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  Reply # 599635 24-Mar-2012 22:58
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Got a call back the other day, he said that they looked into it and found something wasn't syncing right with the main system, since the Visa and Mastercard address system is different in some way. Anyhow, they discovered a few hundred people had the same issue blah blah but its all fixed now apparently and the next statement should be coming to my new address without being redirected.




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  Reply # 599653 25-Mar-2012 00:11
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Kyanar:
tardtasticx: So I'm trying to get a credit score and thought a credit card would be the best way to do that, since I'll only be spending money I have in my everyday account anyway. So I signed up for one with the tertiary package at my bank since I'm starting uni this year.


I'll just ignore the rest and concentrate on this - in New Zealand, credit reporting agencies operate on a negative reporting model.  This is to say, they only know about the bad things you do.  If you have a credit card and religiously pay it off, the only organisation that this affects your ability to obtain credit with is the card issuer.  There's no such thing as a credit score in New Zealand.  If your goal is to improve your credit rating, you are going about it the wrong way - because there is no way to do it.  If you have no credit record then you will continue to have no credit record until you default.  If you do have a bad credit record the only way to fix it is wait seven years.


+1

the best way to get good credit rating is to avoid debt.





 
 
 
 


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  Reply # 599656 25-Mar-2012 02:09
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johnr:
sleemanj:
johnr:Your full credit card number will not be printed on the credit card statement


Heh, back up there John, my full credit card number is printed on my Statement (BNZ GlobalPlus Gold VISA).

Of course it doesn't include the Expiry or the CVC.
?


Glad I am not a BNZ customer!


I have a BNZ visa - have had for a number of years - and my credit card number has NEVER been printed on any of my statements or postal correspondence.


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  Reply # 599663 25-Mar-2012 05:17
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There was a story on TV3 news a few nights ago about Veda abd credit records, I missed the start of it though so don't know what it was about fully. Something is changing.



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  Reply # 599678 25-Mar-2012 10:01
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scottjpalmer: There was a story on TV3 news a few nights ago about Veda abd credit records, I missed the start of it though so don't know what it was about fully. Something is changing.

http://www.stuff.co.nz/business/money/6629954/Your-credit-history-up-for-scrutiny 




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  Reply # 599951 25-Mar-2012 23:03
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tardtasticx:
scottjpalmer: There was a story on TV3 news a few nights ago about Veda abd credit records, I missed the start of it though so don't know what it was about fully. Something is changing.

http://www.stuff.co.nz/business/money/6629954/Your-credit-history-up-for-scrutiny 


This is quite possibly the worst news I've seen in years.  I argued against this stupid system because unlike what Ms Fox from the budgeting association believes, I do not believe it will result in a stop to predatory lending practices.  In fact, I believe (and based on what I've seen of the United States, know) that it will result in significantly more predatory practices.  Got a 700 score?  20% interest for you.  800 score?  15% interest for you.  Also note the explicit statement that this will result in significantly more people being rated a risk than under the previous rules.  Not because they are necessarily defaulting, but just because for some reason they cannot budget around the arbitrary billing dates their providers set.  The privacy commissioner is a fool if she really thinks this will help anyone but Big Business.

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  Reply # 599978 26-Mar-2012 01:16
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Hmm. On reading the info on Veda's site and the Privacy Commission's site (why exactly is this not all over the news?!? A passing mention on Stuff doesn't cut the mustard!) it appears your provider will have to contact you with permission to upload your records to the system, and some may not ever bother uploading info. I also note that they have locked down the number of people with access to the info, so I guess that's something. Still, I don't like it. Especially with the convoluted, archaic, process that you have to go through to get your credit file (while Aussies can get theirs via a web form from the same company).

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  Reply # 599989 26-Mar-2012 05:30
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Kyanar: Especially with the convoluted, archaic, process that you have to go through to get your credit file (while Aussies can get theirs via a web form from the same company).


http://www.veda.co.nz/personal/my-credit-file.dot

Not a web form but not that hard to do, it's not like you will be doing it every day.

Pay what you owe on time (or before time) and you have little to worry about.

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  Reply # 600045 26-Mar-2012 09:19
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scottjpalmer:
Kyanar: Especially with the convoluted, archaic, process that you have to go through to get your credit file (while Aussies can get theirs via a web form from the same company).


http://www.veda.co.nz/personal/my-credit-file.dot

Not a web form but not that hard to do, it's not like you will be doing it every day.

Pay what you owe on time (or before time) and you have little to worry about.


You say that, but I and many members of my family have had experience with fighting Veda on invalid entries.  They don't care - frankly I can safely say they are one of the most hostile, uncooperative, authoritarian pack of scum I've ever encountered.  They don't care if the bill is invalid or even not yours, it's impossible to provide evidence that will satisfy them of that.  And Dun and Bradstreet will alter records with little more than an email.  Frankly, if these are the companies managing this new "Comprehensive Credit Reporting" then I don't want it.  Unfortunately, you don't have a choice - somehow it's legal for every company under the sun to hand your personal details to these reckless, unaccountable dictatorships, despite that any other company would be prosecuted into dust for what these companies do.

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  Reply # 600138 26-Mar-2012 11:47
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nakedmolerat: the best way to get good credit rating is to avoid debt.


Isn't the opposite of that the case? If you never incur any debt then you never get a credit rating.  I used to buy things on HP (on "interest free" deals) despite no need to do so and then pay them off virtually straight away just to improve my rating.




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  Reply # 600169 26-Mar-2012 12:21
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stevenz:
nakedmolerat: the best way to get good credit rating is to avoid debt.


Isn't the opposite of that the case? If you never incur any debt then you never get a credit rating.  I used to buy things on HP (on "interest free" deals) despite no need to do so and then pay them off virtually straight away just to improve my rating.


Until the 1 April 2012 that's not the case. You didn't get positive marks for anything, it was only either nothing or bad.

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  Reply # 600441 26-Mar-2012 19:28
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Kyanar: You say that, but I and many members of my family have had experience with fighting Veda on invalid entries. ?They don't care - frankly I can safely say they are one of the most hostile, uncooperative, authoritarian pack of scum I've ever encountered. ?They don't care if the bill is invalid or even not yours, it's impossible to provide evidence that will satisfy them of that. ?And Dun and Bradstreet will alter records with little more than an email. ?Frankly, if these are the companies managing this new "Comprehensive Credit Reporting" then I don't want it. ?Unfortunately, you don't have a choice - somehow it's legal for every company under the sun to hand your personal details to these reckless, unaccountable dictatorships, despite that any other company would be prosecuted into dust for what these companies do.


QFT!

1. I have incorrect entries on my profile, and they won't remove them. Such as doubled up finance checks and unauthorised checks by companies. Plus incorrect addresses.

2. Under the current system, all credit checks make one's rating go down, so does moving address. The OP would have decreased their credit rating by applying for credit card, and again when moving.

scottjpalmer: Pay what you owe on time (or before time) and you have little to worry about.


3. I have perfect credit history, never missed a payment, never had a late payment (EVER), yet my rating is ~280 from 1000 or 1150 or whatever it goes up to without checking my paperwork. I only have one debt - my motorcycle. Why is my rating so rubbish?? Its because demographics also come into play!

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