Veda (company)
| 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 known as 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]
The company was the product of a merger of the Australian company Data Advantage and the New Zealand company Baycorp in 2001.[2] The change to the name Veda was prompted by the sale of Baycorp Collection Services, which retained the Baycorp name.[3]
History
[edit ]Veda traces its origin to 1967, when a credit reference association was established in New South Wales.[4]
In 2001, Data Advantage merged with Baycorp to form Baycorp Advantage.[5] The company was rebranded as Veda Advantage in 2007 and later adopted the shortened name Veda.[6]
By 2010, Veda accounted for more than 85% of the credit reference market in Australia[7] and by 2015 it maintained records on more than 16 million Australians.[8]
In February 2016, Veda was acquired by Equifax for a total consideration of 1ドル.9 billion.[1]
Business and products
[edit ]Veda provided consumer credit reports, credit scores, business credit checks, fraud-prevention tools, and data analytics. It also handled correction requests and disputes under Australian credit reporting law.[9]
Regulation, controversies, and criticisms
[edit ]Data accuracy
[edit ]Veda received criticism for errors in consumer credit files and delays in correcting inaccurate information.[10]
Privacy and data sharing
[edit ]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.[10]
ACCC action
[edit ]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 representations about paid credit reports and correction processes.[11]
Role and influence
[edit ]Veda was one of Australia's largest consumer credit reporting bodies. Its services were used by banks, telecommunications providers, utilities, and other credit issuers.[12]
References
[edit ]- ^ a b "Equifax Completes Acquisition of Australia's Leading Credit Information Company, Veda Group Limited, for Total Consideration of USD1ドル.9 Billion". investor.equifax.com. Equifax. 25 February 2016. Retrieved 4 February 2026.
- ^ Bennett, Adam (25 January 2007). "Baycorp's new owner wants refund". New Zealand Herald . Archived from the original on 8 March 2016. Retrieved 7 September 2012.
- ^ "Veda Advantage changes brand name". Sydney Morning Herald . 26 February 2007. Retrieved 6 November 2025.
- ^ "AU Judgment" (PDF).
- ^ "Baycorp & Data Advantage in AUD1.5 Billion Merger". www.asx.com.au. 7 August 2001. Retrieved 18 January 2026.
- ^ "BAYCORP SWITCHES TO VEDA ADVANTAGE". www.bankingday.com. 22 September 2006. Retrieved 18 January 2026.
- ^ Anne, Hyland (16 August 2010). "What is Veda?". Australasian Business Intelligence. Archived from the original on 11 October 2014. Retrieved 7 September 2012.
- ^ "Veda's dark side". Intelligent Investor. Retrieved 6 November 2025.
- ^ "Equifax Annual Credit Reporting Report 2015–16" (PDF).
- ^ a b McGrath, Pat (25 May 2016). "Veda Advantage accused of providing incorrect credit information, refusing to fix errors". abc.net.au. Retrieved 4 February 2026.
- ^ "ACCC takes action against Equifax, formerly Veda". accc.gov.au. Australian Competition and Consumer Commission. 16 March 2018. Retrieved 4 February 2026.
- ^ "Credit reporting agencies". alrc.gov.au. Australian Law Reform Commission. 17 August 2010. Retrieved 4 February 2026.
External links
[edit ]- Financial services companies based in Sydney
- Financial services companies established in 1967
- Companies formerly listed on the Australian Securities Exchange
- 1967 establishments in Australia
- Australian companies established in 1967
- 2016 mergers and acquisitions
- Financial services companies of Australia
- Data brokers
- Information technology companies of Australia
- Analytics companies
- Business intelligence companies
- Defunct companies of Australia
- Equifax