CSC (NYSE:CSC) has agreed to sell its credit services division to Equifax (NYSE:EFX) for $1 billion in cash, both companies announced in separate press releases today.

According to CSC and Equifax, the division is the largest independent consumer credit reporting agency in the United States, and has had a business relationship with Equifax for more than two decades. It covers 15 states in the Midwest and central U.S., and represents around 20% of the country's population. CSC said the unit is expected to post $230 million in revenue, $100 million in operating income, and $0.40 in EPS for 2012.

CSC said it would net around $750 million to $800 million from the sale after taxes, and use the proceeds mostly for share repurchases and pension plan contributions. Equifax expects the acquisition will bring in net operating revenue of $115 million to $125 million, and EBITDA of $105 million to $110 million.

The companies expect the sale to close by the end of this month, pending regulatory reviews.

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