Frequently Asked Questions

What is a credit score? What is Tippla? Find out the answers to these and more below.

About Tippla

What is Tippla?

Tippla enables you to monitor and track your credit score all through one convenient, online portal. We compare your credit scores from two of the three national credit reporting agencies, Equifax and Experian. Through Tippla you can access credit offers such as personal loans. These offers have been tailored to your credit score. What does this mean? You already meet part of the criteria for the loan!

Who can use Tippla?

Anyone who’s over the age of 18 can use Tippla. If you’re not sure if you even have a credit score, no biggie, chances are you do. The majority of adults have a credit history as a result of credit cards, utility accounts, and other debts. If you don’t have any information in your report then Tippla can help you build a good credit history from the ground up.

How does Tippla make money?

We receive a commission from a lender when your financial profile is suitable to their criteria. This includes products such as a loan or credit card.

Where does Tippla get its information from?

Straight from the source. Tippla pulls all the information about your credit history directly from Experian and Equifax. When you create an account with Tippla, you are authorising us to access your credit report. Equifax and Experian originate credit reports that include personal information about you. These are known as credit files.

With your consent, we will share your information with Experian and Equifax (upon activation of your account) and obtain your credit scores from them.

Read more in our Privacy Policy.

Will using Tippla impact my credit score ranking?

Not at all! Tippla’s credit checks are classified as soft enquiries, meaning they will have no effect on your credit score whatsoever.

Why do credit checks lower your credit score? Read more here.

How do I issue a complaint?

If you are unhappy with Tippla's service, you can register a complaint with our friendly online customer support team. Our team is on hand to answer any queries you throw our way. Our hours are 9am - 5pm Monday - Friday, except on public holidays. Alternatively, if you don’t have time to stop and chat, you can email us at: support@tippla.com.au

It’s important you provide as much detail related to your complaint as possible. Our support team will be with you as soon as possible.

Can I get a loan at Tippla?

Whilst Tippla doesn't provide loans itself, you can see loans tailored to your credit score and personal information via the Offers section on your dashboard.

Is Tippla free?

Yes, Tippla is free! For no cost whatsoever, you can view your credit scores as often as you like via Tippla. You will also have access to Tippla's Credit School where you can learn everything you need to know about your credit score so you can improve and maintain your score.

Your Credit Report

What is a credit report?

A credit report is a recent overview of your credit history. It details your current credit accounts, your payment history, and any credit accounts you have had over the past two years as well as any negative entries.

What is on my credit report?

There are a number of items on your credit report. This includes, but not limited to:

  • Active credit accounts (such as a loan, utility account or credit card)
  • Any closed credit accounts from the past 2 years
  • Repayment history over the past 2 years
  • Defaults
  • Bankruptcy
  • Court judgements
  • Public records

Why is my credit report important?

Your credit report provides an overview of your current and recent credit history. It is one of the factors lenders and banks consider when deciding whether they will approve your credit application. If your credit report shows risky behaviour - lots of defaults, bankruptcy, and other negative entries, you could be deemed as a risky borower. This could mean higher interest rates, lower borrowing amounts, more fees and stricter conditions. Furthermore, your credit report could make the difference between your credit application being accepted or rejected.

Who can see my credit report?

Your credit report contains sensitive information. Therefore, your credit report can only be viewed by companies when you give your permission. When you apply for a loan, or some kind of credit, you are giving the company you apply for permission to view your credit report.

How many times can I review my report?

Being a Tippla member, you have 24/7 access to your reports and scores. This means you can view it as often as you like. On Tippla, your score and information is refreshed on a quarterly basis, so we highly recommend you check it as often as possible.

Whenever there is a change to your score or report, we will notify you automatically. You can check back anytime for updates using our super-easy-to-read dashboard.

How often is my credit report updated?

Your credit report updates frequently. Each month, banks, lenders and credit provides report new information to the credit reporting agencies. Because of this, new information is added or removed from your credit report often. Generally speaking, the information in your credit report will be updated on a monthly basis.

How do I remove another person's details from my report?

If you want to remove the details of someone who you had a previous financial connection with, but no longer do, reach out to the respective credit reporting agency and request to have the information changed.

I signed up, why can’t I see my credit report?

Welcome to Tippla! If you can’t see your credit report, it could be because you don't have a credit report or credit score.

There could be a number of reasons as to why including:

  • You still live at home with your parents or guardians and you don’t have any bills in your name;
  • You live out of home but your name isn’t on the utility bills;
  • You’ve never taken out any form of credit - such as a credit card or loan.

Now, you can start building your credit score and unlocking its potential. See how to build a credit history from scratch here.

If you think this is a mistake you can reach out to Equifax and Experian to see why you don't have a credit report.

Mistakes in your report

The information in my credit report is wrong. What do I do?

First, don’t panic! If you find an error on your credit report, it’s generally an easy fix. If you’d like to dispute some information or you think there is something wrong with your report, there are simple steps you can take to get these corrected with either Equifax or Experian.

Remember - it’s all in the details. Any false or incorrect information impacts your score, which can contribute to whether or not you might be accepted for credit in the future.

How to dispute credit report - Equifax

Equifax offers a free service investigating the accuracy of information on your Equifax credit report that is in dispute or you think needs correcting. There are two ways to contact them; online or via post.

The Equifax corrections portal can be found here: https://www.equifax.com.au/personal/corrections-portal. When submitting your corrections request, you will be asked to provide certain details about the information you are requesting to be updated. Some examples may include specific dates, account numbers etc. This will help support a basis for the dispute being queried.

Corrections by mail, send your request to:

Equifax - Public Access

Equifax Australia Information Services and Solutions Pty Ltd

GPO Box 964

North Sydney NSW 2059

The following identification details will be needed:

  • Name
  • DOB
  • Current Address
  • Previous Address
  • Driver Licence
  • Current Employment

You will also need to provide details of the correction, such as:

  • Details of the entry being disputed; including any account reference numbers and the name of the credit provider that listed it.
  • Reason for disputing the entry.
  • Any relevant supporting documentation.

How to dispute credit report - Experian

You can submit a request via email here: creditreport@au.experian.com. Experian will then contact the credit provider on your behalf. A resolution may take up to 30 days from the date all the data regarding the dispute is received. Some key details below for what’s needed to request a correction within your Experian report:

  • Your Experian Credit Report number and date of issue via Tippla
  • The exact piece of data being queried
  • What the error is and proof you may have
  • What the correct information should be

For corrections by mail, send your request to:

Equifax - Public Access

Equifax Australia Information Services and Solutions Pty Ltd

GPO Box 964

North Sydney NSW 2059

How long will it take to update incorrect information on my report?

If either Equifax or Experian updates your credit information in response to your dispute, we’ll show this updated information when we next update your credit report. We update your credit report on a quarterly basis.

It is important to note that any issues/complaints you have about the data from Equifax and Experian in your report must go through the bureaus directly. This is because they provide us with your data. We never alter information we receive on you from either bureau and cannot make any changes to your credit file directly. We do however provide heaps of bite sized tips on what to look out for and our awesome online customer support team are on hand to help.

Credit Scores

What is a credit score?

A credit score is a number resting somewhere on a scale from 0 - 1,200. This number represents how creditworthy you are, AKA, how reliable of a borrower you are. Your credit score is part of what banks and lenders use to determine whether they will accept or reject your credit application. While it’s not the only factor that a lender will take into consideration when determining whether to offer you finance, it’s often the defining one. That’s why it’s important to keep your score healthy!

How is a credit score calculated?

Credit bureaus keep the exact algorithm they use to calculate your credit scores close to their chest. Nonetheless, they have revealed certain information about how they calculate your credit score.

Here are some of the general factors considered when calculating your credit score:

  • The number of accounts you have;
  • The types of accounts;
  • The length of your credit history;
  • Your payment history.

For more information, check out our article on how credit scores are calculated here.

Why do I have more than one credit score?

In Australia, your credit rating is calculated by three credit reporting agencies – Equifax, Experian and illion. This means you have not one, but three credit scores in Australia. Your credit score is based on your credit report.

What is a credit score used for?

A credit score is used by banks, lenders and other credit providers to judge how risky of a borrower you are. Your score gives them an indication of how big of a risk you would be. This allows them to adjust what financial products they are willing to offer you, and make a determination whether to accept or reject your application.

What's the difference between a credit score and a credit report?

Both essentially offer up the same information, just in different forms. A credit report is a full overview of your finances, displaying any information relevant to your ability to manage debt and credit. A credit score represents all of this information within a single number, valued between 0 and 1,200.

Why does my credit score matter?

Your credit score is one of the factors lenders and banks consider when deciding whether they will approve your credit application. Whilst your credit score isn't the only factor they will consider, it is an important element. Because of this, if you have a below-average credit score, then you will likely be offered fewer and less ideal finance options. This could mean higher interest rates, lower borrowing amount, more fees and stricter conditions. Furthermore, your credit score could be the difference between your credit application being accepted or rejected.

What is a good credit score?

What constitutes a good credit score differs between the bureaus. This is because they use different scales to rank your credit score. Equifax uses a scale of 0 - 1,200 and Experian uses a scale of 0 - 1,000. Because of this, Equifax places a good credit score between 622 - 725. Experian, on the other hand, determines a good credit score falls between 625 - 699. Anything above these numbers is either very good or excellent.

How do I improve my credit score?

There are few simple checks you can carry out to improve your credit score fairly easily:

  • Keep up to date with your repayments and pay bills on time;
  • Don't apply for multiple loans at once;
  • Check your Tippla credit report regularly to ensure there aren't any mistakes on your report;
  • Make sure you are registered on the electoral roll at your current address;
  • Close any credit accounts not being used.

Why are my credit scores different?

There are three main reasons why your credit score might be different across Equifax and Experian. These are:

  • Equifax uses a different scale than Experian;
  • They all use different algorithms to calculate your score;
  • Not all credit providers report your information to all three credit reporting agencies.

Whilst these are the three main reasons why your credit scores are different across the two agencies, that doesn’t mean they are the only reason. Another reason, and one you should really look out for, is mistakes on your credit report.

How do credit scores work?

The credit scores available through Tippla come from the two major bureaus in Australia - Equifax and Experian. Your Equifax credit score is out of 0 - 1,200, and your Experian rating is out of 0 -1,000.

Your scores reflect your credit history and indicate to credit providers how risky of a borrower you are. If you have a high score, lenders will view you as a lower risk applicant, and as a result, you could likely have a greater chance of being approved for credit.

It’s also important to know lenders won’t solely make a decision off your credit score. They consider a number of factors around creditworthiness and review other recent financial data sets such as 90 days of bank statements. This means that a high score doesn’t always mean you’ll be approved for credit if your income to debt ratio is high.

Why does my score keep changing?

Credit reporting agencies consider a bunch of different factors when calculating your score so there are many reasons why it could be changing regularly. Some of the most common explanations include:

  • You submitted a credit application
  • You changed your credit limit
  • You cancelled a credit card or paid off a loan
  • A listing expired on the report
  • You paid a bill late

If you think something has been incorrectly added to your report (or removed), get in touch with the relevant credit reporting agency. They’ll be able to help you sort it out.

How often does my score get updated?

All the time! New information is constantly added and removed from your credit report, so your score technically could change every time you check it. Generally, though, the information in your credit report will be updated on a monthly basis.

Why has my credit score dropped?

Your credit score can drop for a number of reasons. Here are a few reasons why your credit score has fallen:

  • You recently applied for credit with one or multiple lenders;
  • You defaulted on a payment;
  • A negative entry has appeared on your credit report (bankruptcy, court judgement, etc)

Credit Enquiries

I don’t recognise the name of a company on my credit report

If you don’t recognise the name of a company on your credit report, it could be a parent company that operates a subsidiary or an affiliate who you might have authorised to run a credit check on you. For example, a global telecoms operator such as Vodafone Group operates as Vodafone AU locally, although a check on your report could be listed as either.

Always contact the company directly for further details. If the company agrees to remove the enquiry, they’ll let the bureau know and the credit file will be updated. Be sure to check how long they expect this to take, as a credit application can remain on your file for up to 5 years.

Can I see who’s viewed my credit file?

Yes, you can. Within your credit report from Tippla, you can view any company who’s searched your Equifax and Experian credit file. These are listed in the ‘Credit Enquiries’ section of your report. Only searches by third parties will appear on your file, meaning any self-made request won’t be seen to prospective lenders.

How long does information remain on my file for?

This really can depend on the type of data. Personal information such as name, date of birth, gender, drivers licence and address history are always present on your report and will remain for the lifespan of your credit file. For other information on your credit report, here are some of the typical time frames:

2 years: repayment history information, any credit accounts that you have closed;

5 years: any credit enquiry, overdue accounts listed as a payment default, overdue accounts listed as clearouts, bankruptcy, writs, summons and court judgements;

7 years: overdue accounts listed as a serious credit infringement.

Why do lenders look at previous credit enquiries?

When you apply for a loan, lenders want to be sure you can afford to repay the loan. Because of this, lenders will look at your previous credit enquiries, along with other information you have provided in your application. By looking into these enquiries, potential lenders can identify patterns or unusual activity that shows financial difficulties. They can also help lenders to prevent fraud.

Rejected for credit?

Why have I been declined for credit?

Being refused credit can be frustrating and confusing. To help you understand why this has happened, you can follow up with the lender directly to explain their decision. They should then explain whether their decision resulted from information held on your credit report or because of something else.

Lenders base their decisions on different factors, such as your most recent bank statements showing a higher debt to income ratio. Lenders have different criteria, so if one lender turns you down, it doesn't mean they all will. Although, don’t forget, every time you apply for credit, it’s recorded on your credit report and some lenders see a large number of applications as a reason to turn you down.

Will my report show I’ve been refused credit?

If you apply for credit, then the provider will most likely take a look at your credit report to assess your creditworthiness. This will show on your credit report. However, it won’t show whether you were accepted or rejected.

Do the major lenders utilise Experian and Equifax’s data?

Yes, these are the two largest bureaus in Australia. It’s very common for lenders to use more than one bureau to profile applicants. That’s why it’s super important to check the information you see with Tippla is correct before applying for credit.

Security

Why do you need my personal information?

Your credit report is sensitive information. Because of this, we need your personal information to verify your identity before giving you access to your Tippla account. We use your personal information to evaluate, improve, personalise and develop our services. To find out how we specifically collect, store, and use your personal information, refer to our Privacy Policy.

Is my data secure?

All of the data we collect from you is stored in the best security systems on the market and heavily encrypted. We know security is important to you and we take your privacy very seriously. So, we’re super vigilant about security and authentication.

Read more in our Privacy Policy.

Why do I need to verify my information?

We care about your privacy. By verifying your identity, we can prove you are who you say you are and ensure only you have access to your sensitive information. You will only be asked to verify your identity once, when you sign up with Tippla. After that, you’re all set!

How do I verify my information?

You will be asked to verify your identity when you first sign up with Tippla. We will accept your driver’s licence, passport and/or medicare card as suitable forms of ID. You will need to provide at least one of these three ID documents when completing our sign-up form.

If you run into problems with the verification process, don’t hesitate to contact our team directly.

Want to know more?

Knowledge is power. Take control of your credit score with Tippla’s credit school. All the information you need is just a click away.