Credit Simple, a self-described "independent consumer advocate", has launched in Australia, aiming to demonstrate to Australians the benefits of free access to their credit scores. At its simplest level, Credit Simple will allow consumers of retail financial services products such as credit cards and other lending to improve their credit profiles in order to access loans, or to approach lenders for better rates and better deals.In addition, research commissioned by Credit Simple for shows that if Australian borrowers could all get slightly better rates on their loans, the savings would exceed A$8 billion.Credit Simple CEO David Scognamiglio explained that his business model is based on signing up lenders and giving them the chance to be selected by visitors to the Credit Simple website. "When a consumer was to click through to a financial services provider and take up their offer, for instance an American Express credit card, Credit Simple would be paid a spotters fee."Daniel Foggo, the chief executive of P2P lender RateSetter Australia, is one of Credit Simple's partners. "When it comes to obtaining finance, the first step for the consumer is to find out what their credit score is, and if it's above average they shouldn't accept the headline rates on offer from banks, he said."They should either negotiate a better deal with their bank or find an alternative lender that really rewards their good credit history with better rates."Although Foggo was talking his book, this is a crucial aspect, one that will only intensify as comprehensive credit reporting moves from voluntary to mandatory later this year. New Zealand is further along that path.Scognamiglio explained that Credit Simple has been running in New Zealand for several months and the time was right to launch in Australia. He said that the reason the concept launched in New Zealand is because no one else had offered credit scores for free in New Zealand previously. Credit scores will be updated every two weeks at this stage. Scognamiglio said "positive credit reporting will be fantastic for us - it will mean more data and will also allow consumers to get a better credit report when the full picture can be shown, rather than focus on one or small default in a lifetime of paying off all other debts on time."However, the credit data will only be drawn from financial services products such as mortgages, loans, credit cards, and not, for example, phone bills.