Equifax (EFX) Acquires Rapid Reporting Verification Company for $72.5 Million
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Equifax Inc., (NYSE: EFX) has acquired Rapid Reporting Verification Company, a privately-held national provider of IRS tax transcript information and social security number authentication services. The addition of Rapid Reporting will enhance Equifax's ability to provide lenders with improved products, quality and services to help them better control fraud. Equifax will pay $72.5 million in cash for the company.
Based in Fort Worth, TX, 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. Operating through a secure Web-based portal, these products offer financial institutions an efficient and cost-effective means to confirm borrower identity and income.
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