Equifax Announces $1 Billion Purchase Of CSC Credit Services

Posted by Orb Staff on December 04, 2012 No Comments
Categories : Residential Mortgage

12856_dollar_slick Equifax Announces $1 Billion Purchase Of CSC Credit Services Atlanta-based Equifax Inc. has announced that its subsidiary, Equifax Information Services LLC, has entered into a definitive asset purchase agreement with CSC Credit Services Inc., a subsidiary of Computer Sciences Corp., to purchase certain credit services, business assets and operations of CSC for $1 billion in cash. Equifax intends to fund the cash purchase price using debt and available cash.

Headquartered in Houston, CSC's credit services business provides consumer credit services and related information to banks, mortgage companies, retail establishments, the automotive industry, medical entities, utility companies and other users of financial and credit information. CSC owns consumer credit files in 15 states, covering approximately 20% of the U.S. population. CSC has been Equifax's largest credit affiliate since 1988, and Equifax has been processing CSC's credit information and selling those files nationally since that time.

‘We are extremely pleased to announce the signing of the agreement to acquire the CSC credit services assets,’ says Richard F. Smith, Equifax chairman and CEO. ‘We have a long working history with CSC and believe the acquisition of these assets will be a catalyst for the long-term growth of our USCIS business unit. ‘

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