Veda Advantage has recently executed its programme of monitoring by sending a form letter to a select group of subscribers, ranging from big lenders to one-person mortgage broking businesses. The letter is essentially a demand that the subscriber undergoes an independent audit, paid for by the subscriber (not by Veda!) to a standard that meets Veda's satisfaction. The Privacy Act amendments in 2014 contained a requirement that Credit Reporting Bodies have a programme of compliance monitoring audits on their subscriber members.
QED Risk Services has received requests for assistance for some recipients of this form letter from Veda and has been able to negotiate with Veda as to what exactly it is that Veda expects from these audits and reports.
We are pleased to announce that we have exactly the right solution to assist you if you receive this request from Veda and they have approved the format of our reporting and the way in which we handle the process for you.
If you receive a letter from Veda, please call QED on 1300 817 662, we'd be happy to help you.