Veda (company)
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|
| Formerly | Baycorp Advantage |
|---|---|
| Company type | Public |
| ASX: VED | |
| Founded | 1967 |
| Headquarters | Sydney |
| Products | Business Services |
| Parent | Equifax |
| Website | www.veda.com.au |
Veda Advantage Limited (commonly Veda; formerly Baycorp Advantage) was a credit reference agency in Australia and New Zealand. The company provided credit reporting, credit scoring, and marketing analytics services. It was acquired by Equifax in 2016.[1][2]
The company was the product of a merger of Australian company Data Advantage and New Zealand company Baycorp in 2001.[3] Its name change was prompted by the sale of Baycorp Collection Services, which retained the Baycorp name.[4]
History
[edit | edit source]Veda’s origins can be traced to 1967, when a credit reference association was established in New South Wales.[5]
In 2001, Data Advantage merged with Baycorp to form Baycorp Advantage.[citation needed] The company rebranded as Veda Advantage in 2007 and later adopted the shortened name Veda.[citation needed]
In 2010, Veda controlled over 85% of the credit reference market in Australia,[6] and in 2015, it held records on over 16 million Australians.[7]
Business and products
[edit | edit source]Veda provided consumer credit reports, credit scores, business credit checks, fraud-prevention tools, and data analytics.[8]
It also handled correction requests and disputes under Australian credit reporting law.[9]
Regulation, controversies, and criticisms
[edit | edit source]Data accuracy
[edit | edit source]Veda received criticism for errors in consumer credit files and delays in correcting inaccurate information.[10]
Privacy and data sharing
[edit | edit source]In 2016, the Office of the Australian Information Commissioner opened an investigation into Veda’s marketing subsidiary Inivio over claims that it sold personal credit information to marketers.[11]
ACCC action
[edit | edit source]In 2018, the Australian Competition & Consumer Commission commenced legal action against Equifax Pty Ltd (formerly Veda), alleging that between 2013 and 2017 it made false or misleading representations about paid credit reports and correction processes.[12]
Acquisition by Equifax
[edit | edit source]In February 2016, Equifax completed its acquisition of Veda for a total consideration of $1.9 billion [1][2]
Role and influence
[edit | edit source]Veda was considered the largest consumer credit reporting body in Australia.[13]
Its systems were used by banks, telecommunications providers, utilities, and other credit issuers.[14]
References
[edit | edit source]- ^ a b https://investor.equifax.com/news-events/press-releases/detail/376/equifax-completes-acquisition-of-australias-leading-credit
- ^ a b https://www.prnewswire.com/news-releases/equifax-completes-acquisition-of-australias-leading-credit-information-company-veda-group-limited-for-total-consideration-of-usd19-billion-300226572.html
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