Fintech: Southeast News

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Posted August 02, 2021

 

Equifax, a global data, analytics, and technology company has announced entering into a definitive agreement to acquire Teletrack, a U.S. leader in alternative credit data, from CoreLogic.

The combination of Teletrack with the Equifax DataX business will create a U.S. specialty consumer reporting agency, with data on more than 80 mn thin-file, unbanked, underbanked and credit rebuilding consumers. 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.

“Our strong financial performance, balance sheet, and cloud investments allow Equifax to reinvest our cash flow in this accretive and strategic acquisition of Teletrack that will expand the breadth of differentiated data assets that only Equifax can provide. The acquisition of Teletrack is yet another significant investment in our United States Information Solutions (USIS) business that will provide new value to our customers and further establish Equifax as a leading provider of alternative data for use in credit decisioning,” said Mark W. Begor, CEO of Equifax.

{mprestriction ids="1,4,9"}Teletrack has been a leader in the alternative credit data market for more than 3 decades. With the ability to receive real-time updates, the Teletrack database can accept new inquiries and a continuous stream of consumer loan performance data from businesses nationwide, including small-dollar installment lenders, rent-to-own businesses, furniture financing companies, auto financiers and subprime credit card issuers. This data can help create a more robust personal financial profile for unbanked or underbanked individuals when they apply for loans and other services.

“CoreLogic and Equifax have a shared commitment to the development of solutions that help people live their financial best, which in turn strengthens our local communities. Enabling broader access to alternative data insights is critical towards driving financial inclusion in the United States. The Teletrack team is excited to join forces with DataX to help more consumers obtain access to the credit they need at a time when they need it most,” said Frank Martell, president and CEO at CoreLogic.


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