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US consumer credit rating agency Equifax Inc yesterday said that it will acquire the credit services unit of technology services provider Computer Sciences Corp (CSC), for $1 billion in cash. CSC, one of the world's largest outsourcing companies, had said in May that it would sell its non-core assets and cut costs by $1 billion over the next 12 to 18 months. The Virginia-based company intends to use $300 million to $400 million of the sale proceeds to repurchase stock, contribute $300 million to $400 million to its pension plans and use the remainder for general corporate purposes. CSC's credit services unit, which owns credit files in 15 Midwestern and Central US states representing 20 per cent of the US population, is the largest independent US consumer credit reporting agency. It provides financial services and consumer credit information to the automotive industry, banks, mortgage companies, retail establishments and utilities. It has been an Equifax affiliate for more than 20 years. CSC said that Equifax's history in the consumer credit reporting industry and long-standing relationship with CSC's credit services business will ease the transition for CSC's clients and employees.
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