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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.
The three major U.S. credit reporting agencies—Equifax (NYSE:EFX), Experian (LON:EXPN), and TransUnion (NYSE:TRU)—have announced the extension of free weekly credit reports for consumers through the end of 2023. This initiative aims to assist Americans in managing their financial health amid rising inflation and economic uncertainty following the COVID-19 pandemic. The CEOs of the companies emphasized the importance of credit reports in enhancing financial stability and education during this critical period.
The three major credit reporting agencies, Equifax (NYSE:EFX), Experian (LON:EXPN), and TransUnion (NYSE:TRU), have announced an extension of free weekly credit reports for U.S. consumers until the end of 2023. This initiative aims to assist individuals in managing their financial health amid rising inflation and economic uncertainty following the COVID-19 pandemic. The CEOs of the companies highlighted the importance of credit reports in achieving financial stability and education for consumers.
Equifax (NYSE: EFX) announced the launch of its I-9 Management App for small- and medium-sized businesses (SMBs) within the Clover App Market. This solution aims to simplify the completion and retention of Form I-9 requirements, offering SMBs a mobile-friendly method for employee verification and remote onboarding. By integrating with Clover, which processes over $234 billion annually, Equifax enhances onboarding efficiency while providing access to I-9 Management and E-Verify services. This initiative builds on Equifax's strategic partnership with Fiserv (Nasdaq: FISV).
Equifax (NYSE: EFX) has launched new Reemployment Services designed to assist separated employees in securing new jobs swiftly while simultaneously reducing unemployment costs for employers. This initiative comes at a time when the U.S. Bureau of Labor Statistics reports that it takes an average of 22 weeks for individuals to find new employment, impacting both their financial stability and employer expenditures. The services include personalized job coaching and a comprehensive Reemployment Training Platform aimed at enhancing the offboarding experience and supporting job seekers.
Equifax (NYSE: EFX) has launched the TotalVerify™ data hub, a tool designed for social service agencies, lenders, background screeners, and employers to enhance trust, safety, and risk assessment. This hub integrates multi-data solutions, leveraging insights from the acquisition of Appriss Insights in 2021. With 11.2 million job openings in the U.S., the hub seeks to provide a comprehensive view of candidates, aiding in efficient service delivery amidst rising demand for social services. It also emphasizes data management to meet regulatory requirements.
Equifax (NYSE: EFX) has successfully completed the acquisition of LawLogix, a cloud-based provider of I-9 software and immigration case management solutions. Announced on July 21, 2022, this acquisition strengthens Equifax's Workforce Solutions business unit and expands its portfolio of employer-focused services. LawLogix's products, Guardian and Edge, support compliance with Form I-9 and E-Verify requirements while offering immigration case management capabilities. The transaction is not expected to materially impact Equifax's 2022 financial results.
Equifax has completed its acquisition of Midigator LLC, enhancing its global capacity in digital identity and fraud prevention solutions. The decision, announced on July 26, 2022, aims to leverage Midigator's post-transaction fraud mitigation technologies alongside Equifax's existing Kount business. This strategic move is expected to offer clients advanced tools for managing fraud throughout the customer lifecycle, although it is not anticipated to materially impact Equifax's financial results for 2022.
Equifax (NYSE: EFX) has declared a quarterly dividend of $0.39 per share, which will be payable on September 15, 2022. Shareholders on record as of the close of business on September 6, 2022 will receive this dividend. This action demonstrates Equifax's commitment to returning value to its shareholders, continuing a tradition of paying cash dividends for over 100 consecutive years.
Equifax (NYSE: EFX) announced new automated options for mortgage lenders to streamline manual verifications of employment and income. The updates include automated ordering of reverifications of employment (RVOE) and faster delivery options, enhancing the customer experience and efficiency in the lending process. The new solutions support compliance with government-sponsored enterprise (GSE) requirements, allowing lenders to select from standard or priority turnaround times. These enhancements are available now, with additional options launching on September 14, 2022.
Equifax (NYSE: EFX) has announced significant enhancements to its CrimSmart™ and TraceSmart™ products, aimed at improving background screening efficiency. These solutions enable firms to obtain faster results while minimizing dead-end investigations and expanding address history data. Early tests indicate that CrimSmart can identify up to 13% more high-confidence criminal records per search, while TraceSmart has shown up to 30% more jurisdiction matches. Both products offer individual filtering options for customizable search results, and they are most effective when used together.
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