FAQs
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Your credit score is a number that represents the information contained in your
credit report. It attempts to give creditors an idea of how financially responsible
you are. GetCreditScore features the VedaScore provided by Veda and used by hundreds
of lenders and credit providers in Australia. Your VedaScore is a credit rating
between 0 and 1200 summarising the information in your credit report into one easy
to understand number.
To find out more information about your VedaScore and the items on your credit report
that contributed to it, get in touch with
Veda.
If you don't agree with your VedaScore, it may be because the information on your credit
report is inaccurate. You have the right to have it corrected. If you think that
there is a mistake, you should contact the
Veda Resolution Centre.
There could be several reasons why we may be unable to return your VedaScore. It
may mean that you don't have an active credit report in the Veda database or it may
simply mean that you have insufficient information on your credit report.
Veda operates the leading credit bureau in Australia and has been the trusted custodian of Australians' credit histories for over 47 years. Veda offers the most comprehensive and current data source for more than 16 million active consumer credit files. A VedaScore provides the most complete picture of a person's creditworthiness and has been used by the vast majority of credit providers for almost two decades.
Different lenders and credit reporting bodies have different scores based on their own information and calculations. The score is only as good as the data it draws on. A score based on minimal data can lead to the wrong credit decision being made.
GetCreditScore uses the industry leading VedaScore based on the most comprehensive and current data source in Australia of more than 16 million active consumer credit files. VedaScore provides the most complete picture of a person’s credit worthiness and has been used by the vast majority of credit providers for almost two decades.
GetCreditScore now provides this score to consumers.
Under amendments to the Privacy Act 1988 which came into effect in March 2014, organisations
acting on your behalf to retrieve your credit information are known as Access Seekers.
As an Access Seeker, GetCreditScore can make a credit enquiry on your behalf, without
impacting your credit score negatively. This enquiry is recorded as a File Access
and is only disclosed to Access Seekers and yourself.
'Soft Touch' is an approach by which GetCreditScore acts on your behalf to request
your credit score, without negatively impacting your credit report. The request
will be noted on your credit report as a File Access. Typically when you apply for
credit, your credit report is checked, leaving a hard enquiry on your report. The
number of hard credit enquiries in your report is one of the different contributing
factors that could adversely impact your credit report and your credit score. A
File Access is a record of access made by Veda. It can only be seen by you and Veda,
with no impact on your creditworthiness.
The service allows you to request your VedaScore twice in one month. You can do this every month until we start providing you with monthly updates.
The information we request helps us identify you and also get the most accurate
match for you in Veda's database. That means that by combining your name and driver's
licence number, for example, we have a much higher probability of getting an exact
match for you than by using other parameters.
If you don't have a driver's licence, GetCreditScore will
not be able to confirm your identification and retrieve your VedaScore.
GetCreditScore provides you with a free credit score in return for the right to store your personal details and make those personal details available to SocietyOne and Veda with your consent. Your details are never shared with any other third party without your consent.
GetCreditScore is a free service provided by Veda and SocietyOne. When you make a request for your credit score, SocietyOne and Veda may access your personal details to provide you with relevant offers. You may opt out of direct marketing from each entity at any time.
You can opt-out of direct marketing by clicking the unsubscribe link in any emails you receive from GetCreditScore or by contacting us directly. If you opt-out of direct marketing, we may still contact you via email for administrative purposes or on your request.
To unsubscribe from SocietyOne or Veda please contact each entity directly.
Your credit report contains your credit history: a record of credit-related financial information such as:
- overdue debts
- the number of credit enquiries made in the last five years
- the number and type of lenders you have approached for credit
- the type of credit account open and close dates and credit limits
- monthly repayment history information
- bankruptcy, personal insolvency
- any court judgments and court writs and
- your personal contact information, such as your residential address.
Comprehensive credit reporting is an opt-in system and information such as account open and close dates, credit limit, account type and repayment history, is only included in credit reports if it's supplied by credit providers.
This service does not assist you to obtain your credit report. You need to request your credit report directly from Veda. You are legally entitled to obtain a copy of your credit report for free, delivered in 10 days, in the following circumstances:
- once every 12 months
- if you have been declined on a credit application, you have the right to access
- your credit report free during the 90 days following the date you were declined if your request relates to verifying that information has been corrected on your credit report.
An adverse event is considered to be a default, court judgement or writ, bankruptcy or personal insolvency.
When you apply for credit or a service, the relevant credit provider may check your credit report, leaving an enquiry on your report. Credit enquiries affect your credit score. A relatively high number of enquiries within a short period of time could adversely affect your ability to get credit. As an Access Seeker, GetCreditScore acts on your behalf through a Soft Touch credit enquiry, with no negative impact on your credit report or your credit score.
Under the Privacy Act 1988, credit reporting bodies can disclose information contained in your credit report to organisations such as credit providers, mortgage insurers, trade insurers and agents of credit providers (authorised agents). You also have the right to access your credit information and can appoint someone acting on your behalf to obtain the information. Where you, or your authorised person, access the information, they are known as Access Seekers and their enquiries don't impact your credit report. Hard enquiries from authorised agents acting on behalf of credit providers however, will be noted on your credit report and are disclosed to other credit providers.
A credit provider is defined in the Privacy Act 1988. A credit provider can be:
- A bank, building society or credit union
- An organisation or small business, of which a substantial part of their business or undertaking is the provision of credit
- An organisation or small business that has a retail business and as part of this business issues credit cards
- An agency, organisation or small business operator that carries on a business that involves providing credit and that is prescribed by regulations
- An organisation that supplies goods or services and allows customers 7 days or more to pay.
Typical credit providers include banks and financial institutions, pay day lenders, phone companies and internet service providers, electricity and gas companies, hire-purchase companies (e.g. Radio Rentals). Credit includes retail with store finance or cards (often underwritten by a financial institution).
A VedaScore ranges from 0 to 1200, however there are special circumstances where no score or a negative number could be generated because of:
- Bankruptcy
- Personal Insolvency Agreement
- Debt Agreement
- Discharged Bankruptcy
- Discharged Personal Insolvency Agreement
- Discharged Debt Agreement
If you have not received a score or your score is negative it is a good idea to get a copy of your Veda credit report. Your credit report can help you understand the information behind your VedaScore. You can get a copy of your credit report
here.