Another credit score update

Just had another credit score update

My current credit score on the Veda credit report is currently 382 points out of 1000. According to the graph that means I’m in the Lower 50% of NZers.

The score prior to that last month was 347. I gained 35 points when a five year old item dropped off the report.

When the score was 347 I was in the lower 20% of NZers.

Remember two years ago my credit report never had any defaults and the score then was 660. So in two years I’ve lost nearly half the score.

I don’t yet know how much the score will be affected when the age of the file rolls into another year. But even if the score stayed the same I can roughly calculate the outcome once all entries are removed. This is only a ball park estimate so don’t take it as gospel. But its an interesting exercise.

Currently my report has 13 entries. 6 are credit enquires to do with lending, 4 are general enquiries by banks who make enquires before a transactional account is opened. 3 are non payment defaults. Two of which are by banks and one that is by a debt collector.

So as each entry drops off five years after it was first listed I expect to gain around 35 points for each entry so 13 x 35 = 455 points I should gain assuming no other defaults or enquiries occur against it. Certainly the report will age but until I can test that I’ll leave it out.

The oldest entry to the most recent is Oct 2013 to Dec 2015. By December 2020 I estimate my Veda score to be 837 points and a clear report with no entries. I will post another update when I get the score once the report rolls into the new year.

I’ve had one bank so far that won’t open a transactional account because of the defaults listed.

So how many points do you lose when a default goes on your report? I lost 43 points. I don’t know if there is a difference between a bank listing a default or a collection agent.

I also don’t know if the amount of default makes a difference.

I’ve still got the permanent suppression in place. Placing that on didn’t appear to have affected the score but it does put up a barrier when I need to get a copy of my own credit report it takes two extra days and I have to send the pin number in.