Credit report provider CIS doubles size with Universal Credit merger
Credit report provider CIS Credit Solutions has completed its second merger in a little over two months, this time combining with Universal Credit Services.
Terms of the deal were not disclosed.
In August, CIS merged with Avantus and its sister company Credit Bureau of Connecticut.
All three companies are, at least initially, maintaining their independent brands and will gradually combine their operations.
Aside from credit reports, the companies supply flood certification services, tax transcript request fulfillment, verifications of employment, income and assets, and tenant screening services.
The three companies combined have over 4,000 mortgage industry clients and 10,000 tenant screening clients. That represents a doubling in size. About 2,000 mortgage clients were served following CIS's merger with Avantus, according to an announcement of that merger.
As a newly formed entity, the three companies have operations centers in Pennsylvania — its headquarters is in the Philadelphia area — as well as Delaware, Connecticut, Rhode Island and Oregon.
The executive team comes from all three organizations. CIS Chairman Perry Steiner will remain in his role. Mike Brown, who at the time of the Avantus merger was chief executive officer at CIS, will now be chief operating officer.
The new CEO Jerry Haftmann, Chief Financial Officer Bob Dumont, President Bill Merryman and Chief Integration Officer Jayne Kelly are all from Universal.
Michael Delaporta, now the chief technology officer, was with Avantus.
"The service record and history of our companies is unmatched in the mortgage markets, and this merger underscores our collective commitment to our customers, employees, technology development, and our future growth," Steiner said in a press release on the Universal transaction.
Avantus is the oldest of the three companies, having been in business 85 years, with 35 years for CIS and 28 years for Universal.