IDIQ, a credit monitoring, identity theft protection and data breach management company, announced Tuesday the acquisition of Resident-Link, a renter-centric platform aimed at helping to build and establish renters’ credit.
Formerly a division of the Fraud Protection Network, Resident-Link reports positive rental payment information as a credit tradeline, so on-time rental payments can positively impact credit scores.
Currently, the Aventura, Florida-based service is only available through partnerships with participating property management companies and is exclusive to the multifamily rental community. However, together with IDIQ, the goal is to rapidly expand the network of property management companies and offer to consumers directly, whether with a participating property management partner or not.
The acquisition expands IDIQ’s current membership-based suite of services that focus on protecting identity and credit. Its current products, IdentityIQ, DataBreachIQ and MyScoreIQ, feature credit and identity theft monitoring, anti-virus software, VPN for online privacy, and active credit monitoring that will flag suspicious activity.
“Resident-Link has innovative solutions that are going to blend seamlessly into the IDIQ family of products for consumers and businesses,” said John Bauer, IDIQ president and chief revenue officer.
Resident-Link’s services work with a variety of renters, from individuals seeking their first rental property, to long-time multifamily residents who are attempting to build a more solid credit history based on regular, on-time payments.
“By joining forces, we can grow our comprehensive solutions and create successful outcomes for consumers who are seeking the highest-quality identity theft protection and credit monitoring while working toward their financial goals,” Bauer added.
Founded in 2009, IDIQ has seen rapid expansion in recent years alongside the increased consumer needs in fraud protection. The company has been named on the Inc. 5000 List of Fastest-Growing Private Companies in America for two consecutive years and has added 125 new employees to its headcount in the last year alone.
In 2020, Corsair Capital LLC (“Corsair”), a private equity firm focused on business and financial services, acquired a majority stake in the company. Corsair had previously invested in the likes of financial giants such as Jackson Hewitt, IDNow and Oakbridge.