Improving Your VedaScore
There are a number of ways you can improve your VedaScore to help make your credit application look more attractive to lenders.
Make sure overdue debts aren’t recorded on your Veda credit report
This can be done by paying loans and bills on time. For example, consider consolidating your debts in order to pay off any loans faster or to reduce fees associated with several individual loans. If you’re having trouble, consider talking to a financial counsellor or your credit provider to arrange a payment plan.
Get in touch with all your credit providers (banks, utilities, phone company, ISP, etc.) to make sure bills are redirected to your new address.
Do your homework before you apply for credit, and only apply for credit when you need it.
Making a number of applications for credit within a short space of time can reduce your VedaScore and make you seem less attractive to credit providers.
Regularly check your Veda credit report
This helps to ensure no one uses your identity to obtain credit or to commit an identity crime. Or simply sign up to Veda Access, which will update you when certain changes are made to your report.
It’s important to note that references to overdue debts are not removed from your file just because the debts have been cleared. They’ll still remain on your file for report for five years.
However, the relevant credit provider will update your credit file to reflect the fact that the debt is no longer overdue. For more information, see ‘How can I check my credit history?’
We also suggest
Chasing a late payment can feel like the most awkward of jobs for the small business owner. It’s hard to get the balance right between wanting to stay on the good side of the client while looking after your cash flow.
But careful management of your debtors by seizing control of this process should be your priority. These tips show you how to capitalise on a wealth of information now available on your debtors to help avoid those awkward conversations and get paid faster.
Many credit providers rely on business credit reports to aid their decision making when assessing applications for credit.
Small business owners have a lot on their minds, especially when they are in the crucial first stages of establishment, and again when they start to think about expanding. The attraction of starting up or taking over a small business is the ability to bring a novel idea to the market and be responsible for the direction of your own career.