Regarding the credit score.
An overdraft will normally appear on your credit report at the time the overdraft was applied for. This is also when credit score points would have been deducted.
The bank may not necessarily have listed the overdraft facility against your credit report.
The only way to know is to get a copy of your credit report from Veda. You have to pay $51.95 for the credit score.
My advice is get the free report first (which doesn’t include the score) from Veda and see if the overdraft entry is on there.
If you do pay Veda the $51.95 it will show the score as one figure at the time you order the report.
The report never shows you how many points you lose for each individual entry. There will be just one score out of 1000.
I know that I lose about 30 points when I open a bank account. I only know that because I obtain my credit report with the score before and after I open the account so I can see how the score changes.
The banks seem to be using Veda more so if you obtain a new overdraft or credit card facility that will most likely appear on your Veda report and points deducted at the time.
If you increase the limit of an overdraft facility or a credit card, the bank will likely update your credit report and that will deduct points from the all important Veda score.
Its good to know that if a bank is asking you for your permission to obtain a credit check, you should ask them if its with Veda. They will probably say Yes. Then you know that points are going to be deducted from your credit score because the bank will be making an enquiry against your credit report, which causes a reduction in points.
Using the actual facility of the overdraft won’t affect the credit score. But the comprehensive reporting may show if your account goes over the limit.
That’s as I understand how credit reporting and scoring works.
Perhaps BNZ can provide their understanding
