Veda Advantage Provides What You Need to Know About Your Credit Files

Information verified correct on October 27th, 2016

Loans and credit are part of our daily lives. For this reason, it’s important to understand the basics behind the credit file and how credit history is used to manage those files.

Whenever you apply for a loan, such as a personal loan, mortgage, car loan or even a credit card, the financial institution to which you apply will first go through your credit file and evaluate it.

Your credit file contains all your personal information relating to any credit you have used so far. It also contains personal information about your identity. Information in your credit file includes:

  • Credit history including details of all your credit accounts
  • Full name
  • Date of birth
  • Current address
  • Current and previous employer details

In Australia, most credit files and records of credit history are maintained by Veda Advantage, which was formally known as Baycorp.

Details of your personal information remain in your credit card for five years. This includes information about your overdue credit accounts.

The exception to the case is if you are listed as a “clear out”, that is, if you change your address without notifying your creditors and they cannot contact you. If you are listed as a “clear out”, your information stays on file for seven years. My Veda Alert Review

The importance of credit files

It’s important to be aware of your credit file since this is the most important information that institutions look at before granting you a loan. If you have a poor credit history as reflected in your credit file, you may be denied a loan or may need to be satisfied with a loan that charges you higher interest due to your poor credit.

For this reason, it’s important to periodically go through your credit file yourself, and check that all the details are true and accurate. You can order a copy of your credit file directly from and go through all the entries.

If you find an error in your credit file, you should try to get it corrected. In the first instance, you should contact the financial institution who provided the incorrect data, and try to get them to correct the data. If they do not do so, you can then contact Veda Advantage directly if you feel that there is a genuine cause for a review of your file. You can find more information about this on the Veda Advantage website.

Once you have your credit file information, you may find that there is default on your file. There is a process that institutions must follow in order to put a black mark against your name. It is a specialised area and you may want to learn more about engaging a credit repair company which can work towards removing these defaults on your behalf.

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14 Responses to Veda Advantage Provides What You Need to Know About Your Credit Files

  1. Default Gravatar
    Rain | July 15, 2016

    I want to know the official email address of Veda Advantage for my business.If you can tell me the phone which can connect to the office guy is much better.Thank you.

    • Staff
      May | July 15, 2016

      Hi Rain,

      Thanks for your question.

      You can find details on Veda Advantage on this page. If you want to be redirected to their official website, just click on the green button that says “Go to MyCredit file’s website.” Their contact details are displayed on the first page of their site.

      Hope this has helped.


  2. Default Gravatar
    Geoffrey | November 2, 2015

    Can I have my wife removed from accessing my current credit status.
    I have previously provided access for her. This status has now changed

    • Staff
      Jonathan | November 2, 2015

      Hi Geoffrey, thanks for your inquiry!

      You can amend the access restrictions to your credit status by contacting the credit agency who you are a member with.



  3. Default Gravatar
    keith | January 23, 2015

    I would like a copy of my credit history

    • Staff
      Jonathan | January 27, 2015

      Hi Keith,

      Thanks for your inquiry,

      Please see this page for a list of credit reporting agencies you can receive a copy of your credit report from.

      I hope this helps!



  4. Default Gravatar
    Joseph | January 19, 2015

    I would like a copy of my credit history . I have been told that i have one or credit file . how can i get a copy ?

    • Staff
      Jonathan | January 19, 2015

      Hi Joseph,

      Thanks for your question,

      Please see the email which I have sent you containing the website link to receiving a free copy of your credit file/ credit history (provided you have not requested one within the past 12 months).

      I hope this has helped.



  5. Default Gravatar
    Amanda | October 31, 2014

    I have also had 79.95 taken out of my account without authorisation.

    • Staff
      Elizabeth | October 31, 2014

      Hi Amanda,

      Thanks for your question.

      As mentioned in the comment below, you’ll need to get in contact with the customer service team at Veda to discuss the charges.

      I hope this has helped.



  6. Default Gravatar
    raymurdoch | June 14, 2014

    on the 13/6/2014 you guys took $79.95 out of my account and I don’t no who or what you guys are can you please explain to me why you took the money out and how you got my card details

    • Staff
      Shirley | June 17, 2014

      Hi Ray,

      Thanks for your question.

      Unfortunately you’ve come through to, an free online comparison service. Please contact the customer service team at Veda Advantage to sort this out.


  7. Default Gravatar
    Christopher | October 22, 2011

    I am writing on behalf of my Son Chris Ega. He has received a Bill from Thorn EMI which he has absolutely no Idea what it is about. Chris approached the Bank for a Loan but he was given a “Bad Credit” Rating
    They have probably have him confused with some one with the same name..
    How could Chris go about clearing his name?

    Concerned Mother
    Mrs C Meyers.

    • Staff
      Jacob | August 12, 2012

      Hi. Please contact Veda directly to amend a disputed credit report entry. Thanks for your question.

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