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Home Loans FAQ

Are bankruptcies shown on a credit file?

Yes, as part of our Public Record Information.

What is a Creditor?

A person who is owed money.

What is a Debt?

An amount owed.

What is a Debtor?

A person who owes a debt.

How is a Default listed?

A credit provider may only list a default on your file if 60 days has elapsed since the day on which the payment was due and payable and if the credit rovider has taken steps to recover all or part of the amount outstanding. The credit provider must also have written to you at your last known address and advised you of the overdue payment and requested payment of the amount outstanding.

How long does a bankruptcy stay on the Veda Advantage database?

Bankruptcies stay on the Veda Advantage file for 7 years. If the bankruptcy is discharged after three years an annotation is entered on to the file stating this.

What is Insolvent?

Unable to pay all debts when they fall due for payment.

What is Liquidation?

The orderly winding up of a company’s affairs. It involves realising the company’s assets, cessation or sale of its operations, distributing the proceeds of realisation among its creditors and distributing any surplus among its shareholders. The three types of liquidation are: court, creditors’ voluntary and members’ voluntary.

What is a Liquidator?

A natural person appointed to administer the liquidation of a company.

Veda Report – Can a lender list me more than once for the same debt?

No, a lender cannot list the same default more than once. However, a lender can list you once for not paying a loan and then if the lender gets a court order against you, the court order will be listed separately.

Where do I get a copy of my Veda Report?

For a copy of your Credit Report, call us today on 1300 400 500 or send us an email

Veda Report – How long can they keep your information?

5 years: credit applications, overdue accounts and court judgments 7 years: bankruptcy orders, debt agreements and serious credit infringements

Veda Report – What information can be kept about me?

  • Your personal details (name, current and previous addresses, gender, drivers licence number)
  • Records of credit applications you have made in the past five years
  • Records of your current loans – Unpaid defaults (Accounts where you have been in default for more than 60 days and the creditor has demanded payment), even where the default has later been paid.
  • Court judgments or orders
  • Dishonoured cheques
  • ‘Serious credit infringements’, which are listings to show that the lender has a reasonable belief that you intend to avoid paying the debt. This is common for utility debts.
  • Bankruptcy orders, which might include debt agreements under the Bankruptcy Act

Will a Debt Agreement affect my credit report?

Both the debt agreement proposal and the debt agreement are registered on the National Personal Insolvency Index (NPII). Veda Advantage, the credit-reporting agency uses the information on the NPII to advise any creditors that you are under a debt agreement and/or have submitted a debt agreement. A creditor can also register a default against your name with Veda Advantage. Your debt agreement will be listed on your credit report for a seven year period. During this time you may find it difficult to obtain credit.

What does Cross Reference mean?

When two or more files on the Veda Advantage database are found to be the same identity, they undergo a ‘file combine process’ to leave behind a single file. When two or more files on the database are found to belong to the same person, but are different identities, these files may not be combined but left as separate files. Examples of this situation include:

  • A woman goes from a maiden name to a married name or vice versa
  • An individual is using different names to obtain credit whether or not this may be intentional or fraudulent
  • Cross-reference information is given to Veda Advantage by our subscribers, the police and the subject themselves.

When these files are identified as being related, they are assigned a ‘cross reference’ identifier pointing to the other related file(s).

What is a bankruptcy?

An insolvency procedure that applies to a natural person, not to a company. When a person is unable to pay their debts it is possible for them to be declared bankrupt. Action may be taken by one of the creditors, or it may be taken by the individual themselves.

What is a Part 9 Debt agreement?

A Part 9 debt agreement is a negotiated arrangement between you and creditors governed by government legislation. A debt agreement is a low-cost alternative to bankruptcy for individuals on a lower income with few or no assets.

What is a Part 10 Debt agreement?

Part 10 of the Bankruptcy Act provides a process by which a debtor may make a proposal to their creditors for consideration and a formal vote. It is an alternative to bankruptcy. This agreement is called a Personal Insolvency Agreement. Once accepted, the proposal is binding on the debtor and all creditors in respect of their unsecured provable debts. It enables the debtor and creditors to come to a mutually agreed compromise in a relatively simple way without reference to the court.. Traditionally Part X administrations are administered by Registered Trustees. They may also be administered by the Official Trustee in Bankruptcy (through the Insolvency and Trustee Service Australia, 'ITSA'


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