REPORT: Personal credit record agency Veda accused of holding wrong data on people, not fixing errors

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Personal credit record agency Veda has been accused of holding incorrect data on people and refusing to fix its errors.

In a report by ABC TV’s 7.30, the company which keeps records of 20 million Australians from loan inquiries, credit infringements through to debts, has reportedly kept false information in their files.

As a result, some people have had loan applications denied because they were wrongly attributed with a bad credit rating.

In a statement to the ABC, the credit reporting agency said that “if there are mistakes on a consumer’s credit report Veda has strict timelines to respond”.

“If consumers are not satisfied with our findings they, can demand a reinvestigation, or external dispute resolution, or go to the Office of the Australian Information Commissioner to lodge a complaint,” it read.

Current laws state that individuals have the right to have any “inaccurate, out-of-date, incomplete, irrelevant or misleading information” corrected free of charge.

You can read more about that here.

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