Our powerful combinations of people, information and technology benefit a significant number of businesses in New Zealand and Australia and increasingly the rest of the world.

Organisations such as Veda Advantage play an essential role in the modern economy by reducing the prudential risk within the financial sector and underpinning business performance.

Countries such as New Zealand and Australia are fortunate to have well developed, leading edge, financial infrastructure provided by organisations such as Veda Advantage. There is no doubt that the integrity of our data and the quality of our systems contributes to the strength and stability of our economies.

We are the largest custodian of credit-related information in New Zealand and Australia . We collect data on the financial behaviours of more than 13 million individuals and one million companies in New Zealand and Australia . And, each day we report on the credit status of the 60,000 individuals and businesses on both sides of the Tasman that apply for credit.

This information together with our robust systems builds the sort of infrastructure vital for countries to manage credit risk. And countries with strong credit risk management infrastructures are more attractive to external investors. They are also more likely to obtain credit at lower costs.

Furthermore, following the financial crisis of the late 1990s, which severely impacted upon many emerging economies, particularly in Asia, there has been a growing impetus from world financial authorities and governments to establish the credit management capability and support infrastructure provided by organisations such as ours. Veda Advantage is playing an important role in this through its consulting expertise and technology.

Our role within the economy and, society in general, is one that we are proud of, and a responsibility we take very seriously.

Here are some of the specific ways that Veda Advantage adds value to society and you:

Lower interest rates
Credit referencing and related services are integral to the financial and banking sector of any modern economy. In New Zealand and Australia , Veda Advantage is the primary organisation playing this key role.

By providing access to valuable information about likely customer credit behaviour, we assist organisations that provide credit, to assess risk and predict the likely exposure to non-repayment of credit. By reducing the risk involved in lending, and therefore lowering levels of bad debt, financial organisations such as banks, finance and credit card companies are able to charge significantly lower interest rates on loans and credit arrangements to those customers they chose to lend to. This creates substantial value to all borrowers, be they individuals, households or companies.

Custodian of sensitive information
Veda Advantage is the custodian of some of the most sensitive information about individuals and companies. This information, and the access to it, plays an important role in supporting the mechanics of finance, banking and business, and the stability of the economy.

This is why privacy legislation allows this specific information to be collected and used. However, the laws are very clear about who is allowed access to it, and for what purpose.

The role of Veda Advantage, as the trusted third party between all parties, is to ensure that this information is accessed only by those entities permitted to do so, and only to use for the specific purposes allowed.

We take this responsibility extremely seriously. Subscribers to our services are bound by our terms and conditions, based around the Privacy Act of each country, and we place an unequivocal emphasis on maintaining and enhancing the accuracy and integrity of the information we are responsible for. We also have the highest levels of security around both our processes and technology.

Easier access to credit
The large majority of people have a good credit history, which makes their credit file an important "asset". The ability for financial institutions such as banks and finance companies to readily access this information when processing a credit application is critical to their ability to assess the risk associated with lending. Veda Advantage provides a single source for this information, and sophisticated on-line access to it, which speeds up the credit application process and give applicants much faster response times. Consequently, for the majority of people, it means they can both access credit more readily and more quickly.

Resolving financial problems
Few people enjoy receiving a call from a debt collection company! It usually means they have neglected to, or felt unable to meet a financial commitment they have previously entered into. However, it is of no benefit to anyone for that situation not to be resolved. For example, those with poor credit history find it difficult to access credit in the future. In addition, many people who get themselves into financial difficulties find themselves in a vicious circle of spiralling debt.

Acting on behalf of the credit provider, we are obviously aiming to recover the debt they are owed. However, an outcome of this is that we often help the debtor develop a repayment plan that allows them to reduce the debt position they have built up.

We have people, systems and processes, developed from over forty years experience, to assist people to fulfil their obligations and help them manage and repay debt. This in turn reduces stress on them and their families. It also helps them prevent future financial problems. Our high recovery rates prove just how effective these processes are.

Improving business performance
The services we provide help companies to free up resource and enhance their performance. We provide information on risk, worth and future value of their customers. We enhance cash flow by recovering overdue debt. We manage specialised tasks such as loan origination and management. We also supply technology that assists businesses to make quick and efficient decisions very cost effectively, thereby enhancing the services they can provide. And through our consulting and advisory expertise, we assist companies to better structure their business operations and risk management processes. All of this helps business to free up potential and maximise returns. Find out how organisations describe the value of their partnership with us.

Creating Employment
Veda Advantage is obviously a significant, and growing employer in its own right. We currently employ more than 800 people. From small beginnings we have grown to A$1.5 (NZ $1.9) billion company, managing thousands of transactions and information enquiries each day.

But more significantly, the value of the services we provide to organisations everywhere to enhance their performance and ability to grow, and with greater certainty. As a result, employment right through the community is boosted.

Reducing bad debt levels
We estimate that we reduce the amount of bad debt in New Zealand and Australia by a substantial amount annually in potential bad debt write-offs. As a result, businesses do not have to pass on the cost of bad debts in the form of higher interest rates or higher prices. For small businesses, this stability and enhanced cash flow can mean the difference between good returns and struggling to remain viable.

In many cases we are also helping the debtor (be it an individual or a company), to resolve the debt problems they have developed.

To find out more
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