CetCreditScore relaunched

Lender SocietyOne has relaunched its financial literacy initiative GetCreditScore.com.au, promising to give away a million VedaScores.

The company said in a media release that 85 per cent of Australians have not accessed their credit scores and 78 per cent have never checked their credit file with a credit reporting agency.

Credit reporting agency Veda uses credit reports and other data to compile VedaScores - ratings between zero and 1200 with a high score indicating greater creditworthiness.

The national average is a score of 760, with scores ranging from an average of 934 in Manningham East in Victoria to 680 in Mount Druitt in western Sydney.

GetCreditScore.com.au spokesperson Christopher Zinn said: "In the US and the UK knowing your credit score is part of everyday life and consumers use it to get the best deal."