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Who looks after the credit records in Australia?

Veda Advantage Information Services and Solutions Ltd, formerly known as Baycorp Advantage, Credit Advantage, or Credit Reference Association of Australia, is the leading provider for credit file information. While it is not the only source of credit information, it is certainly the largest. Veda Advantage maintains over 13 million individuals and businesses in Australia and New Zealand. Over 4000 subscribers depend on Veda Advantage to provide credit-reporting information when they request it.

Those subscribers include finance companies, credit card issuers, banks, telecommunication providers, and credit unions, as well as manufacturing, service, and wholesale organizations. The service is allowed to maintain these files because Veda Advantage complies with the Federal Privacy Act of 1988.

The credit file on you or your business begins when you apply for credit the very first time, and credit providers are updating the file each time they access the information to approve or deny your request. Your credit file is even updated if you change your address. Any individual or business that has been credit active within the last seven years will have a credit file.

The files contain your name, your address, your date of birth and your drivers license number, what type of credit you applied for, and the amount of credit that was requested. Anything you have done concerning credit will be in the file, such as the records of your current accounts and whether you make late payments or have defaulted on any accounts. It contains judgments, and bankruptcy information and lists every time you have applied for credit in the last five years.

As credit providers access the files when you apply for credit, it is important that you periodically check your credit file to be sure that your information is correct. It is also important to be sure that you are not a victim of credit fraud. If you find errors on your credit file, it is very important that you take steps to dispute the information as soon as possible. Credit providers are accessing this file to make a decision as to whether or not they will approve your request for credit. And while it is entirely their decision to approve or deny your request, this credit file will most certainly impact that decision.

It is important that you realize how serious your credit file is. Anyone can have hard times that make it necessary to make late payments for file for bankruptcy, but it is important to begin to rebuild your credit with good reports as soon as possible. Good information, unfortunately, is not reported or placed on your credit file, but negative information is, so it is important to avoid getting any negative reports. And remember, the negative information makes a lasting impression. Credit applications and overdue accounts, defaults, and court judgements will remain on the file for five years. Writs and summons are held on your credit file for four years, and bankruptcy information stays on the credit file for seven years. The files are scanned each month to remove any out of date information.


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