What is VEDA?
Veda is a risk ranking tool based on Credit information held by Veda and may be used to help Credit Providers in assessing whether or not to approve an application for credit. Your Veda score that appears on your Credit File is a number between 0 and 1200 ,in simple terms , the higher your Credit score the better chance you have of being approved for Finance.
If you have a low Veda score, your Credit application may be declined or only approved by Lenders that charge a higher Interest Rate .
What is my Credit Score?
When applying for credit, most Australian consumers and businesses would have no idea that they have a Veda Score . You will have a credit file if you have applied for a credit card, some type of loan or even a mobile phone in the last 5 years. Your Credit File can be one of your most valuable assets as Finance Lenders use that information to help Approve a loan and give you a low Interest Rate for a car, boat , bike or a caravan.
How do I understand my Vedascore?
Your Vedascore can be influenced by a number of factors. Your score can reduce if you have a lot of recent enquiries such as applying at a number of different Finance Lenders in a short period of time looking for the best Interest Rate. The score could also be affected by Payment history, type of Credit requested and the number of Credit enquiries on your File. It is very important that when you are applying for Finance that you do not apply at too many places but call a Finance Broker who can discuss the best Finance option for you.