Your Credit File - Finance Article

If you've recently applied for credit and have been declined due to "unsatisfactory credit history" or "1 or more defaults lodged on your credit file" or similar, there is a way to find out what they are talking about - your credit file.

If you have 'defaulted' on payment of a debt, be that your electricity bill through to your car loan, through to your home loan, this means that you have not made payment for in excess of 60 days since it was due. At this point, your credit provider can lodge a 'payment default' on your credit file, a database held by Veda Advantage, showing that there is an outstanding debt.

The credit bureau has been know by several different names over the years - Credit Reporting Agency (CRA), Credit Reporting Agency of Australia (CRAA), Credit Reporting Limited (CRL), Data Advantage, Baycorp Advantage and now Veda Advantage.

The purpose of a credit bureau is to act as an independent source of information on credit applicants. Credit providers can therefore make an informed decision during the application process. As such, a credit bureau must:

provide a credit provider with all the available information relating to the applicant, including other identities that the entity may be using;
provide a credit provider only with information relating to the applicant at the point of enquiry; and
provide consistent responses regardless of minor variances in input data.

A credit file contains details on every credit-active person and business during the past seven years. The details included in the file in respect of credit applied for are:

The date credit was applied for
The credit provider's details you have applied for credit with
The amount you are looking to borrow
The type of credit you are applying for
Whether the credit being applied for was a personal or joint application or if you acted as a guarantor

 The details held in order to identify you and other information relevant for credit decision making are:

Name, current and previous residential address, date of birth, drivers licence number, current and/or previous employer
Some current credit account records
Payment Defaults, Court Judgments, Writs & Summons
Bankruptcy Act information
Public record information such as Directorships and Proprietorships 

Every time you apply for credit, the credit provider will obtain an up to date credit report and part of the credit decision process is based on what is contained in your particular credit report. 

If you believe that you may have a bad credit history and want to find out more details, you can obtain a copy of your credit file from Veda Advantage. The cost for receiving your credit file within 24 hours is $27 including GST. It can be sent by email, post or fax.

Alternatively, if you can wait a little longer, you can save the $27 by using the free service. A copy of your credit file will be sent to you within 10 working days. You can only request a copy of your own file. The Privacy Act prohibits third party access to individuals details.

By Mail:

Veda Advantage Public Access
PO Box 964
North Sydney NSW 2059

By Fax:

(02) 9951 7880

To obtain your file you will need to provide the following details:

Your full name
Your date of birth
Your driver's licence number
Your current residential address
Your previous addresses
Your current employer or a previous employer
Name of the organisation to which you last applied for credit
A daytime telephone number
Your signature
How you would like your file sent to you, via: Post, Fax or Email

Note: please clearly state whether you are requesting a copy of My Credit File or My Insurance File.

This free service is for personal records only.