Knowing about credit can make your life easier and enable you to know where you stand with your finances. But along with credit comes a lot of terms and acronyms that can get confusing… credit score, credit report, CCR, CRB… what do they mean and what’s the difference?!

We’ve broken down six of the most common terms that you might see so you can walk away feeling a little smarter and a little more reassured about understanding your credit:

2. CRB (Credit Reporting Body)

Also known as: Credit Bureau, Credit Reporting Agencies, and Credit Information Bureaus

A Credit Reporting Body (CRB) collects, stores and discloses information from credit providers (e.g. banks, credit unions, other lenders and utility providers), as well as publicly available sources.

Lenders will often undertake a credit check with a bureau when an individual applies for credit to assess the credit-worthiness of the individual. It’s important to note that a CRB does not approve or deny credit – that decision is at the discretion of the credit provider, in line with their credit assessment criteria.

There are three national credit bureaus in Australia; Experian, Dunn & Bradstreet and Equifax (previously Veda). You are entitled to request a free copy of your credit report directly from these CRBs once a year.  With Credit Savvy you can access your Experian credit report summary and credit score as often you like for free.

So, now you know…

Credit may seem confusing, but it doesn’t have to be.  Knowing and understanding these credit terms and how they can affect your financial standing is the first step to being in control of your credit reputation and making savvier informed financial decisions in the future.


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