Just for my free VEDA Credit File

[burmans]

Reading last several posts here, they suggest credit providers do not rely on the score we get at end of process.

Currently very few credit providers use the score but just google risk based pricing and you will see that a number of them are actively considering it. Currently a couple of Fintech startups (Society One, MoneyPlace) and one international bank (Citibank) have products which leverage a score.

But Comprehensive Credit Reporting will eventually happen and anyone who has any exposure to say the US or UK market, would tell you that when it does score will become very important. So I fall in the middle ground here, does it matter now, well the answer is no. But should we start to understand how credit scoring will work when CCR comes in, my feeling is that, absolutely the answer is yes. I guess the question here is how forward looking you want to be. Are you worried about your next CC application, probably doesn't matter. Are you thinking about your CC application strategy and your ability to maximise over the next few years, you probably need to start to understand how you will be scored.

 

[Foreigner]

Currently very few credit providers use the score but just google risk based pricing and you will see that a number of them are actively considering it. Currently a couple of Fintech startups (Society One, MoneyPlace) and one international bank (Citibank) have products which leverage a score.

But Comprehensive Credit Reporting will eventually happen and anyone who has any exposure to say the US or UK market, would tell you that when it does score will become very important. So I fall in the middle ground here, does it matter now, well the answer is no. But should we start to understand how credit scoring will work when CCR comes in, my feeling is that, absolutely the answer is yes. I guess the question here is how forward looking you want to be. Are you worried about your next CC application, probably doesn't matter. Are you thinking about your CC application strategy and your ability to maximise over the next few years, you probably need to start to understand how you will be scored.

Thank you for that comprehensive reply. The score itself gave me confidence to apply for another card or two, if there are clear advantages in reward points/miles.

 

[ninja-tim]

It seems like AMEX don't check any scores as they generally go based off what info you have applied and won't ask for any further documents/proof of financials. They give their cards out like candy.

Applied for the AMEX velocity for both my mum & dad. Both have pretty much exactly the same financials, only difference was I applied for my dad as self-employed (>30years self-employed) and my mum as employee. Guess who got approved instantly and who was denied; Mum got approved and Dad got denied.

 

[albyd]

They still do check Veda every time I've applied but does seem like more of an old school negative reporting check than Veda score with the objective being to pump through as many approvals as possible with more 'difficult' applicants like the self employed who require manual intervention not getting through automatically.

 

[Dr Ralph]

They still do check Veda every time I've applied

This is not my experience.

 

[andye]

Amex seems to do a Veda 'look' every month for me-it hasn't instituted a new Veda 'check' for additional cards

 

[blueythecat]

They still do check Veda every time I've applied but does seem like more of an old school negative reporting check than Veda score with the objective being to pump through as many approvals as possible with more 'difficult' applicants like the self employed who require manual intervention not getting through automatically.

This is not my experience.

They've checked it for my last five applications. The last three of which were through referral links and were approved instantly.

 

[coles525]

Just recieved an email from veda:

 

[andye]

Just for info
My Veda/equifax score took a drop from good to average with comprehensive reporting-have several cards with reasonable limits
I just applied for an extension to my home loan (from my own bank)-it has jumped 88 points up to very good.
Mrs andye (joint applicant) had a similar jump from good to very good too
Seems that home loans are still good news for the file

For comparison both our Experian scores have stayed very good through CCR and the Loan

 

[albyd]

Who has been reporting? I recall about a year ago Amex was reporting all my limits were showing and monthly payment history. Then it disappeared (which I wasn't disappointed about).
I noticed in the media today there's pressure to make CCR compulsory.

 

[fantasy86dj]

My NAB hasn't been reporting and it's the only line of credit that I have at $500 limit. I have the Premium plan and when I log into the secure portal, I get this:

My Credit Summary
Updated: 05 Nov 2015

 

[exceladdict]

Interestingly, Equifax (VEDA) free files via getcreditscore now show the equivalent of the up/down arrow things from the paid access.

And notably, one of ours today showed, as a detractor, 'Length of credit history' (with low impact).

 

[andye]

My bank put through a second enquiry for the same renovation home loan (pre-approval then final). Went up 88 points first time (post#109) and another 23 with the second