TRW Inc. sold its Credentials service to a New York-based investment group, Lincolnshire Equity Fund, L.P.
Introduced in 1985, the Credentials service allows customers to monitor who is requesting his or her credit report. It provides notification when negative information is added and each time the report is requested. Subscribers also have unlimited access to their report.
Lincolnshire Equity formed a new company, Credentials Services International Inc.. that will provide the service.
"TRW is divesting Credentials as a TRW-owned business," said D. Van Skilling, executive vice president of TRW and general manager of TRW Information Systems and Services, "but our strong relationship will continue as Credentials becomes one of our largest customers."
A spokeswoman for TRW added that the Credentials line of business was always profitable, but that TRW was not able to aggressively market the product.
"TRW has more experience selling products and services to other companies rather than to consumers," said the spokeswoman.
John Ferry, the chief executive of the new company, said that Credential's customers will not notice any changes.
"The new ownership will-be transparent to Credential's members," he said.
Credentials Services International will likely introduce other consumer products as well.
