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 $59.95 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. Need to update information on your 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 $49.95 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 $59.95 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. Need to update information on your credit file?
If a credit provider has recorded information on your credit file that requires updating, or you believe is incorrect, 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 on our website at www.mycreditfile.com.au/contactdirectory. As a credit reporting agency, Veda takes reasonable steps with respect to the accuracy of the personal information it holds. To facilitate this, Veda offers a free service whereby we will investigate the accuracy of disputed information upon receipt of a written request from you.
What we require
- Your PAS reference number
- Full name
- Date of birth
- Current address
- Previous address
- Driver's Licence number
- Contact number
- Email or mailing address
- Details of the specific entry that is being disputed
- Any supporting documentation that supports your request
Veda will provide a response to you within 30 calendar days.
How to submit your request
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Email: |
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Fax: |
02 9278 7333 |
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Mail: |
PO Box 964, North Sydney NSW 2059 |
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
Veda actively solicits feedback from customers and acknowledges a customer's right to complain. Veda endeavors to ensure complaints are handled in a fair and efficient manner. 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 (Opening hours: Mon-Fri, 8.30am-5pm EST).
Step 2 - Next, if the complaint relates to an enquiry or overdue listing by a credit provider, contact that credit provider, otherwise, follow the directions for updating information on your credit file in Question 3 above.
Step 3 - Once you receive a response from Veda, if the matter hasn't been resolved to your satisfaction, then you may choose to take the matter to an External Dispute Resolution (EDR) scheme with either the Office of the Australian Information Commissioner (OAIC) or with the Financial Ombudsman Service (FOS).
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.
