Veda, the data analytics company and leading provider of credit information and analysis in Australia and New Zealand, today announced its strategic investment with a majority stake in GetCreditScore, the website providing free credit scores to Australians.
The investment supports Veda’s commitment to improving the financial literacy of Australians. The web based service enables Australian consumers to check their credit score for free. The service is powered by VedaScore which draws on data from Australia’s largest, most comprehensive and most accurate credit bureau with more than 16 million active consumer credit files.
Veda CEO Nerida Caesar said: “A credit score relies on accurate data about the individual and that is where Veda excels as Australia’s leading credit bureau with a history of almost 50 years. We are delighted to provide Australian consumers with an option to check their score for free and know that it is providing the most complete picture of their credit worthiness.”
Veda’s move to free scores to consumers follows the trend in overseas markets such as the United Kingdom and USA where credit scores are increasingly used to get a better deal on credit. According to Caesar, “A credit score in the USA is well understood and widely used by consumers when they are seeking credit and even more broadly obtaining insurance or securing a new job. It is a great tool to empower consumers and we want to see it used widely by all Australian consumers.”
Veda has provided credit score bands to other financial institutions in the past where, at the request of the consumer, they have been used to provide consumers with deals on credit cards and personal loans. Veda also provides a range of subscription services with added features such as credit alerts, credit reports and identity protection. These services continue to help Australians manage their credit health and protect their data privacy.
Veda’s investment in GetCreditScore follows a successful pilot program in September last year with Veda and SocietyOne, where for the first time in Australia credit scores were provided for free. Matt Symons, co-founder and CEO of SocietyOne said, “We saw overwhelming interest from people all over Australia to find out their credit scores during our pilot program. So we know Australians really want to understand their credit history and use their score to get a better deal. We’re pleased that we can expand this initiative, enhance the service and really empower Australians to take control of their credit and save.”
Source: Veda Press Release