National Australia Bank (NAB) has introduced a free credit check service for all, a first by a bank in the country.
The service will enable Australians, regardless of who they bank with, access their credit report and score with NAB.
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The initiative is delivered in partnership with illion-owned business Credit Simple.
NAB chief customer experience officer Rachel Slade said: “For many people, logging on to see their credit score can be overwhelming and daunting as they don’t know where to start or what their score means.
“At NAB, we wanted to remove the fear factor and have created a solution that will not only give Australians access to their score for free, but also provide tailored insights on how to improve it.
“This is all about changing the way we feel about our finances and making checking your credit score something that is positive and empowering.”
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By GlobalDataA credit score refers to a number assigned to a customer based on their creditworthiness. It is measured on a scale between 0 and 1,000, with a higher score signifying better credit health.
The credit report is a document comprising consumer’s loan repayment history, defaults (if any) and credit card limits, among others.
The NAB Credit Health report will include a credit score and credit report. The report will be based on data reported to third-party credit reporting body illion by credit providers.
NAB is one of the ‘Big Four’ banks in Australia. In August, the bank invested £200m in LendInvest, a marketplace for property finance in the UK.
