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.
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.