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credit record

What is credit history ?


The Credit history of most individuals and companies is maintained by two main companies Veda Advantage and Dun & Bradstreet (Australia) Pty Ltd . Different government and private authorities report, share and retrieve information.


This information benefits everyone to resolve following:

1. Identity Verification

2. Credit application fraud

3. Identity fraud

4. Insurance fraud.

5. Credit worthiness based on details of the contents of the report.


Lenders usually do a credit check as part of their application process to verify everything before providing credit to a potential borrower.
A credit file is created for an individual or entity the first time when they apply for any type of credit or loan from any author

credit history credit score

How can I obtain my credit file ?


You can order your credit file online using the following link for required cost and receive the file within 24 hours.

http://www.veda.com.au/personal/my-credit-file.dot

Or you can also get a free report by post within 10 working days.


We can also arrange your credit report instantly for a minimum cost. The inquiry by us usually is not reported as a loan query so does not create adverse effect on credit score. You can also know your current credit score from the credit report collected by us using agent access..





TFG%20Credit%20Check%20Authorisation%20Form%2021-12-2011.pdf


 Please sign the above credit check authorization form and contact us to know your present credit score.


What is reported on the credit file ?


Credit file report a list of following entries

Please find a sample individual credit report here. Sample%20Credit%20Report%20Before%20Credit%20Repair%20started%20-%20see%20low%20credit%20score%20and%202%20defaults.pdf 

1 Name and name change of individual. Date of birth, driving license number are used for tracking and identifying the report and cross references.
 2History of change in address usually reported by the authority every time anyone apply for any credit using a new address.
3

In a same way the history of employment also shows with the date it has been reported.

4

All credit inquiries are classified into 2 main category, consumer and commercial.

 5

Any loan or credit application to any authority reported under consumer or commercial inquiries depending on the type of loan.

 6

Each credit query reports date of application, borrower detail, amount applied, the company name also the date when the query will be removed from the file ( usually after 5 years)

 7

Any default or judgment under consumer and commercial credit reported separately with, date of listing, company name, amount due, if paid it shows the date of payment as well. If the credit handed over to any third party for collection, it also appear on the listing. Judgment and bankruptcy reports are basically appears on the public access section of the credit file.

 8

For existing credit provider every time they access the client's file for review, it creates a file access entry on the report. On the file access section it also appear if the person collect the report by him self for review.

 9If any accredited company or broker do a credit check as an agent, it also appear on the file with date and company name.
 10The file also reports proprietorship information, current and previous directorship information with date, name and ABN number.
 11Based on all reported entries the file display a summary of all information like total number of consumer inquiries and commercial inquiries, number of inquiries in past 12 months, number of paid, unpaid default, court judgment as well as bankruptcy issues.
12

The report also generate a credit score based on overall information reported on the file.

 13 In addition a company credit file also shows the organization structure.

How long an entry will remain on the credit file ?

All loan queries and defaults remain on the credit file for minimum of 5 years. The report also shows the date when the listing will be removed. Serious infringement for any loan and bankruptcy or part 9 reporting remain on the file for 7 years. 


Why credit file is important to get a loan ?

Lender usually contact all parties to verify the entries on the credit report before they approve any loan. Lender can find out fraud issues, undisclosed credit issues and other relevant information using the credit file. As a result credit file is very important to understand clients overall situation that is not disclosed on the loan application.