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Equifax, a consumer credit reporting agency, has closed a deal in acquiring Veda for AUD$2.5 billion.
The deal, 5 years in the making, was seen by Equifax as a natural progression with them already having a major presence elsewhere in the world except Australia, New Zealand and south-east Asia region.
With their experience in the US, where positive credit reporting, already exists, Mr Hartman, Equifax President International, said in a statement, "It is our hope that we can help accelerate the adoption of the new data sources to create new products and to meet new needs of customers".
At this point in time the release of new products and systems is yet to be fully determined however Equifax have indicated that they will be looking at introducing more data regarding consumer employment, income and systems to lower the incidence of fraud.
Veda Group Managing Director, Nerida Caesar, said that some Equifax products they will consider introducing include "income verification" check and corporate credit ratings.
Following enquiries with Veda we have since learnt that several product name changes have been made. You can access the changes here.
Veda will commence operating under the Equifax brand in Australia and New Zealand from March 2017.