FTC Adds Requirements to 2014 Order to Remedy CoreLogic Inc.’s Compliance Deficiencies
CoreLogic agreed to the 2014 order to resolve Commission concerns about CoreLogic’s acquisition of DataQuick Information Systems, Inc. The Commission alleged that the proposed acquisition would significantly reduce competition in the market for national bulk data in violation of the federal antitrust laws. To resolve that concern, CoreLogic agreed to divest bulk data and information used by DataQuick to Renwood RealtyTrac LLC and provide other support so that RealtyTrac could replace DataQuick as a competitor in the national bulk data market.
The Commission explains in its Agreement Containing Order to Show Cause and Order Modifying Order that its modifications and additions to the 2014 order are necessary for CoreLogic to address deficiencies in its compliance with the order. The Commission alleges that CoreLogic did not provide all of the required data and information by the deadlines in the order. CoreLogic also did not adequately identify and provide to RealtyTrac the full scope of bulk data and information DataQuick used in the bulk data market. CoreLogic disputes the allegations but has entered into the consent with the Commission under which the Commission is issuing an Order Modifying Order amending the 2014 order and adding two detailed addendum: a Service Level Addendum and Technical Transfer Plan.
Under the modified order the Commission is requiring CoreLogic to provide bulk data to RealtyTrac for an additional three years beyond the term of the 2014 order; thus until at least 2022. The added Service Level Addendum and Technical Transfer Plan make clear and particularize CoreLogic’s obligations to RealtyTrac. The Service Level Addendum adds quality metrics and service requirements. The Technical Transfer Plan adds requirements for transferring data and information to RealtyTrac.
Further details about the modified order are set forth in the analysis to aid public comment for this matter.
The Commission vote to accept the Agreement Containing Order to Show Cause and Order Modifying Order for public comment was 1-0-1, with Commissioner McSweeny not participating by reason of recusal. The FTC will publish the consent agreement package in the Federal Register shortly. The agreement will be subject to public comment for 30 days, beginning today and continuing through April 16, 2018, after which the Commission will determine whether it should withdraw, modify, or make the Consent Agreement final. Comments can be filed electronically or in paper form by following the instructions in the “Supplementary Information” section of the Federal Register notice.
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