getcreditscore thoughts?

[Blueberry]

Hi,
I was wondering what the mortgage brokers thoughts were on this site? https://www.getcreditscore.com.au/ particularly the no impact on your credit score claim, and the "soft touch" credit enquiry. I am not wanting any hits on my credit report but would like to know what is on it. I know I can apply to Veda, but this seems to be a "step up".

ta

 

[Peter_Tersteeg]

It's a lead generation site for a personal loans provider. You're pretty much giving them your complete identity.

 

[Marty McDonald]

It just gives you a score rather than full details of enquiries etc. As it is dragged from Veda it is useful in my opinion but still no replacement for ordering a full report.

 

[Jamie M]

It's a lead generation site for a personal loans provider. You're pretty much giving them your complete identity.

but but.....they're a "consumer-friendly company looking to help more Australians learn about their credit"

Cheers

Jamie

 

[Kinnon Bell]

I think it's good in the respect that it gives you an indication of what your credit score is BUT as Pete has said it's from a 3rd party where you're giving them all of your information which would make identity theft very easy. I hope their security is up to scratch and they don't sell your details.

You can get a free (or paid) copy of your credit report from www.mycreditfile.com.au which covers off Veda.

People often forget about Dun and Bradstreet though (https://www.checkyourcredit.com.au) where I have seen defaults and hits on DnB but not on Veda so useful to get both as both as used by various institutions.

 

[Peter_Tersteeg]

I question the value of a credit score from Veda or any other institution for mortgage purposes.

Lenders analyse the enquiries on your credit report. They look at data in the application the disclosed job history, other assets liabilities, where you're purchasing, the application LVR and whatever else they may also know about if you already have an existing relationship. They then create their own credit score.

I doubt lenders put much weight on a single number from Veda. There's a lot more that goes into an individual lenders credit scoring system, which is not something they share with Veda, the public, brokers or even their own staff.

 

[Deltaberry]

These ratings are a joke. I had an average credit rating but have enough cash to pay off all my debt.

 

[Redom]

These ratings are a joke. I had an average credit rating but have enough cash to pay off all my debt.

Hi Deltaberry,

The scores are based on a range of factors. Without covering them all, some include: credit repayment history; number of file enquiries (why too many pre-approvals aren't a good thing); average age of accounts; length of history; etc.

Don't think your overall cash balance has much 'weight' on your credit score according to the metrics used.

Its more a rough guide to determine the creditworthiness of a borrower, by no means a complete accurate indicator of someones creditworthiness.

As Pete said, a more complete assessment is performed by lenders that weight other factors (LVR, etc). A big cash balance and more assets will generally increase your score with these lenders. And thats where it really matters!

Cheers,
Redom

 

[albanga]

These ratings are a joke. I had an average credit rating but have enough cash to pay off all my debt.

From my understanding showing a history of being able to pay debt is better than not ever having any, brokers can say otherwise?

Just putting myself in a position of lending money to someone and i had 2 options. Lend to someone with a good history of borrowing money and paying it back or lend money to someone who has never borrowed money before. Me personally I would feel much more comfortable to lend to the one with good history
Y? Well simple for me I would be asking myself, how is it this person has never required to borrow money? They are either brilliant savers and very patient which is quite possible but I would have to question more so WHERE has there money come from in order for them not to borrow? Inheritance? Lottery winner? Gambling? Drug lord? Any of these are not the person I would ideally like to lend my money to.

 

[Redom]

From my understanding showing a history of being able to pay debt is better than not ever having any, brokers can say otherwise?

Just putting myself in a position of lending money to someone and i had 2 options. Lend to someone with a good history of borrowing money and paying it back or lend money to someone who has never borrowed money before. Me personally I would feel much more comfortable to lend to the one with good history
Y? Well simple for me I would be asking myself, how is it this person has never required to borrow money? They are either brilliant savers and very patient which is quite possible but I would have to question more so WHERE has there money come from in order for them not to borrow? Inheritance? Lottery winner? Gambling? Drug lord? Any of these are not the person I would ideally like to lend my money to.

Yes - age of file does increase your score. Personally my score has been rising YoY despite significant borrowing as the age/use of credit of my file has increased.