Equifax (which acquired Veda Advantage) holds a credit file for all Australians who’ve applied for any form of credit.
In the past, Veda didn’t have any score on your credit file. They merely provided to lenders a list of loans you’ve applied for along with black marks such as defaults.
Nowadays, Equifax has its own score on your credit file, known as your Equifax Score (previously VedaScore).
It’s the lender that then uses this information to give your loan a credit rating, which is used to categorise you as a good or bad borrower.