Veda Advantage Latest News

Veda Advantage set to launch a new website

18/06/2009 4:33:39 PM

Veda Advantage is making a complete overhaul on our corporate website for Australia and New Zealand, set to launch next week. It will have a new design with improved navigation, search capabilities and customer friendly interfaces.

The site has two distinct sections - Personal and Business - depending on whether you are a consumer or a business. For consumers, we offer a one stop shop of solutions to assist them in making informed financial decisions throughout their lives. We help individuals manage their credit reputation and minimise risks of ID theft. We also provide reporting in property valuations and vehicle REVs checks.

For our corporate customers, our new website will provide more relevant insights and solutions to help make smarter business decisions. The Business section highlights our comprehensive offering using the Veda Value Chain (Plan, Acquire, Manage, Recover). The site highlights solutions that add value from the early stages of prospecting and customer acquisition, right through to helping identify risks and opportunities across the customers’ lifecycle.

Fresh design, easy navigation and improved search capabilities

The new website will also provide easy access for subscribers to their relevant web applications.

Identity theft on the rise

identity_theft_on_the_rise.aspx — 4/06/2009 2:37:48 PM

Veda Advantage research shows 4.4 million Australians affected by identity theft – an increase of 600 000 people in past year.

3 June 2009: Veda Advantage today released figures showing the incidence of identity theft in Australia is increasing, with 4.4 million Australians (26%) affected by identity theft*, compared to 3.8 million (23%) for the same period last year.

Veda Advantage’s indexed Identity Theft Report, conducted by Galaxy Research, also found despite increasing attacks of identity theft, 67% of Australians have failed to take even simple measures to protect their identity. This is only a marginal improvement from the 70% of Australians who said they had not taken any steps to protect their identity in March 2008.

Kelvin Kirk, Veda Advantage Marketing and Communications Manager, said the results are concerning. “This Report indicates more than a quarter of the Australian population has been affected by identity theft, either personally, or within their friend and family networks. The cost of identity theft to Australians is reported to be $3.5 billion annually according to the NSW Crimes Commission. Many Australians could have had their identities used for money laundering, drug trafficking, illegal immigration and even terrorism. Yet, despite these rising statistics, the majority of Australians haven’t taken any action to protect themselves.”

Veda Advantage today announced the acquisition of personal security specialists Secure Sentinel, part of Vero Insurance Limited, a Suncorp Group company. The Secure Sentinel acquisition will allow Veda Advantage to offer cost-effective and much needed services to help Australians protect their identity. It will also complement and expand Veda’s existing credit-file alert services and will encourage people to adopt a proactive stance against identity crime.

Protecting your identity can be as simple as placing an alert system on your credit file, or calling a hotline which will cancel your credit cards for you. Both these steps should now be a routine measure for all credit-active adult Australians,” Mr Kirk said.

Other Galaxy Research findings include:

Of the 5% of Australians who had been personally affected by identity theft, 51% of these victims had not done anything to protect themselves from identity theft.

Just over 80% of the digital generation (16-24 year olds) have not taken any measures to
protect their identity.

82% of Australians were not aware of services available in Australia to alert and help
protect them from identity theft.

75% of Australians who had been victims of identity theft had a household income of more than $40 000.

65% of Australians who were personally affected by identity theft were between the ages of 25 and 49.

How can Australian’s protect themselves from identity crimes?

Veda Advantage’s unique My Veda Alert service notifies a consumer every time a credit provider accesses their credit file. Consumers receive an electronic report advising them of who has obtained a copy of their credit report, any changes to address information, or if new applications for credit have been made under their name. This allows consumers to monitor any irregular activity, which may indicate an identity has been stolen and is being used to fraudulently obtain credit. It will also help consumers take a proactive stance against identity crimes to prevent financial loss and adverse changes to their credit profile.

Secure Sentinel, a Veda Advantage company, also helps protect, retrieve and replace registered cards if they are lost or stolen. Secure Sentinel provides loss assistance, financial card cancellation and retrieval services in one package, with a dedicated 24-hour hotline consumers can call from anywhere in the world to cancel financial cards. Its focus is on preventing identity theft rather than a recovery process.

Mr Kirk said Australians should pay close attention to their online behaviour to avoid any potential exposure to identity theft. “Global incidences of identity theft and online fraud more than doubled last year** which demonstrates the importance of protecting your identity both on and offline. In recessionary times, criminals look for more inventive ways of obtaining information to assume someone’s identity, and the borderless characteristics of the internet are fast becoming a hot spot for a wave of new attacks.

“In April 2009 a Unisys study revealed 63% of Australians said they believed their personal risk to identity theft and related crime would increase as a result of the global economic crisis***. When you consider the shift in business and economic transactions moving to new digital and online formats, protection of personal and financial details has never been more important,” he said.

Veda Advantage has put together the PROTECT strategy to help Australians protect themselves against identity crimes:

Post – remember to notify institutions when you move house, shred important documents from your mail and put in place a secure mail box. If you are going away, have mail held at the post office.

Review – check your bank accounts each month or check them online and look into any abnormal account activities.

Online - hide passwords and information such as birth dates and phone numbers when using an open online environment and elect the ‘private’ option on social networking sites.

Track – changes to your credit file. A low-cost solution is to set up an e-Alert service which notifies you to any changes on your credit file that may imply someone if applying for credit in your name.

Eliminate – shred any paperwork with personal information or account details, including bank and credit card statements, phone, and gas/electricity.

Computer – use secure transactions. If using a shared computer, regularly update security software, and don’t open any attachments from an unreliable source.

Tell – inform your credit providers immediately if you find any suspicious activity in your financial accounts.

Veda Advantage recommends checking your credit file 30 days prior to applying for a loan to make sure all accounts are in order www.mycreditfile.com.au.

- ENDS-

For more information please contact:
Sally Robertson: 0400 927 003 or 02 9270 0289
Kevin Burke: 02 92700234.

* About the Galaxy Research Study: The Galaxy Research study was commissioned by Veda Advantage. It was a national telephone survey with a sample of 1100 respondents aged 16 years or older distributed throughout Australia, and weighted to the national population to ensure that age, gender and regional quotas were supplied to the sample to reflect the latest ABS population estimates. The study was conducted on the Galaxy Omnibus on the weekend 17 April to 19 April, 2009. Galaxy Research respondents had either been personally affected by identity theft, had someone in the family, friends or acquaintances experience identity theft.

** The Symantec Internet Security Threat Report consists primarily of four reports: the Global Internet Security Threat Report; the EMEA Internet Security Threat Report, for the Europe, the Middle East, and Africa (EMEA) region; the APJ Internet Security Threat Report, for the Asia-Pacific/Japan (APJ) region; and the Government Internet Security Threat Report, which focuses on threats of specific interest to governments and critical infrastructure sectors. Together, these reports provide a detailed overview and analysis of Internet threat activity, malicious code, and known vulnerabilities. Trends in phishing and spam are also assessed, as are observed activities on underground economy servers.

***Unisys is a worldwide information technology company. The Unisys Security Index for April 2009 presents a social indicator regarding how safe consumers feel on key areas of security. Conducted twice a year the Unisys Security Index provides a regular, statistically robust measure of concerns about four areas of security: national security - security and epidemics, financial security -bankcard fraud and ability to meet personal financial obligations, internet security - spam, virus and online financial transactions, personal security - physical risk and identity theft.

To the extent permitted by law, Veda Advantage specifically excludes all liability or responsibility for any loss or damage arising out of reliance on information in this release and the data referred to, including any consequential or indirect loss, loss of profit, loss of revenue or loss of business opportunity.

About Secure Sentinel
Secure Sentinel is part of Vero Insurance Limited (Vero), which is part of the Suncorp Group. Secure Sentinel has been operating for over 25 years and provides services to members in Australia and New Zealand.

Services subject to any restrictions imposed by the financial card or mobile phone providers. Other terms and conditions apply. Secure Sentinel Pty Limited ABN 53 054 235 157 is not an insurance provider. For full terms and conditions go to www.securesentinel.com.au.

DISCLAIMER
The information in this release is not intended to provide guidance or commentary as to Veda Advantage’s financial position nor does it constitute legal, accounting or other professional financial advice. The information may change and Veda Advantage does not guarantee their currency or accuracy. Veda retains all ownership, copyright and other intellectual property rights in this release and the data in this release and report and they may not be reproduced or distributed in any way except with prior written approval from Veda Advantage.

Veda Advantage to Acquire Secure Sentinel

Veda_to_Acquire_SecureSentinel.aspx — 22/05/2009 12:16:44 PM

Veda Advantage expands consumer offering to provide Australia and New Zealand’s most comprehensive identity protection service

21 May 2009: Veda Advantage today announced the proposed acquisition of personal security specialists Secure Sentinel, part of Vero Insurance Limited, a Suncorp Group company.

This strategic acquisition will complement and expand Veda Advantage’s consumer offering of credit file services and identity theft alerts. Secure Sentinel’s offering, which helps protect, retrieve and replace registered cards and passports if they are lost or stolen will add to Veda Advantage’s My Veda Alert services, which notifies a consumer every time there is a change to their credit file. These complementary offerings will help consumers take a proactive stance against identity crimes to prevent financial loss and adverse changes to their credit profile.

Veda Advantage CEO, Rory Matthews, said the proposed acquisition is part of Veda’s plan to continue to take advantage of aligned growth opportunities, despite the global financial crisis. It will expand a relationship which was forged between the two companies more than 12 months ago.

Secure Sentinel provides loss assistance and retrieval services for financial cards, mobile phones, documents and personal valuables in one package. Its focus is on preventing identity theft rather than the recovery process.

The identity products work by:
• Providing a single dedicated 24-hour hotline for consumers to call from anywhere in the world if they need to cancel and arrange reissue of important financial cards, Australian and New Zealand passports, and to block mobile phones
• Arranging emergency cash advances
• Assisting with luggage retrieval and return
• Notifying participating service providers of a change of address so that identity details can be updated from a single source, reducing the threat of identity theft
• Alerting the consumer via email every time there is a change in the contents of their credit file

“This proposed acquisition highlights Veda’s commitment to providing Australian and New Zealand consumers with world-class services in identity protection,” said Mr Matthews. “Veda will continue to offer credit file services, and we will be able to complement our capabilities to assist in the prevention of loss and security of personal belongings such as credit cards, mobile phones and passports. With the addition of Secure Sentinel, Veda will enhance its position as a leader in the provision of consumer protection and security services.”

Mr Matthews said the proposed acquisition will also help foster relationships with financial institutions by bolstering their consumer identity-theft protection offerings, and providing an extended suite of consumer services to help manage risk and assist customers to protect and manage their personal information.

The sale of Secure Sentinel to Veda Advantage is scheduled for completion on 31 May 2009. The transaction is subject to the satisfaction of a number of conditions precedent.

The business is planned to be integrated into Veda’s North Sydney offices within six months.

- ENDS-

For more information please contact:
Sally Robertson: 0400 927 003 or 02 9270 0289
Kevin Burke: 02 92700234.

Australian Business Credit Demand Index

BCDI_JantoMar09.aspx — 11/05/2009 5:55:29 PM

Demand for credit hits a low, as business remains cautious

6 May 2009: Veda Advantage’s Business Credit Demand Index, released today, reveals business credit applications for the January – March 2009 quarter fell by 8.3% in comparison to the same period in 2008 – the highest quarterly decrease on Veda Advantage’s records.

Businesses making enquiries for credit dropped off rapidly, falling 8.7% in January, 11.7% in February and 6.9% fall in March when compared to the same months in 2008. Each month has been trading day adjusted.

Main points of the January to March 2009 Business Credit Demand Index:
• In the January to March quarter 2009, Australian Businesses’ applications for credit decreased by 8.3%,
• All months in the quarter were down compared to the same period the year before,
• February had the largest year-on-year decrease of 11.7% - the largest monthly fall in business credit enquiries on record (full monthly break-down on next page),
• Veda Advantage records show business credit enquiries have declined every month since December 2007, year-on-year.

Looking at different types of business credit enquiries, property mortgages applications fell by 37% in the first three months of this year compared to the same period in 2008. Business credit card enquiries fell by 16.2%. Business enquiries for premium finance had the largest increase in credit demand, increasing by 42% year-on-year. While 30 Day accounts made up almost 30% of all applications in the quarter the number of enquiries was the same as the previous year.

Russell Evans, Veda Advantage General Manager, said while the Australian stock exchange had picked up recently, there may be a lag effect before business confidence returns. “The decline in credit demand is not unexpected, as Veda Advantage’s business sentiment survey, released in March, found businesses remain cautious in the economic climate, with 61% of businesses surveyed saying they were unlikely to apply for credit in the next 12 months. Furthermore, 64% of business executives surveyed said they were personally concerned about the future of the business they work for.

“Despite this, 62% of business executives indicated they had not been affected by liquidity or cash flow issues in the past year, while almost 58% of businesses surveyed said they were not exposed to a large amount of bad debt. This is a sign that many Australian businesses may be playing it safe given the global financial climate, and not applying for more debt. Future business growth relies on working capital, and grounded business relationships – with people who have the money and will pay you as debt falls due. This in turn will maximize liquidity. We also hope to see a little more interest in business credit from small-to-medium enterprises given the banks recent efforts to protect them against the financial crisis,” Mr Evans said.

Last year, the business credit demand index for the October to December quarter of 2008 saw business credit enquiries decrease by more than 7% in comparison to the same period in 2007.

Monthly YoY Changes
Trading Day Adjusted

YoY Delta	2007	2008	2009
Jan	4.3%	-6.6%	-8.7%
Feb	6.4%	-3.1%	-11.7%
Mar	9.3%	-5.3%	-6.9%
Apr	10.5%	-2.5%
May	10.2%	-5.0%
Jun	9.6%	-1.9%
Jul	6.7%	-3.5%
Aug	4.0%	-5.5%
Sep	6.9%	-7.4%
Oct	1.1%	-3.2%
Nov	3.8%	-8.0%
Dec	-1.5%	-9.8%

Mr Evans said Veda Advantage’s data shows a clear pattern of reduced demand for business credit over the course of 2008 and into 2009. “The business credit demand index is a key indicator in business activity and credit uptake, with our data indicating a drop off in Australian business credit demand since December 2007, coinciding with large scale economic instability and the start of what is now referred to as the global economic crisis,” he said.

Business credit accounts covered by this study include: 30 day loans, hire purchase, lending proposals, commercial rentals, credit cards, bill of sale, utilities, personal commercial loans, real property mortgage, overdraft and more.

- Ends-

For more information contact:
Sally Robertson at Launch Group 02 9270 0289 or 0400 927 003

*The Business Credit Demand Index looked at more than 6.3 million credit enquiries from 2004 to 2009 registered on Veda Advantage’s commercial database. Business CDI measures total Business Credit application activity over each quarter, comparing it with year on year analysis. Business CDI looks at all account types, including 30 day account, hire purchase, lending proposal, real property mortgage, leasing, commercial rental, communication services, credit card premium finance, seven day account, trade finance bill of sale overdraft, personal loan, utilities, cheque wholesale finance, cash on delivery factored account, 60 day account, continuing credit contract, 90 day account, bridging finance, deferred payment debit card.

** About the Veda Advantage Business Sentiment Survey:
Veda Advantage’s Business Sentiment Survey research was administered via an online survey, using the Ticketek Rewards panel. The fieldwork was undertaken between the 10th and 23rd March 2009. A stratified target sample of Owner/ manager, C Level executives and Directors of companies across 5 Australian States was the target for this research. A total of 300 surveys were completed by senior business owners and executives. Of the businesses surveyed, 25% operated businesses with a turnover greater that $10 million, while 32.1% operated smaller businesses with annual turnover of less than $500 000, representing Australia’s SME business sentiment.

DISCLAIMER
Purpose of Veda Advantage media releases:
Veda Advantage media releases are intended as a contemporary contribution to data and commentary in relation to consumer credit activity in the Australian economy. The information in this release is not intended to provide guidance or commentary as to Veda Advantage’s financial position nor does it constitute legal, accounting other professional financial advice. The information may change and Veda Advantage does not guarantee their currency or accuracy.

To the extent permitted by law, Veda Advantage 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.

Veda Advantage: Australian Debt Study

Australian_Debt_Study_Apr09.aspx — 27/04/2009 3:21:23 PM

• Australians have reduced the amount of debt compared with 12 months ago
• Yet, 80% of Australians remain worried about ability to repay bills
• Federal Government must fast track urgent credit reform to protect vulnerable Australians

28 April 2009 – Veda Advantage’s latest Australian Debt Report* reveals some healthy signs as significant numbers of Australians switch to saving, and pay down their debt in the face of the global financial crisis. Almost half of the Australians with debt surveyed owed less than they did 12 months ago, while 40% owe the same amount. Only 13% of Australians with debt now owe more money than they did 12 months ago.

Despite this, one in five (18%) Australians with debt are still finding it difficult to make repayments – a percentage that hasn’t improved in the past six months, and these families are much more likely to apply for new credit they may not be able to afford, with 23% of those considering new credit in the next six months currently finding it difficult to make repayments.

The indexed Report also reveals 64% of Australians are keeping their finances within budget, a 7% improvement from Veda Advantage’s Australian Debt Report in September 2008.

Other key findings include:
• Four in five (80%) of Australians remain worried about the ability to repay their bills on time. This figure has remained at around 80% over the past 18 months.
• Almost three in ten (28%) Australians fear they will lose their job in the next 12 months. Australians most concerned over their job security were aged between 35 and 49 years. The number of Australians concerned about a potential drop in personal income has also increased since September 2007.
• One in ten Australians are also looking towards borrowing more credit in the next six months. Almost 40% of these Australians looking to apply for credit come from low-to-middle income households, while 20% earn less that $40 000 a year.
• Almost 15% of Australians who owe more than they did 12 months ago are likely to apply for more credit in the next 12 months.

Chris Gration, Veda Advantage’s head of external relations, said that overall, the Report shows encouraging signs that Australian families are responding well to tough economic times, but that now more action is needed from government.

“The report has found Australians are paying down their debt, and most are currently living within their budget restraints. They may be taking advantage of lower interest rates and are watching what they spend their money on in the current economic downturn.

“However, the Government should be mindful of those families that are potentially caught in a debt spiral.

“Of those who owe more now than they did 12 months ago, 13% are likely to apply for credit in the next six months, and 23% are already finding it difficult to pay their bills on time. We know that families in difficulty are often tempted to seek additional credit** but Australia’s existing privacy legislation prevents credit providers having full insight into whether applicants are over-committed at the time they apply.

“The best protection for borrowers and lenders is having access to the right information about an applicant’s credit activity and exposure. The Federal Government needs to fast track changes to Australia’s credit-reporting laws, committing to introduce the new comprehensive credit reporting legislation by December 2009***, and enact them well before the next election.

“If the credit reporting changes are not made, the Government’s new responsible lending laws will be ineffective, and won’t protect consumers. This has to be a high priority for working families,” Mr Gration said.

The Federal government’s credit reporting and responsible lending reforms will ensure only those Australians who have the ability to repay loans have access to new credit, and that those Australians who pay their bills on time may be rewarded for doing so. Under the ‘negative credit reporting’ permitted by current laws, a bank or credit union is unable to see whether a consumer is overcommitted, and nor what their payment history on active credit accounts has been.

“The Federal Government needs to introduce a draft credit reporting bill by October this year so that appropriate credit reforms can be put in place by 2010. Now is not the time to ignore responsible lending,” Mr Gration said.

-Ends-

Media Information:

Sally Robertson (02) 9270 0289 or mobile: 0400 927 003.

* Veda Advantage’s Australian Debt Study Report was completed by Galaxy Research. This study is the fourth in a series conducted on the Galaxy Omnibus. Where questions remained consistent between waves, comparisons have been made across time. This most recent wave was conducted on the weekend of 17-19 April, 2009. Previous waves were conducted on 12- 14 September 2008, 29 February-2 March 2008 and 21-23 September, 2007. The sample for each wave was respondents aged 18 years and older, distributed throughout Australia. Interviews were conducted using CATI (computer assisted telephone interviewing) with telephone numbers randomly selected from electronic White Pages. All interviewers were personally trained and briefed on the requirements of the study. Age, gender and region quotas were applied to the sample. Following the completion of interviewing, the data was weighted by age, gender and region to reflect the latest ABS population estimates.

** In a Veda Advantage Bankruptcy Study 2008, it found that 95% of bankrupts applied for credit after the point they knew they were insolvent, as indicated by the date nominated on their statement of affairs.

*** The Government intends to amend the Privacy Act 1988 to implement recommendations from the ALRC For Your Information Report 108 in the areas of credit reporting, health and new uniform privacy principles. The government has not yet given a firm commitment or detailed timetable to pass these laws before the next election.

DISCLAIMER
Purpose of Veda Advantage media releases:
Veda Advantage media releases are intended as a contemporary contribution to data and commentary in relation to consumer credit activity in the Australian economy. The information in this release is not intended to provide guidance or commentary as to Veda Advantage’s financial position nor does it constitute legal, accounting other professional financial advice. The information may change and Veda Advantage does not guarantee their currency or accuracy.

To the extent permitted by law, Veda Advantage 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.

Veda Advantage Consumer Credit Demand Index

20/04/2009 7:41:57 AM

20 April 2009: Veda Advantage’s Consumer Credit Demand Index* reveals that credit card and personal loan applications have fallen by 13% from January to March* 2009 compared to the same time last year.

However, in a sign of an active economy, mortgage enquiries for this period have increased by 14% compared to the same period last year, and 16% compared to the previous October to December quarter in 2008. The bulk of applications increased in February and March 2008. (Mortgage information continued on next page.)

Credit card and personal loan enquiries

Credit card and personal loans applications have fallen by 13% between January and March 2009, compared to the same quarter in 2008*.

Rory Matthews, Veda Advantage CEO said the significant decreases in credit card and personal loan enquiries are in line with expectations, as consumers shy away from these particular credit instruments and view property as an attractive investment. “There is a trend for people looking into the viable property market given the abnormally low interest rates and the Government’s incentives for first home owners.

“The Westpac-Melbourne Institute index of consumer sentiment rose 8.3 per cent to 92.7 points, from 85.6 points in March. This is a positive sign we may be at the bottom of the financial downturn. Another month’s economic activity will be telling. However, we are monitoring the April credit activity closely to see if these figures are supported in credit enquiries. Early indicators show there has been a slight increase in April,” Mr Matthews said.

In 2009, Veda Advantage has also seen an improvement in the quality of credit applicants, which is a positive sign for the economy’s growth and the reduction of bed debt. The number of people applying for all consumer credit applications (credit cards, personal loans and mortgages) with negative information recorded on their credit file has declined. Many people who have applied for credit in 2009 have had no prior adverse information on their credit files which underpins the increase in first home owner applicants being new to the credit market.

Default rates for credit cards and personal loans have risen gradually in the first quarter of 2009, with the highest year-on-year monthly increase being reported in March. Mr Matthews said because defaults generally take three to six months to be recorded on your credit file, this may be indicative of a Christmas spending-spree hangover – as Australians struggle to repay debts from the Christmas period in December 2008.

Mortgages

In a sign of an active economy, mortgage enquiries for the January to March period increased by 14% compared to the same period last year.

Veda Advantage’s analysis** of mortgage credit enquiries over the past four years indicate there has been a 63% increase in the level of mortgage applications made by applicants in 18-25 age group since October last year.

Rory Matthews, Veda Advantage CEO, said this may be indicative of first home buyers rushing to accept the Government’s First Home Owners Boost which was increased from $7000 to $14 000 in October last year, and also taking advantage of lower interest rates. “The intention to buy houses is certainly strong despite the economic climate. This trend is expected to continue given the Big Four banks agreeing to a limited freeze on mortgage repayments for people who lose their jobs as a result of the financial crisis,” he said.

Veda Advantage indicates that whilst there have been increases in mortgage application volumes, there has not been any corresponding increase in the level of adverse rates on mortgage enquiries since October 2008. “This could indicate that payment stability has returned to this market. However, increasing unemployment could change this early trend. Evidence of this might only surface early in the new financial year,” Mr Matthews said.

Bankruptcies

Insolvency and Trustee Service Australia, (ITSA) bankruptcy data indicates total Insolvencies have increased by 18.2% in the first quarter of 2009, with bankruptcies increasing by 13.6%.

Using ABS and ITSA data, the table below indicates the percentage of the Australian population who go insolvent under the Bankruptcy Act. The ratio to the changing population of Australia is expressed so that it can be seen as a constant irrespective of population growth.

Bankruptcies have increased throughout the first quarter of 2009. (Graph identifying the ratio of bankruptcies to population in Australia on next page.)

* The Veda Advantage analysis looked at data from 1 January to 31 March 2009. Credit card enquiries for the January to March quarter fell by 11.1% and personal loans enquiries decreased by more than half a million enquiries or 15.5% in January to March 2009. Australians made 1.4 million applications for credit in the same period, with the majority of applications being for credit cards – although notably fewer enquiries than pervious years.

** Veda Advantage analysis uses the adverse rate as an indicator to determine the quality of credit applications. It measures the level of defaults and adverse credit events present on a credit file at the time of the credit enquiry.

-Ends-

Media Information:

Sally Robertson (02) 9270 0289 or mobile: 0400 927 003.

About Veda Advantage www.vedaadvantage.com.

Veda Advantage has been at the forefront of the information business for many decades. Issues such as privacy, data security, fraud and business intelligence are part of our commercial landscape. A division of Veda Advantage, Information Services and Solutions Ltd (VISS)* holds the country’s largest database of credit files for more than 14.5 million credit-active Australians. The vast majority of applications for credit in Australia are checked against the files held by Veda Advantage – providing businesses with the information and knowledge to assist them in making informed decision in customer acquisition and credit risk management.

You can apply for a copy of your business or company credit file at www.mycreditfile.com.au.

* Veda Advantage Information Services and Solutions Ltd is a member of the Veda Advantage group of companies.

DISCLAIMER

Purpose of Veda Advantage media releases:

Veda Advantage media releases are intended as a contemporary contribution to data and commentary in relation to consumer credit activity in the Australian economy. The information in this release is not intended to provide guidance or commentary as to Veda Advantage’s financial position nor does it constitute legal, accounting other professional financial advice. The information may change and Veda Advantage does not guarantee their currency or accuracy.

To the extent permitted by law, Veda Advantage 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.

Veda Advantage Business Sentiment Survey

31/03/2009 6:47:15 AM

Veda Advantage Business Sentiment Survey

Overall business outlook improves over six months
62% of businesses claim to be unaffected by cash flow issues in past year
25% of businesses likely to apply for credit in next 12 months.

31st March 2009: Veda Advantage’s Business Sentiment Survey, released today, details surprisingly robust survey figures despite the current economic climate, with 62% of businesses surveyed indicating they had not been affected by liquidity or cash flow issues in the past year. Almost 58% of businesses surveyed said they were not exposed to a large amount of bad debt, with 24% of those businesses exposed to bad debt of up to $500,000.

However, the online survey of Australian business owners and senior corporate management* found businesses remain cautious in the economic climate, as 64% of respondents stated they were personally concerned about the future of the business they work for, and 61% of businesses surveyed said they were unlikely to apply for credit in the next 12 months.

Russell Evans, Veda Advantage General Manager, said the survey indicated 85% of businesses have not had any trouble securing credit in the last six months, with only 27% of those businesses who were refused bank credit seeking finance with an alternative financier. “Results also showed 9.2% of businesses would apply for credit up to $100,000 in the next 12 months, indicating businesses are not taking risks and are focusing on maximising liquidity in the current financial climate."

“Alarmingly, 42% of business owners surveyed could not put an approximate dollar value on the amount of business revenue lost as a result of the economic downturn. This should be a wake up call to business managers to put in place systems which give clearer information about cashflow and liquidity, especially in the current depressed marketplace. Almost 38% of business managers surveyed said the amount of revenue lost was less than $500,000, which is an improvement on last year’s business sentiment survey, but is still a significant loss to a small business,” he said.

Senior business owners and managers were divided about the value of the Federal Government’s February 3, 2009 $42 billion Stimulus Package (Nation Building and Jobs Plan). While 45% said the stimulus had not impacted their business in any way, 39% have said it’s too early to tell. Of the 11% of businesses impacted by the Stimulus Package, consumer spending had the largest impact.

Mr Evans said there has been a marginal improvement in business sentiment in the past six months, as indicated in the table below.

Year on Year business sentiment comparisons

Question	October 2008	March 2009
Business not exposed to a large amount of bad debt	54%	58%
Businesses taking action to reduce exposure to bad debt	42%	46%
No Action taken to reduce exposure to bad debt	59%	44%
Businesses noticing a change in customer payment behaviour (such as taking longer to pay bills)	42%	45%
Businesses affected by cash flow issues	34%	34%
Businesses saying their cash flow had affected their ability to pay bills on time	48%	51%
Less than $500,000 dollar value on the affect of financial instability	40%	38%
Unlikely to apply for credit in the next 12 months	65%	61%

Mr Evans said the survey comparison shows Australian businesses are being smart practitioners in light of the current economic environment. ”In the past six months, more businesses have taken action to reduce their exposure to bad debt, which demonstrates many intelligent small to medium businesses are taking control and using systems available to them to minimise business risk. There is also a slight indication that businesses are more likely to apply for credit than they were six months ago, which is showing positive signs for the Australian economy."

“Results show almost half of businesses surveyed claim to have implemented procedures to reduce bad debts, and 56% of business stated that current financial uncertainty has not inhibited their business from investing in new projects. Even though this is positive, it is slightly below the business sentiment survey from six months ago, showing business confidence in investments are waning slightly.

“It’s also encouraging to see the Australian business sectors strength in staving off liquidity and cash flow issues. However, the results reveal 35% of businesses surveyed dealt with liquidity issues over the past year, and 51% of those businesses found it affected their ability to pay bills on time. Adopting the cash is king mentality should be the new mantra for Australian businesses in 2009 to avoid a liquidity crisis,” he said.

Risk mitigation among Australian business improved in the six months between Veda Business Sentiment Surveys, with 46% of businesses taking proactive measures to minimise their exposure to bad debt, an increase of 4% from October. The results indicate 45% of businesses had noticed a difference in customer and client payment behaviour e.g. not paying bills on time. For those businesses experiencing late payments from clients and customers, almost a quarter (23%) are paying four weeks late. Half (50%) of the businesses surveyed did not notice any changes in payment behaviour.

Mr Evans said while the results show some improvements to business sentiment over the past six months, businesses are still wary of the financial climate, with 60% of business reducing costs in marketing, expansion, staff, wages, and entertainment costs.

- ENDS -

*Not all percentages add up to 100%, as business people surveyed could opt for more than one answer applicable to their situation.

For more information contact:

Sally Robertson at Launch Group 02 9270 0289 or 0400 927 003.

Yesica Ares at Launch Group 02 9270 0204 or 0413 791 988.

* About the Veda Advantage Business Sentiment Survey:

Veda Advantage’s Business Sentiment Survey research was administered via an online survey, using the Ticketek Rewards panel. The fieldwork was undertaken between the 10th and 23rd March 2009. A stratified target sample of Owner/ manager, C Level executives and Directors of companies across 5 Australian States was the target for this research. A total of 300 surveys were completed by senior business owners and executives. Of the businesses surveyed, 25% operated businesses with a turnover greater that $10 million, while 32.1% operated smaller businesses with annual turnover of less than $500,000, representing Australia’s SME business sentiment.

DISCLAIMER

Purpose of Veda Advantage media releases:

To the extent permitted by law, Veda Advantage 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.

Research company director's credit history to minimise risk

Director_credit_file.aspx — 27/03/2009 1:30:29 PM

Director’s credit files contain vital warning signs of business health history to minimise risk

3 March 2009: New research identifies a 23% chance of finding negative information related to a company’s credit history, when company directors’ individual credit histories are searched in addition to the company’s credit file*. Veda Advantage recommends all businesses apply a simple background check on potential customers and suppliers involved in large financial transactions as a safeguard against risky business relationships.

Veda Advantage’s research revealed a 9% chance of finding derogatory information on an Australian company’s credit file. However, a combined credit check of the director’s running the business, in addition to the company credit file, is recommended to properly detect business risk. Veda Advantage found if you then look at the company directors’ credit file, the likelihood of finding adverse information on the business almost doubles to 17%. Furthermore, if you research a director’s involvement in other companies the likelihood of finding adverse information rises to 23%.

Russell Evans, Veda Advantage General Manager, said looking at a company's director information significantly increases the likelihood of finding negative credit information linked to a company. “Since June 2008 we have seen a 33% increase in the number of director’s credit files with derogatory information, including defaults, writs and judgements, court summons and bankruptcies."

Mr Evans said: “Researching the credit files of the directors behind the company gives you the full business health check and in this financial climate, ignoring the signs of a problem customer or supplier could be the difference between collapse or survival. Our research shows that directors with some type of adverse incident on their credit file are seven times more likely to default than directors with a clean credit history.

“Liquidity is everything in the current economy, and businesses need to work out the best way to convert monthly invoices to cash. Trends such as rising bankruptcies, a significant rise in late payments, and a default rate which has trebled, puts even greater onus on companies to research prospective business partners – and the people behind these companies.

“We have found that directors can often be involved with about eight or nine other companies. One of the companies they are involved with may be trying to hide debt, which could have a negative impact on the company you are dealing with. Therefore it is vital to not only look at the directors of a business, but also their relationships with other businesses, and other business directors. This is where we often find discrepancies and negative information,” he said.

Mr Evans said companies may be surprised how quickly and inexpensively this cross-networked data can be provided – allowing even SMEs to access the information for real-time decision making.

“In some cases we have discovered directors who are highly entrepreneurial and overexposed to debt, leading to financial difficulty. In other instances we have found directors with deliberate intent to disguise debt using several different aliases. Veda Advantage has the ability to monitor people’s credit identities and provide businesses with information that may help minimise the risk of becoming involved in detrimental business partnerships. A Trading History report provides credit and public data registry information on a company, its directors and a list of director relationships,” he said.

Mr Evans said that historically, financial institutions looked at only at the company’s business credit file to make decisions on whether to extend credit, however, in more recent times these lenders are looking at the directors and people behind those companies as a better measure for assessing risk.

“We want all businesses, from SMEs to large corporations to know that risk can be minimised through more extensive research. If you’re concerned about the credit-worthiness of a company, research the directors associated with the company, as you are nearly three times more likely to find negative information,” he said.

Veda Advantage has formulated the following three steps for businesses to help minimise exposure to bad debt.

1. Plan: selectively target who you do business with. Develop a clear understanding on where to target your sales and marketing activities to ensure you only do business with organisations that have a capacity and a desire to pay your invoices.
2. Research: investigate whether companies have a history of not paying their bills on time to minimise the risk of late payments and bad debts. Where possible, investigate the directors behind the business, and the directors’ other interests, to assess their recent credit behaviour and receive the full picture of what is happening behind the company.
3. Review: Given the increase in personal bankruptcies and companies entering into external administration, customers should review the health of their customers and suppliers. Rather than doing annual check-ups, do them half-yearly or even monthly. Also intervene early and communicate constantly with late payers. Businesses could also set up a credit alert on a company they are notified to adverse changes in credit information including changes in directors, ownership structure, and the appointment of an administrator.

“In these current tough financial times, many business people are looking at the best way to run their business, and I would advise any business owner to plan, research and review, not just for building revenue but also for improving your nett cash flow. More now than ever, future growth relies on working capital, and the foundation of this lies in solid and grounded business relationships – with people who have the money and will pay you as debt falls due. Being exposed to bad debt with even one or two major customers may topple your business and see it become another insolvency statistic. Knowing who you are doing business with will allow you to assess the full risk exposure,” Mr Evans said.

* The Veda Advantage study looked at the past twelve months of consumer enquiries, consumer and business defaults, using Veda Advantage’s bureau information in addition to publicly accessible information including Court Judgements, Writs, Petitions, and External Administrations. The study looked at the likelihood of finding adverse information on a company, and the directors behind the company.

- Ends-

Media information:

Sally Robertson at Launch Group 02 9270 0289 or 0400 927 003
Yesica Ares at Launch Group 02 9270 0204 or 0413 963 502

Veda Advantage Information Services and Solutions Limited ABN 26 000 602 862

About Veda Advantage www.vedaadvantage.com.
Veda Advantage has been at the forefront of the information business for many decades. Issues such as privacy, data security, fraud and business intelligence are part of our commercial landscape. A division of Veda Advantage, Information Services and Solutions Ltd (VISS)* holds the country’s largest database of credit files for more than 14.5 million credit-active Australians, and 3 million commercial records. The vast majority of applications for credit in Australia are checked against the files held by Veda Advantage – protecting businesses the informaiton and knowledge to assist them in making informed decision in customer acquisition and credit risk management.

* Veda Advantage Information Services and Solutions Ltd is a member of the Veda Advantage group of companies

Trading History reports incorporate commercial and consumer information, along with third party information, providing a comprehensive picture of a commercial entity and the people behind it. eAlerts allow businesses to monitor and manage any changes in their customer’s (individual or commercial) credit status, rather than reacting to them when it may be to late. Commercial eAlerts assist with monitoring credit activity on a commercial entity’s file. The alerts can be listed against customers, suppliers and other commercial entities.

You can apply for a copy of your business or company credit file at www.mycreditfile.com.

To the extent permitted by law, Veda Advantage 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.

Credit applications plummet - Defaults increase in 2008

17/02/2009 12:15:48 PM

17 February 2009: Veda Advantage’s Consumer Credit Demand Index*, released today, reveals that credit applications have fallen in January 2009, with credit card and personal loan applications falling almost 15% compared to the same time last year. Credit card enquiries for the month of January fell by 13.5% and personal loans continued to fall by 16.8%.

This is the fourth consecutive monthly decrease in credit applications. In the October to December quarter of 2008 credit applications fell by 9.1% or 149 000 fewer enquiries compared to the same period last year. Personal loans took the biggest fall in the last quarter of 2008, dropping almost 15%, with 105 000 fewer enquiries - the largest quarterly decrease since Veda’s index started in 2004. Credit cards also slumped in the final quarter by 4.7%, in step with the previous June to October quarter decline of 3.6%.

Veda Advantage CEO, Rory Matthews said the figures provide an insight into the state of consumer sentiment and the consumer credit market. “Australians remain wary of taking on more debt in this market, and our default data shows that 2008 was a difficult year for consumers with defaults rising throughout the year. Default rates increased throughout early 2008 and peaked mid year, before dropping off slightly toward the end of the year. Personal loans had the highest rate of defaults, followed by credit cards and then mortgages,” he said.

“Counter to the overall trend, while we’ve found applications for credit cards and personal loans have decreased significantly, mortgage enquiries for the four major banks have risen by 8.6% in October to January this year. However this trend was not reflected amongst all financial institutions with enquiries for mortgage applications decreasing by 6.4% overall,” said Mr Matthews.

The graph below represents the level of year on year percentage growth and decline in credit card and personal loan applications by month.

Mr Matthews said the Consumer Credit Demand Index shows Australians remain cautious. “We had a difficult year in 2008 and the financial crisis has hit many Australians hard. Our results indicate the mood of caution around credit throughout 2008, increasing in the latter half of last year and into the early parts of 2009.”

Recent figures from Insolvency & Trustee Services Australia (ITSA) indicate bankruptcy levels jumped 6% in the final quarter of 2008, compared to the same period in 2007. The results also show insolvencies are 25% higher than they were in 1992 when insolvencies peaked in the last recession.

Mr Matthews said that further Veda Advantage analysis** found there are roughly 1.5 million Australians who are spending 50% of their income repaying debt. “The level of bankruptcies is significant. We’ve seen people overextend themselves financially, and get caught in a debt trap. These are worrying statistics, and we urge Australians to take steps to take control of their finances and avoid defaults appearing on their credit file,” Mr Matthews said.

“We are working with the Federal Government to develop a comprehensive credit reporting system. This system will give creditors the ability to see how well a person is managing their current level of commitments when considering an application for a new line of credit. For the first time, creditors will be able to see an applicant’s current credit limit and most importantly their repayment history over the past 24 months. This can demonstrate that a person has begun to struggle to meet repayments, and importantly, it also means for those who have gone through a financial rough patch, they will now be able to demonstrate they are once again credit worthy. This new information coupled with responsible lending obligations is part of a condition from an ASIC (Australian Securities and Investment Commissioned) issued license required by all credit providers from July 1 2009,” Mr Matthews said.

Avoid defaults on your credit file

Veda Advantage has formulated five insights to help Australians reduce debt in tougher economic times.

Budget – sit down and analyse your financial situation. Carefully consider your credit commitments, and ensure you have a plan to meet payment deadlines, whether it’s mortgage repayments, credit cards, personal loans or your utilities. Knowing what is going in and out of your bank account is important. Simple measures such as setting money aside to pay bills and keeping emergency money ready in case you fall on tough times are good ways to prevent defaults on your credit file.
Spending - assess ways you can temporarily reduce unnecessary spending. Small measures and lifestyle changes, including packed lunches, eating in rather than dining out, switching off appliances at the power point and catching public transport are not only good for the environment, but good for your finances too.
Ask - if you do have trouble repaying your loans and bills don’t be afraid to seek advice. Financial institutions have programs to help you in times of trouble. It is in a bank or financial planner’s interest to help rescue personal finance and ensure you repay the money owed – before it becomes too late.
Consolidate – debt consolidation involves taking out one loan to pay off other debts. This is useful as you are often able to secure a lower interest rate and schedule repayments that are realistic. It is also useful as it is easy to remember one payment date and amount rather than trying to juggle many different credit cards, loans and other debts.
Check your credit file at www.mycreditfile.com.au this will give you up-to-date information on your credit history, and also help you maintain the security of your details. For a small fee of $40 you can also fill in an application for My Veda Alert – an instant electronic notification service, letting individuals and businesses know immediately if information is added or changed their credit file, including personal information, new applications for credit under their name and who has obtained a copy of their report.

* Published by Veda Advantage Information Services and Solutions Limited ABN 26 000 602 862, a member of the Veda Advantage group of companies.
** Veda Advantage analysis of two separate, identical questions completed by Galaxy Research in September 2007, and March 2008. The sample size was national representation of the Australian population representing 18.4M people (Census 2006) over the age of 18 years. The sample size was about 1050 for each survey.

Click here to download the full announcement

Media Information:

Sally Robertson (02) 9270 0289 or mobile: 0400 927 003.
Yesica Ares (02) 9270 0204 or mobile: 0413 791 988

State changes from Q2 FY2009 vs Q1 FY2009

Veda Advantage www.vedaadvantage.com Veda Advantage has been at the forefront of the information business for many decades. Issues such as privacy, data security, fraud and business intelligence have been part of our commercial landscape since the inception of both our company and our industry. Veda Advantage holds the country’s largest database of credit files for more than 14.5 million credit-active Australians. The vast majority of applications for credit in Australia are checked against the files held by Veda Advantage – protecting business from financial risk and ensuring consumers are only offered products that fit their risk profile.

DISCLAIMER

Purpose of Veda Advantage media releases:

To the extent permitted by law, Veda Advantage 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.

Global Financial Crisis Strikes Australian Business Credit Demand

4/02/2009 11:59:08 AM

Veda Advantage BCI Index hits all time low:
Insights to help business owners manage risk, minimise late payments

2 February 2009: Veda Advantage’s Business Credit Demand Index, released today, reveals that business credit applications for the October – December 2008 quarter fell by more than 7% in comparison to the same period in 2007. Businesses’ making enquiries for credit dropped off rapidly, falling 3.2% in October, 8.0% in November and a significant 9.8% fall in December – demonstrating the global economic crisis is significantly impacting Australian business’ demand for credit, with many Australian businesses reluctant to take on debt in the last half of 2008.

In light of a significant decline in credit demand, Veda Advantage has formulated some insights to help business owners and operators manage business risks, minimise late payments, maximise liquidity, and weather the current financial instability (below).

Veda Advantage data indicates a decline in business credit demand index every month since December 2007. December 2008 saw the largest drop in business credit demand, falling by 9.8% compared to the previous year (table at end).

Businesses in Queensland experienced the biggest drop off in credit demand, with an almost 14% decline in business credit applications. NSW followed with over 7% fewer business credit applications in the last quarter of 2008, followed by Western Australia recording an almost 6% fall and Victoria with an almost 5% fall. Northern Territory business credit applications fell by almost 4%. South Australian and Tasmania were the only States that did not register a fall with small increases of 0.9% and 0.1% respectively.

Russell Evans, Veda Advantage General Manager, said 2009 will see many businesses moving towards a cash is king model. “We are steadily seeing more businesses placing utmost importance on improving the liquidity of their business. One of the most critical yet simple things any business manager can do to minimize bad debts is to screen out risky customers and to research companies and directors before starting any business relationship. We are seeing a rise in late payments, and in this environment it doesn’t take many bad debts for a successful business to become another bankruptcy statistic,” he said.

“Many business people are thinking of the best way to run their business in these tough times, and I would advise any business owner to start by developing a clear credit policy to screen out risky customers. The current unstable business climate calls for all businesses to check business credit files – if a company has a history of not paying their bills, it would not be a great idea to start something with them. Future growth now relies on working capital, and the foundation of this is solid and grounded business relationships – with people who have the money and will pay you as debt falls due.

“Some businesses also overlook the fact that not only is it important to research companies before starting a relationship, but also to research a company’s directors. Veda Advantage also has a service which facilitates reference checks on directors and alerts you to any problems with directors of companies you are in business with, which may prevent more bad debts. Not enough business owners understand how simple it is to run a credit check to screen out potentially risky customers or clients, and the same concept is applicable to companies of all sizes,” Mr Evans said.

Veda Advantage has formulated five insights to help business reduce debt in tougher economic times.
1. Selective participation in the market – develop a very clear understanding on where to target your sales & marketing activities to ensure you have the opportunity to do business with organisations that have a capacity and a desire to pay your invoices.
2. Develop a robust credit policy – incorporating research whether companies have a history of not paying their bills on time to minimise the risk of late payments and bad debts. Where ever possible, investigate the directors behind the business to assess their recent credit behaviour
3. Be vigilant on inspecting when your customers are paying – intervene early & communicate constantly with late payers
4. Reward and recognition for customers and clients paying their bills on time, provide incentives to pay bills as they fall due
5. Continually monitor your existing customers, as well as company directors, from the perspective of how well they are meeting their financial obligations with our suppliers, and have regular credit reviews.

Mr Evans said Veda Advantage’s data shows a clear pattern of reduced demand for business credit over the course of 2008. “The business credit demand index is a key indicator in business activity and credit uptake, with our data indicating a drop off in Australian business credit demand since December 2007, coinciding with large scale economic instability and the start of what is now referred to as the global economic crisis.

“The first half of the 2009 financial year has been characterised by substantial falls in business credit demand when compared to the same period in 2008. Four of the six months have seen decreases of more than 5%, which indicates business confidence in taking on more debt is at an all-time low.

“Veda Advantage data suggests businesses are opting for shorter forms of credit such as a 30 day loan, but we have noticed a sharp decline in fixed debt loans such as mortgages, showing that businesses are still nervous about locking themselves into longer-term debt and are opting for shorter financing options,” Mr Evans said.

Business credit accounts covered by this study include: 30 day loans, hire purchase, lending proposals, commercial rentals, credit cards, bill of sale, utilities, personal commercial loans, real property mortgage, overdraft and more.

Two years of Veda Advantage data, tracking business’ demand for credit.

YoY Delta	2007	2008
Jan	4.3%	-6.6%
Feb	6.4%	-3.1%
Mar	9.3%	-5.3%
Apr	10.5%	-2.5%
May	10.2%	-5.0%
Jun	9.6%	-1.9%
Jul	6.7%	-3.5%
Aug	4.0%	-5.5%
Sep	6.9%	-7.4%
Oct	1.1%	-3.2%
Nov	3.8%	-8.0%
Dec	-1.5%	-9.8%

- Ends-

For more information contact:

Sally Robertson at Launch Group 02 9270 0289 or 0400 927 003
Yesica Ares at Launch Group 02 9270 0204 or 0413 963 502

About Veda Advantage www.vedaadvantage.com

Veda Advantage has been at the forefront of the information business for many decades. Issues such as privacy, data security, fraud and business intelligence have been part of our commercial landscape since the inception of both our company and our industry. Veda Advantage holds the country’s largest database of credit files for more than 14.5 million credit-active Australians. The vast majority of applications for credit in Australia are checked against the files held by Veda Advantage – protecting business from financial risk and ensuring consumers are only offered products that fit their risk profile.

The Business Credit Demand Index looked at more than 6.3 million credit enquiries from 2004 to 2008 registered on Veda Advantage’s commercial database. Business CDI measures total Business Credit application activity over each quarter, comparing it with year on year analysis. Business CDI looks at all account types, including 30 day account, hire purchase, lending proposal, real property mortgage, leasing, commercial rental, communication services, credit card premium finance, seven day account, trade finance bill of sale overdraft, personal loan, utilities, cheque wholesale finance, cash on delivery factored account, 60 day account, continuing credit contract, 90 day account, bridging finance, deferred payment debit card.

You can apply for a copy of your business or company credit file at www.mycreditfile.com.au

To the extent permitted by law, Veda Advantage 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.

You were on holiday but was your financial identity

4/02/2009 9:30:59 AM

Check your credit file after the holidays to protect against identity fraud

22 January 2009: With the Christmas holiday season coming to a close, Veda Advantage*, Australia’s largest credit checking bureau, is warning Australians to check their credit files for any signs of unauthorised credit activities.

Veda Advantage’s Head of External Relations, Chris Gration said: “You may have been on holidays, but your financial identity may have been doing the rounds over the festive season without your knowledge. Like other forms of theft, identity crimes are common during holiday periods because people can be less vigilant about safeguarding their confidential information, and keeping track of their financial records. Fraudsters can also use the holiday period when people are away from home or less guarded to go through personal garbage or mailboxes in search of identity information.”

Adding to the concern is the predicted rise by Australian Police of a new wave of financial crimes driven by the financial crisis and rising unemployment – as demonstrated by crime statistics from the 1990 recession.**

Identity theft is a significant challenge in Australia, costing the economy more than $ 1 billion annually. Veda Advantage’s Galaxy Research*** reveals that an estimated 3.8 million Australians, almost a quarter of the population, have been affected by identity theft. Of great concern is that more than half (57%) of those affected by fraud claimed they had done nothing to prevent a future attack. Alarmingly, 70% of Australians surveyed by Galaxy had not taken even simple measures, such as shredding documents, to protect themselves from identity crimes – therefore becoming a security risk.

“Using electronic alerts will let you know in real time when your credit file is active and can be one of the most effective ways to safeguard against identity fraud. Many people do not recognise the significance of a healthy credit file, and the importance of regularly checking it for protection against identity fraud,” said Mr Gration.

Of concern is that Galaxy research also indicates only 16% of Australians were able to even identify what their credit file is, a key aspect to protecting yourself from identity theft, and remaining aware of the credit applications filed under your name.

“Exposure to identity fraud can be minimised by regularly checking your credit file, or signing up for an alert system which notifies you every time there is a change to your file. We recommend Australians sit down and assess their financial health in early 2009, check their credit files, establish a monthly budget and commit to carefully manage their debt repayment plans in the New Year,” said Mr Gration.

My Veda Alert, an instant electronic notification service, can let individuals and businesses know immediately if information is added or changed to a credit file. Customers receive an electronic report advising them of who has obtained a copy of their credit report, changed personal information, or if new applications for credit have been made under their name and the details of those changes.

“This will allow you to keep on top of your credit file and monitor any irregular activity which may indicate your identity has been stolen and is being used to fraudulently obtain credit,” Mr Gration said.

Mr Gration also stated that “A lot of people are unaware that their ability to buy a house, a car, or even get a new phone often depends on their credit file – and if your credit file has a default on it, or if someone has been using your identity to make credit applications and purchases, it may be harder to secure the credit you want.”

Individuals and businesses can order a My Veda Alert for a small fee of $40.00 including GST which will monitor their credit files, and electronically notify them of any changes to their credit file for a period of 12 months. They also receive a free up-to-date copy of their credit file within one working day. To apply for My Veda Alert, simply complete an application form available at www.mycreditfile.com.au or call 1300 762 207

Veda Advantage recommends the following 10 step plan to being identity fraud aware:

1. Shred any paperwork such as bank and credit card statements, phone bills and gas/electricity bills that contain your personal details or account details before throwing away.
2. Don’t display your complete birth date, phone number, email or home address in open online environments such as social networking sites, and change passwords regularly. Keep all personal ID items, such as student cards, passport and driver’s licence in a secure place.
3. Elect the “private” option on social networking sites. Most social networking websites allow you to hide certain pieces of information to limit what others can see online – or to only make information available to close friends or family. Remember, once you put your personal details online it can be hard to remove that information, so make sure you hide what you do not want the world to see.
4. Use secure transactions when banking online, and don’t open any attachments in emails, unless they are from a reliable source, that imply they are sending you to a bank’s site – type the bank’s URL directly into the computer to help ensure safe transactions.
5. Practice caution when using a public computer, especially in an internet cafe, make sure you are using a secure server when making financial transactions, do not save your email address, and remember to log out and close all windows when leaving.
6. Cut old cards across the signature and magnetic strip, and sign new cards as soon as they are received.
7. Notify people when you move house make sure you update your address details with all companies that may send you mail, from banks to health insurance and phone companies.
8. Check your credit file regularly if you are over the age of 16 and credit-active to make sure all information is true and correct. If something is inaccurate, someone at Veda Advantage can help. You can apply for a copy of your credit file at www.mycreditfile.com.au or by calling 1300 762 207.9. Set up an alert service such as My Veda Alert that can notify you whenever someone applies for credit in your name where the credit provider obtains a copy of your credit file, this way you can keep on top of any changes to your credit file identity.
10. Contact your financial institution immediately if you find that there are transactions or suspicious activity on your credit statements. If your wallet is stolen remember to cancel club membership cards, your drivers’ and other licenses, as well as your bank and credit cards. File a police report straight away.

- Ends-

Media Information:
Sally Robertson (02) 9270 0289 or mobile: 0400 927 003.

*Veda Advantage Information Services and Solutions Limited ABN 26 000 602 862

** As reported in the Weekend Australian 28 December 2008, senior officers have drawn on crime statistics from the 1990 recession, to pinpoint the types of offences expected to rise as the financial crisis deepens. By tracking crimes over the past six months, police have found offences such as theft of valuables from motor vehicles, house burglaries, street robberies, handbag and wallet theft, shoplifting and other types of theft have begun to rise, as they did in 1990.
*** To the extent permitted by law, Veda Advantage specifically excludes all liability or responsibility for any loss or damage arising out of reliance on information in this release and the data referred to, including any consequential or indirect loss, loss of profit, loss of revenue or loss of business opportunity.

www.vedaadvantage.com.
Veda Advantage has been at the forefront of the information business for many decades. Issues such as privacy, data security, fraud and business intelligence have been part of our commercial landscape since the inception of both our company and our industry. Veda Advantage holds the country’s largest database of credit files for more than 14.5 million credit-active Australians. The vast majority of applications for credit in Australia are checked against the files held by Veda Advantage – protecting business from financial risk and ensuring consumers are only offered products that fit their risk profile.

DISCLAIMER
Purpose of Veda Advantage media releases:
Veda Advantage media releases are intended to contribute to commentary in relation to consumer credit activity in the Australian economy. The information in this release is not intended to provide guidance or commentary as to Veda Advantage’s financial position nor does it constitute legal, accounting or other professional financial advice. The information contained in this release may change and Veda Advantage does not guarantee its currency or accuracy.