Equifax Acquires Rapid Reporting Verification
Equifax Inc. has acquired Rapid Reporting Verification Co. Rapid Reporting offers IRS tax transcript information and social security number authentication services.
Equifax will pay $72.5 million in cash for the company.
Equifax will use Rapid Reporting capabilities to boost its fraud control and prevention activities
Rapid Reporting offers products including IncomeChek, which provides IRS verification of income tax information, and DirectChek, which provides Social Security Administration verification of social security numbers and also meets USA Patriot Act compliance requirements. The company had been based in Fort Worth, TX.
“More than ever, today’s lenders need better tools to determine creditworthiness before qualifying a loan,” said Trey Loughran, Equifax’s senior VP of corporate development, in a statement. “Rapid Reporting’s capabilities will allow us to offer lenders new and improved products, as well as more advanced fraud management services.”
“This transaction is a logical next step for our company,” said Jay Meadows, president and CEO of Rapid Reporting, in a statement.
