Centrix links up with Baycorp to take on Veda
Competition is heating up in the credit-reporting industry as relative newcomer Centrix vows to take on the dominant market player Veda.
Centrix was co-founded in 2009 by Keith McLaughlin, who also helped create debt collection firm Baycorp over 40 years ago and ran it until 2004.
Baycorp has come full circle after separating its credit reporting business into what is now Veda some eight years ago.
Now Centrix will have access to Baycorp's extensive debt database, and Baycorp will again be able to offer credit reports to its clients.
McLaughlin said that after the split he was approached by credit providers concerned by the lack of competition, who asked him to set up another bureau.
Having built a substantial database over the past four years, he said the Baycorp data was the "icing on the cake". He claimed Centrix's pricing was significantly cheaper than Veda's and Centrix gave consumers access to their credit information for free and as quickly as possible.
The partnership involves Baycorp taking a 10 per cent equity stake in Centrix, with existing shareholders.