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Know Your Score
Veda Advantage has introduced a new type of credit report for every credit-active New Zealander on our database, called VedaScore Plus. The key objective for VedaScore Plus is to calculate your individual credit score. This score is based on how your financial behaviour compares to every other credit-active person on the Veda Advantage database. In simple terms, the higher your credit score, the more likely you are to gain credit.
It is important that you know your credit score as it could be used by credit providers to determine whether they should approve your credit application or not.
How VedaScore Plus works.
Credt scoring is based on the premise that your past credit experiences can predict your credit behaviour in the future. VedaScore Plus is the analytical tool that enables Veda Advantage to measure your credit behaviour and build a corresponding "scorecard." These scorecards take information available about a credit applicant at the time of the application and weigh these data attributes to produce an objectively derived numerical estimate of risk, a score. Every credit-active New Zealander on Veda Advantage's database is assessed against the same criteria, in the same way, enabling consistency in the way credit risk is assessed for all credit applicants.
What does your score mean?
Your VedaScore Plus numerical score is used to rank your credit risk and determine whether your application for credit should be accepted or declined, according to the policies of the company to which you have applied for credit.
Does your score remain the same over time?
Your credit score will change accordingly as new information is added to the file or old information is dropped from the file.
For more information on Personal Solutions
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