Credit bureau and business information company CRIF has acquired 73 per cent control of Irish motor finance checks specialist Hire Purchase Information (HPI) for an undisclosed sum from several banks and finance companies.

Founded in 1948, HPI holds a register of financed assets, with a focus on motor vehicles subject to hire purchase agreements and other forms of lending. It represents a unique point of access to records contributed by a number of participants, including AIB, Bank of Ireland and Ulster Bank, all of whom are also shareholders.

CRIF has been operating in the UK and in the Republic of Ireland for many years, supporting financial institutions, insurance companies, businesses and other organisations with its decision support systems, analytics, and software solutions. Following its acquisition in 2018 of Vision-Net, a leading provider of business information based in Dublin, CRIF provides access to credit reports and business information on every company in Ireland and the UK.

The deal represents an important step in the consolidation of CRIF’s presence in Ireland.

Philip Lee, led by Jonathan Kelly and Inez Cullen, acted for HPI on this transaction.