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What If You Are Declined Credit
Keys to Great Credit: Know Your Credit Reports
Learn about credit reports, fraud protection, and find out how to improve your credit score.
There are a number of reasons why a provider might refuse an application for credit. A first step is to check your credit file to identify any problems, which might include:
- An overdue account(s), known as defaults
- Incorrect information on the file
- Someone is using your identity to illegally obtain credit and has defaulted on the payments.
There are a number of situations that you could wish to rectify:
Overdue Account Details
- If you have an Overdue Account (Default) on your file that has been paid but has not been updated, then contact the credit provider listed and ask them to contact the Credit Report Provider. Your file will be updated within five 5 days of the credit provider notifying us that the account is paid.
- Should you discover an Overdue Account (Default) on your file which is not yours (you may not recall having an account with that company). Contact the Credit Provider and give them the reference number on your credit file so they can investigate the matter for you. If the credit provider confirms that the account is not yours, they will inform Veda Advantage so that the account can be removed from your file.
Public Record Information
Your file may contain items on the public record such as:
- Judgement and Writ/Summons information obtained from the various Courts around Australia.
- Bankruptcy/Part X/Part IX information obtained from the Insolvency and Trustee Service Australia (ITSA) in each state.
- Directorship information obtained from the Australian Securities and Investment Commission (ASIC).
If any of this information appears on your file and is incorrect, you should complete and return the File Update Form provided with your credit file, plus proof to support your current situation, to the Veda Advantage Investigations Department. Your file will be updated within 30 days.
Correcting or Updating Identity Information
If there is any information that is incorrect, such as an address or your date of birth, complete and return the File Update Form included with your credit file. Veda Advantage will ensure your details are updated.
NB: Consumers should be aware that:
- Every credit provider each has their own lending criteria. They will attach varying degrees of importance to the information provided in the credit file and that which they obtain from you, depending on the amount of risk they wish to take when deciding whether or not to approve credit.
- Refusal may occur even if overdue accounts, court judgements or bankruptcy information on a file show that they have been paid in full or settled.
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