Quicken Loans selling credit-monitoring company Quizzle to Bankrate

Sale marks first time Quicken sells self-built company

In a first for the company, Quicken Loans is set to sell off a self-conceived and self-built company.

The company announced Wednesday that it agreed to sell Quizzle, the national credit monitoring site which began in 2008 as a project of Quicken Loans’ marketing team, to Bankrate (RATE).

Terms of the deal were not disclosed.

Quizzle also offers users with free credit scores & credit reports, as well as credit monitoring and identity protection.

"The acquisition of Quizzle is a next step in our long-term strategy to establish an ongoing relationship with our massive audience," said Kenneth Esterow, president and chief executive officer of Bankrate.

"Quizzle does a tremendous job of simplifying the complicated world of credit and helping users strengthen their financial health,” Esterow continued. “This focus on helping consumers makes Quizzle a strong addition to the Bankrate family."

As part of the acquisition, Bankrate will retain Quizzle's technology platform, vendor relationships and over 2 million accounts, the companies said.

"Our shared goal of serving our clients is what makes this acquisition a great fit for both Quizzle and Bankrate," said Todd Albery, Quizzle CEO.

"Bankrate's financially-savvy and engaged audience, paired with their leading partnerships and technology, will be a great home for Quizzle, while also making Bankrate the go-to destination on the internet for personalized financial solutions,” Albery added.

Quizzle will maintain its headquarters in Detroit, where the company will “focus on working with other Bankrate companies to help consumers master life's important decisions,” the companies said in a release.

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