Veda Credit File’s

Recently we had a loan declined for one of our clients due to adverse credit listings on their Veda Report.  

Veda is the main credit reporting agency for credit files in Australia, most of us would have one, if you don’t have one I would be very surprised.

In order to assist the client we advised them to obtain a copy of their credit report to ascertain the nature of the adverse listings.   On our request the client did obtain their credit report; however to their surprise and ours there were not any adverse listings.  

We went back to the lender to questions this, the lender not able to supply a copy of the report due to the privacy act advised that there was a cross reference file for the client; the cross reference file was under a previous last name that the client had used.  

We prepared a letter and instructed our client to write to Veda requesting a copy of the cross reference file under the public access portal.  (It’s free, so there is not cost.)  

We are yet to determine the true nature of these defaults but the client and we agree that it is possible that they relate to a mobile phone account that the client went guarantor for the client’s son.  

Moral of the story, be careful who you go guarantor for and make sure all your accounts are in order, these things can have a nasty habit of surprising you when you least want them to.  

As a result our client’s investment strategies are on hold until we are able to sort the mess out, either by trying to have the adverse listings removed or failing the ability to have the adverse listings removed, by then going to a non conforming lender at a much higher interest rate.