It's our first birthday!

Since we launched a year ago, awareness of what a credit score is and how your credit history works has increased (huzzah!) but more than 90 per cent of Kiwis have still never used their credit score to ask for a better financial deal.

Research shows:

• Although 19 per cent of New Zealanders have ordered their credit score (up from 13 per cent in 2016), only 9 per cent of people have asked for a better deal because of their good credit score
• Awareness of credit scores has increased by 14% (71 per cent have heard about credit scores, up from 57 per cent in 2016)
• 32 per cent of people now know what credit scores are used for and how they work (up from 27 per cent in 2016)

Our research shows that since we launched a year ago, awareness of credit scores is increasing but there’s still a long way to go before Kiwis get better deals on their utilities and interest rates. Many New Zealanders are missing out on better financial deals because they don’t realise how a good credit score can work to their advantage.

One year since CreditSimple.co.nz launched, more than 300,000 New Zealanders have signed up to get their credit score online, instantly and for free.

The research shows 71 per cent of people have now heard of credit scores – but only 9 per cent of people have leveraged their score to get better financial deals.

Credit Simple 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,” Ms Phillips said. “If people know they have a good credit score, they can use this knowledge to negotiate better financial deals.”

The research outlines only 39 per cent of Kiwis believe their credit history is factored in when signing up to a new telco plan, 44 per cent for a new electricity provider and 34 per cent 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.”