Credit score calculation change

Discussion in 'Loans & Mortgage Brokers' started by big_ben02, 9th Feb, 2017.

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  1. big_ben02

    big_ben02 Well-Known Member

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    big_ben02, 9th Feb, 2017
    #1
  2. tobe

    tobe Well-Known Member

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    The credit score Veda uses is different to the ones banks use, so breath easy.
     
    tobe, 9th Feb, 2017
    #2
    big_ben02 likes this.
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    if u are concerned use a lender that doesnt score and uses HUMANS to assess the deal

    "Score" in Oz is in this context is marketing fluff almost all of the time

    ta

    rolf
     
    Rolf Latham, 9th Feb, 2017
    #3
  4. Corey Batt

    Corey Batt Well-Known Member

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    The score Veda provides is relatively meaningless for finance - it was brought in to try beef up their service proposition to consumers so they could sell more product when listed on the stock exchange.

    Each lender has their own internal credit scoring calculator, they do not use the Veda calculation. Likewise as Rolf has noted, there's still lenders which do not use computer scoring and have human assessors look at the overall strength, so in the case of concerns about credit score your broker can look at those options.
     
    Corey Batt, 10th Feb, 2017
    #4
    Ethan Timor likes this.
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