Veda Credit Scores and American Express Applications (esp Plat Charge)

[grounded]

Just received the following email from Veda.....

Changes to VedaScore
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Dear Grounded,

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.

 

[get me outta here]

There is another recent thread dealing specifically with the Veda email update changes.

 

[albyd]

Applied for Amex explorer this month and was bracing for a big drop in Veda (200 drop after Platinum charge app last year with only one other CC app). Score has dropped by a more 'reasonable' 60 points.

 

[koconder]

Applied for Amex explorer this month and was bracing for a big drop in Veda (200 drop after Platinum charge app last year with only one other CC app). Score has dropped by a more 'reasonable' 60 points.

Didnt realise Veda was in use. Other things to bear in mind:

- Try to apply during business hours as sometimes it might not verify fully in mad hours of the day an manual checks can take longer
- It seems there is a link with ATO tax statements on your details for confirming earnings, so applying a while after a recent tax return is a good idea if you are an expat like myself in Oz

 

[SOPOOR]

does anybody know how strict they are with incomes? and how much my score may drop with my situation
I dont have the required $65k persoanlly but can do it with "household income"

and I have a score of 750, 1 credit card, 2 home loans, no defaults, no card apps in 5 -10 years, always pay off the balance every month in 5 years, except once or twice where it was late by a few days

 

[Isochronous]

Didnt realise Veda was in use. Other things to bear in mind:

- Try to apply during business hours as sometimes it might not verify fully in mad hours of the day an manual checks can take longer
- It seems there is a link with ATO tax statements on your details for confirming earnings, so applying a while after a recent tax return is a good idea if you are an expat like myself in Oz

There's no way that Amex have access to tax data. Or do you mean that they ask for a copy of your tax statement as proof of income?

 

[Dr Ralph]

Applied for Amex explorer this month and was bracing for a big drop in Veda (200 drop after Platinum charge app last year with only one other CC app). Score has dropped by a more 'reasonable' 60 points.

I had no drop from my explorer application. Amex doesnt always use VEDA.

 

[albyd]

They've always used Veda for all my applications with no exception

 

[blueythecat]

does anybody know how strict they are with incomes? and how much my score may drop with my situation
I dont have the required $65k persoanlly but can do it with "household income"

and I have a score of 750, 1 credit card, 2 home loans, no defaults, no card apps in 5 -10 years, always pay off the balance every month in 5 years, except once or twice where it was late by a few days

As an applicant it is always hard to tell, but in all my AMEX applications 5+ now AMEX have never asked for a payslip (or anything as proof of income). They have always done a Veda check for me though.

Read into that what you will...

 

[Jaian]

48 point drop in my Veda score from my Explorer application last week

 

[annielee]

80 points drop from veda due to my explorer card application last 2 days

 

[burmans]

Just received the following email from Veda.....

Changes to VedaScore
​

Dear Grounded,

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.

Getting close now! Comprehensive Credit Reporting has been a long time in the making and I for one think this will be a very good thing for those who like to get CC signup promos (as long as they manage their card use carefully), so looking forward to it. My understanding is they only have two of the majors contributing data though.

 

[Dr Ralph]

My understanding is they only have two of the majors contributing data though.

Do you know who these are?

 

[burmans]

Do you know who these are?

I know one Veda chief says 25 lenders contributing 'positive' credit data

I strongly suspect its not CBA, CBA have the biggest set of their own data and hence are most reluctant to share.

Of the other 2, not sure, both WBC/ANZ have been working on this, it just depends on who is keenest and prioritised this highest over their many other projects.

 

[albyd]

Amex is contributing monthly to my report - shows all limits & payments. Quite detailed.

 

[TomVexille]

Amex is contributing monthly to my report - shows all limits & payments. Quite detailed.

They did on mine for a few months a while ago, before pulling that info and stopped contributing.

 

[burmans]

They did on mine for a few months a while ago, before pulling that info and stopped contributing.

Whether they are contributing and whether it shows on your report are not one and the same. My understanding is that Veda had some sort of a trial of CCR but one of the requirements of the Privacy Act is that if Veda provide info to customers and it "may" be used in assessment of your credit then a customer should see the same info. As far as I know this is regarded as an all or nothing requirement, ie Amex were probably not using the new info except for testing but because it been provided they must show on your report.

I'm very confident that Amex will be one of those contributing data as they will get considerable value from also getting the data back and one of the tenant of CCR is reciprocity, I..e you have to contribute CCR data to receive CCR data.

 

[DC3]

Amex is contributing monthly to my report - shows all limits & payments. Quite detailed.

They did on mine for a few months a while ago, before pulling that info and stopped contributing.

Similar to TomVexille. AMEX input showed on one quarterly Veda report, then deleted on the next one. No explanation in the Veda report. I did think it a bit odd at the time.

 

[TomVexille]

Whether they are contributing and whether it shows on your report are not one and the same. My understanding is that Veda had some sort of a trial of CCR but one of the requirements of the Privacy Act is that if Veda provide info to customers and it "may" be used in assessment of your credit then a customer should see the same info. As far as I know this is regarded as an all or nothing requirement, ie Amex were probably not using the new info except for testing but because it been provided they must show on your report.

I'm very confident that Amex will be one of those contributing data as they will get considerable value from also getting the data back and one of the tenant of CCR is reciprocity, I..e you have to contribute CCR data to receive CCR data.

I'm inclined to believe you

 

[SOPOOR]

As an applicant it is always hard to tell, but in all my AMEX applications 5+ now AMEX have never asked for a payslip (or anything as proof of income). They have always done a Veda check for me though.

Read into that what you will...

i wonder whether it depends on how much you declare, eg $65k, $75k or $100k+?