ATLANTA, July 27, 2021 /PRNewswire/
-- Equifax® (NYSE: EFX) a global data, analytics and
technology company today announced that the company has signed a
definitive agreement to acquire Teletrack®, a U.S. leader in
alternative credit data, from CoreLogic®. The combination of
Teletrack with the Equifax DataX business creates a leading U.S.
specialty consumer reporting agency, with data on more than 80
million thin-file, unbanked, underbanked and credit rebuilding
consumers. This powerful source of information will enable lenders
and service providers to access more alternative data sources in
credit decisioning that can help open new consumer financial
opportunities.
"Our strong financial performance, balance sheet, and cloud
investments allow Equifax to reinvest our cash flow in this
accretive and strategic acquisition of Teletrack that will expand
the breadth of differentiated data assets that only Equifax can
provide," said Mark W. Begor, CEO of
Equifax. "The acquisition of Teletrack is yet another significant
investment in our United States Information Solutions (USIS)
business that will provide new value to our customers and further
establish Equifax as a leading provider of alternative data for use
in credit decisioning."
Teletrack has been a leader in the alternative credit data
market for more than 30 years. With the ability to receive
real-time updates, the Teletrack database can accept new inquiries
and a continuous stream of consumer loan performance data from
businesses nationwide, including small-dollar installment lenders,
rent-to-own businesses, furniture financing companies, auto
financiers and subprime credit card issuers. This data can help
create a more robust personal financial profile for unbanked or
underbanked individuals when they apply for loans and other
services.
"The combination of Teletrack and DataX creates a leading
specialty consumer reporting agency that will leverage the power of
our Equifax cloud investments to make non-traditional credit
information more accessible to our U.S. financial institution and
service provider customers," said Sid
Singh, president of Equifax USIS. "Bringing the combined
DataX and Teletrack data assets to our unique data fabric powered
by the Equifax Cloud will enable us to create new solutions that
can be used in conjunction with bank transaction data, telco and
utility payment history and other alternative data assets to create
more products to bring unbanked consumers into the financial
mainstream."
According to the Federal Reserve, 63 million American adults are
either unbanked or underbanked. These individuals potentially face
higher costs for borrowing money and barriers to housing and
employment. Helping more of these consumers obtain access to
mainstream financial services and products requires new insights
into individual financial history. More data reveals more scorable
consumers, more opportunities for lending offers, and higher
approval rates. Equifax research shows that alternative data and
technology can enable an additional 21 percent of thin/invisible
consumers to become scorable.
"CoreLogic and Equifax have a shared commitment to the
development of solutions that help people live their financial
best, which in turn strengthens our local communities," said
Frank Martell, president and CEO at
CoreLogic. "Enabling broader access to alternative data insights is
critical towards driving financial inclusion in the United States. The Teletrack team is
excited to join forces with DataX to help more consumers obtain
access to the credit they need at a time when they need it
most."
The transaction is subject to customary closing conditions and
regulatory review and is expected to close in the second half of
2021. All Teletrack employees are expected to join the Equifax USIS
business unit.
FORWARD-LOOKING STATEMENTS
This release contains
forward-looking statements and forward-looking information. All
statements that address our performance and events or developments
that we expect or anticipate will occur in the future, including
statements relating to our future operating results, expected
growth and performance, and ability to successfully consummate the
Teletrack acquisition, and similar statements about our business
plans are forward-looking statements. We believe these
forward-looking statements are reasonable as and when made.
However, forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations or
projections. These risks and uncertainties include, but are not
limited to, those described in our 2020 Form 10-K and subsequent
SEC filings. As a result of such risks and uncertainties, we urge
you not to place undue reliance on any forward-looking statements.
Forward-looking statements speak only as of the date when made. We
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe
knowledge drives progress. As a global data, analytics, and
technology company, we play an essential role in the global economy
by helping financial institutions, companies, employers, and
government agencies make critical decisions with greater
confidence. Our unique blend of differentiated data, analytics, and
cloud technology drives insights to power decisions to move people
forward. Headquartered in Atlanta
and supported by more than 11,000 employees worldwide, Equifax
operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia
Pacific region. For more information,
visit Equifax.com
ABOUT DATAX, AN EQUIFAX COMPANY
DataX, an Equifax
company, is an industry leading Fair Credit Reporting Act (FCRA)
regulated specialty finance credit reporting agency (CRA) and
alternative data provider offering premier financial management
solutions to businesses through a suite of advanced products. The
insights gleaned from DataX's services empower businesses to manage
risk proactively, safeguard customers from fraud, lower customer
acquisition costs, and increase revenue
opportunities. www.DataXltd.com
ABOUT CORELOGIC
CoreLogic, a leading provider of
property insights and solutions, promotes a healthy housing market
and thriving communities. Through its enhanced property data
solutions, services and technologies, CoreLogic enables real estate
professionals, financial institutions, insurance carriers,
government agencies and other housing market participants to help
millions of people find, buy, and protect their homes. For more
information, please visit www.CoreLogic.com.
ABOUT TELETRACK
Teletrack, a subsidiary of CoreLogic,
is a leading Specialty Consumer Reporting Agency ("CRA") that
provides non-traditional credit data and insights to the
alternative financial services industry. Teletrack provides
differentiated consumer insights to enable clients to make informed
lending decisions and monitor existing loans portfolios.
FOR MORE INFORMATION
Kate
Walker for Equifax USIS
mediainquiries@equifax.com
Amy Brennan for CoreLogic
newsmedia@CoreLogic.com
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SOURCE Equifax Inc.