Veda credit file **crock**

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Forums › Finance and wealth management › Veda credit file **crock**

johnr

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#171794 1-May-2015 11:12

Saw this in FairGo the other night

http://mycreditfile.co.nz/

Word to the wise don't order one, I paid for the $59.95 report! I have a bad credit rating of less than 50% of New Zealanders cause I have never missed a payment on anyting in my life and paid off any HP well before it was meant to be

Edit: added wording from the report

Your rate within the lower 50% of New Zealanders

MikeB4

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#1294914 1-May-2015 11:15

You bad person, how are the Finance companies supposed to make money from you

tripp

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#1294922 1-May-2015 11:24

I got one late last year (the free one).

Only gives very basic info, no credit score or anything.

Just had info about my credit card and outstanding amounts at each month (mine was all 0 as I pay it off each fortnight).
Did have a couple of checks from companies when i was shopping around for car finance last year.

Don't bother about the B&D one that was on fair go, no one really uses them, it had even less info than veda

johnr

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#1294925 1-May-2015 11:27

I just wasted $59.95 :(

tripp

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#1294929 1-May-2015 11:33

johnr: I just wasted $59.95 :(

And this is why the system we have in NZ sucks.
The worst part is if you shop around for interest rates (because most companies will not give you a interest rate until they run the credit check to find out if you pay your bills) then it lowers your credit score because of the number of checks you have had.

tripp

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#1294932 1-May-2015 11:34

johnr: I just wasted $59.95 :(

Yes you did.
but as you already have a bad credit rating can I use your name on a few HP's :P

notesgnome

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#1294933 1-May-2015 11:34

mrtoken: I got one late last year (the free one).

Only gives very basic info, no credit score or anything.

Just had info about my credit card and outstanding amounts at each month (mine was all 0 as I pay it off each fortnight).
Did have a couple of checks from companies when i was shopping around for car finance last year.

Don't bother about the B&D one that was on fair go, no one really uses them, it had even less info than veda

I disagree.

I believe it's worth getting the info from the 3 different companies (only get the free version, never pay for it) probably every year or two.

For most people it won't show anything you don't already know, but as they include things like credit checks, it may show if someone has attempted to use your identity (as well as giving you *some* peace of mind that there's nothing majorly wrong in it that may affect you in the future).

To summarise: Get the 3 free ones, give them a quick once over to confirm that all's as it should be.

johnr

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#1294947 1-May-2015 11:41

I make sure every bill is paid in advance I also did have $5000 on HP for 12 months with MTF not that long ago for a new motorbike and paid if off in under 2 months and wow you ruin your credit history,

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dafman

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#1294990 1-May-2015 12:46

I've ordered a free one, but am very skeptical. It looks like it just may be a rout for them to get free info to update their database with addresses, contact details etc

Geese

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#1295043 1-May-2015 14:04

My credit score is very low ~300 from 1000. I had a thread on here about it a number of years ago. The new system is negative reporting for the last 5ish years roughly.

Still to this day, at 35 YO, I've never missed a payment or even been late, but they do use a lot of demographics to come up with the score, I guess single males who don't own a home, in Timaru are huge credit risk?

Additionally, every time your credit file is accessed, the score drops... so applying for jobs, finance (even if you don't go ahead with purchase), etc all negatively impact on the score. I nearly wiped mine out to bankrupt status years ago by applying for car loans at everywhere who did online applications with intention to take the best offer... in the end took none and paid cash but it knocked a few hundred off the score overnight.

Geese

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#1295046 1-May-2015 14:07

dafman: I've ordered a free one, but am very skeptical. It looks like it just may be a rout for them to get free info to update their database with addresses, contact details etc

Mine has lots of factual errors, but they are not interested in correcting them. I've had the same address for 28 years now, bar 1 year in my own home, but I have stayed short term with people out of town, and because a single piece of mail has been sent there from someone billing (such as NZTA), it now has that address as previous address which is incorrect.

johnr

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#1295085 1-May-2015 15:00

Something I learnt today " If you pay your bills on time you end with a credit rating score like someone who often fails to pay "

sbiddle

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#1295091 1-May-2015 15:17

dafman: I've ordered a free one, but am very skeptical. It looks like it just may be a rout for them to get free info to update their database with addresses, contact details etc

This is my thought as well.. The amount of information they want would allow them to gain a lot more information on people.

Kyanar

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#1295611 2-May-2015 12:09

dafman: I've ordered a free one, but am very skeptical. It looks like it just may be a rout for them to get free info to update their database with addresses, contact details etc

Actually, the only reason they offer it is that it's legally required for them to offer a free credit report once per year. You can bet that if it wasn't, you'd have to stump up the $60.