www.privacy.gov.auHow long does it take for information on my file to be updated?
The amount of time taken to update information on your credit file can vary.
If a credit provider is updating an entry they have placed on your credit file, the maximum delay will be five working days from the time they notify Veda Advantage of the required update. Depending on the method used by the credit provider, the update may be completed much more quickly.
If you need Veda Advantage to update an entry for you, we will need you to notify us in writing. It is a good idea to also provide us with any documentation that may assist us eg proof of payment.
Once we receive your written request, our Public Access team will verify the information you have provided to us and then update your credit file accordingly.
Legislation allows us 30 days in which to complete this process; however most times a response is issued much earlier.
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What is my credit rating/credit score?
Veda Advantage does not hold a score or credit rating on your credit file.
Some credit providers may score or rate an application as part of the process to assess the risk involved in providing credit to you.
This technique involves building a score or credit rating based on the information you provide on the application form and the information held on your credit file.
Information supplied by you on your application form to the credit provider may, on its own OR in conjunction with the information that is held on your credit file determine that you did not meet their lending criteria.
Each credit provider applies their own rating or score to each item of information used in the credit decisioning process, so one credit provider may approve your application whereas another will decline it.
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How long is the information held in my credit file?
- Credit applications and enquiries and overdue accounts are held on your file for five years
- Overdue accounts listed as a payment default are held for five years
- Overdue accounts listed as a Clearout are held for seven years
- Bankruptcy Act Information is held on your file for seven years (prior to January 1998, Bankruptcy Act Information was held for five years)
- Court Judgments are held for five years
- Writs & Summons are held for four years
- Identity information, which includes name, date of birth, sex, drivers license, address history, and linked names (if any) are held for the life of the credit file. This information is used to distinguish the credit file from others held in the database
- Purge dates are calculated on the date the information was added to the file, and are based on the time limits provided in the Privacy Act 1988
- Files are scanned each month and out of date information is automatically purged to ensure the files are accurate.
NB: Even when an overdue account or clearout has been brought up to date or paid in full, it will not be removed from your file.
All payment default listings remain on file for five years from the date of listing. All clearout listings remain on file for seven years. The fact that an account has become overdue, and then been paid becomes part of your credit history.
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What do I do if the information on my credit file is incorrect or needs to be updated?
There are a number of situations that you could wish to rectify:
Overdue Account Details
- If you have an Overdue Account (Default) on your file that has been paid but has not been updated, then contact the credit provider listed and ask the credit provider to contact Veda Advantage. Your file will be updated within five days of the credit provider notifying us that the account is paid
- Should you discover an Overdue Account (Default) on your file which is not yours (you may not recall having an account with that company). Contact the Credit Provider and give them the reference number on your credit file so they can investigate the matter for you. If the credit provider confirms that the account is not yours, they will inform us so that we can remove it from your file.
Overdue Account Disputes
If you have an Overdue Account (Default) that you are currently disputing with the credit provider, complete and return your fully completed File Update Form plus full details of the dispute to our Public Access Team. The entry can then be marked ‘disputed’ until the matter is resolved.
Public Record Information
Your file may contain items on the public record such as:
- Judgement and Writ/Summons information obtained from the various Courts around Australia
- Bankruptcy/Part X/Part IX information obtained from the Insolvency and Trustee Service Australia (ITSA) in each state
- Directorship information obtained from the Australian Securities and Investment Commission (ASIC).
Should any of this information be incorrect, your reputation could be at risk.
You should complete and return the File Update Form provided with your credit file, plus proof to support your current situation, to our Public Access Team, who will update your file within 30 days.
Correcting or Updating Identity Information
If there is any information that is incorrect, such as an address or your date of birth, simply complete and return the File Update Form included with your credit file. We will ensure your details are updated.
Correcting Inaccurate Details
If you believe there are inaccurate details on your credit file, please contact the credit provider and give them the reference number on your credit file so they can investigate the matter for you. In addition you should also contact Veda Advantage’s Public Access Team on 1300 762 207.
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What is an Overdue Account (default)?
- An Overdue Account reported as a payment default is a debt of over $100 that is 60 days or more overdue.
- Payment Defaults may only be listed once steps have been taken to recover the whole, or any part of the amount. The credit provider must have requested the borrower, either in person or in writing, at their last known address to pay the outstanding amount
- Once the account is paid, or brought up to date the credit provider is obliged by law to amend the credit file to show that the overdue account has been paid. Payment Defaults remain listed on the credit file for five years, unless an investigation proves the overdue account was listed in error
- Potential credit providers may not look favourably on customers with a history of overdue accounts.
NB: Even when the overdue account has been brought up to date or finalised, it will remain on file. All payment default listings remain on file for five years from the date of listing. The fact that an account has become overdue, and then been paid becomes part of your credit history.
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What is a clearout?
A clearout is defined as a “confirmed missing debtor”.
- A credit provider must have made reasonable efforts to contact the debtor in person or in writing.
- The debt can be reported immediately – in these cases credit providers do not have to wait until payment is 60 days or more overdue before listing the debt on a file.
- These debts remain on file for seven years from the date of listing.
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What does "current" mean?
If you have an overdue repayment that you bring up to date, the credit provider may update the status of listing to “current”. What this means is that although you still have a balance outstanding with them, your payments are now up to date.
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What happens to the record of an overdue account on my credit file once the account has been brought up to date or paid?
Once the account is finalised, or brought up to date the credit provider is obliged by law to amend the credit file to show that the overdue account has been paid. Overdue Accounts recorded as a payment default remain listed on the credit file for five years while Clearout listings remain on the file for seven years.
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Can I have the record of an overdue account on my credit file removed?
An overdue account is only ever removed early from a credit file if it has been listed in error. If you do wish to dispute an entry on your file, please contact the credit provider directly. For information on how Veda Advantage can assist you please click on What do I do if the information on my credit file needs updating or amending? for advice.
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What is credit fraud?
One of the most common forms of credit fraud is committed by ‘stealing’ the identity of another individual. Someone obtains your identity details and uses them to obtain credit for themselves, leaving you with the potential liability for this debt, a damaged credit reputation and the inconvenience of amending your credit file.
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What should I do if someone has used my identity to obtain credit?
Credit fraud is a crime. If you believe that information held on your credit file has been caused by another individual fraudulently using your identity details:
- Obtain a copy of your credit file to confirm someone has used your identity
- Contact the police and report the crime
- Contact the credit providers involved and inform them of the fraudulent activity, otherwise they may hold you responsible for any bad debt incurred.
When dealing with credit providers keep notes of all the conversations you have, including names, contact number and the date you spoke. Also ask questions to ensure you understand the process as each credit provider may have their own processes for handling fraud.
The credit providers will then conduct their own investigations and notify Veda Advantage of the outcome. We can then remove any fraudulent information from your credit file.
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Can I protect myself against credit fraud?
Yes. To reduce the chances of credit fraud happening to you follow these simple rules:
- Know what is on your credit file – click here to order
- Use Veda Advantage’s My Veda Alert to monitor your credit file so that you receive e-mail notification every time a credit application is made using your personal details. Click here to order
- Sign all your new credit cards as soon as you receive them
- Store your cards and personal ID items in a secure place
- Shred any paperwork that contains your personal details or account details before throwing it away
- Contact your financial institution immediately if your cards are lost or stolen
- Keep your PIN (Personal Identification Number) confidential and separate from your card
- Don’t disclose your personal identification information to anyone.
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Do all credit providers that I make applications to check my file?
No. However, most credit providers considering applications for credit or the supply of goods and services where payment is deferred choose to do so to ensure their decision to approve or decline an applicant is sound.
It makes good sense that understanding an applicant’s past credit activities, gives credit providers a better assessment of the potential level of risk involved in approving an application for credit.
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Is a credit check related to the amount I want to borrow?
No. There is no dollar limit that triggers a credit file check. In fact applications for services such as electricity or mobile phones may even appear as zero; because the amount of the applicant’s potential monthly bill is unknown.
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Is the credit provider the only person to add information to my file?
No. Veda Advantage also sources information on public record including:
- Bankruptcy information from Insolvency And Trustee Service Australia (ITSA)
- Writs/summons and judgments from courts around Australia
- Directorship information from the Australian Securities and Investment Commision (ASIC)
- Proprietorship information from State Business Registries.
This information is downloaded directly from the database of the information holder directly into the Veda Advantage database.
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Who can access my credit file?
Under The Privacy Act (federal legislation that governs what information can be held and the length of time it can be held for) credit providers who you have applied to for credit, or goods and services where payment is deferred by a minimum of seven days may access your file.
The Privacy Act also lays down requirements for dispute resolution and the Security of information held. The Office of the Federal Privacy Commissioner also audits credit reporting agencies such as Veda Advantage to ensure compliance with the Act.
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Can credit providers access my file without my permission?
No.
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Who is Veda Advantage?
Veda Advantage Information Services and Solutions Ltd is a credit reporting agency, and Australia’s leading provider of credit reporting information. Our activities as a credit reporting agency are regulated by Federal legislation, the Privacy Act 1988. Our operations started in 1968 in Sydney, and until recently we were known as Baycorp Advantage and prior to that as Credit Advantage, Credit Reference Association of Australia, or CRAA. We have over 4000 subscribers including banks, finance companies, retailers, credit unions, building societies, credit/charge card issuers, telecommunication providers and a wide range of manufacturing, wholesale and service organisations.
The foundation of our services is our database, the largest single source of credit information in Australia . Our database contains more than 11 million consumer and 1 million commercial credit files. It includes records on the credit activity of Australian individuals, companies and businesses.
The credit data we hold is continually updated and is very detailed. It includes credit enquiries, default reports and available court judgments, writs and summonses, bankruptcy information, as well as information on the structures, directorships and proprietorships of companies and businesses.
It is our objective to keep our database as accurate and up-to-date as possible so that credit providers can make informed decisions based on reliable information.
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Is Veda Advantage the only source of credit file information?
No, but it is the largest. As such we hold records on over 13.5 million individuals and trading organisations in Australia & New Zealand.
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