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Equifax, Incorporated (NYSE: EFX) is a global leader in consumer, commercial, and workforce information solutions. The company provides critical insights and information to businesses of all sizes and consumers, helping them make informed decisions with confidence. Headquartered in Atlanta, Equifax manages data on over 600 million consumers and 81 million businesses worldwide, operating in 24 countries across North America, Central and South America, Europe, and the Asia Pacific region.
Equifax's core business revolves around its extensive database and advanced analytics. The company generates significant revenue from its credit reporting services, which are fundamental in the credit decision-making process of lenders. Alongside Experian and TransUnion, Equifax is one of the major credit bureaus in the United States, offering detailed credit histories on millions of consumers.
The firm's Workforce Solutions division contributes over 40% of its revenue, providing services such as income verification and employer human resources services. In recent years, Equifax has expanded its product offerings, notably with the launch of Smart Screen™, a portfolio of consumer reports designed to streamline criminal background checks. This product leverages the Equifax Cloud™ and TotalVerify™ data hub, accelerating the background check process for employers and government agencies.
Financially, Equifax has performed robustly, despite challenges such as the fluctuating mortgage market and foreign exchange impacts. The company reported a revenue increase of 6% year-over-year in Q3 2023, driven by strong performances in non-mortgage sectors and international markets. Equifax continues to innovate, recently acquiring Boa Vista Serviços, the second largest credit bureau in Brazil, to bolster its presence in the South American market.
Equifax places a strong emphasis on data security and compliance, particularly following the 2017 cybersecurity incident. The company has since made significant investments in improving its technology infrastructure and data security measures. Equifax is committed to ethical data usage, supporting initiatives like fair chance hiring through data-driven decisions that expand employment opportunities for individuals with criminal histories.
For more information about Equifax's products, services, and latest news, please visit Equifax.com.
Equifax (EFX) and Mastercard (MA) have partnered to combat payment fraud in Latin America through the integration of Kount Payment Fraud solution with Mastercard's fraud management tools. The collaboration aims to protect digital payments through identity verification and fraud risk assessment while preventing chargebacks.
The initiative addresses a critical need in Latin America, which has one of the highest fraud rates globally, with merchants losing approximately 4.6% of e-commerce revenue to payment fraud. With regional e-commerce revenue projected to grow from $85 billion in 2021 to $160 billion by 2025, this partnership seeks to enable secure business growth.
The Kount Payment Fraud solution, currently used by over 20,000 businesses in more than 40 countries, will be available to financial institutions, payment service providers, acquirers, and merchants across Latin America, excluding Brazil.
Equifax (NYSE: EFX) has announced its participation in multiple investor conferences this November. CEO Mark W. Begor will attend the J.P. Morgan 2024 Ultimate Services Conference on November 14, participating in a Fireside Chat at 1:10 p.m. ET. CFO John Gamble and SVP of Corporate Investor Relations Trevor Burns will join the RBC 2024 Global Technology Conference on November 19, with a Fireside Chat at 4:40 p.m. ET. Burns will also attend the FT Partners FinTech Conference on November 20. Livestreams of the Fireside Chats will be available on Equifax's investor relations website.
Equifax announced that CEO Mark W. Begor will extend his leadership beyond 2025. Under his tenure since 2018, the company has achieved significant growth with revenue increasing by 50% and market capitalization growing from $14 billion to $33 billion (14% CAGR). Begor has overseen a $1.5 billion Cloud-based technology transformation and invested over $4.5 billion in 25 strategic acquisitions. The company has maintained consistent innovation, launching over 100 new products annually with a Vitality Index above 10% since 2022, despite a 34% decline in the mortgage market during 2022-2023.
Equifax (NYSE: EFX) announced that its Board of Directors has declared a quarterly dividend of $0.39 per share. The dividend will be paid on December 13, 2024, to shareholders of record at the close of business on November 22, 2024. The company highlighted its track record of paying cash dividends for more than 100 consecutive years.
Equifax (NYSE: EFX) reported strong third quarter 2024 results with revenue of $1.442 billion, up 9% year-over-year. The company saw 10% non-mortgage local currency revenue growth, driven by a 19% increase in Workforce Solutions' non-mortgage Verification Services. USIS revenue grew 12%, with 36% mortgage revenue growth and 5% non-mortgage growth. International revenue increased 18% on a local currency basis.
Key highlights include:
- Workforce Solutions revenue up 7%, with 9% non-mortgage growth
- Overall U.S. Mortgage revenue up 17%
- New product Vitality Index of 13%
- 100% of new models and scores built using AI and ML
- Diluted EPS of $1.13, down 14% year-over-year
- Adjusted EPS of $1.85, up 5% year-over-year
Equifax remains confident in its long-term 8-12% revenue growth framework and expects continued strong performance in Q4 2024.
Equifax (NYSE: EFX) has expanded its partnership with Google Cloud to deliver anonymized data assets on the Google Cloud Analytics Hub. This collaboration aims to provide developers with real-time access to Equifax insights, accelerating product innovation. The partnership enables secure access, sharing, and querying of data within Google Cloud's infrastructure for informed decision-making.
Initially available datasets include:
- U.S. Consumer Credit Trends: Anonymized, time-series credit data across various loan types
- Equifax Analytic Dataset: Unbiased sample of loan-level credit data
- B2bConnect Commercial Marketing Data: Verified firmographic information on millions of businesses
This expansion is facilitated by the Equifax Cloud, driving the company towards becoming a cloud-native global data and analytics leader.
Equifax (NYSE: EFX) has announced its plans to release financial results for the third quarter ended September 30, 2024. The results will be disclosed on October 16, 2024, after the market closes. Following this, the company will host a conference call on October 17 at 8:30 a.m. Eastern Time to discuss the financial and business results for the quarter.
Senior management will lead the discussion, and related presentation materials will be available on investor.equifax.com at 6:30 a.m. ET on the same day. The conference call can be accessed via phone or webcast, with dial-in numbers provided for US/Canada and international participants. An audio replay of the call will be available on the investor website beginning October 18.
Equifax (NYSE: EFX) has launched the Merchant Data Network, a cloud-based solution aimed at enhancing visibility into U.S. small business financial profiles. This network combines Equifax's Commercial Financial Network data with aggregated credit card transaction data from providers like Fiserv, covering 5.5 million businesses and over 50 billion annual transactions.
The network aims to improve traditional commercial scoring by more than 8%, offering up to 60 months of aggregate transaction history. This data helps verify merchant income, establish payment ability, and provide insights for businesses with credit information. The solution supports faster, more informed lending decisions, potentially increasing access to capital for small businesses.
Equifax (NYSE: EFX) has announced its participation in several investor conferences in September 2024. CEO Mark W. Begor and CFO John Gamble will attend the Barclays Virtual Credit Bureau Day on September 4 and the Barclays Global Financial Services Conference on September 10. The latter includes a Fireside Chat at 10:30 A.M. ET, which will be webcast live and available for replay on the company's Investor Relations website.
Additionally, Trevor Burns, SVP of Corporate Investor Relations, will represent Equifax at the JP Morgan U.S. Allstars Conference on September 17 and the Citi Growth Conference on September 18, both in London. These events provide opportunities for investors to gain insights into Equifax's strategies and performance.
Workday (NASDAQ: WDAY) and Equifax (NYSE: EFX) have announced a strategic partnership to modernize the employment and income verification process. The collaboration will integrate Workday Payroll with Equifax's The Work Number® service, enabling faster and more efficient verifications for Workday customers' employees. This partnership aims to streamline operations, reduce costs, and improve the employee experience by simplifying the process for securing loans and government benefits.
The new Employment Verification Connector For Equifax is expected to be available to all U.S. Payroll customers in 2025, provided at no additional cost. This integration will allow for seamless, instant verifications, supporting employees in important life events such as buying their first home or applying for auto loans.
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