I’m currently with Energy Australia and looking to move to another provider as the rates are terrible. I’ve been doing a lot of changes lately to combat cost of living: mortgage, gas, internet etc. I’m concerned about all the credit checks that are happening and how it could impact my credit score.
Can anyone advise what energy providers do credit checks or do not?
Consider OVO
8.2% higher tariff for me…
I recently changed Electricity and Gas and both companies checked my credit score and credit applications were noted on my Report. My credit score dropped 100 points.
100 points. WTF?
A $5k credit card approval doesn't even knock off 100 points.
Similar experience. Everyone says credit checks don't affect the score but my score conveniently always goes down right after a check.
100 points or like 5 points?
Who provided your score?
@Typical16-bitEnjoyer: Clearscore
Website says:
Credit application enquiries
These enquiries appear on your report when you apply for credit. They’re visible to other lenders, and too many in a short space of time can bring your credit score down
LUMO ENERGY AUSTRALIA PTY LTD
1 search
POWERSHOP AUSTRALIA PTY LTD
I have never seen a credit check. A lot demand Direct Debit,but take your time for Credit Cards offers
I Pay on Credit Card usually up to a month late, co-ordinated with the Credit Card cutoff date, and get another month interest free.
Use the Govt compare site if you have controlled Load or Offpeak.
If not the supply charge and Peak are a pea and Thimble game
They screw us, we screw them
I’ve scoured a lot of the energy deals and looks like pretty much every provider does hard credit checks these days if you go by the comments or at least checks that show up on the report. There was one user who thought agl and engie don’t though.
But as commented above it doesn’t seem to matter in the grand scheme of things.
They do "Utilities" checks. They appear elsewhere in your report and practically ignored. They don't impact your score, and would only impact you if you are applying for a very complex credit (ie. outside of mortgage or car), your report is actually eyeballed by someone human and they see 50+ utilities provider enquiries.
Not so. See my comment above.
Yes so. I have an Equifax report that shows exactly that.
Who is providing you your "points score"? Or are you using one of those commission based websites for free reports?
Clearscore. See above
@eddieboy2: Haha yep Clearscore are a commission mob.
Obtain your actual credit report from a CRA. See above.
They might get checked by other energy providers to see if you’re a churner
Alinta is one that does it based on another comment I recall reading on here
I got rejected by Alinta for being a churner
powershop checked me, but alinta and engie didn't.
Credit checks do not impact your credit score. Even if they did, it would be immaterial. You don't need to worry about it.
Go with the cheapest offer you can find. Consider OVO Energy's 3 hours free electricity every day if the usage rates work for you.