How to Understand Your VedaScore

Information verified correct on January 20th, 2017

Understanding how your VedaScore works so you know where you stand.

Your credit report contains a summary of your financial history, and your credit score is a reflection of how reputable that history is. Veda, the country's largest credit reporting bureau, scores you with its VedaScore, a number between 0 and 1200. The guide below takes you through everything you need to know about this score, how it is calculated and how to know if your score is "good".
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what is  good credit score australiaWhat's a good credit score?

Your VedaScore will be a number between 0 and 1200. A "good" credit score is between 622 and 725, a "very good" score is between 726 and 832 and an "excellent" score falls between 833 & 1200.

How does Veda calculate your score?

There are a number of different credit scoring systems used by credit bureaus. These scores factor the information listed on your credit file and reflect your ability to repay credit. A VedaScore is calculated by Veda, Australia’s largest credit bureau. Your score helps lenders assess your credit application when you apply for a loan or line of credit. Similar to a tool that ranks your risk, all credit information is used to predict the outcome of your loan within the next 12 months.

In addition to your VedaScore, lenders will apply their own lending criteria. This is why you shouldn’t completely rely on your VedaScore as an indicator of whether you can apply for the credit or not.

good credit score

How can I find out my VedaScore?

You can find out your VedaScore by signing up to Veda's Starter Pack, currently priced at $79.95. You will be able to receive a copy of your credit file as well as your credit score with this package.

The difference between good and bad credit

Understand your credit score

Your VedaScore is displayed as a number and indicates the likelihood of an adverse event being recorded on your credit file in the next 12 months. An adverse event can be a range of "bad credit" listings such as a default, a bankruptcy or a court judgement.

The higher your VedaScore, the less likely it is an adverse event will be recorded on your file and the less of a risk you will appear to lenders. The lower your credit score the riskier you will appear as a borrower.

  • Below average to average (0-509). It's more likely an adverse event will be recorded on your file in the next 12 months. You are in the bottom 20% of Veda's credit-active population.
  • Average (510-621). This score suggests that it's likely that you will incur an adverse event in the next 12 months. Your score places you in the bottom 21-40% of the credit-active population.
  • Good (622-725). Adverse events are less likely to be recorded for the next 12 months. You fall in the mid-range (41-60%) of Veda's credit-active population.
  • Very good (726-832). Unfavourable events are unlikely to be recorded onto your credit file within the next 12 months. Your score places you in the second-highest percentile range of the credit-active population (61-80%)
  • Excellent (833-1200). Adverse events are highly unlikely to happen within the next 12 months when compared to the average Australian. The odds of no adverse events occurring on your credit file in the next 12 months are five times better than the population average and you are in the top percentile range (81-100%).

How is your VedaScore calculated?

Your credit score is calculated using the information on your credit report and there are a number of factors that take into account your risk as a borrower. These include:

  • Type of credit provider. There may be different levels of risk when approaching different lenders. A non-traditional lender may have a different level of risk than a bank or credit union.
  • The size of credit requested. Both the type and size of the loan or credit limit you’re requesting can affect your VedaScore. Mortgages have a different level of risk compared to credit cards.
  • The number of credit enquiries. Every time you apply for a credit product, the credit provider obtains a copy of your file and the application is noted. If you've shopped around for credit and applied at a number of places in one space of time, it flags you as a higher risk. The pattern of credit enquiries over time also affects the level of risk.
  • Directorship information. If you’re a director or proprietor, it may impact your VedaScore so it’s important to check both the individual and commercial sections of your credit file.
  • Age of credit file. The date your credit file was created. A new file may indicate a different level of risk compared to an older file.
  • Personal details. Your VedaScore will consider your age, length of employment and how long you’ve lived at your current address.
  • Default information. Any personal or business credit such as overdue debts, serious credit infringements or clearouts could negatively affect your VedaScore.
  • Court writs. Default judgements or court writs may convey you as an increased risk and negatively impact your VedaScore.

How to repair your credit

Frequently asked questions about your credit history

Paying your bills on time and limiting your credit applications both help improve your VedaScore.

Your VedaScore ranks the level of risk you are compared to the rest of Australia. It could be used to help credit providers assess your ability to pay the loan back and whether or not to approve your application.

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36 Responses to How to Understand Your VedaScore

    Default Gravatar
    John | January 4, 2017

    Hello! I was thinking, if someone never applied and dealth with a credit provider before and recently got a job and planning to get a post-paid phone contract.

    For someone like that, what would be their “fresh” credit rating be? Let’s say if checked with Veda.

    Thank you and hope for your prompt reply.

      May | January 6, 2017

      Hi John,

      Thanks for your question.

      If you have not made credit enquiry or held a utility account in the past, there may not be a credit file to be checked under your name. So that means no credit score will be generated for you.

      Just an overview, your credit score is basically calculated by credit bureaus such as Veda using the information on your credit file. The higher your credit score, the less of a risk you’re determined to be. Veda uses the “comprehensive version of scoring,” which means that more data sources are used to calculate your score. In particular, it uses your positive behaviour, such as regular repayments.


    Default Gravatar
    Ron | November 14, 2016

    I signed up to Credit Savvy alerts sometime ago. I have had a score of 742 (very good) every month since signing up. I get my alert this month and score has dropped 311 to 431 (below average). Nothing has changed on my file, I have had no credit enquiries for 4 years and ALWAYS pay my bills before they are due and I’m advance by 12 months on my personal loan. The only thing that has changed is that I have turned 50. It feels like I have been unfairly assessed and my credit is now in the toilet. Can you help me understand why this might have happened?

      Anndy | November 14, 2016

      Hi Ron,

      Thanks for reaching out.

      We understand the importance of credit scores to our users. That is why aside from helping you get a free credit score, we also have a page where you can request a free credit report. With a credit report, you’ll have an idea how you got a certain score.

      I hope this helps.


    Default Gravatar
    Carol | October 20, 2016

    Is it only consumer credit enquiries that will affect my score or do the file access enquiries also affect my score?

    I have 3 optus SMB commercial access on the same day.

    Not sure if i need to try to have them removed.

    Last time I needed an incorrect default by Optus updated it took a month of calls to an overseas call centre who had no idea what I was talking about.

    I don’t want to do the same again if the file access does not affect my score

    Thank you for your assistance



      Elizabeth | October 24, 2016

      Hi Carol,

      File accesses don’t affect your credit score, only credit enquiries do, so the listings shouldn’t change your credit score.

      Hope this helps,


    Default Gravatar
    NOMAN | October 12, 2016


      Elizabeth | October 12, 2016

      Hi Noman,

      The first step would be to order a free copy of your credit report and check all the information is correct. If there are any incorrect listings you need to get in contact with Veda directly to have these amended. However, a variety of things can lower your score, such as if you change address frequently or you made a late payment.

      You might find some helpful information on this page.

      Hope this helps,


    Default Gravatar
    vikki | October 6, 2016

    I have a default on my veda credit report, the original date is january 2012 and the latest date is 2014 ( same default)
    This bill is now paid in full but i was wondering if the five years it is listed for is from the 2012 original listing? The latest date (2014 ) is a transfer ?
    Can u please advise me when the five years starts from the original or latest listing?

      Elizabeth | October 7, 2016

      Hi Vikki,

      Are the defaults in two separate listings or are they in a single listing with two different dates? When you default it will be listed on your credit file, along with the date the default happened, and if anything changes (you pay the default, etc) then that same listing should be updated. This listing then remains on your file for five years.

      There shouldn’t be a separate listing unless it was another default.

      You can find out more about defaults and what the listings look like in this guide, but you may also want to contact Veda who can shed some more light on your personal credit file.

      Hope this helps,


    Default Gravatar
    Carl | March 16, 2016


    I have recently moved to Australia as a resident. I was looking for a purchasing a new vehicle and enquired with couple of brokerage firms. They have sent my file to multiple lenders which has lowered my veda score due to the credit check. There has been 10 checks in 2 months. And the brokerage firms did not inform me about my veda score going down. I did get approval from the lenders however I decided not to go ahead with them as the vehicle I was looking for was a prestige car and monthly payment & interest I was not ok with.Is there anyway I can rectify my credit score due to the number of credit checks which i did not authorize. I was only informed of the privacy and that they would be doing the lending themselves. Whereas they have sent it to other lenders causing more damage than good?

      Elizabeth | March 17, 2016

      Hi Carl,

      Thanks for your enquiry. While I can’t provide you with personal advice I can provide you with some general information.

      Brokerage firms sometimes have as part of their terms and conditions that the lenders your details are sent onto can conduct separate credit checks, so if you have a copy of this terms and conditions you may want to check if you’d agreed to this at any point. Then, you may want to get in touch with the brokerage firm or the lenders to ask if the credit enquiries can be removed from your file.

      Explain that you did not agree or know you were agreeing to the enquiries and that you would like the listings removed. Getting in touch with Veda (where your credit file is held) to ask for advice may also be a good step to take. Another option you have if these steps do not yield any results is to submit a complaint to the credit ombudsmen directly.

      I hope this information has been of use.



    Default Gravatar
    Hunter | November 20, 2015


    I have some unpaid debt from around 7 years ago. In my file i have nothing except for under file access i have a list of collection companies. Will this effect my chances of getting a home loan.
    Cheers Hunter

      Belinda | November 30, 2015

      Hi Hunter,

      Thanks for your enquiry.

      There are specialist lenders that will accept borrowers with paid and unpaid defaults, discharged bankruptcy claims, or a high number of credit enquiries on their file. However, these lenders will treat your application on a case-by-case basis.

      You can read our tips about how to get approved for a home loan with bad credit here and here, and you can also compare a range of lenders that may be more likely to review your application given that you have some unpaid debt.


    Default Gravatar
    Noel | October 30, 2015

    I have a 624 with credit savvy and got a 692 with get credit score , was wondering what you think my chances are for a novated lease vehicle that is advertised at $32000

      Elizabeth | November 2, 2015

      Hi Noel,

      Thanks for your question.

      Your eligibility for a loan depends on much more than your credit score, with your income, debts, other assets and general financial situation being factors, as well as the lender you’re applying with. Check the minimum eligibility set by the lender, and if you meet it then you will be able to apply.

      I hope this has helped.



    Default Gravatar
    Wiki | October 29, 2015


    I got a score of 378… I just got my credit report I had 20 enquires n no defaults. 8 was from Telstra which I have no clue of and spoke to them directly n they will be removing 8 of them I only made 5 of the rest im not sure of.. if I get the solved will my score go up n how long will it take? I need a home loan…

      Elizabeth | October 29, 2015

      Hi Wiki,

      Thanks for your question.

      It’s important to note that only incorrect listings can be removed from your credit file, so if the enquiry was put there incorrectly then you should be able to have it removed. When any changes are made to your credit report, such as the removal of enquiries or the listing of a new loan, your Veda Score is recalculated to reflect that change.

      I hope this has helped.



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    Andrew | April 14, 2015

    If i have checked VEDA and have a credit score of 807 why then has westpac not approved a personal loan?? Simply don’t understand why as have no defaults and no problems

      Elizabeth | April 14, 2015

      Hi Andrew,

      Thanks for your question.

      While your credit score is one determinant that helps banks decide whether you are suitable for a loan, they also need to look at a variety of other factors as well. Your income, your current debts and any other liabilities you have will affect their decision. They look at your ability to maintain your loan repayments, and so you may not have met the minimum criteria in other areas in order to qualify.

      I hope this has helped.



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