Equifax Completes Acquisition of Teletrack® from CoreLogic®

Rhea-AI Summary

Equifax has completed the acquisition of Teletrack, a leader in alternative credit data, from CoreLogic, announced on July 27, 2021. This acquisition will enhance Equifax's DataX business, creating a leading specialty consumer reporting agency with insights on over 80 million consumers. The transaction, part of Equifax's $3 billion acquisition strategy in 2021, is not expected to materially impact 2021 financial results. The integration, supported by Equifax's cloud infrastructure, aims to improve access to credit through alternative data insights, benefiting lenders and consumers alike.

Positive

• Acquisition of Teletrack expands access to credit data, covering over 80 million consumers.
• Teletrack's integration with DataX is expected to create new financial solutions and increase market opportunities.
• Part of a $3 billion investment strategy to leverage data assets for growth and innovation.

Negative

• None.

ATLANTA, Sept. 7, 2021 /PRNewswire/ -- Equifax® (NYSE: EFX) announced today 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.

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 integrate 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 12,000 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 TELETRACK
Teletrack 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

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.

FOR MORE INFORMATION
Kate Walker for Equifax
mediainquiries@equifax.com

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SOURCE Equifax Inc.

FAQ

What is the significance of Equifax's acquisition of Teletrack?

The acquisition enhances Equifax's capabilities in alternative credit data, allowing better access to financial services for underbanked consumers.

When was the Teletrack acquisition by Equifax announced?

The acquisition was announced on July 27, 2021, and completed on September 7, 2021.

What impact will the Teletrack acquisition have on Equifax's financial results?

The transaction is not anticipated to have a material impact on Equifax's 2021 financial results.

How will Teletrack be integrated into Equifax's existing operations?

Teletrack will be integrated with the DataX business unit, leveraging the Equifax Cloud for improved data management and analytics.

What are the expected benefits of the Teletrack acquisition for consumers?

It aims to provide better access to credit for thin-file, unbanked, and underbanked consumers through enhanced data insights.