Comprehensive Reporting
What information is contained in a credit report and who uses this information?
The information contained in Veda's credit reports today is what is termed 'negative' credit information. This includes information relating to the individual such as;
- Full name
- Address
- Date of birth
- Gender
- Previous credit enquiries
- Adverse information such as defaults, judgements, insolvencies and bankruptcies (the 'negatives')
The information contained in credit reports is governed by the Credit Reporting Privacy Code, a Code of regulations issued by the Privacy Commissioner pursuant to the Privacy Act 1993. Credit reports are most often used by a lender in assessing creditworthiness of an applicant/s; this is typically about assessing their likely risk based on their credit history related to borrowing money (credit) I.e. home loan, person loan, credit card, overdraft etc.