Veda (company)

Last updated

Veda Advantage Limited
FormerlyBaycorp Advantage
Company type Public
ASX:  VED
Founded1967
Headquarters Sydney
ProductsBusiness 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]

Contents

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

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 $1.9 billion. [1]

Business and products

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

Data accuracy

Veda received criticism for errors in consumer credit files and delays in correcting inaccurate information. [10]

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. [10]

ACCC action

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

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

  1. 1 2 "Equifax Completes Acquisition of Australia's Leading Credit Information Company, Veda Group Limited, for Total Consideration of USD$1.9 Billion". investor.equifax.com. Equifax. 25 February 2016. Retrieved 4 February 2026.
  2. ↑ 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.
  3. ↑ "Veda Advantage changes brand name". Sydney Morning Herald . 26 February 2007. Retrieved 6 November 2025.
  4. ↑ "AU Judgment" (PDF).
  5. ↑ "Baycorp & Data Advantage in AUD1.5 Billion Merger". www.asx.com.au. 7 August 2001. Retrieved 18 January 2026.
  6. ↑ "BAYCORP SWITCHES TO VEDA ADVANTAGE". www.bankingday.com. 22 September 2006. Retrieved 18 January 2026.
  7. ↑ Anne, Hyland (16 August 2010). "What is Veda?". Australasian Business Intelligence. Archived from the original on 11 October 2014. Retrieved 7 September 2012.
  8. ↑ "Veda's dark side". Intelligent Investor. Retrieved 6 November 2025.
  9. ↑ "Equifax Annual Credit Reporting Report 2015–16" (PDF).
  10. 1 2 McGrath, Pat (25 May 2016). "Veda Advantage accused of providing incorrect credit information, refusing to fix errors". abc.net.au. Retrieved 4 February 2026.
  11. ↑ "ACCC takes action against Equifax, formerly Veda". accc.gov.au. Australian Competition and Consumer Commission. 16 March 2018. Retrieved 4 February 2026.
  12. ↑ "Credit reporting agencies". alrc.gov.au. Australian Law Reform Commission. 17 August 2010. Retrieved 4 February 2026.
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