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Aussies losing $8.3bn in savings every year

New research from CreditSimple.com.au reveals that Australians don’t know they can get better deals from banks, energy providers and telcos, and could collectively be missing out on up to $8.3 billion annually as a result.

Independent consumer advocate CreditSimple.com.au launched last week a new pledging to help get Australians the deals they deserve.

The group provides free credit scores and looks to help consumers understand if they are eligible for better deals from banks, energy companies, and telecommunications providers.

The research also shows Aussies aren’t sure how to improve their score, with more than half (52 per cent) saying they wouldn’t know what to do, and just 21 per cent say they have a handle on how to bring their score up.

Credit Simple CEO David Scognamiglio said the group’s research shows 85 per cent of people reckon that they should be able to get a better deal with a good credit score, but not everyone realises they actually can.

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“Our mission is to help people feel empowered to own their credit information and use it to their advantage.”

Credit Simple has joined forces with online lender RateSetter, one of its many partners.

“When it comes to obtaining finance, the first step for the consumer is to find out what their credit score is. If it’s above average, they shouldn’t accept the headline rates on offer from banks,” RateSetter CEO Daniel Foggo 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.”

[Related: Analysis: The financial services revolution]

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