I was a customer of a telco (since 2011) on a pay monthly account, I recently ported my number out to another provider and then tried to setup a new account with the original telco. I was turned down due to credit reasons. Despite always paying on time and in some cases keeping my account in credit. The telco isn't relevant since I won't do business with them anymore out of principle, this is more around credit reporting.
The telco advised me contact Veda, as a failed credit check is most likely due to adverse information they hold. Veda offer a free credit report in 20 working days (the maximum allowable by law), but anyone who has just been turned down for credit will likely want to check their file ASAP to fix up whatever is wrong and therefore needs to pay Veda's $51.95 (outrageous) fee for getting the report in one working day.
There are two newer credit reporting agencies in NZ, Dun and Bradstreet (who do a free report in 10 working days) and Centrix who do a free report in 1 working day (go Centrix!). Everything came back clean, so I wasted time and money to confirm there was nothing wrong with my credit at the direct advice of the telco turning me down.
This is the second time I have been through this exact process when there is nothing wrong with my credit history. The first company accepted they had got my file mixed up with someone elses, but again I had to pay Veda's fee to prove this. I have no problems with companies saying "We regret you don't meet our credit criteria" but saying it's due to adverse information Veda hold when this is clearly not the case is misleading at best. It seems to be a loop – company turning you down advises you to contact Veda – Veda tell you ultimate decision to extend credit rests with the provider, after taking your money or making you wait 20 working days.
Anyone else been through something like this?