What the closure of the Credit Savvy website means for you
Aussie credit score reporting platform Credit Savvy has announced it will be closing its website and app on May 14.
More than 1 million Australians have accessed the free service since it was founded in 2016, which promotes financial services and products in exchange for monthly credit score updates.
So what does the closure mean for members, their data and their credit score? We took these questions to Elsa Markula, CEO of Arca (formerly the Australian Retail Credit Association).
What is Credit Savvy?
It is a service which can be used by Australians to access a credit report and credit score.
It is one of a number of popular services that have relationships with different credit reporting bodies.
These services are an addition to Australian consumers' right to get a credit report and credit rating (which is similar to a credit score) directly from the credit reporting bodies for free, every three months.
Services like Credit Savvy may take the opportunity to offer you products and services they think would suit you. You can usually opt out of those offers if you don't want to receive them.
What will this closure mean for Credit Savvy users? What steps should they be taking?
All Credit Savvy customer accounts will be automatically closed on Wednesday, May 14, 2025.
This means users will no longer be able to access their credit scores or manage credit file bans via the Credit Savvy website and app.
However, customers can still access their Experian credit score through the CommBank app or directly with Experian. These changes will not have any effect on your credit files or scores.
Can users still access Credit Savvy?
Yes, you can download the CommBank app and access your Experian credit score for free without needing to hold a CommBank financial product.
Of course you can also go directly to Experian or any of the other credit reporting bodies to get this information too.
What will happen to user data? Should they be worried?
According to Credit Savvy, all customer data they hold will be automatically deleted and any personal information will be destroyed or de-identified in line with the company's privacy policy and legal obligations.
You don't need to do anything.
However, if you do want to cancel your membership before that date, you can do so on the CreditSavvy website.
What are some alternatives for monitoring your credit score?
In addition to giving access to you directly, Australia's three main credit reporting bodies - Equifax, Experian and illion - work with a number of individual online credit score providers.
By going to each of the providers' sites and filling in the required data, they'll show you your credit score based on your credit report from the credit reporting body they're affiliated with.
The following websites also provide access to just your credit score:
Why is my credit score different on another website?
There is no one credit score that is used by lenders or available to consumers. The three credit reporting bodies all create their own credit scores calculated from the data in your credit report.
CreditSmart encourages you to always check your credit report first, not just your credit score. Your score is only part of the picture - your credit report tells the full story, including any errors or issues you can fix.
Your credit score is calculated by a credit reporting body or a credit provider using a formula that looks at things like how you pay your bills, how much debt you have, and how that compares to other borrowers.
It's designed to highlight the strengths and weaknesses in your credit report, so understanding the credit report itself is the key first step.
Will SavvyShield credit file bans remain in place?
Yes. According to Credit Savvy, existing credit file bans placed using the SavvyShield feature will remain active with Experian, Equifax and illion until they are due to expire.
Experian, Equifax and illion each send an email to confirm when a credit file ban is placed. Refer to your email records to see the exact date your ban is due to expire.
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