CRIF Acquires CreditTrust to Enhance Digital Debt Enforcement Information Services
CRIF has acquired CreditTrust, a Swiss company providing digital debt enforcement information. The move strengthens CRIF's service portfolio, particularly for the real estate sector, by offering faster, verifiable creditworthiness data.
CRIF, Switzerland's primary credit reference agency, has acquired CreditTrust, a digital service that provides information on debt enforcement. This acquisition aims to enhance CRIF's capabilities in offering real-time, forgery-proof creditworthiness data, catering specifically to the needs of the real estate industry.
The CreditTrust solution was initially developed by CRIF in collaboration with Intrum and Certifaction. Under CRIF's sole ownership, the company plans to further develop the platform and integrate it into its existing service offerings.
Traditional debt enforcement information has limitations due to its local record-keeping, leading to data loss upon relocation. This often complicates the assessment of tenant reliability for landlords. Prospective tenants also face delays and limited access to this information through conventional channels.
CreditTrust offers a digital creditworthiness certificate obtainable within three minutes, 24/7, valid throughout Switzerland and immediately usable for rental applications. Over 500 real estate businesses reportedly utilize the service, which draws data from CRIF and Intrum's credit databases, including previous addresses and minor payment issues not yet reflected in official debt reports.
This acquisition is expected to facilitate the continued development of the CreditTrust solution and explore new applications. Intrum will remain a key data supplier to CreditTrust following the transaction.