Veda Credit Report - Help understanding and what to do?

[yeesa013]

So I have just had my veda credit file emailed to me and i am super confused by it...
First off they have my middle name wrong and an error in address - which i can see is easily fixed...

But can someone explain:

• Credit enquiries - this is how many times I've applied for credit right? I have things going back to 2011 on this and for things i have closed, but they stay on my report? So i had a car loan back in 2011 and it was paid and full and closed, but still shows up?

• Consumer credit liability accounts: 2

• Financial account: Lists 2 of my 3 credit cards on here

• Consumer Credit Information: 11 different ones dating back to 2011 (most of which are closed off or are current and includes my one declined loan for ANZ - they said it wasn't my credit file, it was i wasn't in the country long enough)

• File Access: 11 times. HSBC checked every month? Account management - credit access

Is this ok? Does this bring my score down?

I have no defaults, late payments or black marks etc.

Ive had my score back and it says 550 "average" (i assume from the fact, i have just come back to AUS after 2 yrs away, been back 4 months and am setting myself up again, so a lot of credit activity from vodafone/utilities etc?) Also, my credit score with Veda is just "average" but with Experian its 800 "very good" and this report has all three of my credit cards listed....

Im not sure what to read from all this and I can't decide if I'm ok or not?!

I want to consolidate all credit cards ($10K total debt) onto a balance transfer, either one ANZ 0% credit card or 0% Citibank and consolidate, but not sure if i should or not. I can afford to wait as I'm not desperate for it, i just want to make my life a little easier with one payment per month and save on interest, but I'm a little unsure if i should bite the bullet and do it or wait another few months.

Im in a good paying job with savings each week for the rainy day and can still have a life while servicing debt off slowly.

Please help me understand this amazing people!

Whats your advice?

 

[coles525]

So I have just had my veda credit file emailed to me and i am super confused by it...
First off they have my middle name wrong = Contact Veda and ask them to fix it. Would likely ask for proof.

and an error in address - which i can see is easily fixed... = error as in 250 Bong Bong Road / 195 Bong Bung Boulevard?

But can someone explain:

Belows answer: general credit applications / rejections usually stay on file for 5 years from the date of application.

[*]Credit enquiries - this is how many times I've applied for credit right?

Correct.

I have things going back to 2011 on this and for things i have closed, but they stay on my report? So i had a car loan back in 2011 and it was paid and full and closed, but still shows up?

5 years usually (unless black listed/defaulted)



*Consumer credit liability accounts: 2



*Financial account: Lists 2 of my 3 credit cards on here

Noy all banks/providers show currently open accounts.


[*]Consumer Credit Information: 11 different ones dating back to 2011 (most of which are closed off or are current and includes my one declined loan for ANZ - they said it wasn't my credit file, it was i wasn't in the country long enough)

No matter the reason: 5 years it will stay on credit file. Bank was correct with their answer.


*File Access: 11 times. HSBC checked every month? Account management - credit access

HSBC are scared, so they never stop checking that you are still a good risk for them to allow! (Other providers do this also)

Is this ok? Does this bring my score down? No it doesn't .

No defaults, late payments or black marks etc. = 5 years only.

Ive had my score back and it says 550 "average" (i assume from the fact, i have just come back to AUS after 2 yrs away and am setting myself up again, so a lot of credit activity from vodafone/utilities etc?)
Also, my credit score with Veda is just "average" but with Experian its 800 "very good" and this report has all three of my credit cards listed....

Im not sure what to read from all this and I can't decide if I'm ok or not?!

Your fine.

 

[andye]

I received an email today saying that my paid veda account had been cancelled. I hadn't received a reminder to renew or made a request to cancel.
Couldn't get much sense out of the call-centre who seemed to think I must have selected a 1-year only option when I signed up.
Anyway, thier loss as I'll hold off renewing until I expect to be applying for CCs again (had a bit of a hit over last 2 months)

 

[Freq Flier 2013]

I received an email today saying that my paid veda account had been cancelled. I hadn't received a reminder to renew or made a request to cancel.
Couldn't get much sense out of the call-centre who seemed to think I must have selected a 1-year only option when I signed up.
Anyway, thier loss as I'll hold off renewing until I expect to be applying for CCs again (had a bit of a hit over last 2 months)

While I understand that credit scores are interesting why in the world would some one sign up for such a service? You can get 1 report for free each year or so..?
I'm just curious.

 

[andye]

While I understand that credit scores are interesting why in the world would some one sign up for such a service? You can get 1 report for free each year or so..?
I'm just curious.

Over the last year I've gained a much clearer idea about how my score changes monthly (and how quickly) after applying for CCs, lease etc. It has been useful for me to confidently take advantage of various offers of points and 0% balance transfers. I may or may not sign up again in the future

 

[JohnK]

While I understand that credit scores are interesting why in the world would some one sign up for such a service? You can get 1 report for free each year or so..?
I'm just curious.

People seem to feel there is benefit in knowing your credit score.

Hoping my apartment sells quickly and then time to play catch up with as many credit card applications as possible for cheap points. Don't care what Veda thinks.

 

[burmans]

People seem to feel there is benefit in knowing your credit score.

Hoping my apartment sells quickly and then time to play catch up with as many credit card applications as possible for cheap points. Don't care what Veda thinks.

You may start to care when you get your first decline come through!

 

[JohnK]

You may start to care when you get your first decline come through!

I had a decline a number of years ago from ANZ of all banks. It was a Qantas branded card. They approved me for a basic credit card not long after.

It would be nice to know my credit rating but I am not paying to find out. I am hoping my good record with mortgages and credit cards for 25+ years will get me through.

 

[burmans]

I am hoping my good record with mortgages and credit cards for 25+ years will get me through.

This assumes that the record Veda has on you is actually correct. There is plenty of evidence to suggest that a fair percentage of credit reports are wrong, though some in ways that wont necessarily affect your credit rating.

I agree about paying, I got the Veda score extremely cheaply last year through a discount but haven't continued now that's not on offer. But I do think my credit report and score is important so leverage the free report and score facilities available.

 

[JohnK]

This assumes that the record Veda has on you is actually correct. There is plenty of evidence to suggest that a fair percentage of credit reports are wrong, though some in ways that wont necessarily affect your credit rating.

I don't know what Veda has about me. I got a free credit report many years ago and it was boring with a lot of information missing. I couldn't get a credit rating earlier this year/late last year as it did not recognise me. Suspect it's due to having 2 dates of birth.

I was more referring to my relationship with each of the credit providers.

 

[Pele]

Gday

A couple of people have asked what the value of a Veda subscription is and why would you pay for it. For me it's:

- being sent an alert when there is a credit application in my name. I believe i am more likely to be have my identity stolen(and used for malicious purposes) then being pick pocketed whilst at the shops. It will do a lot more damage then losing my wallet too.
- being able to ensure that the information on my credit file is indeed accurate as inaccuracies could be mighty inconvenient when you apply for a mortgage and get rejected.
- being able to manage your credit score and be aware of how many points a credit card application will knock off your score and for how long. This is a useful but secondary benefit compared to the above two items.

For comparison sake i bought a subscription in May. My score was 672. I applied for and was approved for an ANZ credit card in June. In July my score dropped to 642. It stayed there for three months and then in October it went up to 687, November to 710, December to 719.

In terms of Comprehensive Credit reporting. From November onwards the Amex issued Amex cards i have are the only ones which have showed up with credit limits information and repayment history.

In terms of file access- Amex and Virgin Money have a look at my file every month. ANZ, Westpac, and CBA never.

Pele.

 

[Moopere]

People seem to feel there is benefit in knowing your credit score.

Hoping my apartment sells quickly and then time to play catch up with as many credit card applications as possible for cheap points. Don't care what Veda thinks.

Yes, I am the same. I have never checked and I don't find myself caring. That view might change if I wanted another home loan or something similar, but with no such requirement on the horizon I just keep my various cards as long as they provide benefit, always making sure I have at least one VISA/MC type available, and just apply for new ones whenever bonii are offered.

I've had my fair share of declines over the years (Macquarie anyone? Even Citi once !!!), but, aside from perhaps a little disappointment at losing out on a bag of 'freebie' points, it doesn't seem to matter a jot. My income has remained pretty stable for 10 years or so, but I'm by no stretch of the imagination a high income earner - this year I've had a huge windfall of points come in and some ridiculously high default limits set on new cards. I really wonder how much the Veda score actually counts towards CC applications???

 

[Rallo]

Yes, I am the same. I have never checked and I don't find myself caring. That view might change if I wanted another home loan or something similar, but with no such requirement on the horizon I just keep my various cards as long as they provide benefit, always making sure I have at least one VISA/MC type available, and just apply for new ones whenever bonii are offered.

I've had my fair share of declines over the years (Macquarie anyone? Even Citi once !!!), but, aside from perhaps a little disappointment at losing out on a bag of 'freebie' points, it doesn't seem to matter a jot. My income has remained pretty stable for 10 years or so, but I'm by no stretch of the imagination a high income earner - this year I've had a huge windfall of points come in and some ridiculously high default limits set on new cards. I really wonder how much the Veda score actually counts towards CC applications???

I currently am starting to wonder if its worth it I recently made a mistake with a credit application with two hits on my Veda score with it dropping nearly two hundred points in two days due to a mistake ,I have now gone from a very good proposition to average bordering on low.
I have never defaulted and credit history is good all it give me at the moment is grief wondering about the score guess i am lucky at the moment a with the lack of boni I don't need to sign up for any credit cards soon.

 

[get me outta here]

Rally, pretty brutal decline in the your score. I have applied for a few cards over the last couple of years and each time it's only gone down and then up again by a few points. I got a special offer and signed up for year, and each time there is an enquiry I get a message, and so far that's only corresponded with my credit card applications. I like the security of knowing if there is anybody trying to access my credit.


That, and quickly checking my credit cards every day means so far so good.

 

[Duffa]

IMHO the Veda system is a pretty crude tool
Have just been turned down for the Silver Donut... I enquired why.... bad Veda score
My son has just been approved for Qantas Amex with generous limit..... obviously good Veda score
He is a student - seasonal worker with zero assets other than a PS4 and an iPhone 6. I earn 20x his income, have no debts, no mortgage, cc's paid in full each month.
He gets a card and I can't. Go figure.

 

[get me outta here]

I have never had any problems applying for a card, except the donut. They were weird.

IMHO the Veda system is a pretty crude tool
Have just been turned down for the Silver Donut... I enquired why.... bad Veda score
My son has just been approved for Qantas Amex with generous limit..... obviously good Veda score
He is a student - seasonal worker with zero assets other than a PS4 and an iPhone 6. I earn 20x his income, have no debts, no mortgage, cc's paid in full each month.
He gets a card and I can't. Go figure.

 

[marki]

App on iPhone playing up ......

Had similar issues with Veda despite being a good CC customer with nil debts

 

[Duffa]

I have never had any problems applying for a card, except the donut. They were weird.

Me too. But I had the donut in 2013 for about 20 months including a paid 2nd year! Thought I'd go back this year but, "No thank you....."