Experian's Illion Acquisition Unopposed by ACCC
ACCC Review Findings
The Australian Competition and Consumer Commission (ACCC) announced it will not oppose the acquisition of Credit Data Solutions Pty Ltd (illion) by Experian Australia Credit Services Pty Ltd (Experian). The ACCC's review found that the datasets of Experian and illion are less comprehensive than that of Equifax, the market leader in consumer credit reporting.
Market Concentration Concerns
Some industry participants expressed concerns that the acquisition could lead to increased market concentration and reduced competition. However, the ACCC concluded that the combined market share of Experian and illion would remain below 50%, and there are several other significant competitors in the market.
Impact on Consumers
The ACCC also considered the potential impact of the acquisition on consumers. It found that the acquisition is unlikely to lead to higher prices or reduced access to credit reporting services. Additionally, the ACCC noted that Experian has committed to maintaining illion's existing products and services, including its free credit report service.
Conclusion
The ACCC's decision not to oppose the acquisition is a significant development in the Australian credit reporting industry. The acquisition is expected to be completed in the coming months, subject to regulatory approvals.
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