FAQ's

Important legal and compliance notice

Veda has been recently alerted to potential fraudulent activity where customers have been asked to send identity information to a specific fax number or they will be defaulted.

This is not normal Veda practice.  Veda will only ever request that individuals to provide us with a copy of their identification if they have requested a product or service from us.  Veda will only ever request this information in writing, expressly and never by a recorded telephone message.

The Veda Group operates a consumer credit bureau and as such holds consumer credit information. Veda does not list defaults on individuals. Default information is provided by credit providers who remain accountable for the accuracy of that information.

Individuals can (for a fee) monitor their credit file to check for any fraudulent behaviour by signing up to My Veda Alert. My Veda Alert sends you an email when specific changes are made to your credit file. This service attracts a fee of $79.95 for a 12 month subscription.

1. Credit File Basics

2. Understanding your credit file

3. Need to update information on your credit file?

4. Credit Application Refusal

5. Minimise the risk of ID Theft

6. Dispute Resolution

7. Opening My Credit File PDF Document

 


 

1. Credit file basics

Veda holds credit-related information which is primarily used by credit providers, such as banks, building societies, finance companies, telecommunications and utility companies, to assist them in assessing applications for credit.


Who has a credit file?

You may have a Credit file if you've used or applied for credit.


What's in your credit file?

Your credit file can include both consumer credit information, credit information and publicly available information.  Veda takes information from its databases and combines them into a credit report.

A credit file includes information about you such as

  • full name
  • date of birth and driver's licence
  • gender
  • residential addresses and employer information.

In addition, a credit file has 3 distinct sections. These are:

Consumer credit information which may include:

  •  credit applications made in the past five years relating to loans for household, personal or family purposes as well as for the purchase, renovation or re-financing of a residential investment property.
  • details of overdue consumer credit accounts

From 12 March 2014 additional "positive" information can be included in credit reports, including:

  • Type of credit account such as a credit card or personal loan
  • Account open date and close dates
  • Credit limit. This is the maximum amount of credit available to you for an account. If you accept a credit limit increase the new credit limit could be included on your credit history.
  • Monthly repayment history on credit accounts such as mortgages and credit cards. This will reflect whether you paid the minimum amount required on your financial commitments each month on time or not.

Please note it will take time for the new data to build up and we anticipate collecting this information over the coming months from credit providers. This means that this new data will not be reflected in your credit report immediately.

In addition, for the purposes of consumer credit reporting only, the following publicly available information is consumer credit information:

  • court judgements and court writs
  • directorship details
  • proprietorship details
  • bankruptcy, debt agreement and personal insolvency information.

Commercial credit information may include:

  • credit enquiries pertaining to applications for credit for commercial purposes
  • details of overdue commercial credit accounts

Public record information

When you get a copy of your credit report this information will form part of the consumer credit section of your report.

Download a sample credit file (pdf, 400kb)


How your credit file is started

Credit files may be created in a number of ways. These are:

  • as the result of an application for consumer credit
  • as the result of an application for commercial credit
  • as the result of information received by Veda from third parties such as the courts, who hold judgement information, AFSA, who holds bankruptcy information, ASIC who holds directorship information.

Obtain a copy of your credit file

It's a good idea to obtain a copy of your file from time to time so that you are aware of the information on your credit file and can request an amendment if you believe that any of the information may be incorrect.

For $69.95 including GST, we despatch a copy of your credit file within one working day via email, fax or mail.

Order now

You can obtain a free copy of your credit file within 10 working days in the following circumstances:

  • You can request a copy where a credit application was declined. You must apply within 90 days of the date you were declined;
  • You can request a copy if you have lodged a correction request and been advised that information on your file has been corrected;
  • You can request a copy once every 12 months.

Veda Alert service

You can also order our My Veda Alert Service which includes:

  • your credit file
  • 12 months of email alerts.

The Veda Alert service will email you when information is added or changed on your credit file. This can alert you, for example, that someone else may be using your identity to apply for credit (known as "Identity theft").

This service costs $79.95 for the full year's service and your credit file.

2. Understanding your credit file

How to read your credit file

Your credit file can contain the following information:

A credit file includes information about you such as

  • full name
  • date of birth and driver's licence
  • gender
  • residential addresses and employer information.

In addition, a credit file has 3 distinct sections. These are:

Consumer credit information which may include:

  • credit applications made in the past five years relating to loans for household, personal or family purposes as well as loans to purchase, renovate or re-finance a residential investment property.
  • details of overdue consumer credit accounts

From 12 March 2014 additional "positive" information can be included in credit reports, including:

  • Type of credit account such as a credit card or personal loan
  • Account open date and close dates
  • Credit limit. This is the maximum amount of credit available to you for an account. If you accept a credit limit increase the new credit limit could be included on your credit history.
  • Monthly repayment history on credit accounts such as mortgages and credit cards. This will reflect whether you paid the minimum amount required on your financial commitments each month on time or not.

Please note it will take time for the new data to build up and we anticipate collecting this information over the coming months from credit providers. This means that this new data will not be reflected in your credit report immediately.

In addition, for the purposes of consumer credit reporting only, the following publicly available information is consumer credit information:

  • court judgements and court writs
  • directorship details
  • proprietorship details
  • bankruptcy, debt agreement and personal insolvency information.

Commercial credit information may include:

  • credit enquiries pertaining to applications for credit for commercial purposes
  • details of overdue commercial credit accounts

Public record information

When you get a copy of your credit report this information will form part of the consumer credit section of your report.

 

Download a sample credit file (pdf, 100kb)


Overdue accounts

Overdue Accounts may be reported as a "payment default" or a "clearout".

Payment default

A consumer payment default is debt of $150 or more that is 60 days or more overdue. For example, if you have a telephone bill of over $150, and it was due more than 60 days ago, it could be listed on your credit file as a payment default. In the case of commercial credit the minimum default amount is $100.

Before listing a consumer default, the credit provider must sent a written notice requesting payment and sent another written notice advising you that the debt may be reported to a credit reporting body.

Potential credit providers may look unfavourably on applicants with a history of overdue accounts, so it's a good idea to avoid defaults getting onto your credit report. To do this, you need to ensure you pay your bills before they become overdue.

If an overdue account is listed on your credit report, the credit provider is required by law to update the listing, as soon as practical, once you've paid the overdue amount.

Generally speaking a payment default stays on your credit report for five years, even when you have paid the overdue amount. The fact that an account has become overdue and then been paid becomes part of your credit history.

Serious Credit Infringments and Clearouts

A serious credit infringement relates to circumstances where you owe a credit provider money but you have left or appear to have left your last known address without paying that debt and without providing the credit provider with your new address.  .
It means that, at the time of listing the person who owes the money could not be located despite attempts to contact them.

Before a consumer serious credit infringement the credit provider must have first listed a default, must have made a number of attempts to contact you and not had no contact from your for 6 months.

In the case of commercial credit clearouts, If you can't be contacted, the credit provider can immediately list the debt on your file as overdue, even if it hasn't been overdue for 60 days or more.  These will remain on your credit report for seven years regardless of whether they are paid or not.

Consumer serious credit infringements remain on a credit report for seven years from the date they're listed, however, if they have been paid they revert back to a default and will remain on the report for five years. The fact that an account has become overdue and then been paid becomes part of your credit history.


Payment Status - Current

If you have an overdue debt that you bring up to date, the credit provider must notify us that the debt is no longer overdue and can do this by updating the account's status as "current".

This means that, at the time your account was updated, your payments were up to date and the account was still open.

For example, you have a credit card account with $150 overdue, and an overall balance owing of $500. If you pay the $150, your file will show that account as "current", even though you still have credit card charges of $350.

 


 

Repayment History

If you pay your credit card or loan repayments more than 14 days past the due date this can be recorded on your credit report as part of your repayment history information as a late payment. This repayment history information is recorded on your credit report for a period of 2 years. Whilst one late repayment, depending upon how late the payment is, is unlikely to significantly impact your credit worthiness, a number of late payments could be an indication you are in financial stress and may negatively impact your credit report.

 


 

Credit rating/credit scoring

Veda does not hold a score or credit rating on your credit file. Nor does Veda make Veda does not hold a score or credit rating. A score is dynamically generated at a point in time and is often used by credit providers as part of their assessment process. Veda does not make recommendations about whether an application should be accepted or declined. If you want to find out your VedaScore check out our Your Credit and Identity packages here.

Some credit providers use scores as part of their credit risk assessment process. These scores may look at information on your application or your credit report or both. The score is, typically, used in conjunction with the credit providers own lending criteria.

Each credit provider, whether or not they use scoring, applies their own lending criteria when assessing applications for credit. That's why one credit provider may approve your application while another may decline it.

3. Need to update information on your credit file?

If you have obtained a copy of your file from Veda and a credit provider has recorded information that requires updating, Veda recommends that you first contact the credit provider and ask them to amend your credit file. You can find the contact details for most credit providers here at www.mycreditfile.com.au/contactdirectory.

As a credit reporting body, Veda is committed to taking such steps as are reasonable in the circumstances to ensure that the credit information we hold is accurate, up-to-date, complete, relevant and not misleading.  To facilitate this, Veda offers a free service whereby we will investigate the accuracy of disputed information upon receipt of a correction request from you.

If you need to lodge a correction request with Veda, please go to our Corrections page.

4. Credit Application Refusal

If your credit application has been refused

It's the credit provider's decision to accept or refuse your credit application. Veda does not make credit decisions or recommendations.

All credit providers have their own lending criteria and these are the basis for their credit decisions.

If you apply for consumer credit, that is, credit for household, family or personal purposes to purchase, renovate or refinance a residential investment property a credit provider must advise you if their decision to decline your application is based wholly or partly on information contained in your credit report.

If you are advised that you have been declined credit based wholly or partly due to information in your credit report, we recommend that you obtain a copy of your credit report.

For information on what to do if you have been declined credit visit our education section.

Order a copy of your credit file

5. Minimise the risk of ID Theft

Minimise risk of ID theft

One of the most common forms of credit fraud is when a person steals someone else's identity details and then uses these to get credit for themselves. This is called "identity theft". It is a crime.


What to do if your identity has been stolen

Report the problem

If you believe that someone may have used your identity details to fraudulently obtain credit you should take the following steps and act as quickly as you can (preferably immediately)::

  • Request a copy of your credit file to confirm that the information on the file relates to applications for credit that you have in fact made.
  • Contact any credit providers listed on your credit file to whom you have not applied for credit so that they can investigate and take appropriate and prompt action
  • Contact Veda (and other credit reporting bodies) to put a ban on your consumer credit information. The initial ban period is for 21 days and can be extended. This can help prevent fraudulent accounts being opened in your name. The ban period means that if a credit provider requests your credit report as part of an assessment of a credit application Veda cannot share it unless you have provided written consent or if it is required by law.  
  • contact the police and report the crime

Keep records of conversations

When dealing with these types of matters, keep notes of all the conversations you have, including:

  • names
  • contact number
  • the date you spoke
  • key details of the conversation.
  • ask questions

As you talk to people during this period, ask questions so you understand the process. Each credit provider may have their own processes for handling fraud. Note these requirements so you can comply.

Your files are investigated

The credit providers will then conduct their own investigations and notify us of the outcome. We can then remove any fraudulent information from your credit file.

To help reduce the chances of credit fraud happening to you, follow these simple steps:

  • know what is on your credit file - Order your credit file
  • Use MyVeda Alert to monitor your credit file so that you receive e-mail notification every time a credit application is made using your personal details. Order my Veda Alert
  • 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 confidential and separate from your card

6. Dispute Resolution

Veda's Dispute Resolution Process

Veda actively solicits feedback from customers and acknowledges a customer's right to complain. Veda handles correct requests and complaints in a fair and efficient manner.

What if I wish to make a complaint?
Individuals have the right to make a complaint to Veda about an act or practice of Veda's that you believe is in breach of the provisions of the Privacy Act.  To lodge a complaint please email; customercomplaints@veda.com.au

Veda will respond to your complaint within 7 days and advise you of how we will be dealing with your complaint.

 

7. Opening My Credit File PDF Document

Why is my PDF file password protected?

Your file contains important personal information that should not be accessed by anyone else without your permission. In order to help keep this information secure, Veda has password protected the file.

Why can't I open my file on my smartphone or mobile device?

The PDF attachment is designed for viewing through your computer. Some mobile devices are not compatible with password protected PDF files. To open your credit file you may need a PDF reader app which can be downloaded from your app store. The PDF app may provide the ability to open password protected PDF's. There are various apps available depending on mobile operating system. Please visit your app store to determine which app is best for you.

 

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