Baycorp Advantage

What Was Baycorp Advantage?

The term Baycorp Advantage alludes to the name of a financial services company engaged with debt assortment and credit reporting in New Zealand and Australia. The company, which currently operates under the name Baycorp, was established in 1956 in New Zealand. It assumed the name Baycorp Advantage in 2001 after converging with the Australian credit bureau Data Advantage. The company's businesses split in 2006. Baycorp keeps on working its debt assortment services in New Zealand, Australia, and the Philippines, while the firm's credit reporting side was acquired in 2016 by Equifax (EFX).

Figuring out Baycorp Advantage

Baycorp Advantage was the name of a publicly-traded financial services company listed in both New Zealand and Australia on their particular stock exchanges. The company was laid out following the merger of New Zealand's Baycorp Holdings and Australia's Data Advantage in 2001. The two companies merged their businesses to make one of the district's leading assortment (Baycorp), data and scientific, and consumer credit reporting (Data Advantage) agencies.

Debt assortment was at the core of Baycorp Advantage's business model. This includes laying out associations with clients and furnishing them with assortment services. As a debt assortment agency, Baycorp Advantage purchased portfolios of outstanding accounts from its clients to embrace assortment activity. This segment additionally reported to credit agencies and offered legal types of assistance for uncollectible debts.

The tracking and analysis of consumer credit information was additionally important for Baycorp. Lenders use credit reports to determine a consumer's creditworthiness. Consumers use them to determine whether they would be approved for credit products, for example, loans, credit cards, and mortgages. Just like other credit reporting agencies, Baycorp Advantage additionally gave protections against identity theft and different forms of fraud, as well as vehicle vault services.

The company's businesses were split up continuing in 2006 after private equity firm, Trans-Tasman Collections Holdings, bought the company's debt assortment business. This segment was renamed Baycorp, which keeps on working in New Zealand, Australia, and the Philippines. The credit reporting side was renamed Veda Advantage that very year, and was acquired by Equifax in 2016.

As a debt assortment agency, Baycorp's clients incorporate banking and finance companies, the telecommunications and utilities industry, as well as the government sector.

History of Baycorp Advantage

Baycorp was laid out in 1956 as the Hutt Valley Collection Agency in Wellington, New Zealand. The company merged with Bay Collection Agency in 1986, making Baycorp Holdings, the nation's most memorable credit bureau before venturing into Australia in 1999.

The company kept on developing through a series of strategic partnerships and mergers and acquisitions (M&A). It originally joined forces with Data Advantage, the Australian credit bureau, and the Commonwealth Bank of Australia to form Alliance Group. Each company held a one-third interest in the receivables company.

Baycorp Advantage was formed after Baycorp Holdings and Data Advantage merged in 2001. As mentioned over, the business split five years after the fact, after Baycorp was purchased by Trans-Tasman Collections. This side of the business retained the Baycorp name, while the credit reporting side was renamed Veda Advantage.

In 2009, Veda Advantage invested in its credit monitoring business by procuring the identity-theft protection specialist, Secure Sentinel. Veda Advantage likewise purchased two different firms, Datalicious and EDX Australia in 2014 and 2016 separately. Veda Advantage was acquired in February 2016 by global credit reporting agency Equifax. The company controls more than 85% of the credit reference market of Australia.

Features

• Baycorp operates as an assortment agency in New Zealand, Australia, and the Philippines while Veda Advantage was purchased by Equifax in 2016.
• The company adopted the name after Baycorp Holdings and Data Advantage merged in 2001.
• The company's businesses were split in 2006 into Baycorp, a debt assortment agency, and Veda Advantage, a credit reporting company.
• Baycorp Advantage was the name of a debt assortment and credit reporting agency in New Zealand and Australia.