Centrix links up with Baycorp to take on Veda

RICHARD MEADOWS
Last updated 05:00 11/04/2014

Relevant offers

Money

New home loans hit fresh high in May, but high LVR loans dropping Kiwis are forking out thousands for sick pets to undergo "human" operations Gold Coast-style intensification will solve Auckland housing crisis, says economist South Canterbury woman gives IRD scammer a serve Don't fall for 'shopper's exhilaration' and other marketing-induced emotions Powerful NZ dame: UK ties to become deeper, stronger and more significant Small retailers hurt as Auckland CDB rents soar Eric Watson: 'Brexit could provide a boon for Kiwi business' Kiwi travellers snap up British currency after pound plummets on Brexit KiwiSavers face nervous wait to see Brexit damage

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.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content