!Teletrack is one of 8 acquisitions totaling approximately $3 billion that Equifax has announced or completed in 2021!
Equifax® (NYSE: EFX) has announced that it has completed the acquisition of Teletrack®, a U.S. leader in alternative credit data, from CoreLogic®. The definitive agreement to acquire Teletrack was announced on July 27, 2021. The combination of Teletrack with the Equifax DataX business will create a leading U.S. specialty consumer reporting agency, with data on more than 80 million thin-file, unbanked, underbanked and credit rebuilding consumers that can help to expand access to credit through alternative data insights. The transaction is not anticipated to have a material impact on 2021 Equifax financial results.
“Teletrack is one of 8 acquisitions totaling approximately $3 billion that Equifax has announced or completed in 2021. We are significantly reinvesting Equifax outperformance and leveraging the Equifax Cloud towards accretive, strategic, bolt-on M&A,” said Mark W. Begor, CEO of Equifax. “The addition of Teletrack expands the breadth of differentiated data assets that ‘Only Equifax’ can provide. 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.”
The planned integration of Teletrack with DataX, an Equifax business operating within the company’s United States Information Solutions (USIS) business unit, is made possible by the Equifax cloud transformation. Leveraging the Equifax Cloud, Equifax has moved data exchanges into a cloud-native enterprise data management platform that is deployed regionally in 24 global markets. This Equifax data fabric is designed to speed time to acquisition integration and also delivers the ability to powerfully ingest, key and link, and enrich multiple sources of data with advanced analytics, including artificial intelligence and machine learning.
“Helping more consumers obtain access to mainstream financial services and products requires new insights into individual financial history. Teletrack and DataX have a shared commitment to making non-traditional credit information more accessible to U.S. financial institutions and service providers,” 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 alternative data assets like consumer-permissioned bank transaction data and telco and utility payment history to create more products that drive greater access to credit and promote financial inclusion.”
Teletrack is now part of the USIS business unit at Equifax. For more information on the use of Equifax differentiated data assets in credit decisioning, please visit Equifax.com.
Source: Equifax Press Release