Veda (company)

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]

Veda Advantage Limited

Formerly	Baycorp Advantage
Company type	Public
Traded as	ASX: VED
Founded	1967
Headquarters	Sydney
Products	Business Services
Parent	Equifax
Website	www.veda.com.au

The company was a merger of Australian company Data Advantage and New Zealand company Baycorp in 2001.^[2] Its name change was prompted by the sale of Baycorp Collection Services, which retained the Baycorp name.^[3] In 2010, Veda controlled over 85% of the credit reference market in Australia,^[4] and in 2015, it held records on over 16 million Australians.^[5]

History

Veda’s origins can be traced to 1967, when a credit reference association was established in New South Wales.^[6]

In 2001, Data Advantage merged with Baycorp to form Baycorp Advantage.^[7] The company rebranded as Veda Advantage in 2007 and later adopted the shortened name Veda.^[8]

By around 2010, Veda held over 85 percent of the Australian credit reference market.^[9] As of 2015, the company held credit information on more than 16 million Australians.^[10]

Business and products

Veda provided consumer credit reports, credit scores, business credit checks, fraud-prevention tools, and data analytics.^[11]

It also handled correction requests and disputes under Australian credit reporting law.^[12]

Regulation, controversies, and criticisms

Data accuracy

Veda received criticism for errors in consumer credit files and delays in correcting inaccurate information.^[13]

Privacy and data sharing

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.^[14]

ACCC action

In 2018, the Australian Competition and 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.^[15]

Acquisition by Equifax

In February 2016, Equifax completed its acquisition of Veda and integrated the company into its Asia-Pacificoperations.^[16]

Role and influence

Veda was considered the largest consumer credit reporting body in Australia.^[17]

Its systems were used by banks, telecommunications providers, utilities, and other credit issuers.^[18]