Credit file & Credit card churning

[coles525]

Interestingly, some of mine went back to the 90s.

If thats the case (unless it has it's a current cc being used/active??) I would ring the credit file company (veda) and ask them to please explain?

Also look at their website before contacting them, finding out for how long info is on file before being wiped from your file.

 

[burmans]

If thats the case (unless it has it's a current cc being used/active??) I would ring the credit file company (veda) and ask them to please explain?

Also look at their website before contacting them, finding out for how long info is on file before being wiped from your file.

Supposed to be wiped after 5 years, can't remember the exact part of the law any more but I do know the rules given some recent roles in this area. In my case I have seen them pretty consistently fall off after 5 years (including my mortgage which I'd rather stayed given it increases your score).

 

[coles525]

Correct: 5 years for normal debts & applications (phone, power etc...).

7 years if a default has been done / listed. (debt unpaid and sent to collection agency).

 

[get me outta here]

I do still use that old cc for a small monthly direct debit as its a free card and associated with a cash management trust, free cheque book etc, although can't remember when I last wrote a cheque. Unfortunately, the lowest credit limit is $15K pa. I'll have to call and see if I can retain all the perks without the cc.

Supposed to be wiped after 5 years, can't remember the exact part of the law any more but I do know the rules given some recent roles in this area. In my case I have seen them pretty consistently fall off after 5 years (including my mortgage which I'd rather stayed given it increases your score).

 

[gregff]

The credit report should have at least two distinct sections. 1. Consumer credit applications (each entry wiped after 5 years) and 2. Current credit providers (not subject to removal while remaining current). And some have a third, being Defaults (wiped after 5 - 7 years, the latter being the case if the creditor seriously defaults and cannot be contacted). The "current credit providers" part is not always up-to-date with only a few providers providing information, while the applications are usually more comprehensive (at least with Veda).

 

[burmans]

The credit report should have at least two distinct sections. 1. Consumer credit applications (each entry wiped after 5 years) and 2. Current credit providers (not subject to removal while remaining current). And some have a third, being Defaults (wiped after 5 - 7 years, the latter being the case if the creditor seriously defaults and cannot be contacted). The "current credit providers" part is not always up-to-date with only a few providers providing information, while the applications are usually more comprehensive (at least with Veda).

The reason current credit providers (CCP info) is not very accurate is the only reason this is provided by credit providers is they have to show they have a relationship with you in order to monitor your credit file (e.g. get alerts when you apply for other credit etc.). The law changes in fact have reduced the reasons why you can monitor someone, it used to be just that you could get alerts for just about anyone with credit with you but is somewhat more restricted now (though as always I'm sure some will "interpret" differently and push the boundaries). So you definitely shouldn't be surprised if not everyone has notified of this.

I suspect when comprehensive reporting is up and running few people will be providing as the account and repayment info essentially replaces this (though some people wont provide positive data and hence may keep using CCP instead).

 

[exceladdict]

I had a HSBC-backed Woolworths credit card a few years ago and they accessed my file (but did not record a check) regularly while I had that card open. I thought that was interesting. This fell under the 'other accesses' section of my veda report, did not appear on my D&B report or Experian.



Also both Veda and D&B list your own accesses of your credit file on them. So I'd probably suggest not to do it too frequently or you may look paranoid. Can anyone with a paid Veda or D&B subscription confirm if/how it appears on the printed report?

 

[coles525]

No one can read it EXCEPT YOU.

Banks can't see that other banks have perved your file, nore can they see that you may have accessed it in any way.

 

[Beta4Me]

No one can read it EXCEPT YOU.

Banks can't see that other banks have perved your file, nore can they see that you may have accessed it in any way.

Not accurate in my experience. I had my finance broker tell me things that were on my file (which I could verify as accurate from my last report).

 

[Mal]

Credit reports have multiple sections. You checking your own report lives in an administrative section. Banks should not get to see this.

 

[coles525]

Not accurate in my experience. I had my finance broker tell me things that were on my file (which I could verify as accurate from my last report).

Copied directly from my online credit file:

File Access (23) (<-- 23 pieces of cough listed, as in checkups from credit card providers)
This part of the file shows File Access information only.

This part of the file is a record of accesses made by Veda, for example, when providing you with a copy of your file. Veda also records certain disclosures made by Veda to credit providers in this part of the file, for example, when a credit provider carries out a periodic review of your account. If a credit provider inadvertently accessed your credit file and Veda deleted the credit enquiry from your file, a file access notation will be retained.

File Access information can be seen by you and by Veda. It is not disclosed by Veda to credit providers and others in the normal course of Veda carrying on a credit reporting business.

This information is retained for 5 years.Don't understand a term? Visit ourglossary.

Also shown:


Commercial Credit Information

• Commercial Credit Enquiries (0)
• Broker/Authorised Agent Enquiries (0)
• Current Credit Providers (0)
• Overdue Accounts (0)
• File Notes (0)

Also shown:

Public Record Information

• Current Directorship (0)
• Previous Directorship (0)
• Disqualified Directorship (0)
• Proprietorship (0)
• Bankruptcy Act Information (0)
• Court Judgements (0)
• Writs and Summons (0)

Also shown: (Notice only 1 credit card is actually listed, but have applied for heaps over the last 5 or so years...)
Consumer Credit Information

• Consumer Credit Enquiries (21)
• Broker/Authorised Agent Enquiries (0)
• Current Credit Providers (1)
• Overdue Accounts (0)
• File Notes (0)

 

[Beta4Me]

Copied directly from my online credit file:

File Access (23) (<-- 23 pieces of cough listed, as in checkups from credit card providers)
This part of the file shows File Access information only.

This part of the file is a record of accesses made by Veda, for example, when providing you with a copy of your file. Veda also records certain disclosures made by Veda to credit providers in this part of the file, for example, when a credit provider carries out a periodic review of your account. If a credit provider inadvertently accessed your credit file and Veda deleted the credit enquiry from your file, a file access notation will be retained.

File Access information can be seen by you and by Veda. It is not disclosed by Veda to credit providers and others in the normal course of Veda carrying on a credit reporting business.

This information is retained for 5 years.Don't understand a term? Visit ourglossary.

Also shown:


Commercial Credit Information

• Commercial Credit Enquiries (0)
• Broker/Authorised Agent Enquiries (0)
• Current Credit Providers (0)
• Overdue Accounts (0)
• File Notes (0)

Also shown:

Public Record Information

• Current Directorship (0)
• Previous Directorship (0)
• Disqualified Directorship (0)
• Proprietorship (0)
• Bankruptcy Act Information (0)
• Court Judgements (0)
• Writs and Summons (0)

Also shown: (Notice only 1 credit card is actually listed, but have applied for heaps over the last 5 or so years...)
Consumer Credit Information

• Consumer Credit Enquiries (21)
• Broker/Authorised Agent Enquiries (0)
• Current Credit Providers (1)
• Overdue Accounts (0)
• File Notes (0)

Sorry, you mean "File Access" (soft enquiries) is private (not hard enquiries). Yes, agreed.

 

[ExcuseMyFrench]

Argh I got my last 2 credit cards applications rejected. I guess it's a clear sign to stop churning. How long for though?

 

[Cynicor]

People would recommend checking your report and also subscribing to the Veda monthly update which gives you your score. Probably at least 3-6 months depending

 

[ExcuseMyFrench]

People would recommend checking your report and also subscribing to the Veda monthly update which gives you your score. Probably at least 3-6 months depending

Im not sure whether it's worth $90
Quite surprised to already be rejected after 3 successful CC application in a space of 6 months. It seemed not much to me, but obviously too much for the banks

 

[Cynicor]

Of we want to be logical about if, and it's $90 a year, how many bonuses is that, at your given point value? If it allows you 1 extra CC over a year, or over 2 years, and that gives, say, 30k points valued at over $650, then have you made money?

Note, I do not sign up for this, i'm just discussing it and highlighting possible potential.

 

[ExcuseMyFrench]

Of we want to be logical about if, and it's $90 a year, how many bonuses is that, at your given point value? If it allows you 1 extra CC over a year, or over 2 years, and that gives, say, 30k points valued at over $650, then have you made money?

Note, I do not sign up for this, i'm just discussing it and highlighting possible potential.

Yes that's a fair point. However at this stage, after two recent applications rejected, I know for sure I'm in the red for a few months. I'll look at joining in maybe 4 months. :mrgreen:

 

[get me outta here]

I signed up for one year for about $65. It was interesting watching the score go down after 3 applications, although I'm still in the very acceptable range or whatever it is. I'm on CC app hols now till the end of the year and an offer I can't refuse comes along.

Yes that's a fair point. However at this stage, after two recent applications rejected, I know for sure I'm in the red for a few months. I'll look at joining in maybe 4 months. :mrgreen:

 

[burmans]

Im not sure whether it's worth $90
Quite surprised to already be rejected after 3 successful CC application in a space of 6 months. It seemed not much to me, but obviously too much for the banks

Subscribe at creditsavvy.com then, in my view not as good as the Veda service but it is free and will tell you if anything major wrong with your file. You can also get (one) free report free from Veda, wont tell you your score but you can see if there is anything odd on there you don't agree with. Plenty of people do have mistakes on their credit file so in my view it is worth checking!

 

[ComeFlyWithMe]

Amex was listed as a current provider despite me cancelling my card over a year ago. I contacted them to have it removed and they advised me that they would. I also advised it had adversely affected another credit application. They sent me a cheque for $100 to make up for it. Doesn't really make up for it but hey, I'll bank that cheque and move on with life.