What information is contained within a typical credit file:
Personal information
- your full name
- your date of birth
- your driver’s licence number
- your residential addresses
- your employer information.
There are three sections in a credit file:
1. Consumer credit information
Examples of commercial credit information may include:
- credit applications (kept for 5 years) relating to loans for household, personal or domestic purposes.
- information that a credit provider is a current credit provider, that is, you have a current credit relationship with that credit provider (e.g. a credit card, home loan etc)
- details of overdue consumer credit accounts (current and previous)
2. Commercial credit information
Examples of commercial credit information may include:
- credit enquiries pertaining to applications for credit for commercial purposes
- details of overdue commercial credit accounts
3. Public record information
Examples of public record information that may be included are:
- court judgements and court writs
- directorship details
- proprietorship details
- bankruptcy information.
Where is my credit score listed on my credit file?
Contrary to popular belief credit reporting agencies such as Veda Advantage do not hold a score or rating on your credit file. Credit providers use ratings as part of their credit risk assessment. These ratings use the information on your application and your credit file. The rating or score is likely to be used in conjunction with their own lending criteria.
Each credit providers, has their own assessment process and criteria and this is the reason why one credit provider may approve your application while another may decline it.
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