Fort Worth-based Rapid Reporting acquired by Equifax

Rapid Reporting Verification Co. has been acquired by Atlanta-based Equifax Inc. for $72.5 million in cash, the two companies announced Nov. 2.

Fort Worth-based Rapid Reporting is a privately held national provider of IRS tax transcript information and social security number authentication services. Rapid Reporting officials say they have experienced increased sales in the wake of the recent mortgage crisis with mortgage companies using Rapid Reporting’s services to verify customer data.

“This transaction is a logical next step for our company,” said Jay Meadows, president and CEO of Rapid Reporting, in a press release. “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.”

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, according to Equifax.

“More than ever, today’s lenders need better tools to determine creditworthiness before qualifying a loan,” said Trey Loughran, Equifax’s senior vice president of corporate development, in a press release. “Rapid Reporting’s capabilities will allow us to offer lenders new and improved products, as well as more advanced fraud management services.”

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.

Rumors had been circulating for several months that Rapid Reporting was being sold. In a Fort Worth Business Press story Oct. 12, Rapid Reporting’s Meadows said: “It’s probably not too far off, us being gobbled up by a larger player that needs our service. That’s a positive thing.”

rfrancis@bizpress.net