Equifax Inc. has acquired Fort Worth, Texas-based Rapid Reporting Verification Co., a privately held provider of IRS tax transcript information and Social Security number authentication services. Equifax says the addition of Rapid Reporting will enhance the company'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.
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. Operating through a secure Web-based portal, these products offer financial institutions a means to confirm borrower identity and income, the company says.
‘This transaction is a logical next step for our company,’ says 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.’