The document discusses credit files and how they can impact loan applications. It explains that credit files contain an individual's credit history and payment records, which lenders use to determine loan risk. The files include details like addresses, debts, defaults, and bankruptcies. Negative information generally stays on record for 5-7 years. Individuals can obtain free copies of their credit file from the credit agency to check for errors and dispute inaccurate information to improve their chances of loan approval.

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Fact Sheet: Credit File - CRAA
What is a credit file?
A credit file is a record of your credit history and is
maintained by agencies such as Veda Advantage. This
information can be accessed by other financial
institutions, such as the banks, who use it to determine
your risk as a potential borrower. If the banks can see a
lot of irregularities on your credit file such as unpaid
debts and missed payments then they will decline your
loan application.
As of 2014 your credit file also includes positive credit reporting data such as a record
of your on time repayments on your current debts. This gives lenders a more accurate
picture of your current situation.
What information is listed in my credit file?
The lenders are very cautious in lending money to borrowers who have a bad credit history that
is either ongoing or where the adverse listings have not been cleared, therefore it is important
to know what your credit history is like.
The following information is recorded on your credit file and can be seen by the banks and
lenders:
Your full name, date of birth, gender, address, previous address, drivers licence number,
employer and previous employer.
Records of the timeliness of the last two years repayments for your current debts.
Company directorships.
Loans that you have applied for in the last five years are listed as enquiries.
Loans or accounts where you are more than 60 days overdue are listed as defaults.
Court judgements.
Court writs.
Bankruptcy history (including Part IX history).
The five new data information listed on my credit file from
March 2014
There will be five new data information content that will be listed on your file under the
‘Comprehensive Reporting’ changes that are coming into affect from March 2014. This
information will be used to provide insights into the credit behaviour of all individuals. These
include:
Date account opened
Current Limit of account
Nature of credit account
Date account closed
Account payment history (licensed credit providers)
Can I have more than one credit file?
Yes, it is possible for an individual to have more than one credit file. This is common if you
have changed your name, usually due to getting married. These are known as cross
references. The lenders will see all of the credit files that you have as they are linked on Veda
Advantage’s system. Your Veda Score will be calculated using the combined data of all of
your credit files.

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Home Loans
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Business Loans
Commercial Property Loans
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How long does the information stay on my credit file?
The information stays on your credit file for a set period of time from the date it was lodged:
Current debt repayment history – 2 years
Court writs and summons – 4 years
Enquiries – 5 years
Defaults – 5 years
Court judgements – 5 years
Defaults (Clearout) – 7 years
Part IX – 7 years
Bankruptcy – 7 years
Last known address and employer – Indefinite
Please keep in mind that paying a default does not remove it from your credit file, it just
updates your file to show that the default was paid. You can only have a default removed with
the consent of the company that lodged the default on your file in the first place.
Can I prevent defaults being listed on my file?
If you are experiencing financial hardship then there are measures that you can take to try to
prevent adverse listings being lodged on your credit file.
Make your repayments on time: This will stop any future defaults from being marked on
your file.
Keep in contact with lenders: If you are uncontactable then a default may be marked as a
“clearout” meaning that they could not find you. This stays on your file for two years longer
than a normal default!
Pay something, not nothing: Ask your lender if you can make reduced repayments for a
period of time until you can get back on your feet.
Pay off your existing defaults: This is usually done by refinancing your home to roll your
debts into one easy payment.
How can I get a copy of my credit file?
There are two ways for you to get a copy of your credit file.
Which method you use will purely depend on how urgently
you need a copy. You can choose to do one of the
following:
Write to Veda Advantage: You will get a free copy within
14 days.
Apply on Veda’s website: You will get it right away,
although you will pay a fee.
What if my credit file has errors on it?
Veda Advantage obtains the data on your credit file from various sources, however it
predominantly comes from your previous loan application. In many cases the data does not
match and your credit file will contain incorrect information. You can correct this by contacting
Veda Advantage. Once you do, you can complete a form and provide evidence and they will
update your data. It is important that your credit file contains accurate information otherwise
future loan applications may be jeopardised.
At Loan Wize, we understand that there is no one size fits all home loan, and that everybody’s needs
are as unique and as individual as they are. We listen to you and tailor our recommended solutions to
your individual circumstances. So call and discuss your situation with a Loan Wize Professional Lending
Specialist today!