Your credit file begins the first time you apply for credit and it is continually updated. Credit providers add information such as application for credit, account information, payment history, and defaults on accounts. The file also contains your personal information including your address, date of birth, and driver's license number. Any judgments against you, as well as bankruptcy information are also in your credit file. Each time credit providers access your credit file, they update any necessary information. They will even update the address is necessary.
Veda Advantage does not issue a credit score and the credit providers have their own criteria for issuing credit. They determine how much importance they will give the information in your credit file, and they will determine whether or not they will issue credit.
If your request for credit is declined, you have a right to request your credit file to determine why you may have been refused credit. Your file may contain negative information that you have forgotten about. Keep in mind that old accounts that have been settled or paid in full may still impact your credit if you had late payments or defaulted on the account. There may be errors on your credit file that have a negative impact on your record, or you may be a victim of credit fraud.
If the information is correct on your credit record, then there is really nothing you can do except to work to create a good credit history. Making sure you make your payments on time and that all of your accounts are current is a good start. Good information is not recorded on your credit file; only negative information is placed there, so be sure that there is nothing negative to report.
If you find personal information that is incorrect, you will need to complete and submit the Update Details Form. Make sure that you include any supporting documentation you have. If the documentation you provide is sufficient, the information will be amended within five working days and you will receive an amended copy of your credit file. If more information is required, it may take thirty days to respond to you. Court judgments, writs, summons, and bankruptcy information can also be updated if necessary by submitting the Update Details Form and any supporting documentation. This information can also take five to thirty days to correct, depending on how much verification is needed.
If you have an overdue account on your credit file that you have paid but it has not been updated on your credit file, you will need to contact the credit provider and request that they contact Veda Advantage to update the credit file. If you are unable to contact the credit provider, you can complete and submit the Update Details Form along with your supporting documentation and the information will be verified with the credit provider. You will be advised of the outcome within thirty days. If the credit file has been amended, you will receive an amended copy.
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