Veda credit reports

[JohnK]

Has there been recent enhancements to the services they provide?

In the past I have seen entries in my credit file for credit cards no longer in my possession. If you cancel a credit card do all the entries from the credit file get removed? How about entries for credit card providers who may have offered you a credit card in the past?

So if a lender/credit card provider queries specific entries is it enough to say I no longer have the credit card or never actually had the credit card? Do banks dare to ring up a credit card provider (with your personal information) to find out if you have a credit card?

Any recent personal experience would be appreciated.

 

[oz_mark]

It depends on which section of the file you are looking at

Consumer Credit Applications

When you apply for a credit card, there will be an entry in your file for that. This entry remains for 5 years regardless of the outcome of your application or how long you hold the card for. Any entries greater than 5 years old will be removed.

Current Credit Providers

This section contains any current credit providers that have registered your credit contract. Not all providers use this, but some such as Amex, Diners and Citibank do.

When you close an account these records are supposed to be removed. However they don't and indeed I have one that I will have to deal with.

File Access

List of organisations that have accessed your file. I have a list that is two pages long for the last year!!

 

[JohnK]

Thanks oz_mark.

It sounds like a tricky process and not a really a definitive answer of one's current credit position.

Will be interesting to see how my line of credit application goes....

 

[oz_mark]

Thanks oz_mark.

It sounds like a tricky process and not a really a definitive answer of one's current credit position.

Will be interesting to see how my line of credit application goes....

It actually says very little of your current credit position. All you can really tell is that you have made x applications in the last 5 years.

Of course, if you had any bankrupcies, defaults etc, they would be shown.

 

[JohnK]

It actually says very little of your current credit position. All you can really tell is that you have made x applications in the last 5 years.

That is OK. I do not believe number of credit card applications in last 5 years is going to affect my application for line of credit. Well I hope not anyway as I am using equity to secure the line of credit.

Of course, if you had any bankrupcies, defaults etc, they would be shown.

Thankfully this has never happened to me so my actual credit rating is very good.

 

[munitalP]

That is OK. I do not believe number of credit card applications in last 5 years is going to affect my application for line of credit. Well I hope not anyway as I am using equity to secure the line of credit.


Thankfully this has never happened to me so my actual credit rating is very good.

Actually mate, recently while refinancing our home, I had 4 citibank credit checks and 3 AMEX checks, of which I have one of each card show up on my credit report. In have changed these cards numerous times and it seems even in-house they still run a CRA check on you. So the question asked of me was "why do you have so many cards?".

Good luck in your application

 

[tuppaware]

I have a DJ's Amex listed as a current credit provider which I cant get rid of.
I rang DJ's and they said they have nothing to do with it, Veda were also no help.

 

[oz_mark]

I have a DJ's Amex listed as a current credit provider which I cant get rid of.
I rang DJ's and they said they have nothing to do with it, Veda were also no help.

WHen you got the report did you get a File Update Form with it? If you cannot get a satisfactory response from the credit provider, fill the form in and send it to Veda. They will then verify with the provider.

Note that as Veda is providing the information, they have a legal responsibility to ensure that the information is accurate.

I'm going through this process with Diners at the moment. Pretty clear that Veda don't have a good process for ensuring these entries are removed.

 

[Oneworldplus2]

MunitalP - l have PM'ed you

I have been using Veda Advantage (which is now Secure Sentinel) for years.

Every time there is a credit check on you, they send you an e-mail notifying you that someone is checking your credit history.

Some of my Credit Card history is on file as are Company Directorships etc etc.

Secure Sentinel: Homepage

 

[JohnK]

Actually mate, recently while refinancing our home, I had 4 citibank credit checks and 3 AMEX checks, of which I have one of each card show up on my credit report. In have changed these cards numerous times and it seems even in-house they still run a CRA check on you. So the question asked of me was "why do you have so many cards?".

Good luck in your application

Thanks. The simple answer to "why do you have so many cards" is I no longer have the card as I was using to take advantage of balance transfer. It is not my fault it is still showing on the credit report.

Anyway as oz_mark mentioned earlier this report does not actually reflect your current credit position but rather a history of what has happened in the last 5 years.

Just as an example if an entry exists for an application for a St George bank credit card there is nothing to say that the application was approved. So I could still have the card now or simply never had it.

But I have a funny feeling CBA will use the credit report to check that I have not defaulted or got myself in trouble. It is in their interest to approve the loan (in fact it has already been approved just waiting for some credit card statements and rental statements from me) as they will be holding 2 securities worth a lot more than the possible $70,000 line of credit. If something goes wrong with my repayments then there is more than enough security to cover any potential loss.