Published in July 3, 2023

Illion Credit Check

Illion Credit Check
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Illion is one of the top credit bureaus in New Zealand and Australia, and an independent provider of reliable data and analytics products and services. The company’s consumer and commercial credit registries are integral to the region’s financial infrastructure.

To offer clients in the financial services, telecommunications, utilities, and government sectors end-to-end customer management solutions, Illion integrates its consumer and commercial credit registries, which contain data on more than 25 million people and more than 2 million commercial entities.

The full customer lifecycle is covered by Illion’s product and service offering, which starts with lead generation and sales prospecting and ends with receivables optimisation. It also includes credit risk assessment and decisioning.

How does Illion credit work?

Illion creates credit reports by gathering information about a person’s or company’s credit history from several credit agencies. They also compute credit scores for people using their proprietary algorithm, which enables lenders to easily determine whether or not applicants are creditworthy.

They also offer Illion Direct to some businesses. This is a risk management tool that uses credit scores to assess the possibility that a customer would miss a payment.

Illion’s credit score and reports

Credit scores in general will show how creditworthy you are and how likely you are to pay your bills on time. They will conduct a credit check and will provide you with a score and show how you compare to others.

A credit report created by Illion contains a thorough history of your credit enquiries, bill payments, loan defaults, court judgements, and any active credit you may have. This includes mortgage, credit cards, and debts.

You can request a copy of your credit report from Illion.

What makes up the Illion credit report?

Your personal credit history is detailed in your Illion credit report. What you should look for in your report is as follows:

Personal Information

  • Name, date of birth, gender, current residence, name of your current or former employer, and driver’s licence number are examples of personal identity information

Credit Enquiries

  • Hard credit checks that include the types of credit you’ve previously applied for and the credit accounts in your name, along with the dates you started and closed them. This includes installment loans like auto loans, personal loans, and mortgages, debts owing to buy now pay later (BNPL) providers, as well as revolving credit like credit cards and lines of credit

Credit Accounts

  • The credit limit on each credit account as well as information on the credit providers
  • Several conditions of payments for different credit accounts
  • Your payments history, including any defaults, and the day you paid off the amount that was due in default

Other Information

  • Information on court rulings involving credit you have been given
  • Information on bankruptcy cases or personal bankruptcy agreements
  • Any additional publicly available consumer credit information

The duration of both positive and negative information on your credit report might change. Your monthly repayments on several accounts will be kept for two years, while information about a bankruptcy filing may be kept for five years.

Credit checks or hard credit inquiries may remain on your credit file for more than five years whether or not your application was accepted.

What is a good Illion credit score?

A score of 500 to 699 is considered good.

Illion offers credit scores between 0 and 1000. Your chances of being approved for a credit product increase if you have a good score since it shows you are a lesser credit risk.

According to Illion, a high score demonstrates that there are no substantial bad items in your credit report.

Illion credit score range

Here are the different Illion credit score ranges:

Credit Score Range Illion Credit Score
Excellent 800 – 1000
Great 700 – 799
Good 500 – 699
Room for Improvement 300 – 499
Low 1 – 299
Zero 0

 

Excellent: 800 – 1000

This range is often for those who have a mortgage and/or investment property and have demonstrated discipline with credit applications and loan applications. Making regular, timely payments on your current credit line may help improve your score.

Great: 700 – 799

A score in this range likely indicates that your payment history is solid. However, you may have several credit enquiries or loan applications against your name. It could also imply that you don’t have enough overall credit history to achieve an “excellent” score.

Good: 500 – 699

If you have a score in this range, it may be because there isn’t much information about your credit history or it hasn’t been reported that you have a solid history with your current provider. According to Illion, this often indicates that your credit file doesn’t include any substantially negative information.

Room for Improvement: 300 – 499

Illion argues that while a credit rating in this range has to be raised, it does not always mean that your credit file contains particularly worrying information.

Scores in this range are more likely to represent a younger individual. This is because they typically have less credit and therefore have a “thin” file. Lenders may view them as a little risky, or have a history of recent credit applications to smaller lenders that cater to higher-risk clients.

Low: 1 – 299

A score in this range indicates that you have some bad information on your record, such as payment defaults, a poor payment history, or bankruptcy. According to Illion, a substantial amount of credit inquiries, particularly recent ones for small amounts, may also be a problem.

Zero: 0

If you have a zero score, Illion believes it signifies you have something bad in your credit record, such as a payment default, a court judgement, or bankruptcy. Additionally, your credit file may contain credit inquiries, which indicate that you have asked for credit and been rejected.

How does Illion calculate my credit score?

Illion’s credit score is calculated using the information provided by multiple credit issuers and financial organisations. Illion uses its scoring system to calculate the result once the data has been gathered.

These are the major factors that might negatively affect your credit score:

  • Failure to make loan or credit card payments
  • Settling accounts after the due date
  • Partner or spouse failing to pay a joint debt
  • Applying for excessive amounts of credit

Comprehensive credit reporting Impact on Illion credit score

The introduction of comprehensive credit reporting, also known as positive credit reporting has provided lenders with a more complete view of a borrower’s credit history and credit behaviour. Most consumers will experience an increase in their credit score rather than a decrease.

According to a study by Credit Simple (Illion), Australians with good NAB data on their files saw a median improvement of 35 points in their credit score, compared to an average fall of 74 points,

Your Illion credit report now includes more information including the following:

  • 24 months of repayment history
  • The financial institution where the account is kept
  • The type of credit account: a credit card, overdraft account, personal loan, or mortgage
  • The opening and closing dates of a credit account
  • Current credit account limit

How to get your free Illion credit score?

You may use one of the three methods below to get your free credit report from Illion and check your credit score:

  • Access the Illion website to submit a request
  • Complete the Personal Credit Report Application and get a copy of your credit report through email
  • Call 1300 734 806

You must provide supporting documentation to prove your identification when seeking your credit report, such as the following:

  • A copy of your birth certificate, passport, or driver’s licence
  • A copy of a bank statement or a utility bill

Keep in mind that you may only get a free copy of your report once per year. As an alternative, you may register with Tippla to get your free credit report and advice on how to raise your credit score.

How to Improve Illion Credit Score

Here are some suggestions to raise your credit score:

Frequently check your credit report

The information that lenders send to the collection agency is used to create your Illion credit report. Incorrect information may be recorded. Your report displaying unpaid balances even when you have previously returned the loan is a typical illustration. So be careful to frequently check for errors in your credit report with one of the top credit reporting agencies.

Ensure that all bills are paid on time

A low credit score might be the result of missing payments on credit card balances, loan instalments, or other outstanding debts.

Create a credit card spending cap

A credit card does not grant you unlimited spending privileges and you must ultimately pay back your debts. Debt accumulation and late payments both affect your credit score.

Create a budget or payment plan for your credit card in the beginning, being careful not to spend all of your available credit. You should establish a spending cap so that you never use more credit than 30% of your available credit.

While we at Tippla will always do our best to provide you with the information you need to financially thrive, it’s important to note that we’re not debt counsellors, nor do we provide financial advice. Be sure to speak to your financial services professional before making any decisions.

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