Which VEDA credit score reporting product should I buy?

Hi All,

I've decided I want to check and monitor my credit score for the next 12 months after applying for a few CCs in the last 6 months.

I checked the VEDA website and they have different tiers. What product should I buy to meet my needs?

Can someone please tell me what the service is like?


Hi BudgieSmuggler,

I was in the same situation as you up until last month when I decided to purchase one of Veda's products.

I had exactly the same concern/interest as you.  I had applied for many credit cards within a short period of time and recently was in contact with Citibank who offered to do a free Veda check to reveal my CreditScore (from which Citibank would offer me a loan at an appropriate % rate).  That check came back showing that I had an "Average" ranked credit rating, putting me in lower 20-40% of the credit seeking population.  I was a bit surprised at this as the total of my credit limit is still quite low, even though I have 5 cards, and I've never missed paying any of my accounts in full by the relevant date.

I decided to look at Veda.  I thought that I would benefit from tracking my CreditScore the most, and will be interested to see how my self-imposed half on credit card applications will affect that CreditScore going forward.  For me, that was the main consideration in my choice.  When you get your credit score, Veda also provides further information to show you what aspects of your credit activity are affecting your score.  In my case, my multiple applications within a short period had a significant adverse affect on my CreditScore (three red arrows pointing down), but it also noted that I had no adverse reporting from financial institutions and had no defaults (two green arrows pointing up).  The significance of the effect of multiple applications will reduce as more time passes - and by tracking my CreditScore monthly, I hope to see how!

I like the idea of having as much up to date information as possible about my credit situation, so quarterly credit reports seemed a good option to me.  Therefore I chose the 'Veda Plan' option at $119.95 per year.  I will try it for one year then re-assess.  I liked the idea of having 4 credit reports a year.

If you don't think you'll need that many credit reports (which show what Veda has on file about you, and which institutions have made enquiries), consider the 'Veda Access' plan which still gives you monthly CreditScore updates, but only 2 credit reports in a year.  That costs $84.95. 

For me though, I didn't mind spending the extra $35 for the further 2 credit reports, PLUS I really liked the idea of their credit identity watch which you only get the 'Veda Plan'. I've since input details for a range of cards, drivers licence, account details, which Veda systems monitor for unusual activity or trading on the identity black market.

If this was helpful, please bring yourself to push that 'arrow up' button about my reply!

Cheers and good luck!


I signed up for Veda "Access" - the $84.95 p.a. plan - just over one month ago. Sign up was easy, and all went smoothly. For me, credit score and credit report access was most important for monitoring things when planning credit card applications. I couldn't see the benefit of the higher plans. 2 credit reports per year was enough for me.

So far I've seen two credit scores (since you get a new score once per month) and the score hasn't changed. The detail showing what contributes to each score is not as clear as I'd hoped - it's just a series of green arrows pointing up suggesting whether a factor contributed more or less to improving your score (I don't have any negative marks on mine).  But I still am happy that I signed up, and so far believe the money paid is worth it. I think it provides peace of mind that you can see what the banks are seeing when they evaluate your credit applications.

If you read online reviews about Veda many are less than favourable. But read closer and you'll see they are mostly from people who were denied credit and believed that buying a Veda plan would help them magically fix their score, or who didn't realise it's an annual plan and you'll be re-billed each year. So if you go in on the understanding it's a recurring annual plan, you'll be fine, I wouldn't worry too much about those negative reviews.

Thanks Jack and Crossbow, both good insights into what to consider.