All Kiwis to be rated for credit reliability
4:00AM Monday Jul 20, 2009
By Maria Slade

All New Zealanders are to be assessed for creditworthiness under a new system the country's biggest credit agency is launching.

Veda Advantage plans to give Kiwis a score from minus 330 to plus 1000.

Most people will rate above zero but anyone with a score of less than 100 will find it difficult to obtain credit from a bank or finance company.

The average score will be in the range of 500 to 600, and a person with a score of 700 will generally be considered a good credit risk.

The scoring is worked out from a person's credit report, which contains information about how many times they have applied for credit and whether they have defaulted on debts or been bankrupted.

More here.