Equifax Buys Income, Identity Verification Firm for $72.5M
Information solution provider Equifax acquired Rapid Reporting, a Fort Worth, Texas-based national provider of third-party income, identity and employment verification services. Equifax pays $72.5m for the company, which will help the firm provide lenders with more services to control fraud. "More than ever, today's lenders need better tools to determine creditworthiness before qualifying a loan," said Trey Loughran, Equifax's senior vice president of corporate development. "Rapid Reporting's capabilities will allow us to offer lenders new and improved products, as well as more advanced fraud management services." Through a secure Web-based portal, Rapid Reporting offers products that provide Internal Revenue Service (IRS) verification of income tax information and Social Security Administration verification of social security numbers. "This transaction is a logical next step for our company," said Jay Meadows, president and CEO of Rapid Reporting. "The combination of Rapid Reporting's assets with Equifax's mortgage-related and employment verification services will enable us to effectively mitigate fraud and offer more advanced products for mortgage lenders." Write to Diana Golobay.