Credit Check - What Is Shown?

[DC3]

... my PO Box in Australia is actually registered with Veda as an address of mine. I must be pretty tiny to fit in that small box!

Same here. When I advised Veda that I do not live in the PO box, they removed that entry.

 

[burmans]

Oddly, I registered and was told I had already requested my credit score. Odd.

Thats more than odd, it may indicate identity theft/fraulent activity. I'd be on to Veda to find out more.

 

[Mal]

Thats more than odd, it may indicate identity theft/fraulent activity. I'd be on to Veda to find out more.

More like it is code for an odd failure, or me attempting to find my address earlier when the site was borked caused it. Not really worried.

 

[Kangol]

If you cancel a credit card, will that come up on your credit file? ie. as a "positive" event?

 

[burmans]

If you cancel a credit card, will that come up on your credit file? ie. as a "positive" event?

Under current negative reporting very little will appear. If they are listed as a current credit provider ( and far from all are) this will drop off.

It's much more likely to be regarded as a positive event under comprehensive reporting because lenders will assess total open limits in their credit scoring, lower existing limits will mean they are more inclined to lend you more themselves.

 

[Gibbels]

Can't you just contact your credit card provider for further information if you don't get enough out of the check etc?

 

[get me outta here]

Some kind person on here said that I could access some of the Veda info via the Citibank cc application link. I did that and got a score but no other info. I never intended to proceed with the Citibank application.

Today, about 3 weeks later, Veda has just called me and offered a years access to Veda my file for $65 for 1 year, I think it's not the very basic access but the next level up. I decided to take the offer. I was sceptical that someone just calls me up and introduces all this if I give my cc details etc etc over the phone. Anyway, they had the info I had provided to Citi so I went ahead. Just tried to log in and need to get a 'specialist to manually id me'.

Interestingly, AMEX knocked back the charge, so put it on the WOW card.

 

[Mark3000]

Do phone company checks appear? I signed up for the NBN last night and the telco did a credit check. Does anyone know if that will reduce my credit score like getting a new credit card would?
Thanks

 

[Lorry]

Do phone company checks appear? I signed up for the NBN last night and the telco did a credit check. Does anyone know if that will reduce my credit score like getting a new credit card would?
Thanks

Yes some do. I signed up for Veda's top tier plan in January and have a Vodafone application on my file from 4 years ago. The comments say this will be removed after 5 years. My Telstra home phone and broadband application are not listed from a few years ago though.

It's quite interesting what information is and isn't on the file.

 

[cji003]

Some kind person on here said that I could access some of the Veda info via the Citibank cc application link. I did that and got a score but no other info. I never intended to proceed with the Citibank application.

Today, about 3 weeks later, Veda has just called me and offered a years access to Veda my file for $65 for 1 year, I think it's not the very basic access but the next level up. I decided to take the offer. I was sceptical that someone just calls me up and introduces all this if I give my cc details etc etc over the phone. Anyway, they had the info I had provided to Citi so I went ahead. Just tried to log in and need to get a 'specialist to manually id me'.

Interestingly, AMEX knocked back the charge, so put it on the WOW card.

Nothing personal, but I really don't get this, why would anyone purchase anything from Veda or support Veda anyhow? We need to remember, it is Veda that would give us a ****ty score to begin with, then they would sell their bullsh!t service to us and "help" us improving our own score!? So you are paying someone to tell you how to improve your own credit rating while this someone is the one who put you into the **** right from the start..?

 

[Lorry]

Nothing personal, but I really don't get this, why would anyone purchase anything from Veda or support Veda anyhow? We need to remember, it is Veda that would give us a ****ty score to begin with, then they would sell their bullsh!t service to us and "help" us improving our own score!? So you are paying someone to tell you how to improve your own credit rating while this someone is the one who put you into the **** right from the start..?

You can get your credit score and report once per year for free. I wanted the quarterly updates and email alerts when something is placed on my credit report.

If a low credit score is given, isn't that a result of personal financial management? Unless a company has made a mistake, which can then be removed and amended.

 

[DC3]

You can get your credit score and report once per year for free. I wanted the quarterly updates and email alerts when something is placed on my credit report .....

+1. That's what I was after, as well.

 

[TomVexille]

Do phone company checks appear? I signed up for the NBN last night and the telco did a credit check. Does anyone know if that will reduce my credit score like getting a new credit card would?
Thanks

My original Telstra application is on my report. I don't know if it would hurt your score though.

 

[burmans]

My original Telstra application is on my report. I don't know if it would hurt your score though.

Each company have their own criteria, generally all Credit Applications are taken into account but Telco impacts tend to be minor because after all phone bills are relatively small compared to even credit card limits and definitely home load sizes. Defaults, even on telco accounts are definitely taken into account!

Nothing personal, but I really don't get this, why would anyone purchase anything from Veda or support Veda anyhow? We need to remember, it is Veda that would give us a ****ty score to begin with, then they would sell their bullsh!t service to us and "help" us improving our own score!? So you are paying someone to tell you how to improve your own credit rating while this someone is the one who put you into the **** right from the start..?

While you state nothing personal it does seem like a very personal statement. I think it should be remembered that while Veda are the people who provide a score in Australia, the concept of scoring is not unique (FICO do it in America) and all they do is apply an algorithm based on proven statistical information on the information provided to them by the banks and other credit providers. As such they are not scoring "you" as such rather than applying a statistical formula based on your information (as provided by others).

Why would you use Veda. Well unlike you I don't blame them for information held about me, either a) its correct and does reflect my credit record or b) its incorrect, in which case its the underlying credit provider whose to blame usually rather than Veda. So my reasons that I would want to use Veda's services (don't currently but have in the past year)

a) Understand the information that is held about me and most importantly how it is affecting my credit score 9and what I could do to improve it)
b) Fix the errors on my report

The third reason is that you can get alerts via Veda, very useful if you suspect someone is engaging or trying to engage in Identity theft in your name, this then allows you to do something about it.

Personally I think the Veda service is a bit expensive but dont agree it has no value.

 

[TomVexille]

Each company have their own criteria, generally all Credit Applications are taken into account but Telco impacts tend to be minor because after all phone bills are relatively small compared to even credit card limits and definitely home load sizes. Defaults, even on telco accounts are definitely taken into account!

That's what I thought

 

[Winston1]

I recently applied for the free VEDA credit report.
I really didn't find it useful at all. It only contained where I work, the amount of a personal loan and a bunch of credit enquiries from AMEX (oh, and a VEDA enquiry).
I was hoping to find out what my credit score was, but clearly this is the wrong report.
What service are other people using to find out their credit scores? Oh, and also, does multiple credit enquiries by me impact my score?

 

[exceladdict]

I recently applied for the free VEDA credit report.
I really didn't find it useful at all. It only contained where I work, the amount of a personal loan and a bunch of credit enquiries from AMEX (oh, and a VEDA enquiry).
I was hoping to find out what my credit score was, but clearly this is the wrong report.
What service are other people using to find out their credit scores? Oh, and also, does multiple credit enquiries by me impact my score?

Yes, they will.

The report is just that, scores are available through different services.

http://www.australianfrequentflyer.com.au/community/showthread.php?t=69928 for more info of how to get scores for free where possible.