Did you pay Veda for your personal credit report ? Veda to refund consumers after breaching privacy rules They have been ordered to refund customers who paid for a fee that is otherwise free. Read link.
thanks for sharing... I've signed up for their very basic pack: Veda Starter mid this year. Found that it's not that helpful. This article might help to get my refund
Since listing on the stock exchange they did get a little sneaky with their commercial offerings - it used to be very plain to see that there was a free offering and a paid express offering. From the article it does look like even offering the express offering is being seen as poor form though which is interesting.
I pay yearly for it $80. Get 2 reports a year and also get to check my score montly and get alerted when a credit enquires occurs.
Paid the subscription as well for 2 years back then. (2 years ago) I got to check my credit file as soon as I received an alert. but that was the only use this has given me.
I've sent an email to: [email protected] citing that article. awaiting their response. will update here, as soon as I hear back from them.
I always thought it was interesting that Veda pushed for "comprehensive credit reporting" right before it listed on the ASX. Personally, I think this information should be managed by the Government.
just got their reply as below: Hi In regards to your request, we have taken your details to check for your eligibility and we'll get back to you within 30 calendar days. Kind regards, Customer Services | Information Services & Solutions | Veda --------------- 30 Days .... doesn't look that promising. anyway, I'm still waiting.
New info on Veda scoring from Veda: We are moving to a new and improved version of VedaScore! The new version takes into consideration full comprehensive credit reporting information.This means things like monthly loan and credit card repayments will be included when determining your credit worthiness. This change will take effect 10 January 2017. What this change means for you? • Different VedaScore – most members will see an immediate change in their score the minute we change over. This is a good thing as more information is being used to assess your credit worthiness. • Your VedaScore will change over time - your score will change more frequently over time as more financial providers contribute positive information to your credit report.* • The factors that impact your VedaScore have changed – for example where credit limit and current repayment status information is available it can now be included in the score calculation. For more information on what impacts your score and how you can manage it, please visit the Knowledge Area in the Your Credit and Identity portal. Kind regards, The Veda Team
Will it really happen this time? They were thinking of implementing this system back in March 2014. New credit scoring system will catch out investors
I think the issue is that none of their providers are providing the data for CCR. I am not convinced ccr is a good thing banks will still see defaults as defaults. As for Veda given it already had a monopoly (more or less) on credit information is it any coincidence it's IPO was released around the same time as CCr legislation?
I am not a fan of Veda. They mark utilities as unsecured debt, recently my score dropped significantly by changing providers. 96 points down per utility. For what, $80 a month direct debit. Ridiculous.
RE ......As for Veda given it already had a monopoly ..... Correct , and their proprietary VedaScore will make it worse .... .......aaaah maybe its not so bad .... just checked my score ..... its 993 .... will have to ask for better lending rates now .....
