The PRWIRE Press Releases https:// 2013-11-22T01:22:59Z Riskiest places to buy a used car in Australia revealed 2013-11-22T01:22:59Z riskiest-places-to-buy-a-used-car-in-australia-revealed Almost 1 in 4 used cars for sale in Australia could result in a buyer taking a significant hit in the hip pocket if they went ahead with the sale[1], according to a new report from vehicle history site CarHistory.com.au. Analysis of CarHistory.com.au data over 12 months to February 2013 found unsuspecting potential purchasers were at risk of buying cars that were a safety or financial risk. Victoria took out worst state, as home to 5 of the top 10 risky regions to buy a used car. Queensland was a close second with 4 risky regions in the top 10. Tasmania’s West and North West ranked as the number one worst area, with 29% of CarHistory reports on used cars returning a negative result. Head of CarHistory.com.au, David Scognamiglio, said stricter NSW laws for repairs to written off vehicles had dramatically reduced negative results on used cars in the state since the previous analysis of the worst regions in 2011-2012.  “NSW previously claimed the title as the worst place to buy a used car. But major changes by NSW Roads and Maritime Services about written off vehicles seemed to have stripped NSW of this dubious accolade. “While NSW is no longer in the top 10 riskiest regions, areas close to the NSW border like Queensland’s Gold Coast make the top 10 – which shows buyers need to be wary of interstate re-birthing,” he said. He said negative reports on used cars were not to be taken lightly. “We’re not talking a small scratch – these vehicles have been written off, had the odometer rolled back, reported as stolen, listed as a repairable write off, have money owing, or been flooded or storm damaged.” Buyers should also keep an eye on the colour of used cars that tend to be the riskiest. Black (31%); silver or grey (27%), followed by orange, purple or yellow (26%) are the most common colours for risky used cars. Worst in each state: ·         VIC: North West Melbourne and Ballarat are Victoria’s risky used car capitals, with 28% of reports on used cars returning a negative result. ·         NSW: South West Sydney is the worst region in NSW (25%). ·         QLD: South Brisbane (28%) the worst region in QLD. ·         TAS: West and North West (29%) are the regions to show caution in Tasmania. ·         SA & WA: North Adelaide (25%) is on par with North East Perth (25%) as the worst region in SA and WA. ·         NT & ACT: 22% of used cars in the Northern Territory had negative reports and ACT 21%. “Buying a dodgy used car may not only cost you money, but can be a safety risk. “We’re warning consumers to do their research, such as a comprehensive CarHistory Report. $33.95 is a very small price to pay for peace of mind and safety for you and your passengers,” he said.  Top 10 Risky regions to buy used cars in Australia: NO STATE REGION % OF NEG REPORTS 1 Tasmania West and North West 29% 2 Victoria Ballarat 28% 3 Victoria Melbourne - North West 28% 4 Queensland Brisbane - South 28% 5 Queensland Townsville 27% 6 Victoria Shepparton 27% 7 Queensland Gold Coast 27% 8 Queensland Logan - Beaudesert 27% 9 Victoria Latrobe - Gippsland 26% 10 Victoria Hume 26% Riskiest regions by state: STATE CAPITAL CITY REGIONAL National Average All States 23%   NSW 22% Sydney South West 25% Sydney Inner South West 25% Sydney Parramatta 25% Richmond – Tweed 24% QLD 24% Brisbane South 28% Townsville 27% Gold Coast 27% Logan – Beaudesert 27% ACT 21% ACT 21% N/A VIC 24% Melbourne North West 28% Ballarat 28% Shepparton 27% TAS 24% Hobart 23% West & North West 29% SA 23% Adelaide North 25% Adelaide South 25% South East SA 21% NT 19% Darwin 18% NT Outback 22% WA 24% Perth North East 25% Perth South West 25% WA Wheatbelt 24% [1] [1] 2.5 million used cars sold annually of which 4.8% (120,000) of respondents, or a member of the respondent’s family, have been a victim of fraud or deceit with an average loss of $4,419 2.3m Australians at risk of financial trouble in the next year 2013-10-02T05:40:25Z 2-3m-australians-at-risk-of-financial-trouble-in-the-next-year More than 2.3 million Australians are at risk of financial strife in the next year , with 27% (628,000) at high risk of credit default from something as simple as an unpaid bill, credit card or loan, according to analysis of credit scores, or VedaScores, by credit bureau Veda.Available to consumers for the first time, the VedaScore is a number between 0 and 1,200 that summarises information on your Veda credit file at a specific point in time. The higher the VedaScore, the better an individual’s credit worthiness.Belinda Diprose, Veda Marketing Manager, says making the VedaScore available to consumers for the first time makes it easier for Australians to understand and manage their credit profile. This is particularly important for the 15% of credit active Australians (2.3 million) at risk of default in the next year, she says. While the national average VedaScore is 749 (from a range of 0 to 1,200), there are pockets of extreme risk. QLD, NT and NSW fall below the national average, being home to the lowest average VedaScores and having proportionally more high-risk residents. The lowest average VedaScores are found in cities rather than in rural areas. Gen Ys lead the pack for credit default risk (23%), over Gen Xers (16%) and Baby Boomers (8%); which is concerning when Gen Ys are those most likely to seek credit in the future for a home, car or big household purchases. “Many people don’t know what’s on their credit report or that utility and telco applications or defaults may be recorded on their credit file. Lenders like banks, telcos and utilities may use a person’s credit history and VedaScore when assessing credit applications,” she said. “Certain types of information, like a credit default, can stay on a person’s credit report for up to five years. So even if you’ve got no plans to apply for credit right now, it pays to be aware of your VedaScore so you know where you stand on your credit report held by Veda. This may make all the difference in future when applying for credit for a car, a wedding, a mortgage, or for purchases like furniture or a holiday,” Ms Diprose said.Veda is the only credit bureau in Australia to offer consumers this credit ranking tool, designed to give Australians more power to improve and manage their credit profile. The VedaScore represents all elements of a person’s credit file. “If you find out what’s recorded on your credit report, you can check whether it’s accurate and you’ll better understand where you stand if you want to apply for credit. If you have a low VedaScore then you can take steps to try and improve your score. For example, paying off any defaults may be viewed positively by lenders.”  Veda has also combined its analysis of 300,000 VedaScores with consumer research of 1,000 Australiansii to form the first Veda Australian Credit Scorecardiii, which will offer market leading insights into credit habits and VedaScores year on year.Ms Diprose says the inaugural Veda Australian Credit Scorecard shows that despite 15% of Australians being at risk of a credit default being recorded on their credit report in the next 12 months, considerable lack of awareness exists about what a credit history is, or how a poor credit report can impact chances of getting credit from lenders.“The Veda Australian Credit Scorecard found that about 80% of people have never accessed their credit report, almost half (47%) of people think overdue community bills, such as library and video store bills are recorded, and over a quarter of people (26%) of people think speeding tickets are recorded on their credit report,” Ms Diprose said.“Alarmingly almost a third of consumers don’t realise that all credit applications are recorded as part of their credit history – even if they are not successful or don’t accept the loan offers. Having a number of applications can signal financial stress and may lead to a credit provider declining your credit application.”To find out how you score or for more information, go to www.veda.com.au Veda and NECDL Announce Strategic Alliance 2013-07-15T03:23:02Z veda-and-necdl-announce-strategic-alliance Sydney, Australia; 15 July 2013: Veda, Asia-Pacific's leading provider of consumer and commercial data intelligence and insights, today announced a strategic alliance with NECDL (National e-Conveyancing Development Limited), the company responsible for delivering a national electronic conveyancing solution to the Australian property industry.   The alliance with NECDL will enable Veda’s customers to access Australia’s new property exchange, PEXA, through Veda’s on-line portal, VedaCheck.    VedaCheck provides lenders, lawyers and other professionals involved in mortgage and conveyancing processes integrated access to the broadest range of data available in Australia, to support search and assessment requirements for property settlements.   “Veda is the market leader in technology innovation in credit and mortgage value chains.  We fully support the market transition to on-line property settlement and believe that tremendous efficiencies will be achieved once PEXA is in full flight.  We are focused on delivering the best possible solutions to our customers, providing all the information that they need to make good decisions and saving them time and money in the process,” says Veda’s CEO Nerida Caesar.     “This strategic alliance will simplify property transactions for our customers.  Lenders, conveyers and lawyers now not only have access to property, commercial and consumer data through VedaCheck, in the future they will also be able to complete the exchange of property.”   PEXA supports the exchange of property through the ability to perform lodgments and property settlements online in a simple transaction. This includes new mortgages, mortgage discharges, transfers, settlements, caveats and notices in one easy to use, intuitive electronic platform.   Marcus Price, NECDL CEO says “The relationship with Veda is an important step in uniting key players in industry behind this transformative shift from manual settlement to a fully integrated and automated on-line electronic capability.  Veda is a very strategic partner for NECDL.”   VedaCheck subscribers will open an online workspace where Registry documents and settlement schedule are created and information is shared with all parties to the transaction. Once preparation is complete and the settlement date and time is reached, PEXA automatically lodges documents with the Land Registry, exchange loan funds and pay stamp duty and other third party beneficiaries.   -ENDS-   About Veda   Veda is Asia-Pacific's leading data intelligence and insights company and has been at the forefront of the information services industry for many decades.    Veda is built on the largest, most comprehensive and current data source in Australia and New Zealand. We hold more fit-for-purpose credit data than any other organisation in Australia and New Zealand, including information on 19.4 million credit-active people and 4.2 million companies and businesses. The breadth and depth of our data, and the knowledge it delivers, help customers take a proactive and informed approach in making decisions.   Veda serves a diverse range of markets including large financial institutions, small to medium-sized enterprises, and consumers. We provide services in areas of Consumer Credit Risk, Commercial Credit Risk, Credit Analytics, Data Solutions, Fraud and Electronic Verification, Insurance, Automotive, Customer Location Services, and Commercial and Property Solutions.   www.veda.com.au     About NECDL   NECDL is the National e-Conveyancing Development Limited; a company formed in 2010 to fulfill a COAG agenda item to deliver a national electronic conveyancing solution to the Australian property industry.   NECDL is a company limited by shares with the key financial stakeholders being the Victorian, NSW, QLD and Western Australian Governments as well as a number of Australia’s largest financial institutions.   Like the ASX did for the exchange of shares, Property Exchange Australia (PEXA) removes the manual processes and paperwork associated with the exchange of property by allowing Land Registries, Financial Institutions and Practitioners to transact together, online, for the very first time.   With more than 1 million property transactions considered “in scope” each year, the unique PEXA platform will provide tangible time and cost efficiencies to the conveyancing industry by reducing the time spent preparing instruments, removing the need to physically attend settlement and using technology to greatly reduce the prevalence of errors and failures in land transactions.   For practitioners, this means the ability to provide savings to their customers through a direct reduction in disbursements and the increased efficiency of their service provision.   www.necd.com.au Veda’s Debtor IQ Wins 3 Business Awards 2013-07-03T03:29:35Z veda-s-debtor-iq-wins-3-business-awards Sydney, 3 July 2013: Veda’s Debtor IQ(www.veda.com.au/debtoriq) has been honoured in the prestigious Best New Product, Best Product Innovation, and Best e-Business Product categories at The Australian Business Awards 2013.   Moses Samaha, Veda’s GM of Commercial Risk says “this award provides important industry recognition of the powerful insights that Debtor IQ delivers to Veda’s customers, helping them to cut costs and reduce risk to their business. The success of this product is a testament to the close engagement we have had with our customers to understand some of their real business problems and how we could help them.   “Debtor IQ provides month to month payment behaviour of commercial customers and for the first time in Australia, the trends and performance of this payment behaviour over a two year period can be viewed, assessed and used to identify problem accounts. Unpaid or late invoice payments impact cash flow and affect profitability.  Having insight into how well customers are paying others compared to your own business, along with a prediction of the risk of a customer failing in the future can be a powerful tool for reducing bad debt and improving profitability of a business.’    Now in its eighth year, The Australian Business Awards is a highly regarded national program with an established set of business and product award categories assessing the core values of business excellence, product excellence, sustainability and responsibility. The program engages with leading corporate, government and non-government organisations across key industry segments, including financial, manufacturing, professional services, energy, telecommunications, construction, transport, healthcare, education, food services and retail. Winners of the program are publicly honoured for their industry-leading initiatives and products.   Since its launch in November 2012, Debtor IQ has helped Veda’s customers improve profitability through better management of credit terms; save on costs through efficiencies in debt collection processes; and reduce bad debt by identifying high risk and poorly performing accounts early, and adjusting credit terms to reduce exposure.   Ms Tara Johnston, Program Director, The Australian Business Awards says, “Veda is a worthy recipient and has demonstrated a commitment to excellence that stands out amongst a dynamic field of Australia’s elite.   “The Australian Business Awards recognise our most innovative organisations, their outstanding achievements and contribution to the Australian economy. The awards raise the bar across all aspects of quality management and provide organisations with ways to review their business and product performance as well as identify their core strengths,” Ms Johnston adds.   “An Australian Business Award solidifies Veda’s place as a leader alongside our best in business. As well as achieving outstanding outcomes, the honourees have enhanced the reputation of their professions and have demonstrated their best endeavours across business, industry and the community. Australia’s modernised economy is providing a stable platform for a wide spectrum of sectors to increase their competitiveness through concerted ICT development, manufacturing innovation, a dynamic services sector, a growing knowledge economy and a world class primary sector.”   The Australian Business Awards 2013 saw one hundred winners (ABA100), from more than 4,000 nominations, announced across twenty business and product award categories. The business entries were assessed using key criteria covering planning, research and development, execution and implementation, impact and outcomes, performance management and industry contributions. The product entries were assessed using key criteria covering product features, benefits, performance and sustainability. New Legislation a Game-Changer for Commercial Risk Management 2013-06-26T05:17:43Z new-legislation-a-game-changer-for-commercial-risk-management Sydney, 24 June 2013: “New Comprehensive Reporting legislation will add significant value to the assessment of the commercial risk of small businesses”, says Veda’s General Manager – Commercial Risk Products, Moses Samaha. Speaking at a recent Veda road show to more than 150 Trade Credit businesses, Samaha urged creditors to also assess the credit profile of the directors and proprietors behind a company or business to get the complete picture on risk.  “Trade payment data is a consistent lead indicator of risk, highlighting how businesses pay their suppliers. Veda analysis shows that in the six months leading up to a default, businesses paid their suppliers twice as late compared to businesses who did not default; and the number of days late increased by 50% in the six months leading up to the default compared to businesses who had no default, where there was no change” says Samaha. “However, trade payment data is just one piece of the picture. Veda also encourages creditors to look at the people behind a business, as the credit behaviour of the people running the business can be a lead indicator of future risk. Comprehensive reporting will further enhance the accuracy of this profiling. Better information means better decision-making.” Veda reveals SMEs are at risk of significant financial losses due to lack of awareness and understanding of the Personal Properties Security Register 2013-04-04T06:52:23Z veda-reveals-smes-are-at-risk-of-significant-financial-losses-due-to-lack-of-awareness-and-understanding-of-the-personal-properties-security-register-1 Sydney, Australia: 4 April 2013: At a recent industry forum hosted by Veda, Asia-Pacific's leading provider of consumer and commercial data intelligence and insights, industry stakeholders claimed Australian small businesses are at risk of significant financial losses due to a lack of awareness and understanding of the Personal Properties Security Register (PPSR).Speaking recently at Veda’s PPSR 12 Months in Review, 12 Months Ahead Forum, representatives from Veda, Commonwealth Bank, ANZ Bank, Gadens Lawyers, the Australian Institute of Credit Management and Insolvency and Trustee Service Australia urged Australia’s SME sector to begin using the PPSR or run the risk of learning the hard way when suppliers get into financial difficulty.Carol Chris, Veda’s General Manager of Commercial and Property Solutions revealed that just 11 per cent of Australian SME’s are using the PPSR database to search for and register security interests.A lack of general awareness on what the PPSR is, combined with a lack of knowledge of how the system operates, were cited as the main barriers to adoption within the SME sector.  Other factors which are contributing to the limited use of the system include a prevalence of conflicting advice from parts of the legal sector due to a lack of detailed understanding.Failing to register interests on the PPSR holds significant risks for SME’s according to Veda’s Carol Chris.“By registering security interests on the PPSR, small business will be at a lower risk from the bad debts of their partners.   Registering on the PPSR also betters the position of businesses in the list of creditors in the event of insolvency or liquidation. “Registering your interests on the PPSR should be an integral part of good practices in credit management but it is clear that this is not happening within Australia’s small business sector,” said Ms Chris.While big banks and larger businesses have adapted well, smaller businesses are not protecting their interests adequately.  The panel shared insights that some SME’s continue to rely on handshakes and verbal agreements in place of formal protection measures.By failing to register security interests on the PPSR, SME’s risk dropping down the pecking order behind banks and big business when trying to recover their debt in the event of their debtor going into liquidation.While acknowledging that the PPSR system is complex, the panel advocated for the legal and financial industries to take a proactive approach to educating the SME sector and the broader market on the benefits of the PPSR.As part of their PPSR offering, Veda develops bespoke solutions that allow businesses to quickly and easily search and upload entries to the PPSR, saving them both time and money by removing the need for businesses to manage this process in-house.-ENDS-About Veda Veda is Asia Pacific's leading data intelligence and insights company and has been at the forefront of the information services industry for many decades.Veda is built on the largest, most comprehensive and current data source in Australia and New Zealand. We hold more fit-for-purpose credit data than any other organisation in Australia and New Zealand. With information on over 19.4m credit active people and 4.2m companies and businesses in Australia and New Zealand. The breadth and depth of our data, and the knowledge it delivers help customers take a proactive and informed approach in making decisions.Veda serves a diverse range of markets including large financial institutions, small to medium sized enterprises, and consumers. We provide services in areas of Consumer Credit Risk, Commercial Credit Risk, Credit Analytics, Data Solutions, Fraud and Electronic Verification, Insurance, Automotive, Customer Location Services and Commercial Information Brokerage.About the Personal Property Securities Register (PPSR)The PPSR is a national commercial law on secured finance involving personal property, bringing together 26 different Commonwealth, State and Territory laws and registers under one national system, the Personal Property Securities Register (PPSR). The PPSR is one of the biggest changes impacting the credit industry in the last two decades, bringing significant changes to existing Australian business practices, from commercial lending and trade credit, to leasing, legal and professional services. The PPSR makes it significantly easier for businesses to protect their interests in the event of their business partners and suppliers going into liquidation.About Veda’s PPSR 12 Months in Review, 12 Months Ahead ForumThe cross-industry event examined insights into how the PPSR has fared in the first 12 months of operation.Keynote speaker: Gavin McCosker, COO, Insolvency and Trustee Services AustraliaPanellists: - Anthony Walsh, Senior Associate, Gadens Lawyers - Cindy Bushell, Program Director, ANZ Bank - Del Cseti, National Training Manager and Manager External Affairs, AICM - Bronwyn Yam, General Manager of Asset Finance, Business & Private Banking, Commonwealth      Bank- Alex Beck, PPSR Product Manager, Veda   Veda announces acquisition of Corporate Scorecard 2013-04-02T23:12:19Z veda-announces-acquisition-of-corporate-scorecard Sydney, Australia; 3 April 2013: Veda, Asia-Pacific's leading provider of consumer and commercial data intelligence and insights today announced the acquisition of Corporate Scorecard, an independent provider of quality financial and supplier risk assessments. Corporate Scorecard (CSC) has been in business for over 30 years providing high quality and dependable financial viability and risk advisory services to Government and private enterprises, with a core competency in financial viability assessments on entities involved in Government contracts and major infrastructure projects for much of that time.  Corporate Scorecard provides a wide range of services including: • A broad range of financial viability assessments• Commercial, financial and risk advisory services• Industry benchmarking• Supply chain research• Credit ratings and risk assessment platforms for wholesale clients Veda CEO, Nerida Caesar, said “We chose Corporate Scorecard because of its strength of procurement risk solutions which have strong market appeal.  We have made significant investments to our commercial credit and supplier risk portfolio in the last 18 months and this targeted acquisition further accelerates our very strong market position.  Corporate Scorecard will now be able to leverage Veda’s data intelligence and insights making this acquisition a ‘win-win’ outcome for both parties” The acquisition of Corporate Scorecard was very targeted and is a natural fit with Veda’s existing commercial credit and supplier risk portfolio and synergistic with our credit analytics capabilities.  Procurement and credit utilise similar data sets, technologies, staff and resources and in many cases customers.  CSC will not only help Veda increase its reach within the government sector and other key verticals, but over time also offer better financial risk assessments to existing customers looking to manage their credit and/or supplier risk needs. Corporate Scorecard is also the only independent online provider of Business Information Services that has a Financial Services License to provide Credit Ratings in Australia under its new regulations. This capability will complement our market leading credit analytics capabilities   Corporate Scorecard’s founder and Managing Director, Graeme Gribben said “We see Veda as a natural home for our businesses. Veda’s committed and intelligent approach to strategic growth in this space will help to grow and invest in the future development of Corporate Scorecard’s services to ensure we are delivering the best possible solutions to our customers.” Mr Gribben will assist in the smooth transition to Veda and will be succeeded by Mr Moses Samaha, the current General Manager of Veda’s Commercial Credit & Procurement Risk business. -Ends-About VedaVeda is Australasia's leading data intelligence and insights company and has been at the forefront of the information services industry for many decades. Veda is built on the largest, most comprehensive and current data source in Australia and New Zealand. We hold more fit-for-purpose credit data than any other organisation in Australia and New Zealand, including information on 19.4 million credit active people and 4.2 million companies and businesses. The breadth and depth of our data, and the knowledge it delivers help customers take a proactive and informed approach in making decisions. Veda serves a diverse range of markets including large financial institutions, small to medium sized enterprises, and consumers. We provide services in areas of Consumer Credit Risk, Commercial Credit Risk, Credit Analytics, Data Solutions, Fraud and Electronic Verification, Insurance, Automotive, Customer Location Services and Commercial and Property Solutions. www.veda.com.au About Corporate ScorecardOriginally incorporated in 1948, Corporate Scorecard has focused on counter-party and procurement risk since 1987, with hundreds of clients servicing a range of industries in Australia.  Corporate Scorecard specialises in providing commercial, financial and risk advisory services to Government and private enterprise with a core competency in financial viability assessments on entities involved in Government contracts and major infrastructure projects.  www.corporatescorecard.com.au Reducing the risk when buying a used car 2013-02-26T23:50:09Z reducing-the-risk-when-buying-a-used-car 27 February 2013, Melbourne, Australia – RACV members in the market for a used car can increase their peace-of-mind when making the important purchase decision by obtaining a comprehensive vehicle information report from CarHistory, Australia’s leading source of pre-owned vehicle history.The new arrangement will provide RACV members with exclusive access to special offers for CarHistory vehicle reports through RACV’s Show Your Card & Save program. A CarHistory report aims to reduce fraud and improve transparency in the sale and purchase of second hand cars, allowing used car buyers to find out prior to purchase if a car has been written off, stolen, damaged or has money owing on it.More than 13.5 per cent of CarHistory reports show that a vehicle has either had its odometer rolled back, is a repairable write-off, or is stolen.CarHistory is part of the Veda Group, and its CEO Nerida Caesar said “RACV members who are in the market to buy a used car may avoid making a costly mistake by obtaining a CarHistory report prior to purchase.”A CarHistory report will give RACV members access to information to help them make the most informed used car purchase decision possible.Duncan Elliott, RACV General Manager Membership, said “we are pleased to have CarHistory as a Show Your Card & Save program partner. When purchasing a used vehicle, these reports will give members the insight they need to make an informed decision.”By partnering with RACV in its highly successful Show Your Card & Save program, CarHistory has the opportunity to reach more than 2 million RACV members across Victoria.RACV members can access the discounted CarHistory report by simply visiting www.carhistory.com.au/racv. Show Your Card & Save is the world's largest member benefits program, offering RACV members discounts at participating businesses throughout Australia and the world. For more information on SYC&S and the special offers available to RACV members, visit racv.com.au/sycas. DISCLAIMERPurpose of Veda media releases:Veda media releases are intended as a contemporary contribution to data and commentary in relation to credit activity in the Australian economy. The information in this release does not constitute legal, accounting or other professional financial advice. The information may change and Veda does not guarantee its currency or accuracy. To the extent permitted by law, Veda specifically excludes all liability or responsibility for any loss or damage arising out of reliance on information in this release and the data in this report, including any consequential or indirect loss, loss of profit, loss of revenue or loss of business opportunity. ‘Want it now’ Gen Ys feel the greatest credit default pain 2013-02-25T01:55:12Z want-it-now-gen-ys-feel-the-greatest-credit-default-pain They’re young, ambitious and have big financial goals but, according to new analysis of Veda credit data, Gen Ys are carrying an increasing share (60%) of all credit defaults, up 5.3% over the past three years. Veda, Asia Pacific’s leading provider of consumer and commercial data intelligence and insights, reports Gen Y has the lion’s share of defaults across all account types – telecommunications, credit cards, utilities and personal loans. The biggest pain is telco bills – with Gen Y responsible for 62% of these kinds of defaults, compared to Baby Boomers (13%) and Gen X (22%), according to Veda’s three-year analysis. % of Account Type Defaults by Age Group - 3 Years Default Type Baby Boomers Gen X Gen Y Telco 13% 22% 62% Utility 15% 25% 55% Credit Card 26% 29% 42% Personal Loan 14% 24% 60% Veda Marketing Manager Belinda Diprose said that while it might not be a surprise that Gen Ys were responsible for the majority of defaults, it was a worrying trend for a group that purported to be ambitious about their career and lifestyle.“Our quantitative research  has told us that younger Gen Ys are part of a group of Australians who are financially active. They’re independent, have a good job and don’t mind taking a risk, buying what they want, not just what they need. Usually, they’ll have more than one credit card and undertake lots of financial activity,” Ms Diprose said.“But the irony is that this group has big financial goals – a car, travel and education – decisions they know might require access to credit. The fact that a poor credit history might stop them reaching their goals doesn’t factor in their thinking.” Ms Diprose said that typically when people got their first credit card, personal loan, or signed up for utilities or telcos, they were focussed on getting what they wanted, not on the consequences. But she said a few simple rules could guide people in managing their credit history. “Making a concerted effort to pay your bills on time is a good practice to get into. If a credit card bill, personal loan payment, or hire purchase payment goes unpaid, it can have a negative impact on your credit history, and might affect your chances of getting credit down the track,” she said.She said share houses were a problem area, as the unwary often got caught with their names on bills long after they’d moved out. “Carefree is what you want when you move in with mates, but in reality once you’re paying household bills, you’ve got a responsibility. If you move out and your mates don’t, change the bills out of your name. You’d be surprised how many people forget. It can make for a nasty surprise on your credit record if a bill in your name goes unpaid.” VEDA’S 5 TIPS TO AVOID PAIN OF CREDIT DEFAULTS: 1. Pay your bills on time – paying your personal loan, credit cards and utility bills on time does matter.2. Know what you’re getting into – Read the fine print when signing up for anything financial, like a hire purchase agreement, which are popular for big ticket items like furniture or TVs. These agreements can have ‘interest free’ periods – understand the repayments and the consequences of not repaying within the required time.3. Take responsibility for your own bills – especially if you’re in a share house and your name is on the utilities bills. Don’t assume someone else will take care of it.4. If you move out, take your name off the bill – even if it causes short term pain for your mates.5. Keep track of your credit record – to check what you’re credit history looks like and to get alerts on any changes made to your credit file, go to: www.mycreditfile.com.au. This helps you proactively manage your personal credit finance and may reduce the risk of being denied credit in future. Aussies urged to kick post-party ‘debt regret’ 2012-12-10T07:14:26Z aussies-urged-to-kick-post-party-debt-regret With spending on party dresses, flashy gifts and holidays at a high this time of year, reliance on Christmas credit for the party season can leave consumers with debt stress in the New Year.Veda, Asia Pacific’s leading provider of consumer and commercial data intelligence and insights, reports that Aussies who apply for any of type of credit between October and December are more likely to end up with ‘debt regret’, than those who apply at any other time of the year. New Veda trend research shows that individuals making credit card applications in the December quarter are more likely to have a credit default in the New Year. The five-year trend analysis from Veda shows that for December quarter credit card application enquiries, the rate of default recorded on all forms of debt in the three to nine months after the application enquiry is 3.3%. This represents an 8.5% increase on the average default rate recorded for credit application enquiries made at any other time of year. Veda’s analysis also shows that over the past five years application enquiries for credit cards alone increased on average 10.3% in the December quarter, compared to the September quarter, each year.While credit card application enquiries generally peak at the end of the year, there is a sign of weakening demand for credit cards overall. Veda reported a 5.6% drop in credit card application enquiries between January and October 2012, compared to the same period in 2011. Despite this weaker credit demand, Veda warns against after-Christmas credit ‘debt regret’.“While consumer credit demand is down and this will impact on spending, long term trends show there’s a heavy reliance on credit cards during this period, so consumers should still be warned against complacency when reaching for the credit card,” according to Veda Marketing Manager Belinda Diprose.“Many people are more susceptible to defaulting on payments down the track, which has implications for their credit history long after the tinsel has been taken down,” Ms Diprose said. VEDA’S 5 TIPS TO HELP PREVENT CREDIT ‘DEBT REGRET’ THIS CHRISTMAS:  1. Do your homework. With so many credit cards and loan types on offer, it pays to do your research on interest rate deals. Read the fine print and don’t be tempted by clever marketing tactics to sign you up.2. Make a list and check it twice. Plan where you want to be financially in three months and align your spending to that pool of money available. It takes 10 -15 minutes, but saves you months of regret. To prevent being caught out in the madness of Christmas buying and Boxing Day sales, tally your credit card spending daily and cross check to your budget. 3. Keep a handle on what you owe. Be mindful that debt comes in many forms. Keep sight of the full picture: including money you owe on credit cards, store cards, utility and other regular bills, personal loans and mortgages. Monitoring all forms of debt you’ve signed up to will help keep you grounded in reality.4. Pay on time and save a packet. Have a designated home for bill-notices that are ordered according to due date, and have a regular pay day each fortnight or month, and don’t miss it. Don’t throw money away in late fees.5. Know your credit track record Over-extending your credit could result in you defaulting on a loan. This can have long term impacts on your credit worthiness. To obtain a copy of your credit file and to receive alerts for certain changes made to your credit file go to: www.mycreditfile.com.au.This helps you proactively manage your personal credit finance and may reduce the risk of being denied credit in future. IDMatrix enables straight through processing for online customer on-boarding within seconds with identity verification and fraud assessment 2012-11-12T01:34:51Z idmatrix-enables-straight-through-processing-for-online-customer-on-boarding-within-seconds-with-identity-verification-and-fraud-assessment 12 November, Sydney, Australia – Veda, Asia Pacific’s leading provider of consumer and commercial data intelligence and insights today announced the release of enhanced functionality for its market-leading online customer verification product, IDMatrix. IDMatrix now enables users to perform both an identity verification and a fraud assessment in a matter of seconds when processing new customers.IDMatrix provides the most comprehensive identity verification assessment on the market, giving its customers access to a range of databases including device intelligence, politically-exposed-persons (PEP) and sanctions, velocity, and multi-factor authentication.“In today’s highly competitive market, organisations need to be able to assess and approve/decline credit online applications from customers instantly, or risk losing the customer to a competitor. IDMatrix helps to speed up this process by enabling organisations to verify the customer is who they say they are within seconds. This latest enhancement is a first for the industry as there is currently no other known product in the Australian market that can process both the fraud and identity components simultaneously.” says John Wilson, Veda’s Executive General Manager, Product & Market Development.Since its launch nearly two years ago, Veda's IDMatrix has transformed the way organisations verify the identity of potential customers online. Some of the benefits include: greater new customer acquisition rates, reduced operational costs associated with paperwork processing/storage, real-time application approvals, improved online brand experience, reduced processing time, and helping to meet compliance requirements for reporting entities under the AML/CTF legislation.About VedaVeda is Asia Pacific’s leading data intelligence and insights company and has been at the forefront of the information services industry for many decades.Veda is built on the largest, most comprehensive and current data source in Australia and New Zealand. We hold more fit-for-purpose credit data than any other organisation in Australia and New Zealand. With information on over 16.5m credit active people and 4.7m companies and businesses in Australia; and information on over 3.2m credit active people and 0.8m companies and businesses in New Zealand. The breadth and depth of our data, and the knowledge it delivers help customers take a proactive and informed approach in making decisions.Veda serves a diverse range of markets including large financial institutions, small to medium sized enterprises, and consumers. We provide services in areas of Consumer Credit Risk, Commercial Credit Risk, Credit Analytics, Data Solutions, Fraud and Electronic Verification, Insurance, Automotive, Customer Location Services and Commercial Information Brokerage.www.veda.com.au Veda: Federal Budget potentially leaves SMB’s exposed to credit risk 2012-06-26T00:05:34Z veda-federal-budget-potentially-leaves-smb-s-exposed-to-credit-risk SYDNEY, Australia, 26 June 2012 – With the start of the financial year just days away, Veda, Australia’s leading data intelligence and insights company believes that the Federal Government’s asset write-off scheme will not be robust enough to assist all small businesses in FY13 – and those who do take it up potentially are exposed to higher credit risk. “For those businesses who take up the incentive, there is also a risk of businesses overcommitting themselves as they acquire additional credit to purchase new assets,” Veda’s Head of Commercial Credit & Procurement Risk, Moses Samaha said. “It’s obviously very important to closely manage the credit you take on as a small business and there are simple steps you can take to manage risk. First and foremost you need to work out if you can afford to borrow in the first place, plan your budget appropriately to see when you spend your money and how much you can afford in repayments,” added Samaha. “Allow for interest rate rises and anything that might affect your future income, ensure you make regular and sufficient repayments to keep the credit debt below the agreed limit and be aware of penalties if you miss a payment. “It’s crucial to keep your cash flow coming in greater than cash flow going out – staying on top of this is a key success factor to keeping your business running and driving revenue. These are all simple tips but they seem to be the same traps that SMBs continue to fall for – and they can be easily avoided.” The new small business instant asset write-off scheme introduced in the 2012/13 budget allows businesses with a turnover of less than A$2 million to write off each eligible business asset costing under A$6,500. The purpose of the scheme is to provide an injection of funds for businesses to invest in new ideas. Veda’s data shows that as the asset write-off scheme wound down in 2009 under the Rudd stimulus package there was a dramatic spike in asset finance. However Moses Samaha said that he believed that there won’t be another asset finance spike in FY13 due to the asset value cap not being high enough. “There really wasn’t enough bite in the Federal Budget. I believe SME’s were really counting on the promised one per cent corporate tax cut that was associated with the mining boom to ease some of the pressure. It is good to see that recently the Prime Minister is seriously reviewing this decision,” said Samaha. “Small businesses are certainly the most credit active in the market but we don’t think we will see a repeat of what occurred in 2009 due to the cap on the $6500 asset value.” Veda’s Business Credit Demand Index for January-March 2012 showed that small to medium sized businesses (SMBs) generated the greatest amount of credit activity. SMBs account for only 6.5% of all businesses but they were responsible for 42% of commercial credit enquiries in the March quarter. There was also an increased use of credit lines such as trade credit, corporate credit cards and over drafts.A recent report from the RBA showed that small businesses were hit harder by the global financial crisis and have found it more difficult to recover than larger businesses in Australia which could drive SME’s to overcommit when trying to benefit from the new scheme. Veda Business Credit Demand Index: October-December 2011 2012-02-24T06:45:40Z veda-business-credit-demand-index-october-december-2011 • Strong recovery in the rate of credit applications by businesses since 2010• Enquiries increased 7.3% year-on-year – a significant jump in the rate of growth from previous quarters• Small and medium size businesses (SMBs) generated 42% of commercial credit enquiries but also suffered a higher default rateSYDNEY, Australia February 23, 2012 – Veda, Australasia's leading provider of commercial and consumer data intelligence and insights today released the results of the October to December 2011 Business Credit Demand Index, which confirmed a strong recovery in the rate of credit applications by businesses since 2010. Business credit enquiries into the Veda bureau across business loans, asset finance and trade credit increased 7.3% year-on-year and 3.6% for the full calendar year in 2011. “Following a long period of uncertainty, it is good to see some uplift driven by better business conditions and more improved credit management practices.” said Moses Samaha, Head of Commercial Risk at Veda. Business loan requests continued to show strong growth during the last quarter of 2011, up 10.5% versus the same period in the previous year and up 8.8% for the full calendar year. This has been driven predominately by corporate loans and overdrafts. Moses Samaha commented: “We’ve had two interest rate drops in November and December, which have no doubt stimulated growth in business lending volumes. The business market could also be the new battle ground for the banks given the softness of consumer credit demand”.Trade credit demand also saw a surge for the December quarter, up 7% versus the same period in 2010, but showing overall flatter growth levels of 0.7% for the full calendar year. Asset finance increased moderately by 4.2% in the last quarter of 2011 compared with the same period in 2010, with an overall growth of 2.7% for the full calendar year.“It has been two years now since the introduction of the government stimulus packages, so I believe the growth we are seeing in asset finance is reasonable as businesses get back in the market for assets, and particularly automotive financing.” said Moses Samaha.Veda’s data shows that small to medium sized businesses (SMBs) generated the greatest amount of credit activity. SMBs account for only 6.5% of all businesses but they were responsible for 42% of commercial credit enquiries in the December quarter. This is consistent with trends observed over the same period last year. At the same time, SMBs appeared to be suffering from a high default rate: businesses with 5-9 employees, which represent 6% of all companies, were accountable for a quarter (26%) of defaults. Regional changes included a slightly higher default rate in Queensland and fewer defaults in New South Wales.“Whilst there are initial signs of positive growth in credit demand across some parts of the market, challenging business conditions may actually be contributing to increased credit management scrutiny in smaller sized and newer organisations” said Moses Samaha. “When looking at the different industries, construction (19%), retail (11.7%) and manufacturing (13.8) continue to show the largest volume of credit applications. These are all capital-heavy sectors so it is to be expected and consistent with previous quarters. Mining (0.9%) and wholesale trade (6.3%) represent a much smaller volume of enquiries but a disproportionate amount relative to sector size,” Moses explained. Regionally, all states except ACT and Tasmania recorded year-on-year gains for the quarter. Victoria reported the greatest volume of growth year-on-year at 12.8% followed by Western Australia (7.4%), South Australia (6.4%), Queensland (5.4%) and New South Wales (4.8%). Demand for Credit Stalled across Australia in the Last Quarter of 2011, according to Veda’s latest Consumer Credit Demand Index 2012-02-08T22:56:54Z demand-for-credit-stalled-across-australia-in-the-last-quarter-of-2011-according-to-veda-s-latest-consumer-credit-demand-index - Credit card applications fell by 9.9% in the December quarter.- Overall credit demand for 2011 ended flat on 2010.- Personal loan demand started to outstrip demand for credit cards, following a fifth consecutive quarter of growth and strong Q4 demand in Western Australia.- Mortgage enquiries continued to fall, registering an eighth consecutive quarter of decline.SYDNEY, Australia. February 9, 2012 – Veda, Australasia's leading provider of commercial and consumer data intelligence and insights today released the results of the Consumer Credit Demand Index, which revealed a sharp decline in credit card applications across Australia in the last quarter of 2011. This bucked the trend from earlier quarters in 2011, pointing to a slowdown in consumer demand for credit during the final quarter of the year. Compiled by Veda since 2004, the Consumer Credit Demand Index is a quarterly analysis of changes in consumer demand for credit cards, personal loans and mortgages across Australia. “To see such a marked reduction in the use of credit by consumers in the period leading up to the Christmas holidays is unusual; the final quarter of the year is typically a time when there is stronger demand from consumers to obtain new credit, ” commented Angus Luffman, Head of Consumer Risk at Veda. “Contrary to the usual trend, all states saw demand for credit cards and personal loans retreat from what had been an upward trend throughout 2011, leaving credit demand flat on 2010. As a leading indicator of economic activity and trends, the Index supports other economic data suggesting that consumers are being more circumspect.”Credit card applications recorded their largest December quarter drop since 2009 (-9.9%) and the second largest year-on-year Q4 drop in six years. Queensland registered the biggest year-on-year decline (-14.5%) followed by New South Wales (-11.8%) and Victoria (-7.7%). In addition to consumers being more circumspect in their use of credit, the decline in credit card application may be attributed to the rise in the use of debit cards and the introduction of responsible lending laws in 2011 which has led to more steps being added to credit card application processes.Personal loan applications continued to grow, albeit at a slower rate, up 2.4% for the December quarter – the fifth consecutive quarterly rise, following 11 previous consecutive decreases dating back to March 2008. Interestingly, personal loan volumes started to exceed those of credit cards for the first time, for six out of the twelve months, culminating in a 3.8% increase over the course of 2011. The rise may partially be attributed to a seasonal spike in demand for car loans around the end of the year, however, there was growing demand from a younger demographic in addition to a clear rise in Western Australia.Mortgage enquiries fell for the eighth consecutive quarter, declining by a total of 9.9% year-on-year, representing a continuation of the steady bottoming out recorded since the global financial crisis. The decline was reflected in all states with the exception, New South Wales where mortgage demand grew by 4.7%. The result for New South Wales is a further improvement on that seen in the September quarter, where mortgage demand was flat after seven quarters of decline. Veda to Absorb PPSR Charges for its Clients 2012-02-03T04:42:42Z veda-to-absorb-ppsr-charges-for-its-clients Sydney, 3 February 2012 - Veda, Australasia's leading provider of commercial and consumer data intelligence and insights, today announced that they will absorb all Attorney-General's Department (AGD) PPSR charges incurred by their clients on Day 1 and 2 of the new legislation.Veda's CEO, Nerida Caesar said "This has been a challenging week for everyone. The AGD, Veda and our clients have all experienced some degree of inconvenience while transitioning to the new system and as a gesture of good faith we will not be passing on any Day 1 and 2 PPSR charges to our clients.""The launch of the new PPSR has been one of the biggest changes to affect our industry in recent history. We knew that PPSR would have a significant impact on our clients' business and our team worked tirelessly over the past 12 months to enhance our current systems and help our clients absorb the new processes into their operations.""Thankfully it looks as though most of the teething problems associated with the PPSR have now been resolved and we are looking forward to working with our clients over the coming weeks to help them take advantage of the positive impact that the new legislation can have on their business."