1. Will checking my credit score with Yonda affect my score?
No. Yonda does not request a hard credit enquiry when checking your score or credit report, so your credit data will not be impacted.
2. My credit score doesn’t look right. Why is that?
If any information doesn’t seem right on your credit report, there is a chance that some data could be missing or incorrect. However, read all the information provided on your updates and credit file first, as this may help. The information provided on your credit report considers all historical information, including the last five years of credit activity. It summarises the key points that credit lenders consider, like the total number of months an account has been overdue in the last two years. If anything doesn’t make sense, click on the help icon for more information.
3. Why is there an error on my account?
If you find an error on your account, speak to your credit provider, bank or another credit provider about your credit information first. They can give you context on the nature of the error and likely fix your credit report and score if the incorrect information is reported. If your provider is unable to resolve the information or the problem is with the credit data supplied, get in contact with Equifax. In your settings, from the contacts page, you can submit a request to the Yonda team about any incorrect data.
4. How do I know my score is correct?
Your credit score is provided using data sourced from Equifax, one of New Zealand’s leading credit reporters. Equifax collects data from companies that provide services or products like loans, insurance, or investment advice. Examples include banks, mortgage and credit lenders. All this information is gathered to create your credit profile to help you access better forms of credit. If little or no information is available, you may find yourself with a low ‘starting’ score.
5. What’s the difference between my credit report and credit score?
Your credit score is a summary of your financial behaviour, which indicates your creditworthiness, which is your likelihood to repay a loan. Your credit report is a more detailed breakdown of your actions, including bill repayments, owing credit amounts, defaults or court judgements against you. You can also view all this information in the updates within the “Credit Score” section of the Yonda app.
6. Why can I see so many updates?
When you access your credit report summary information, you’ll notice a few updates for different categories, including credit card repayments, defaults, overdue amounts, personal loans, and credit enquiries. These updates indicate the factors, both good and bad, that are contributing to your score. A green box tells you you’re doing well, an orange box means you have some work to improve on, and a red box means there are things you will need to act on immediately.
7. How do I dispute the information on my Yonda account?
If any information is incorrect or you would like to dispute what you see on your account, you can contact us via your accounts page or get in touch with Equifax. Yonda’s data is securely delivered from Equifax. Upon request, they can check the accuracy of your credit information or dispute any security breaches you may have experienced.
8. When will my credit score change?
Your credit score is accessed monthly based on activity taken throughout the month. It takes time to update your score, and you may find it doesn’t move much in the meantime. Some actions will significantly drop your score, such as accumulated defaults or credit enquiries. So it pays to find out what good credit actions look like, and you can find out more in the yo-library.
9. Who can see my information?
Only business entities with a specific, legitimate purpose can check your credit report unless the information is stated as being available on public record. When you apply for credit, insurance, or a loan, you typically allow permission for your credit information to be checked.
10. How do I improve my score?
Yonda doesn’t offer specific financial advice, but we provide help with tailored information about improving your credit behaviours. Follow the tips and updates throughout the app to distinguish between good and bad credit actions. Keep up any repayments and avoid for too many credit loans to grow your score over time.
11. How is my data secure?
Yonda is built on a secure platform, so your data is fully-encrypted from disk to cloud, all the way through to your mobile app. When you create an account to get your free credit score, you go through a two-factor identification process. Your data is then secured to your Yonda account with a passcode or biometric login. Yonda takes information security seriously and has ensured all aspects meet the New Zealand Privacy laws.