Credit History on New Customers

Do you have the full picture of your credit applicants?

When assessing credit applications you need to accurately judge whether someone should be granted credit.  Making decisions based on an application form alone can mean you're not getting the full picture of someone's potential risk.

 

A credit history report gives you the credit records of individuals on Veda's database to help you gauge credit worthiness.  This gives you a picture of an applicant's credit history information across multiple lenders helping you make more accurate decisions for your business. Veda's credit reports include a credit score summarising Veda bureau information into a single powerful number, a VedaScore. So your Veda credit report gives you the information you need to make more informed credit decisions.

 

Veda's credit reports:

• Are easy to read reducing your decision making time and improving turnaround times so you can get back to your customers fast
• Help you make more informed and accurate credit assessment decisions
• Support your obligations to take 'reasonable steps' under the new responsible lending laws and
• Help you identify and assess customers who are likely to not pay their bills so you can reduce your risk of incurring bad debt.

 

Under new responsible lending laws you need to make reasonable enquiries about credit applicants by using robust credit risk management processes and the best available information.  A Veda credit check provides invaluable insights into potential customers' relationships with other lenders giving you a comprehensive view of your customer's credit activity.  Together with an assessment of income and expenses VedaScore should be an indispensible part of your National Consumer Credit Protection (NCCP) responsible lending process.