
David Breen, DB Media Group 0412933060
david@dbmediagroup.com.au
*People that haven't checked it in more than 1 year, don't know what it is or don't know what a credit
score is and for what it is used.
This study was conducted online between 9th – 11th October 2023 by YouGov. The sample comprised
of a nationally representative sample of 1,021 Australians aged 18 years or older. Following the
completion of interviewing, the data was weighted by age, gender, and region to reflect the latest ABS
population estimates.
(ends)

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