Financial services start-up Credit Savvy recently announced that it has reached 100,000 users just shy of its first birthday, cementing its place in Australia’s booming fintech sector.
Credit Savvy provides Australian consumers with free access to their Experian credit score, a summary of their credit file and a marketplace of credit products. It also allows its users to track their credit score over time with free monthly score updates and alerts when key changes are made to their credit file.
The start-up has already made available over 600,000 free credit scores to its member base, with its highly active users returning to the website every month to track their progress. Credit Savvy partners with over 30 financial institutions and counting, featuring over 600 credit products onsite.
A great first year for Credit Savvy
“It’s inspiring to know that we’re shaping the behaviour of Australian consumers in proactively managing their credit reputation. Ultimately, our goal is to help Australians get in the best financial shape and make smart, informed decisions about credit products and their credit behaviour,” said Managing Director Dirk Hofman.
“Just over a year ago, an Experian study found that 80 per cent of Australians had never checked their credit score. This shows that credit scores have still been a relatively new concept to consumers, so the pace of our growth has been remarkable given that our task was not only to build awareness of our brand, but also of credit scores and how they are used by credit providers to assess your credit card or loan application.”
The business has grown its brand awareness and member base through national marketing campaigns across radio and digital media. In February this year, the start-up kicked off its first TVC campaign, ‘Find Out What They Already Know’ on free-to-air stations.
What next for Credit Savvy?
Dirk believes the ongoing changes to the Australian credit landscape will fuel further growth for Credit Savvy, especially with the emergence of risk-based pricing for credit products and the increased adoption of a positive credit reporting regime (CCR).
“There are already a number of personal loans in the Credit Savvy marketplace that offer a better rate for consumers with a good credit history. As these offers become more prevalent, we expect that even more Australians will take notice of their credit scores. They’ll be looking at ways of managing and improving their credit reputation so that they can negotiate a better deal on their loans and credit cards.
“Credit Savvy is committed to helping more Australians access and understand their credit score for free in the coming year. With more credit providers expected to opt into a comprehensive credit reporting regime (CCR), we want to ensure that our members are well equipped to understand these changes and to put them in the best position to protect their credit reputation and to take advantage of better deals. We will also be looking to expand our marketplace of credit providers and to also source exclusive credit offers for our members.”
