The credit bureau has entered into an enforceable undertaking, committing to not enter into any new agreements that prevent competitors from accessing electronic payroll and superannuation data.
Credit bureau giant Equifax Australasia Workforce Solutions Pty Ltd (Equifax) has entered into a court-enforceable undertaking with the competition watchdog after admitting that its conduct when entering into exclusivity agreements had the potential to breach competition law (specifically, section 47 of the Competition and Consumer Act 2010).
Equifax, part of a corporate group that operates the major credit bureau in Australia, has supplied an automated income and employment verification service known as Verification Exchange since 2020.
This service allows banks, mortgage brokers, and lenders to verify consumers’ income electronically, streamlining applications for home loans, personal loans, and credit cards.
However, between 2019 and 2024, Equifax entered into agreements with 11 data holders in Australia that the ACCC was concerned could have substantially lessened competition by limiting other providers’ access to essential data.
The enforceable undertaking comes after an investigation was undertaken by the Australian Competition & Consumer Commission (ACCC), which focused on a 2021 agreement between Equifax and SuperChoice Services Pty Ltd, a superannuation clearing house and a sending service provider accredited to submit payroll information electronically to the Australian Taxation Office.
Access to a significant volume of data from providers like SuperChoice is necessary for automated verification services to operate effectively at scale.
However, according to the investigation, that agreement contained exclusivity clauses preventing SuperChoice from supplying data to other income verification providers and included a revenue-sharing arrangement incentivising exclusivity.
While there has been no finding that Equifax breached competition laws, as a result of the ACCC’s investigation, Equifax ceased relying on the exclusivity and revenue-sharing provisions in its SuperChoice agreement in May 2025 and formally amended the agreement in September 2025.
Equifax has also informed other data holders that they are free to supply information to any other providers.
It has now entered into a court-enforceable undertaking with the ACCC whereby Equifax has committed not to enter into any new agreements that could prevent its competitors from accessing electronic payroll and superannuation data in Australia.
The undertaking further requires that all future agreements for supplying data to Equifax’s Verification Exchange or similar services:
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Be non-exclusive, with no restrictions on data providers supplying information to other verification service providers.
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Not make payments conditional on exclusivity.
Equifax has also committed to implementing a compliance program to ensure adherence to competition and consumer law during the term of the undertaking.
The undertaking will remain in effect until 16 December 2028.
'Exclusive agreements can deter innovation': ACCC
ACCC chair Gina Cass-Gottlieb noted that the ACCC considered Equifax’s contract with one of its key suppliers to be “a case of anti-competitive exclusive dealing” that needed to be stopped to “protect the competitive process”.
She commented: “Equifax’s contract prevented SuperChoice from supplying data to other Australian suppliers of income verification services and included a clause requiring SuperChoice to phase out sharing data with one of Equifax’s competitors.
“Whether it’s for home loans, car loans or a new credit card, consumers across Australia apply for financing every day. Their lenders, mortgage brokers and aggregators use income verification services to check their income to facilitate their financing needs.
“Harm to competition in a crucial part of the lending process, such as income verification, can have flow-on effects to consumers in terms of choice, quality and price.
“In evolving markets, exclusive agreements, particularly by large established firms, can deter entry and innovation.
“Competition in the digital economy is a key priority for the ACCC and we will continue to take enforcement action against businesses that engage in unlawful anti-competitive conduct.”
Equifax has confirmed that it has agreed to the undertaking in relation to the Verification Exchange service in Australia, stating that it "worked cooperatively on this matter" with the ACCC.
"There has been no finding that Equifax Australia contravened the Competition and Consumer Act, Equifax Australia is not subject to any fines or penalties as part of this undertaking, and Australian Verification Exchange services are not changed as a result of this matter.
"Equifax Australia welcomes competition and is committed to providing innovative services that streamline income verification as part of the credit application process to assist with ensuring responsible lending, improved customer experience, and minimisation of fraud risk," the company said in a statement.
Reacting to the news, a spokesperson for SuperChoice said: "SuperChoice is one of many partners of Equifax. As one of these partners, SuperChoice has fully co-operated with the regulator and has removed the required legacy provisions from its contract with Equifax. It is important to note, SuperChoice is not part of the enforcement action taken by the ACCC in relation to this matter.
"The contract with Equifax is to provide important salary and employment verification services which allow an individual to verify their confidential personal information in a safer, more secure and more timely method, with the individuals ‘express consent’. The service also supports SuperChoice meeting its obligations as a data holder under the Privacy Laws.
"We take our governance obligations seriously and continue to update our policies to make sure we comply with regulations in all of the regions we operate.
"We regularly audit relevant data verification providers to make sure they are operating at the high standard we expect of them."
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