Equifax Acquires Majority Stake in Ecuador's Leading Credit Bureau
ATLANTA, May 13 /PRNewswire-FirstCall/ -- Equifax Inc. (NYSE: EFX), a global leader in information solutions, announced today it has taken a majority ownership stake in Credit Report C.A. Buro de Informacion Crediticia (Credit Report), the leading credit reporting company in Ecuador. Equifax purchased 70 percent of the total shares outstanding from Credit Report's management and other individuals, bringing Equifax's total ownership to 95 percent.
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Based in Quito, Ecuador and founded in 2003 by Equifax and members of the Ecuadoran financial community, Credit Report provides credit grantors with credit reports, credit scores and other decisioning technologies to support the growing credit economy in Ecuador. Consumer lending in Ecuador grew about 15 percent in 2007. "Following our additional investment in Credit Report, we plan to introduce more products and services into the marketplace through our successful program of product transfer among Equifax companies in Latin America and the rest of the world," said Rudy Ploder, President, International, for Equifax.
Equifax's investment in Ecuador reflect its stated strategy to expand its global presence where the company can leverage technology, data assets and analytics to help customers make critical business decisions in growing markets. Equifax today operates in 14 countries in North America, Latin America and Europe, and recently announced its intent to enter India and Russia pending regulatory approvals.
About Equifax (www.equifax.com)
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, employment and income verification and human resources business process outsourcing services, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses -- large and small -- rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, HR/payroll services, and much more. We empower individual consumers to manage their personal credit information, protect their identity and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 7,000 people in 14 countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500(R) Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.
SOURCE Equifax Inc.
Released May 13, 2008