What's your VedaScore?
- Thread starter hello1234
- Start date
At the risk of looking like I'm bragging, My Veda score is 994.
I've only been in my residential address for just over 2 years.
And my address before that was only around 12 months.
Been with same employer for 5 years.
About 6 or 7 years ago I had a few too many enquiries regarding a couple credit card applications, but they seem to be all gone and forgotten about.
After reading the other posts in this thread, I expect when the banks start adding all their information to veda, my score will most likely come down a lot. I don't religiously pay my credit card bills on time etc. But ive never missed a loan repayment.
Clint.
I've only been in my residential address for just over 2 years.
And my address before that was only around 12 months.
Been with same employer for 5 years.
About 6 or 7 years ago I had a few too many enquiries regarding a couple credit card applications, but they seem to be all gone and forgotten about.
After reading the other posts in this thread, I expect when the banks start adding all their information to veda, my score will most likely come down a lot. I don't religiously pay my credit card bills on time etc. But ive never missed a loan repayment.
Clint.
Just registered to check my score. Around 850.
10+ credit checks in the last 3 years.
1. They are under consumer as well as commercial credit inquiries. I have no idea how some ended as commercial. Never applied for commercial credit.
2. One of the inquiry has been done twice by the bank. Don't know why they did it. And don't know whether it can be removed and whether removing would be useful.
3. In recent times lot has been discussed about late bill payments etc. During the last year I had missed lots of utility payments by weeks.
None has started to affect the scores yet, it seems.
10+ credit checks in the last 3 years.
1. They are under consumer as well as commercial credit inquiries. I have no idea how some ended as commercial. Never applied for commercial credit.
2. One of the inquiry has been done twice by the bank. Don't know why they did it. And don't know whether it can be removed and whether removing would be useful.
3. In recent times lot has been discussed about late bill payments etc. During the last year I had missed lots of utility payments by weeks.
None has started to affect the scores yet, it seems.Utility companies (Electricity, gas, water) and Telco companies are not considered 'licenced' credit providers hence they are not included in the system where 'if you are xxx no. of days late in payment, a black mark is recorded on your credit file" and it is not retrospective since Dec 2012 UNLIKE
credit card, mortgage, personal loan, car loan repayments where 'late payments of xx days and over' are supposed to put a black mark on your credit file and it is retrospective since Dec 2012, capturing 'late payments' as 'black marks' on your credit file since that date.
BUT if you are 60 days late or in arrears of your Utilities or Telco payments/bills from 12 Mar 2014, that is recorded as a credit default (if the amount is above $xx dollar amount). A credit default stays on your credit file for 5 years before it drops off.
Hope this helps a bit in clarifying.
credit card, mortgage, personal loan, car loan repayments where 'late payments of xx days and over' are supposed to put a black mark on your credit file and it is retrospective since Dec 2012, capturing 'late payments' as 'black marks' on your credit file since that date.
BUT if you are 60 days late or in arrears of your Utilities or Telco payments/bills from 12 Mar 2014, that is recorded as a credit default (if the amount is above $xx dollar amount). A credit default stays on your credit file for 5 years before it drops off.
Hope this helps a bit in clarifying.
The Veda, or any other reporting agency, score has little relevance to Lenders.
The lenders that use an auto credit scoring mechanism to front assess any deals have their own criteria and weighting.
If you are concerned then use a lender that does not use an auto credit scoring system and manually assesses all applications.
The new reporting system means that mortgage brokers can apply to see your credit file on your behalf (written authorisation required) as an Access Seeker and it no longer racks up another credit enquiry as an Authorised Agent (as it did on the old system).
I don't know who you easily get around individual lenders racking up 2 or 3 or more enquiries on your file when they are simply looking at one loan application. It is a pain in the proverbial as it will over time reduce your credit score. You can go back to the lender but good luck in getting any traction with them to do anything about it.
The lenders that use an auto credit scoring mechanism to front assess any deals have their own criteria and weighting.
If you are concerned then use a lender that does not use an auto credit scoring system and manually assesses all applications.
The new reporting system means that mortgage brokers can apply to see your credit file on your behalf (written authorisation required) as an Access Seeker and it no longer racks up another credit enquiry as an Authorised Agent (as it did on the old system).
I don't know who you easily get around individual lenders racking up 2 or 3 or more enquiries on your file when they are simply looking at one loan application. It is a pain in the proverbial as it will over time reduce your credit score. You can go back to the lender but good luck in getting any traction with them to do anything about it.
I meant, will I get a list of my credit facilities?
You're supposed to but since most banks haven't even bothered you won't see anything now.
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Positive credit reporting is another piece of government intervention that has good intentions but poor application. Lenders are simply not ready to do the work required to pass information back to credit reporting agencies (or incur the cost!). The matching process will take a long time, spelling mistakes of names, change of addresses, being able to identify backwards will be a hell of a task.
Credit reporting agencies have their own issues of matching clients already, where two or more credit files may exist for the one person because a particular lender has entered slightly different details from an existing file, like no middle name, an abbreviated name, a different address, etc.
I think it may take years to be effective with all lenders on board.
The more positive aspect is the changes made so it should be easier to have wrong information corrected.
Credit reporting agencies have their own issues of matching clients already, where two or more credit files may exist for the one person because a particular lender has entered slightly different details from an existing file, like no middle name, an abbreviated name, a different address, etc.
I think it may take years to be effective with all lenders on board.
The more positive aspect is the changes made so it should be easier to have wrong information corrected.
increasing your VEDA score?
Has anyone tried the below?
I just paid for the service, and found out I have a "good" score - 696. However I lived O/S for a few years and haven't had any Australian credit cards in my name since 2007 (except a corporate one which isn't listed)
The card I use is a supplementary card which was connected to my mortgage and my husband is the primary cardholder. Had it for 11 years paid in full and on time every month, so I am not sure if this will benefit my score if he adds me as indicated below-
http://www.whistleout.com.au/HomeLoans/Guides/Credit-Scores-in-Australia-How-They-Work
Utilise Someone Else?s Credit
The idea is that somebody with a perfect payment history adds you as a credit card holder, for example, to their credit account. Because that person added you, his/her payment history is reported on your credit report too and you have an impeccable account. If the account has been open for a long time, it will create further efficiency as it will give you a long history of well-managed account. The best part is that the person who adds you to the account does not need to share any information with you or even give you the card/PIN, they can keep the account information to themselves.
Has anyone tried the below?
I just paid for the service, and found out I have a "good" score - 696. However I lived O/S for a few years and haven't had any Australian credit cards in my name since 2007 (except a corporate one which isn't listed)
The card I use is a supplementary card which was connected to my mortgage and my husband is the primary cardholder. Had it for 11 years paid in full and on time every month, so I am not sure if this will benefit my score if he adds me as indicated below-
http://www.whistleout.com.au/HomeLoans/Guides/Credit-Scores-in-Australia-How-They-Work
Utilise Someone Else?s Credit
The idea is that somebody with a perfect payment history adds you as a credit card holder, for example, to their credit account. Because that person added you, his/her payment history is reported on your credit report too and you have an impeccable account. If the account has been open for a long time, it will create further efficiency as it will give you a long history of well-managed account. The best part is that the person who adds you to the account does not need to share any information with you or even give you the card/PIN, they can keep the account information to themselves.
Was it free or did you have to pay?
$84.95 for a plan with 2 reports and alerts.
I ordered a free one through D&B last year on the old system. Nothing was on it and they said that was a good thing....so I was keen to see how the new system worked.
I believe by law they must provide you with a free one per year if you request it.
I ordered a free one through D&B last year on the old system. Nothing was on it and they said that was a good thing....so I was keen to see how the new system worked.
I believe by law they must provide you with a free one per year if you request it.
mortgage/personal loan & credit card not showing up on report?
I signed up for the $85 plan too just out of interest....amazed that mine came back at 912!!
Don't quite understand it though...none of my loans or credit with my main bank CBA show up as credit providers - I currently have mortgage, personal loan and c/card with them (none of them have ever been paid late, etc, but surely this would have some impact on the score?). All other credit providers are listed (NAB/Amex). Is this something that should be fixed up ? Or am I better off keeping quiet!
I do have a few credit enquiries showing up on there in past 5 years, including a commercial one for when I looked at buying a residential property jointly with family, but obviously not enough to affect too much..
I signed up for the $85 plan too just out of interest....amazed that mine came back at 912!!
Don't quite understand it though...none of my loans or credit with my main bank CBA show up as credit providers - I currently have mortgage, personal loan and c/card with them (none of them have ever been paid late, etc, but surely this would have some impact on the score?). All other credit providers are listed (NAB/Amex). Is this something that should be fixed up ? Or am I better off keeping quiet!
I do have a few credit enquiries showing up on there in past 5 years, including a commercial one for when I looked at buying a residential property jointly with family, but obviously not enough to affect too much..
I applied for card with westpac. I couldnt apply for a limit amount. they choose it seems. They approved it and the credit limit was insane. I told them to cut it back from $25k to $2k. They warned me my Veda score would be reduced for doing that. Its apparently a change or another application or some stupid logic.
Stupid really. I reduced the risk.
Stupid really. I reduced the risk.
I ordered this myself a few months ago. Score around 740.
Was quite surprised given that I'm quite young, have quite a large number of credit hits and have been purchasing investments quite aggressively over the last 18 months. I would have assumed that they'd apply a similar metric to some of the majors who apply 'assets/age' ratios in their credit scoring assessments.
Was quite surprised given that I'm quite young, have quite a large number of credit hits and have been purchasing investments quite aggressively over the last 18 months. I would have assumed that they'd apply a similar metric to some of the majors who apply 'assets/age' ratios in their credit scoring assessments.
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I think CBA is one of the lenders who isn't going to share any information with anyone else. AMEX/HSBC tend to check on your file periodically so that's why you see the Amex one there.
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