Most Kiwis not using credit scores for better financial deals

Awareness of credit scores among Kiwis is on the way up but there’s a long way to go yet, new research shows

Most Kiwis not using credit scores for better financial deals
More than 90% of New Zealanders have never made use of their credit scores in seeking a better financial deal, new data from online platform reveals.

The research found that although 19% of Kiwis had ordered their credit score (up 13% from last year) and awareness of credit scores had risen by 14% since 2016 (71% have heard about credit scores), just 9% asked for a better financial deal because of their good score.

In the year since launched, more than 300,000 Kiwis have signed up to find out their credit score online. spokesperson Hazel Phillips said many people simply don't know that their credit score can influence the pricing plan they get for their mortgage, personal loan, telco or insurance company.

“As a nation, our credit knowledge is improving but we need to start making our credit scores work harder for us,” Phillips said. “If people know they have a good credit score, they can use this knowledge to negotiate better financial deals.”

The research also showed only 39% thought their credit history plays a part when signing up to a new telco plan, 44% for a new electricity provider and 34% for insurance.

“We want New Zealanders to know about the effect your credit history can have on everyday bills such as power, mobile phone and internet.

“We encourage all Kiwis to check that their credit score and credit history are accurate, then use this free financial information to your advantage. If you've got a good credit score, ask for a better deal, and shop around until you get it.”

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