- Who has a credit report?
- What's in your credit report?
- How your credit record is started
- Veda Alert service
- How to read your credit report
- Overdue accounts
- Payment Status - Current
- Payment default
- Serious Credit Infringements
- Repayment history
- Credit rating/credit scoring
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. The information is also used by mortgage insurers and trade insurers.
You may have a Credit file if you've used or applied for credit.
Your credit report can include both consumer credit information, commercial credit information and publicly available information. Veda takes information from its databases and combines them into a credit report.
A credit report includes information about you such as
- full name
- date of birth and driver's licence
- residential addresses and employment information.
Consumer credit information which may include:
- credit applications, known as enquiries, 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 and serious credit infringements
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 relating to commercial credit and financial risk
- details of overdue commercial credit accounts and other debts
Note: Commercial credit information, where available is included in both free and paid reports although individuals do not have a right to access that information free of charge.
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 report (pdf, 345kb). You will need to use the password 17121966 to open.
Credit records may be created in a number of ways. These include:
- as the result of a consumer enquiry made by a credit provider, mortgage insurer or trade insurer e.g. when you make an application for credit with a lender.
- as the result of a commercial credit enquiry made by a credit provider or an organisation conducting a financial risk assessment
- as the result of information received by Veda from third parties such as the courts, who hold judgement information, AFSA, who holds personal insolvency information, ASIC who holds directorship information.
It's a good idea to obtain a copy of your report from time to time so that you are aware of the information on your credit report 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.
You can obtain a free copy of your credit file within 10 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.
You can also order our My Veda Alert Service which includes:
- your credit report
- 12 months of email alerts.
The Veda Alert service will email you when information is added or changed on your credit report. 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 report.
There are three types of overdue accounts as described below:
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.
Before listing a consumer default, the credit provider must take a number of steps including sending a notice to your last known address requesting payment and sending another separate notice stating that the debt may be listed with a credit reporting body.
In the case of commercial credit the minimum default amount is $100. Before listing commercial defaults or overdue debts commercial credit providers or their agents must send a notice to your last known address stating their intention to list the default amount with a credit bureau.
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.
Both cosumer and commercial payment defaults stay 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.
The term serious credit infringement relates to consumer overdue debts where the individual owes a debt to a credit provider but has left or appears to have left their last known address without paying that debt and without providing the credit provider with their new or forwarding address and the individual has not had contact with the credit provider for 6 months or more despite attempts by the credit provider to contact them.
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 5 years. The fact that an amount has become overdue and then been paid becomes part of your credit history.
In the case of commercial credit clearouts, if you can't be contacted and it appears to the credit provider tha you have left your last known address and you have not provided the credit provider with a forwarding address, they can immediately list the debt on your report as a clearout, even it hasn't been overdue for 60 days or more. These commerical clearouts will remain on your credit report for seven years regardless of whether they are paid or not.
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 report will show that account as "current", even though you still have credit card charges of $350.
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.
Veda does not hold a score or credit rating on your credit report or on its database. Scores are dynamically generated at a point in time and are 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.
If you have obtained a copy of your report 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.
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.
If you have been declined credit in the last 90 days order a copy of your credit report here.
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.
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
When dealing with these types of matters, keep notes of all the conversations you have, including:
- 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 record.
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 report
- Use MyVeda Alert to monitor your credit report 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 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 a breach of the Privacy Act 1988. To lodge a complaint please email; firstname.lastname@example.org.
Veda will acknowledge receipt of your complaint within 7 days and advise you of how we will be dealing with your complaint.
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.
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.