Equifax, one of the largest data and analytics providers in the credit industry, has announced that it has signed a definitive agreement to acquire Teletrack from CoreLogic.
The details of the transaction have not been revealed by either company. Teletrack is a leader in providing alternate credit data and the combination of these 2 companies are expected to provide a huge US speciality consumer reporting agency that is likely to have data on more than 80 million banked and unbanked users.
“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. 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 decisions,” said Mark W. Begor, CEO of Equifax.
Teletrack has launched around 30 years ago and receives real-time updates on consumer loan performance data and also receives new enquiries on a large scale from many businesses around the US including furniture finance companies, subprime card issuer companies etc.
“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. 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,” said Frank Martell, president and CEO at CoreLogic.
The data collected by Teletrack would be valuable for companies like Equifax as it would help to build the credit and financial profile of users for both unbanked and underbanked individuals and this would be used when they come in for loans and other services at banks and other financial firms. This is the speciality of companies like Equifax and this acquition is likely to provide more data to the company which can then build a more wholesome financial profile of any individual within the US.