The ACCC has accepted a court-enforceable undertaking from Equifax Australasia Workforce Solutions Pty Ltd in which Equifax has agreed not to enter into any new agreements preventing Equifax's competitors from being able to access electronic payroll and superannuation data.
Equifax is part of a corporate group which operates a large and well-established credit bureau in Australia. It has operated a verification exchange service in Australia since 2020.
Payroll and superannuation data is used to provide automated income verification services across Australia, as many lenders are transitioning their income verification practices towards automated solutions.
The undertaking offered by Equifax follows a detailed investigation by the ACCC into whether Equifax's contracts amounted to unlawful exclusive dealing that had the purpose or likely effect of substantially lessening competition.
The ACCC was particularly concerned about terms in the agreement Equifax entered into in 2021 with SuperChoice Services, one of the largest holders of payroll and superannuation data willing to supply data to third parties for income verification purposes.
"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," ACCC Chair Gina Cass-Gottlieb said.
"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," Ms Cass-Gottlieb said.
The agreement also incentivised SuperChoice's exclusive supply of data to Equifax through a revenue sharing arrangement.
"We considered Equifax's contract with one of its key suppliers to be a case of anti-competitive exclusive dealing by Equifax that needed to be stopped to protect the competitive process. In evolving markets, exclusive agreements, particularly by large established firms, can deter entry and innovation," Ms Cass-Gottlieb said.
"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."
As a result of the ACCC's investigation, Equifax stopped relying on the exclusivity and revenue sharing provisions in its agreement with SuperChoice in May 2025. It amended the agreement to remove these clauses in September 2025.
Equifax has also informed other data holders that they are not prevented from supplying data to Equifax's competitors or any other party.
Companies who access data for income verification purposes must comply with Australia's privacy laws.
More information and details of the undertaking can be found at Equifax Australasia Workforce Solutions Pty Ltd.
Background
Equifax
Equifax is part of a corporate group which operates a large and well-established credit bureau in Australia (formerly known as Veda Advantage). Equifax has verification exchange services in other jurisdictions including the US, the UK and Canada, and launched the Australian service in May 2020.
SuperChoice
SuperChoice is a superannuation clearing house, as well as a Sending Service Provider, which is a business accredited to submit payroll information to the Australian Taxation Office in a mandated electronic form.
Income verification
Banks and other lenders, mortgage brokers and aggregators use income verification services to check income when consumers apply for finance including loans or credit cards. This is to comply with their responsible lending obligations and to assess the likelihood of the borrower being able to repay the loan. Most Australians will need to have their income verified at some point, with some lenders passing on costs of conducting income verification.
The industry has been moving towards automated verification methods because it is a quicker and smoother option for customers. Providing more automated forms of verification, rather than asking a customer to provide payslips or other documents, can reduce customer dropouts and increase efficiencies.
