What's your VedaScore?
- Thread starter hello1234
- Start date
The changes to credit reporting that occurred a few weeks ago will change all of this.
You can be marked down for making payments a few days late. Even utilities, telstra etc Marked up for early. Its fairly nasty and nobody really seems to know how it will evolve. Are banks and card lenders going to be aholes ??
Maybe find it here ? http://www.veda.com.au/insights/comprehensive-credit-reporting-ccr
You can be marked down for making payments a few days late. Even utilities, telstra etc Marked up for early. Its fairly nasty and nobody really seems to know how it will evolve. Are banks and card lenders going to be aholes ??
Maybe find it here ? http://www.veda.com.au/insights/comprehensive-credit-reporting-ccr
How much did it cost you to find out your score?
Well, that question is a bit personal... like asking someone what their bra size is...
Kidding. No idea what mine is and I don't think I want to know either...
Kidding. No idea what mine is and I don't think I want to know either...
Not really, I'm not asking their income. For example, on this web site, basic is $69.95 / yr.
http://www.veda.com.au/yourcreditandidentity/product-comparison
I thought that was a bit steep and wondering if other providers are charging less. I haven't spoken to my mortgage broker yet but they might be able to get it for free...
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Anyway, I got an answer to my question.
So, when to get my once a year credit score? Now, or wait for something?
http://www.whistleout.com.au/HomeLoans/Guides/Credit-Scores-in-Australia-How-They-Work
So, when to get my once a year credit score? Now, or wait for something?
My statement wasn't directed at you Perthguy - it was at the OP.
The price of the subscription is publicly listed. I'm subscribed to Veda alerts through mycreditfile.com.au which worked out well recently when Virgin Mobile did a credit check on me without my permission and would not have known about otherwise. The promptly removed it.
Your MB should be able to get it for free but giving them permission goes down on your credit report. Can't remember the exact term for it but it can (slightly) impact your scoring.
The price of the subscription is publicly listed. I'm subscribed to Veda alerts through mycreditfile.com.au which worked out well recently when Virgin Mobile did a credit check on me without my permission and would not have known about otherwise. The promptly removed it.
Your MB should be able to get it for free but giving them permission goes down on your credit report. Can't remember the exact term for it but it can (slightly) impact your scoring.
$82.95 per year for a monthly score update with Veda + 2 copies of my credit report.
Thanks, I didn't know that. I will talk to my MB before I take this any further.
I thought that was a bit steep and wondering if other providers are charging less. I haven't spoken to my mortgage broker yet but they might be able to get it for free...
I'd be reluctant to do this. The broker subscription is similar to the banks. It lodges another inquiry on the report (at least it used to pre 12/03/14).
I'm not sure what my score is, but I do have guitar amps that go up to 11.
I'd be reluctant to do this. The broker subscription is similar to the banks. It lodges another inquiry on the report (at least it used to pre 12/03/14).
I'm not sure what my score is, but I do have guitar amps that go up to 11.
Do you have the 3 bass guitars so you can do big bottom to go with it?
Mine is 625, which is considered a small touch below good/average.
Most are around 600- 710 which is pretty good, from experience anything over 620 is auto approved in most cases depending on the LVR + considering there's no business/ABN listing
In the 8 years i been a broker the highest vedascore i seen was around the mid 950 and that's rare!! most are around 600's
Veda has a colour scheme with their veda score as well ( roughly)
Below 300 - Red
300- 590- Yellow
600- 720 - Light Green
800-900- Green
900-1200- Dark green
My company uses veda score and credit checks on a regular basis as we deal with a lot of self employed and property investors with multiple hits on their file, normally if your score is below 500 i will look very very closely at your file and reduce the LVR or choose a non main stream lender; one that either doesn't credit score or has DUA.
if it's higher than 580, that's generally it's ok..depending whats listed as well.
The banks uses the veda score to filter out "possible" bad clients and rather than speeding time combing the file they rather auto reject the file ( computer) so if your score is below 580 or very close to that and your after LVR above 80% than i would consider speaking to a broker.
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The credit file cost around $30 once off for the full file...OR you can pay ~$80? per year for a once off file + alert for one year every time a credit hits lands on your file.
If your broker has signed up the veda as a registered member, they should be able to get you a copy of your credit file on the spot for free ( Veda will charge the brokes $18, but that's a small cost for business/operation)
The brokers credit check is NOT a "credit hit" it has a seperate listing, it's listed as "Other Possible Matching File" and in the old Veda file it's listed a " authorised consumers enquires" this is the same if YOU order the your own credit file with veda! you or the broker is not applying for "credit as such"
Example:
CBA pre-approved applied for in dec 2013 -- it will be listed under " Credit History" ( THIS IS A CREDIT HIT)
Broker or YOU apply for a copy of your credit file- it will be listed under "
Other Possible Matching File or authorised consumers enquires - this is not a real credit hit.
Broker applies for pre-approval via CBA- it will be listed under " Credit History" and CBA will show up ( THIS IS A CREDIT HIT)
P.s try not to apply for a copy of your credit file all the time, even tho it's not a real credit hit it will still reduce your veda score!!! that's why the ~$80 per year alert is worthwhile as well as this will not trigger or reduce the score every time you get an email alert/update.
Cheers.
Most are around 600- 710 which is pretty good, from experience anything over 620 is auto approved in most cases depending on the LVR + considering there's no business/ABN listing
In the 8 years i been a broker the highest vedascore i seen was around the mid 950 and that's rare!! most are around 600's
Veda has a colour scheme with their veda score as well ( roughly)
Below 300 - Red
300- 590- Yellow
600- 720 - Light Green
800-900- Green
900-1200- Dark green
My company uses veda score and credit checks on a regular basis as we deal with a lot of self employed and property investors with multiple hits on their file, normally if your score is below 500 i will look very very closely at your file and reduce the LVR or choose a non main stream lender; one that either doesn't credit score or has DUA.
if it's higher than 580, that's generally it's ok..depending whats listed as well.
The banks uses the veda score to filter out "possible" bad clients and rather than speeding time combing the file they rather auto reject the file ( computer) so if your score is below 580 or very close to that and your after LVR above 80% than i would consider speaking to a broker.
----
The credit file cost around $30 once off for the full file...OR you can pay ~$80? per year for a once off file + alert for one year every time a credit hits lands on your file.
If your broker has signed up the veda as a registered member, they should be able to get you a copy of your credit file on the spot for free ( Veda will charge the brokes $18, but that's a small cost for business/operation)
The brokers credit check is NOT a "credit hit" it has a seperate listing, it's listed as "Other Possible Matching File" and in the old Veda file it's listed a " authorised consumers enquires" this is the same if YOU order the your own credit file with veda! you or the broker is not applying for "credit as such"
Example:
CBA pre-approved applied for in dec 2013 -- it will be listed under " Credit History" ( THIS IS A CREDIT HIT)
Broker or YOU apply for a copy of your credit file- it will be listed under "
Other Possible Matching File or authorised consumers enquires - this is not a real credit hit.
Broker applies for pre-approval via CBA- it will be listed under " Credit History" and CBA will show up ( THIS IS A CREDIT HIT)
P.s try not to apply for a copy of your credit file all the time, even tho it's not a real credit hit it will still reduce your veda score!!! that's why the ~$80 per year alert is worthwhile as well as this will not trigger or reduce the score every time you get an email alert/update.
Cheers.
By the way, under the privacy act/law your entitled to obtain your credit file for free ( one per year)- so you can request it via veda for a copy of your free report- but it takes 10 working days.
http://www.mycreditfile.com.au/home/free-credit-file.dot
Lastly, if there's anything listed that's not right you can get it removed by contacting the company directly OR for more complex cases there are companies that specialize in credit enquires removal.
http://www.mycreditfile.com.au/home/free-credit-file.dot
Lastly, if there's anything listed that's not right you can get it removed by contacting the company directly OR for more complex cases there are companies that specialize in credit enquires removal.
I got a small shock when I saw mine was in that range, from memory a tad closer to 700, then I read the explanations etc. and seemed pretty okay.
Any idea how the 950 score came about? Seems unattainable !
This is more form my personal/professional experience ( rather than the official veda method; as they don't make this public)
But in order of important, factors that influence the veda score and credit scoring in general
1. Age of your file : the longer the age the better it is, as it give a bit mroe "financial confidence" that the data on file is correct and once average out represents a true file and financial characteristics of the client
[ You have no real control over this, other than apply for good "credit" early i guess but apply for 1 only that's all you need to open a "credit age" multiple credit hits are BAD!!...]
2. Clients age to Age of file ratio: A subset of point 1, but if a client is 25 and his/her financial credit file age is only 3 years old that's ok ( if it's 5 even better)
VS
A client who's 45 and credits file age is only less than 10 years old...this is more common for non-residents or new migrates - so hence your "risk" factor may be placed into this basket.
3. Unpaid defaults- Self explanatory, especially if it's over $500 and it's not a telco one. OR if you have multiple small details listing ( we see this happen a lot when ppl move and forget to update their address and keep track of bills)
Fixable and removable as well. Also not the end of the world.
4. Listed judgment and defaults - Self explanatory- but it's not the end of the world...def still possible to get loans especially if the listing has been > 12-24 month.
5. Number of credit hits in the last 12 month; more than 5 - Good luck with the big 4 unless you have a good and long/existing history with them OR the rest of your file is great OR <80%LVR
The less the better. 0 is perfect
6. Type of credit enquires in the last 12 and 24 month - or what veda calls " industry group" if you got a lot of personal loans/ small money loans/ credit cards/ ATO listings/ courts credit listing than this is always gonna be worse than Home loans and utility bills/employment agency "information" checks
7. Employment history - If you switch job to often this will also impact the file- the longer you are at one company the better.
8. Residential address history- If you switch place of residency to often this will also impact the file - the longer you are at one place the better.
9. ABN and Directorships- Not real impact, unless you have multiple ABN and Directorships ( normally over 3)
10. Number of credit hits in the last 24 month and last 5 years - this is to suss out any previous possible bad file in the past.
11. Authorised Agents - Last 12 months: This is when your broker orders a credit file OR Veda ( you)...having 2 is generally ok...having multiple "agents" or broker work for you in a short period of time is a bad sign; as it could possibly mean your hiding something.
*** so file that's over 800
- Long file history, > 15 years
- Low unnecessary credit hits in the last 12 month
- Long employment history
- Long residential history
- No defaults
Regards
But in order of important, factors that influence the veda score and credit scoring in general
1. Age of your file : the longer the age the better it is, as it give a bit mroe "financial confidence" that the data on file is correct and once average out represents a true file and financial characteristics of the client
[ You have no real control over this, other than apply for good "credit" early i guess but apply for 1 only that's all you need to open a "credit age" multiple credit hits are BAD!!...]
2. Clients age to Age of file ratio: A subset of point 1, but if a client is 25 and his/her financial credit file age is only 3 years old that's ok ( if it's 5 even better)
VS
A client who's 45 and credits file age is only less than 10 years old...this is more common for non-residents or new migrates - so hence your "risk" factor may be placed into this basket.
3. Unpaid defaults- Self explanatory, especially if it's over $500 and it's not a telco one. OR if you have multiple small details listing ( we see this happen a lot when ppl move and forget to update their address and keep track of bills)
Fixable and removable as well. Also not the end of the world.
4. Listed judgment and defaults - Self explanatory- but it's not the end of the world...def still possible to get loans especially if the listing has been > 12-24 month.
5. Number of credit hits in the last 12 month; more than 5 - Good luck with the big 4 unless you have a good and long/existing history with them OR the rest of your file is great OR <80%LVR
The less the better. 0 is perfect
6. Type of credit enquires in the last 12 and 24 month - or what veda calls " industry group" if you got a lot of personal loans/ small money loans/ credit cards/ ATO listings/ courts credit listing than this is always gonna be worse than Home loans and utility bills/employment agency "information" checks
7. Employment history - If you switch job to often this will also impact the file- the longer you are at one company the better.
8. Residential address history- If you switch place of residency to often this will also impact the file - the longer you are at one place the better.
9. ABN and Directorships- Not real impact, unless you have multiple ABN and Directorships ( normally over 3)
10. Number of credit hits in the last 24 month and last 5 years - this is to suss out any previous possible bad file in the past.
11. Authorised Agents - Last 12 months: This is when your broker orders a credit file OR Veda ( you)...having 2 is generally ok...having multiple "agents" or broker work for you in a short period of time is a bad sign; as it could possibly mean your hiding something.
*** so file that's over 800
- Long file history, > 15 years
- Low unnecessary credit hits in the last 12 month
- Long employment history
- Long residential history
- No defaults
Regards
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Mike I've got a VedaScore in the mid 600's, however I've got a lot of unused unsecured credit (enough to buy a crap place out in western syd).
Since I'm over 620, but with my debts revealed to all banks, do you think I may get auto-approval for future home loans from the big 4 banks?
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