Credit Report

What are Credit Reports Used For and who holds it?

Veda holds credit-related information on individuals and corporate entities which is primarily used by credit providers, such as banks, building societies, finance companies, telecommunications and utility companies, to assist them in assessing applications for credit. When you make an application to a credit provider, they normally record that on your credit file and will remain there typically for 5 years.

What is in your credit file?

Your credit file/credit report includes information such as:-

  • full name
  • date of birth and driver's licence
  • gender
  • residential addresses and employer information

There are 3 distinct sections on your credit file as follows:-

Consumer credit information which may include:

  • credit applications made in the past five 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

Commercial credit information may include:

  • credit enquiries pertaining to applications for credit for commercial purposes
  • details of overdue commercial credit accounts

Public record information may include:

  • court judgements and court writs
  • directorship details
  • proprietorship details
  • bankruptcy information.

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