Credit Score on Individuals - Veda Score

Before you give credit, know the score

You need to make quick and accurate credit decisions if you aim to provide a streamlined customer experience while at the same time managing business risk and complying with legislation. If credit is granted to high risk applicants the result may be bad debt write-offs. On the other hand playing it too safe can mean low acceptance rates, market share and profits.

 

A Credit Score on an individual summarises the Veda bureau information on a credit report into a single powerful number. It means you don't have to analyse multiple data elements on a credit report to understand an applicant's credit risk. Using VedaScore solution as part of your credit assessment process, including reviewing the application form, allows you to reduce your credit risk losses and improve portfolio profitability.

 

• Easy to read reports reducing time in making a decision, improving turnaround times and customer experience
• Help you make more informed and accurate credit assessment decisions
• Help verify and assess high risk applicants and mitigate the risk of incurring bad debt
• VedaScores can identify high risk applicants who may look good on paper i.e. they have no defaults, but who may exhibit high risk behaviours such as 'shopping' for credit.
• Essential credit information is summarised into a single score. This facilitates improved interpretation and decision-making

VedaScore can help:

• consistency of decision making throughout your business
• ability to write more loans without increasing losses
• improved automation and ability to reduce referral queue over time

 

When accessing personal information users need to make sure that their disclose of personal information to Veda and the access to either individual commercial or consumer credit information is in compliance with the Privacy Act 1988 (the Act).