Dubbo has been ranked as one of the state’s weakest neighbourhoods based on creditworthiness, according to data compiled by credit scoring company getcreditscore.com.au
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The Dubbo region recorded an average credit score of 729, placing it just outside the state’s bottom five and just inside the ‘very good’ category.
The Bourke – Cobar – Coonamble region recorded the worst average credit score in NSW (695) alongside Mount Druitt in Sydney’s west, placing them in the ‘good’ category.
Ku-ring-gai had the strongest average credit score (806).
Based on data compiled from the Veda Australian Credit Scorecard, which analysed more than two million VedaScores across 326 regions, the research found NSW’s average VedaScore was 760.
This was just above the national average of 757.
getcreditscore.com.au chief executive officer Luke Keller said the release of the localised data would provide Dubbo residents with an opportunity to “investigate their own score and understand whether they need to take steps to improve it”.
“These figures are important as many Australians now rely on credit to maintain their lifestyles,” Mr Keller said.
“Whilst living on credit can bring instant relief, certain behaviours can potentially damage your ability to apply for credit in the future.”
He highlighted the value of having a strong credit score, and the impact that score could have on a person’s future financial options. He said many Australians were confused about what could affected their credit score.
“For example our survey found that 81 per cent of Australians didn’t realise that paying electricity or gas bills 60 days late could have an impact on their credit score,” Mr Keller said.
He said there were a number of measures available to maintain and improve a ‘Good’ credit rating, such as always making loan and credit repayments on time, showing a history of saving and avoiding using credit where possible.
The research also found that women outperformed their male counterparts in every demographic except Baby Boomers.