I believe Veda are the only credit reporting company that provide an actual credit score to its subscribers. (subscribers being creditors, banks etc)
The other two only offer credit reporting only.
The banks and other lenders may have their own internal scoring system.
Banks can refuse a person even becoming a customer if their Veda score is too low.
The ways to increase a credit score is 1. The passage of time. 2. Entries falling off the report after 5 years. 3. defaults being changed to a disputed status, 4. correction of some errors.
Things that do not affect your credit score at all 1. reducing your credit card limit. 2. Obtaining a copy of your own credit report.
Things that decrease the score. 1. Any subscriber to Veda eg banks, utility company etc that does a credit check against you. 2. Applying for credit card limit increases. 3. Filing an online credit application regardless of whether its accepted or not 4. A statement of correction you the debtor wishes to place on your own credit file. 5. Any default even if marked as disputed. 6. Court judgements and insolvencies including any company you may be a director of. 7. Errors made by others outside of your control. 8. The age of the credit file.
What about comprehensive reporting. This is a block graph that subscribers can see, where entries are made against you for every month you should be paying back your loan or credit card. If you are more than one day late in paying that month’s credit card payment it will be a negative strike against you. I don’t yet know whether the entry on the graph affects the credit score or not.
Is Veda’s current credit scoring system fair. NO.
Can peoples credit scores be damaged through someone elses errors. YES.
Can credit scores be negative. YES
Will Veda put right errors and scores that are damaged by their own maintenance systems. NO.
Is the risk of having substantial errors on your credit report made by someone else greater than the likelihood of there being fraudently activity on your report. YES.
Do you have a right to know how many points are going to be removed from your credit score before you are credit checked. NO.
When subscribers list debt against you do they have to prove to Veda the debt is legally valid. NO.
Is a credit reporter legally required to ensure data listed on a credit report is correct and accurate before its listed. NO.
Is credit reporting a legal part of the courts debt collection systems. NO.
Is there a credit reporting Act of law. NO.
Does a credit report belong to the debtor. NO
Is a credit report an asset to the debtor. NO
Is there any real benefit to credit reporting and scoring to the debtor. NO.
What laws govern the credit reporting system. Credit Reporting Privacy Code - under The Privacy Act.
Do we actually need a credit score system. NO.
How much does it actually cost to get your actual credit score $51.95
In 2014 the Privacy Commissioner found this fee unreasonable. Veda ignored that and there is no legal obligation for Veda to reduce the fee. The alternative options don’t allow you the all important credit score.
If you use a credit card to sign up for the Veda alerts will your credit card continue to be charged each year YES. Do you have a choice when you sign up. NO.
Say NO to credit scoring.