Veda - go figure

[Lawrage]

Hi all,

So last year I went pretty hard on the credit card signups and come January I took a break from applying from any new cards. I do have a Veda account, not cause im worried about my score but more to see how each card affects it, whats recorded, whats not etc... A couple of weeks back I decided to logon and have a look at my Veda score again, see what 6-7 months of no activity would do to it, to my shock it was the same, 6 months straight of the same number, not even a single point up or down.

So I sent an email to Equifax to see what was up, maybe get an indication from then on why it hadn't moved an inch, a couple of days later I got a pretty long and detailed reply from them but one line of the email stuck out at went along the lines of "If you aren't applying for any credit then your score will not move".

Figured stuff it and applied for a new card 2 weeks back, Veda score email came in this morning and its up 21 points - go figure.

I am 100% convinced there is just some guy in their office who sticks his thumb in the air and guesses a number each month.

Anyway thats my story.
Lawrage.

 

[Strategic Aviation]

Don't know about Veda/Equifax, but my Experian score only changed (increased) after 12 months of inactivity. So it wouldn't surprise me to see no change in 6-7 months.

 

[WLGFlyer]

Hi all,

So last year I went pretty hard on the credit card signups and come January I took a break from applying from any new cards. I do have a Veda account, not cause im worried about my score but more to see how each card affects it, whats recorded, whats not etc... A couple of weeks back I decided to logon and have a look at my Veda score again, see what 6-7 months of no activity would do to it, to my shock it was the same, 6 months straight of the same number, not even a single point up or down.

So I sent an email to Equifax to see what was up, maybe get an indication from then on why it hadn't moved an inch, a couple of days later I got a pretty long and detailed reply from them but one line of the email stuck out at went along the lines of "If you aren't applying for any credit then your score will not move".

Figured stuff it and applied for a new card 2 weeks back, Veda score email came in this morning and its up 21 points - go figure.

I am 100% convinced there is just some guy in their office who sticks his thumb in the air and guesses a number each month.

Anyway thats my story.
Lawrage.

Veda only updates when you login. So if you don't login during a month, it doesn't record a score. They changed their system a while back so you probably don't have a starting score with them, ergo your current and previous scores are all the same. It should say something to that extend in the fine print.

 

[get me outta here]

Equifax is reported to "may" have been hacked exposing 143 million including all their personal ID info. NYTImes

 

[n7of9]

Equifax is reported to "may" have been hacked exposing 143 million including all their personal ID info. NYTImes

I haven't checked it myself, but people on Twitter are saying that if you access a link that will tell you if your details were compromised, you first need to agree to waive your rights to joining any class action. I don't know if that would be valid for Aus residents, but man that's dodgy!

 

[OzEire]

I haven't checked it myself, but people on Twitter are saying that if you access a link that will tell you if your details were compromised, you first need to agree to waive your rights to joining any class action. I don't know if that would be valid for Aus residents, but man that's dodgy!

Advice (in US) seems to be that the clause cited by Equifax re. waived rights is not lawful and will have no effect if tested in court.

Further, a journalist logged in to the webform to check Mr Testtest account 12345678, and the response said the account details may be compromised. In other words, even equifax's response to the crisis has been dodgy.

I'd just like to know if the Veda data (acquired by Equifax when the acquired Veda) was included in the Equifax breach, or was it stored separately?

 

[Finale]

No application since Oct last year (mortgage). The score went up in Feb and Mar and then stayed the same for a few months and went down this month . Cancelled the subscription.

 

[Steady]

Interesting

 

[moa999]

So is it good to apply or not apply for credit??

 

[Dr Ralph]

So is it good to apply or not apply for credit??

Good!

 

[andye]

No application since Oct last year (mortgage). The score went up in Feb and Mar and then stayed the same for a few months and went down this month . Cancelled the subscription.

This could still happen with old negative (loans CCs) or positive (home loans) dropping off of the 5 year (or shorter periods) lookback
I find my veda usually makes sense

 

[burmans]

So is it good to apply or not apply for credit??

Bad in terms of your credit score but my experience is that only marginally so, once you already have a few.

 

[deebens]

My veda is barely good. My Experian is almost excellent.

 

[im.daniel]

My veda is barely good. My Experian is almost excellent.

Strangely enough, mine is the opposite. Experian is OK, Equifax is great!

 

[burmans]

Strangely enough, mine is the opposite. Experian is OK, Equifax is great!

This is an example of what they call information asymmetry.

 

[deebens]

All my credit applications are listed at experian. No idea what's listed at veda, but before I started churning it was in the very good.

Not sure to wait before applying for another card or keep rolling.

 

[Lawrage]

Just an update on this, applied for another CC last month and this month I am again up 19 points.

To recap 6 months of no CC applications - score remained the same
Applied for 1 CC and the following month score went up
Applied for another CC the next month and the following month score went up again

 

[Skyhawk]

I can't figure out why some Equifax reports give a score, whilst others don't. My mortgage broker got one which gave me a score. I applied for the annual free one and there's no score given. The former also displays a coloured spectrum going from red (high risk) to green.