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 $51.95 for a 12 month subscription.
- Who has a credit file?
- What's in your credit file?
- How your credit file is started
- Veda Alert service
2. Understanding your credit file
- How to read your credit file
- Overdue accounts
- Payment Status - Current
- Payment default
- Clearouts
- Credit rating/credit scoring
3. Updating Information on your credit file
- Personal Details
- Court Judgement or Writs & Summons information
- Bankruptcy Act Information
- Overdue Accounts
- Credit Application or Credit Enquiry
- Directorships or Proprietorships
- How long does it take for information on my file to be updated?
- How long is the information held on my credit file?
5. Minimise the risk of ID Theft
7. Opening My Credit File PDF Document
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.
You may have a Credit file if you've used or applied for credit.
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 domestic purposes.
- information that a credit provider is a current credit provider, that is, you have a current credit relationship with that credit provider (e.g. a credit card, home loan etc)
- details of overdue consumer credit accounts
Commercial credit information may include:
- credit enquiries pertaining to applications for credit for commercial purposes
- details of overdue commercial credit accounts
Public record information may include:
- court judgements and court writs
- directorship details
- proprietorship details
- bankruptcy information.
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 or commercial credit
- as the result of information received by Veda from third parties such as the courts, who hold judgement information, ITSA, 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 $41.95 including GST, we despatch a copy of your credit file within one working day via email, fax or mail.
Alternatively, if your request for access to your credit file relates to the refusal of an application for credit or is otherwise related to the management of your credit arrangements then you are able to request a free copy. We can despatch a free copy of your credit file within 10 working days of receipt of your request.
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 $51.95 for the full year's service and your credit file.
2. Understanding 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 domestic purposes.
- information that a credit provider is a current credit provider, that is, you have a current credit relationship with that credit provider (e.g. a credit card, home loan etc)
- details of overdue consumer credit accounts
Commercial credit information may include:
- credit enquiries pertaining to applications for credit for commercial purposes
- details of overdue commercial credit accounts
Public record information may include:
- court judgements and court writs
- directorship details
- proprietorship details
- bankruptcy information.
Download a sample credit file (pdf, 400kb)
Overdue Accounts may be reported as a "payment default" or a "clearout".
A payment default is an account of $100 or more that is 60 days or more overdue. For example, if you have a telephone bill of over $100, and it was due more than 60 days ago, it could be listed on your credit file as a payment default.
Payment defaults can only be included on your credit file if the credit provider has tried to recover some or all of the overdue amount. This means that they have asked you, either in person (including over the phone) or in writing to your last known address, to pay the outstanding amount.
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 file. To do this, you need to ensure you pay your bills before they become overdue.
If an overdue account is listed on your credit file, the credit provider is required by law to update the listing, as soon as practical, once you've paid the overdue amount.
A payment default stays on your credit file 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.
A clearout is also sometimes called a "confirmed missing debtor".
It means that, at the time of listing the person who owes the money could not be located despite attempts to contact them.
Before you can be listed as a clearout, the credit provider must make reasonable efforts to contact you, either in person (including over the phone) or in writing your last known address, to pay the outstanding amount.
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.
Clearouts remain on file for seven years from the date they're listed, 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.
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 $100 overdue, and an overall balance owing of $500. If you pay the $100, your file will show that account as "current", even though you still have credit card charges of $400.
Veda does not hold a score or credit rating on your credit file. Nor does Veda make recommendations about whether an application should be accepted or declined.
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 file 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. Updating information on your credit file
Depending on the entry requiring updating or amending, please refer to the information below. If you are required to advise Veda of the update or amendment required, it must be in writing. Please forward details to:
Veda - Investigations
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Mailing Address: |
PO Box 964, North Sydney, NSW 2059 |
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Fax: |
02 9278 7333 |
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Email: |
If your Personal Details are not accurate please advise us by completing the Update Details Form and forward along with any supporting documentation to Veda. If further verification of the supporting documentation is not required, we will amend the entry within 5 working days and forward you a copy of your amended credit file. If verification is required, please allow us 30 days to respond to you. Please note that your address history on your credit file is not a chronological list of addresses you have lived at. Addresses and your Employers name are added to your credit file by a credit provider in conjunction with a credit application you have made with them. Veda does not add addresses or current employer details to credit information files.
Court Judgement or Writs & Summons information
If Court Judgement or Writs & Summons information is not up to date on your credit file, please advise us by completing the Update Details Form and forward along with evidence of payment so we can update the entry to reflect "paid in full" or "settled". If a writ or summons was defended, we will remove the entry from the file if we are provided with a copy of the notice stamped by the court. If a court judgement has been set aside, struck out, discontinued or dismissed and we receive documented proof of such, also stamped by the court, we will remove the judgement from the credit file. If further verification of the supporting documentation is not required, we will amend the entry within 5 working days and forward you a copy of your amended credit file. If verification is required, please allow us 30 days to respond to you
If Bankruptcy Act Information is not up to date on your credit file, please advise us by completing the Update Details Form and forward along with supporting documentation. If further verification of the supporting documentation is not required, we will amend the entry within 5 working days and forward you a copy of your amended credit file. If verification is required, please allow us 30 days to respond to you.
If an Overdue Account on your credit file has been paid but has not been updated, then contact the credit provider listed and ask them to contact Veda to update their entry. Your credit file will be updated within five days of the credit provider notifying us that the account is finalised. If you are unable to make contact with the credit provider, please advise us by completing the Update Details Form and forward along with evidence of payment so we can update the entry. We will verify the information with the credit provider and advise you of the outcome within 30 days along with providing you with a copy of the amended file. Even when an overdue account has been brought up to date, paid in full or settled, it will remain on file. However, its status is updated to current, settled or paid. The fact that an account has become overdue and has since been paid becomes part of your credit history.
Credit Application or Credit Enquiry
If a Credit Application or Credit Enquiry on your credit file is inaccurate, please contact the credit provider listed and ask them to contact Veda to amend their entry. Your credit file will be updated within five days of the credit provider notifying us of the amendment required.
Directorships or Proprietorships
If public record information such as Directorships or Proprietorships is not up to date please advise us by completing the Update Details Form and forward to Veda. We will verify the information with the source and advise you of the outcome within 30 days along with providing you with a copy of the amended file.
How 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 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 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 earlier.
How long is the information held on 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.
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, domestic or personal use, a credit provider must advise you if their decision to decline your application is based wholly or partly on information contained in your credit file.
If you are advised that you have been declined credit based wholly or partly due to information in your credit file, we recommend that you obtain a copy of your credit file.
Order a copy of your credit file
5. Minimise the 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
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 the police and report the crime
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.
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 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. 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
Veda's Dispute Resolution Process
If you dispute any information on your credit file, you have the right to have a note placed on the file stating your reason for dispute. This note will be made available to all subsequent enquirers who access the disputed listing.
VISS actively solicits feedback from customers and acknowledges a customer's right to complain. To assist us in helping you, we ask you to follow a simple three-step process.
Step 1 - If the complaint is in regards to information in your credit file, obtain a copy of your credit file so you can check the accuracy of it. If your complaint is not in regards to your credit file, please contact our Customer Service Centre on 1300 762 207.
Step 2 - Next, follow the directions in updating information on your credit file
Step 3 - Once you receive a response from Veda, if the matter hasn't been resolved to your satisfaction, please contact our Customer Relations Team.
You may contact Customer Relations by writing to:
Veda - Customer Relations
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Mailing Address: |
PO Box 964, North Sydney, NSW 2059 |
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Fax |
02 9278 7333 |
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Email: |
A complaint can be lodged with Customer Relations orally or in writing via letter or email. Veda will acknowledge all complaints received within 5 working days of receipt. Acknowledgement will be by a phone call or letter, and you will be provided with the name and contact details of the officer who will investigate your case.
Our aim is to respond to your complaint within 10 working days, however in some instances we ask you to allow us 30 days for our decision. Where is has not been possible to complete the complaints review process within 30 days, we will notify you by phone or in writing of the reasons for the delay and provide an extension target date for resolution.
If you are not happy with the decision Veda has made about the complaint, then you may choose to take the matter to an External Dispute Resolution (EDR) with either the Financial Ombudsman Service (FOS) or the Office of the Australian Information Commissioner (OAIC)
Further details of the FOS scheme are available at www.fos.org.au, their contact details are as follows:
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Mailing Address: |
GPO Box 3, Melbourne Vic 3001 |
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Phone: |
1300 78 08 08 |
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Fax: |
03 9613 7345 |
Customers may choose to raise a complaint directly with the OPC. Contact details are as follows:
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Mailing Address: |
GPO Box 5218, Sydney NSW 2001 |
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Phone: |
1300 363 992 |
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Fax: |
02 9284 9666 |
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.