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Media release 


Mind the Gap: Most Aussies unaware of what can damage their credit scores


Date: 15/01/2023 

New research from lender Salt&Lime shows most Aussies (65%) don’t know* what their credit score is and most of those people (64%) don’t know at least one factor that can damage the score.


The findings show misconceptions about credit scores are strongest amongst woman compared to men and 1 in 4 (26%) Aussies have been knocked back for a loan by their banks.


The Salt&Lime research shows:


  • Most Aussies do not know their credit scores (65%) despite most having at least one credit product (79%).

  • Women (31%) lag men (40%) in knowing their credit score.

  • Baby Boomers (79%) and Gen Z (73%) are more likely NOT to know their credit score than Millennials (49%) and Gen X (58%)


Even more concerning, the Salt&Lime research shows most Aussies do not know what hurts their score which in turn affects the chances of securing a loan at a reasonable interest rate.


Of those that know what a credit score is:

  • 64% of Aussies do not know at least one factor that negatively impacts the score.

  • 65% don’t know that shopping around for a credit card can negatively impact credit score.

  • Almost half (47%) of people with BNPL products are not aware that missing a payment impacts their credit score.

  • 69% don’t know that having a pay day style loan will impact their credit score.


The Salt&Lime research shows:

  •  26% of Australians have been knocked back by their bank for a loan (men 31%, women 21%).

  •  61% of Aussies with four or more forms of credit have been knocked back for a loan by their bank.

  • People living in Qld (32%) and SA (37%) are more likely than those in NSW (23%) and Victoria (21%) to have been denied a loan by their bank.


Salt&Lime CEO and Co-founder Will Klin says the findings show there is a strong need for Aussies to learn more about lending.


“A person’s credit score will determine whether they can secure loans under reasonable conditions.”


“Unfortunately, this sort of thing is not taught in schools and a lack of knowledge can push people into loans with punishing interest rates, high fees and restrictive conditions.”


“We have people coming to us to consolidate loans that had them going backwards not forwards.”

Salt&Lime is a socially responsible lender that offers interest rate discounts of up to 5.5% for customers who complete financial education modules and set automatic loan repayments.


“We believe lenders have an obligation to help customers understand how lending works, including compound interest and the impact of fees and conditions.”


“I’m proud to say 81% of our customers complete the modules and 75% improve their credit scores within the first year of their loan.”



Media contract: David Breen, DB Media Group


*People that haven't checked it in more than 1 year, don't know what it is or don't know what a credit score is and for what it is used.


This study was conducted online between 9th – 11th October 2023 by YouGov. The sample comprised of a nationally representative sample of 1,021 Australians aged 18 years or older. Following the completion of interviewing, the data was weighted by age, gender, and region to reflect the latest ABS population estimates.

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