“Building and scaling the next generation of digital services is exactly what x15ventures is about. It’s clear that Credit Savvy has a role to play in helping Australians reset and better understand their financial wellbeing, especially in the wake of the coronavirus impacts. It’s a service people really value, and that’s why we’re pleased to connect to the CommBank customer base,” said Toby Norton-Smith, managing director of x15ventures.
The latest data from Credit Savvy coincides with the launch of two new features designed to help Australians better understand their credit score and how and why it can change, as well as how they manage their finances so they can take action to improve their financial life.
The first, Credit Score Factors, provides Credit Savvy members with detailed information on the factors that could be influencing their credit score as well as opportunities for improvement. The factors are categorised into three types: helping, hurting, and opportunity.
People who have a negative event on their credit file such as a default or court judgement, will have a ‘hurting’ factor and be provided with tips on how they can demonstrate good credit behaviour.
Credit Savvy has also introduced Financial Wellbeing, a measurement tool developed by Commonwealth Bank and the University of Melbourne, which will help its members to assess their overall financial wellbeing.
Members can complete a short survey on their current financial situation and will then be provided with a financial wellbeing score between 0 and 100, helping its members to determine if they are financially having trouble, just coping, getting by, or doing great.
“We’ve always been focussed on our members, helping them with their credit reputation. Providing these new tools will help our members to understand their overall financial position in even more detail which will be essential in working out their next steps during these challenging economic times,” said Mr Hillary.
About Credit Savvy
Credit Savvy was launched in 2015 to help Australians navigate the confusing credit landscape. It provides its members with free and instant access to their credit score and credit file information, as well as the tools to understand, leverage and protect their credit reputation, ultimately helping its members to achieve greater financial wellbeing.
In 2020, it became part of x15ventures, the venture building arm of Commonwealth Bank, to support its future development and extend its reach to millions of Australians.
For further information on Credit Savvy and its services go to: www.creditsavvy.com.au
x15ventures is an Australian technology venture building entity, designed to deliver new digital solutions to benefit Australian consumers and businesses. It is a wholly-owned subsidiary of CBA and operates its own delivery model, through a dedicated stand-alone management team.
For information go to: www.x15ventures.com.au