BWI: Equifax to Establish New Credit Information Services Company in India

Press release from Business Wire India
Source: Equifax Inc.
Tuesday, January 12, 2010 11:45 AM IST (06:15 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst
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Equifax to Establish New Credit Information Services Company in India


Mumbai, Maharashtra, India, Tuesday, January 12, 2010 -- (Business Wire India) -- Equifax Inc. (NYSE:EFX), a global leader in information solutions, today announced it has formed Equifax Credit Information Services Private Limited (ECIS), a joint venture between Equifax and six leading Indian financial institutions, to provide a broad range of credit data and information solutions throughout India. The financial institutions include Bank of Baroda, Bank of India, Kotak Mahindra Prime Limited, Religare Finvest Limited, Sundaram Finance Limited and Union Bank of India.

Equifax applied to the Reserve Bank of India (RBI) for a Certificate of Registration to establish the new credit information company under The Credit Information Companies (Regulation) Act, 2005. Equifax was granted in-principle approval in April 2009.

"We are very excited to be working with several of the largest financial institutions in India to establish this new joint venture," said Samir Bhatia, Managing Director & CEO of ECIS. "Equifax's 110 year history in providing leading credit information solutions globally, along ed with our partners India financial services marketplace experience, is a winning combination."

Shahid Charania, Managing Director - Emerging Markets, Equifax Inc, said "We will make a significant difference to the Credit Information Services business in India by bringing a variety of products from our extensive product suite and leveraging our global expertise and presence."

Equifax is one of only a select few companies who will be operating a credit information company in India. Initially the new company will offer Credit Information Reports and ID products and services for the India market.

About Equifax

Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, 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.

With a strong heritage of innovation and leadership, Equifax continuously delivers 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, 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, Equifax Inc. operates in the U.S. and 14 other countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange under the symbol EFX.


CONTACT DETAILS
Tim Klein, Vice President, Public Relations, Equifax Inc., (404) 885-8555, tim.klein@equifax.com
N S Rajan, Managing Director, Sampark Public Relations Pvt Ltd, +91 (22) 22884650/ +91 9820045560, rajanns@sampark.com or rajanns@gmail.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst

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