Just for my free VEDA Credit File

[Mark3000]

Thanks pauly7, burmans & beta4me
Appreciate your help

 

[TomVexille]

I did not actually get a score on the free Veda response. Did anyone else get their score as basically the info was not much use that I could make out?

The score is not part of the report.

 

[burmans]

I did not actually get a score on the free Veda response. Did anyone else get their score as basically the info was not much use that I could make out?

Not sure I agree with this. The main reason to get the report is to check the information is correct (or not). While you cant see the score itself the score is directly related to the information that is shown on the report.

If there is incorrect (and in particular adverse) information on your report then correcting/removing the info will directly lead to an improvement in your score. If not then not sure knowing your score will help much, though applying for a Citibank card can be used to find out your score (only recommended if you actually want a Citibank card).

 

[get me outta here]

Well, I thought therefore the converse might be true, that a really good score may indicate that, at that point in time that I'm a goody two shoes. That's what I expected as although I have a 'few' credit cards now, otherwise my history is exemplary.

Not sure what you mean about getting the score via a Citibank application?

Not sure I agree with this. The main reason to get the report is to check the information is correct (or not). While you cant see the score itself the score is directly related to the information that is shown on the report.

If there is incorrect (and in particular adverse) information on your report then correcting/removing the info will directly lead to an improvement in your score. If not then not sure knowing your score will help much, though applying for a Citibank card can be used to find out your score (only recommended if you actually want a Citibank card).

 

[burmans]

Well, I thought therefore the converse might be true, that a really good score may indicate that, at that point in time that I'm a goody two shoes. That's what I expected as although I have a 'few' credit cards now, otherwise my history is exemplary.

Not sure what you mean about getting the score via a Citibank application?

At this stage. all they know about you is what is on your credit report, repayment history will be reported in next year or so (banks are somewhat slow at doing this) but not at the moment. Because Veda does not know of your good (presumably) payment history its not currently included in your score. But they can see your multiple credit applications.

Here is detail of the Citi product that lets you see your Credit Score band

Citibank Australia

 

[coles525]

Unsure if my reply is showing, so sorry if repeated.

Doeas anyone know the minimum income needed to get a card throught the link above?

Fee free for life (ends end of feb).

My credit rating has just jumped from good to very good in the last few days .

 

[jlien]

Unsure if my reply is showing, so sorry if repeated.

Doeas anyone know the minimum income needed to get a card throught the link above?

Fee free for life (ends end of feb).

My credit rating has just jumped from good to very good in the last few days .

Assuming you mean the signature, 75k

 

[ninja-tim]

I have a question about the Comprehensive Credit Reporting. Wasn't it 'suppose' to start last year? If so, are the banks just slow in giving these reports/info to the credit angencies?

 

[coles525]

slow bums. to start, meaning anytime from then to the far future.

 

[burmans]

I have a question about the Comprehensive Credit Reporting. Wasn't it 'suppose' to start last year? If so, are the banks just slow in giving these reports/info to the credit angencies?

Comprehensive Credit Reporting was "allowed" by the legislation last year but it is not "required". And this is a problem, banks don't want to share their own info (of value to other credit providers) if they aren't getting info back. So post the legislation they had to agree a protocol for reciprocity which essentially means you only get comprehensive data if you yourself contribute.

Like anything needing to be signed by a large number of both large and small credit providers with different interests this takes some time. Some of the larger credit providers already have a significant portion of Australians on their books so perhaps are not quite as motivated to get this done but it will happen, hopefully later this year.

 

[ninja-tim]

Comprehensive Credit Reporting was "allowed" by the legislation last year but it is not "required". And this is a problem, banks don't want to share their own info (of value to other credit providers) if they aren't getting info back. So post the legislation they had to agree a protocol for reciprocity which essentially means you only get comprehensive data if you yourself contribute.

Like anything needing to be signed by a large number of both large and small credit providers with different interests this takes some time. Some of the larger credit providers already have a significant portion of Australians on their books so perhaps are not quite as motivated to get this done but it will happen, hopefully later this year.

Ahh makes much more sense

 

[cji003]

I just hate Veda. They keep calling me want my business while they are giving me a below average rating, coughk off.

 

[Cruiser Elite]

Just like the Aussie $ - my Veda score is on the way back!

 

[TomVexille]

Just like the Aussie $ - my Veda score is on the way back!

View attachment 43481

I need the Aussie $ to keep climbing, so can you hold off on the applications for 3 months? :shock:

 

[yeahbut]

Just for those who don't want to pay. John Symond from Aussie just started http://www.creditsavvy.com.au which is free. Seems to use experian, which is one of the US credit watch companies I think.

[edit] BTW, My score with Credit Savvy is about 20 points below Veda...

 

[empiretraveller]

Great discussion. I was curious about all of this myself and signed up for Veda. I was recently attempting a balance transfer of an existing Citi card through my bank BoQ. I'm told I was unsuccessful which pissed me off as I have no bad debts, earn over 95k and I assumed a good credit score. After looking through Veda I can see checks on my account go as far as my energy provider too and my score is 693. I'll keep an eye on it now.

ive never had much luck with Citi independently from my bank supplied card which has a 21k limit. I guess recently I changed my Amex from a Qantas card to Velocity and Citi upped my limit on the existing Visa from 15k to 21k. I was hoping to get a business Visa through NAB recently but I have to be a guarantor which I'm concerned about as it'll be another check against my credit.

 

[albyd]

You might have been knocked back for the BT as Citi issues BOQ cards so they're the same credit provider and wouldn't likely usually approve that.

 

[empiretraveller]

No worries, I'm aware of the BoQ and Citi thing (and this proves my ignorance) but I had thought it would have made it simpler. I'm an existing customer looking for less limit on a new card and balance transfer. I simply wanted my visa to be a qantas card instead of the Q Rewards I currently get which is practically useless.

 

[smit0847]

I was debating this with my best mate over lunch. He said if you receive your credit score/report monthly (ie a paid subscription service) every month that access is a mark against your score, and the agencies like Veda tell you not to actually check your score too often as it affects the actual score.

Is this correct? I thought accessing your own report/file/score wouldnt affect it at all?

 

[TomVexille]

I was debating this with my best mate over lunch. He said if you receive your credit score/report monthly (ie a paid subscription service) every month that access is a mark against your score, and the agencies like Veda tell you not to actually check your score too often as it affects the actual score.

Is this correct? I thought accessing your own report/file/score wouldnt affect it at all?

It shows up as file access, not as a credit enquiry