Changes to VedaScore

[exceladdict]

Email received today:

Dear Exceladdict,

We are moving to a new and improved version of VedaScore! The new version takes into consideration full comprehensive credit reporting information.This means things like monthly loan and credit card repayments will be included when determining your credit worthiness. This change will take effect 10 January 2017.

What this change means for you?

• Different VedaScore – most members will see an immediate change in their score the minute we change over. This is a good thing as more information is being used to assess your credit worthiness.

• Your VedaScore will change over time - your score will change more frequently over time as more financial providers contribute positive information to your credit report.*

• The factors that impact your VedaScore have changed – for example where credit limit and current repayment status information is available it can now be included in the score calculation.

For more information on what impacts your score and how you can manage it, please visit the Knowledge Area in the Your Credit and Identity portal.

Kind regards,

The Veda Team

*Please note not all financial providers supply comprehensive credit reporting information so your score may not change.

Will be interesting to see what providers jump on board and if experian/D&B follow suit.

 

[Tiggerstoes]

I know on my credit report both NAB and AMEX report credit limits and get alerts on changes to my credit report.. hopefully my score will recover after the hit it took from my recent explorer application!!

 

[burmans]

Email received today:



[/SIZE][/FONT]Will be interesting to see what providers jump on board and if experian/D&B follow suit.

That's pretty much a given. The major bank are shareholders in Experian to encourage competition so you can be pretty sure they will be contributing to Experian as well and they will offer a comprehensive credit score.

 

[get me outta here]

My Veda score has always improved the next month after a cc app. This time it went down again to my lowest score in 18 months.

 

[Jack_OC]

My Veda score has always improved the next month after a cc app. This time it went down again to my lowest score in 18 months.

I can make no sense of my Veda score movements. It has remained completely unchanged for the past 4 consecutive months, and during that time I took out a new CC (ANZ Black) and refinanced my home loan. I have also just ticked over 12 months since the credit enquiry from Citibank for a card that I took out back then, and I had thought that this would "drop off" after that time, and have some sort of effect on my score. I understand that CCs/home loans do not necessarily have a negative effect on the credit score, but I find it hard to understand how these events seem to have had no effect whatsoever, in either direction. Is it the case that there is only an effect once the volume of activity reaches a certain level?

Anyway, I'm interested to see what effect these changes will have. I'm gathering that as someone who puts a lot of spend through CCs but always clears the balance at the end of each month, this should be a good thing for me, but we'll see.

 

[fairbasa]

Anyone noticed any change? Mine hasn't moved yet.

 

[grounded]

Mine is gone... blank... not showing.. broken.

 

[docjames]

Who are people using to access their score?

Paid or unpaid access?

 

[fairbasa]

Unpaid for me

 

[grounded]

I've got paid veda access, but if you haven't checked your score in the last month you can can get a score for free using a service like this: https://www.getcreditscore.com.au/

 

[burmans]

I've got paid veda access, but if you haven't checked your score in the last month you can can get a score for free using a service like this: https://www.getcreditscore.com.au/

That's what Im planning to do but I think Ill wait until people here advise the score is working.

 

[coles525]

Get credit score worked for me (even though veda is n/a).

 

[fairbasa]

It worked for me too...But it still shows exactly the same score it's shown for weeks. I think it's perhaps a cached score.

 

[grounded]

My (paid login to Veda) is now showing my 6th Jan score, and an updated date of 6th Jan.

This morning it showed an updated date of 10th Jan but no score. So I'd say they've had technical problems and have rolled back the changes (for some of us at least).

 

[fairbasa]

My (paid login to Veda) is now showing my 6th Jan score, and an updated date of 6th Jan.

This morning it showed an updated date of 10th Jan but no score. So I'd say they've had technical problems and have rolled back the changes (for some of us at least).

Must have engaged IBM to do the changeover.

 

[TomVexille]

My (paid login to Veda) is now showing my 6th Jan score, and an updated date of 6th Jan.

This morning it showed an updated date of 10th Jan but no score. So I'd say they've had technical problems and have rolled back the changes (for some of us at least).

I'm seeing the same

 

[hb13]

I can also confirm that I haven't seen a change to my score since the last update (30th December 2016).

 

[fairbasa]

Getcreditscore still showing no change for me today.

 

[QF WP]

I haven't checked my score in ages and nice to see that it's better than 80% of Australians.....

 

[andye]

Last time I looked you could get 2 checks a month with getcreditscore. Was enough for me to cancel my veda subscription though I think it may end up being enhanced