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Fintech data shows JobKeeper helping boost credit ratings

Announcement posted by Fair Go Finance 10 Aug 2020

The research was triggered following several months of very positive repayment behaviour by Fair Go Finance customers, contrary to the expectation when COVID-19 first appeared.

As part of comprehensive credit reporting (CCR) in Australia, a person’s credit rating is directly influenced by their repayment behaviour. Fair Go Finance is the only commercial small amount loan (i.e. SACC) provider who shares customer repayment history with all three credit bureaus.

“It was clearly evident in the data that the positive repayment performance is a result of Government stimulus and policies like JobKeeper, access to superannuation and reduced household spending during COVID-19,” said Paul Walshe, CEO, Fair Go Finance.

“However, what we didn’t know is how significant the change in credit scores would be over this time.”

Key findings from the Fair Go Finance customer research were:

  • Repayments were boosted by 30% in April & July, through a combination of lower discretionary expenses and access to funds via JobKeeper or superannuation accounts
  • 68% of individuals who took personal loans pre-COVID increased their credit rating during COVID
  • The average change in credit score overall was +22 points and individually up by as much as +125 points 
  • Individuals with previous adverse credit history (79%) increased their score by an average of 105 points

“Through the eyes of a lender, 100 points on a credit score means that we see a customer as half as likely to default on their loan, so to see customers getting a boost of up to 125 points, it’s a real buzz for staff and our customers. This translates into access to cheaper credit and typically lower repayments either with us or other lenders. 

“We are very proud of how we help our customers avoid debt spirals and high cost credit. A lot of Fair Go Finance customers don’t have credit accounts with the major banks so by accessing credit through Fair Go Finance we contribute to a boost in their credit scores as the loan is repaid. In this study specifically 78.5% of people without initial comprehensive credit reporting (CCR) data increased their score by an average of 125 points,” said Mr Walshe.

Speaking on behalf of Equifax; Kevin James, GM Advisory & Analytics Consultancy Services said, “The research conducted with Fair Go Finance shows the benefits of CCR in providing a more balanced view of an individual’s credit history enabling consumers to be considered for lower cost credit facilities.

“It’s great to see Fair Go Finance using this data to understand their customers and to reward them in the future. Customers who show a positive change in their credit scores can access lower costs on their future personal loans with the lender. We look forward to collaborating further with Paul and his team,” said Mr James. 

Fair Go Finance is constantly investing into new financial technology to improve the experience and access customers have to credit when they need it most.

The partnership between Fair Go Finance and Equifax will continue over the coming months, and as JobKeeper is gradually withdrawn, further research will be conducted to understand the changes from here until end of March 2021.

* Financial Advice Disclaimer

The information in this article and the links provided are for general information only and should not be taken as constituting professional advice from the website owner – Fair Go Finance Pty Ltd.
Fair Go Finance is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how this information relates to your unique circumstances.
Fair Go Finance is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this information.


- ENDS -


Notes to Editors:

  • Interviews with Paul Walshe, CEO, Fair Go Finance are welcomed upon request

For media enquiries please contact:

Zadro Agency

Debbie Bradley, Group Account Director | 0420 761 189 | debbie@zadroagency.com.au 

Jessica Kauffman, Senior Account Manager | jessica@zadroagency.com.au 


Research background: 

  • The research was conducted using a de-identified sample which included 1,662 consumers that opened loans with Fair Go Finance during January and February 2020. Consumers with special scores (primarily due to previous insolvency) were excluded. Performance was measured from origination through to 28th June 2020.
  • Overall the average credit scores of consumers from the total sample moved from 496 (with 50% of scores between 401 – 589) to a mean of 518, (with 50% of scores between 434 – 626). 
  • The average change in credit score overall was +22 points, however for those that increased, the average increase was +88 points.
  • 78.5% of individuals, without an existing record of CCR data increased their score by an average of 125 points.
  • 74.9% of individuals that maintained good repayment history on the loan increased their score by an average of 85 points.
  • Individuals with Below Average credit score (884) - 72% increased their score by an average of 98 points (overall change +37 points)
  • Individuals with Average credit score (450) - 67% increased their score by an average of 66 points (overall change +10 points) 
  • Individuals with Good credit score (233) - 58% increased their score by an average of 61 points (overall change -10 points)
  • Individuals with Very Good or Excellent credit score (110) - 53% increased their score by an average of 67 points (overall change +3 points)   


  1. Paul Walshe, CEO, Fair Go Finance 

About Fair Go Finance:

Fair Go Finance was founded in 2008 out of a simple vision – to provide market leading online credit for those who weren’t getting a fair go from other loan providers – those looking for someone who would genuinely listen and do their very best to help them go forward. And this vision remains valid today.

Fair Go Finance isn’t your typical, online, small loan company – we’re a passionate and caring team, who are dedicated to helping our customers get much more than just a competitive short-term loan.

Our real passion is partnering with our customers on the journey to greater credit worthiness and ever-increasing financial opportunity through the combination of technology, data and people. The ‘fair go’ philosophy enables us to offer people a way forward that uniquely recognises their individual circumstances and personal needs.

For more information about Fair Go Finance, visit www.fairgofinance.com.au  

About Equifax

At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employees, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.au or follow the company’s news on LinkedIn

Media Contacts

Jessica Kauffman

Senior Account Manager

+61 2 9212 7867

Debbie Bradley

Group Account Director

+61 2 9212 7687

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