Hi, my name is Adam Stewart, Debt Collection Expert and owner of ADC Legal Litigation Lawyers.
A lot of our debtors are concerned about their credit rating and ask if the debt we are chasing will affect their credit rating or not. A default can occur, for instance, if you haven’t paid a bill, such a telephone or electricity bill and it’s now over the due date.
One of the ways to check your credit score is by checking your VEDA score. Veda is one of the leading credit reporting agencies here in Australia. They have provided a very easy website to check your score. See this link.
This credit score is a number that represents the information contained in your credit report. It attempts to give creditors an idea of how financially responsible you are. GetCreditScore features the VedaScore provided by Veda. Your VedaScore is a credit rating between 0 and 1200 summarising the information in your credit report into one easy to understand number.
It only takes about 30 seconds and you get your score instantly.
Once you get your credit score, Veda will then alert you of your updated score monthly.
An excellent credit score is anything between 833 — 1200, very good is 726 — 832, good is 622 — 725, average is 510 — 621 and below average is 509 or less.
This credit score reflects a person’s credit worthiness, based on factors such as the amounts borrowed, defaults and court orders.
A score can be increased by updating your contact details, making the minimum payment on time, and only applying for credit when needed.
Got a low score? You now have the opportunity to fix it by getting rid of any outstanding debts you may have.
If you do have a good credit score, this can be a great bargaining chip to go to your lender and see if it can get you a better deal.
If you feel you need help in dealing with your outstanding debts, please contact Financial Counselling Australia.
ADC Legal Litigation Lawyers is a legal practice specialising in commercial advice and litigation, debt recovery and insurance claims recovery disputes. We are also providing free templates for you to use on your debt collection. For more details, email us at email@example.com or call 1300 799 820. You may also Skype us at adclegal.