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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 has launched CloudControl, a transparency-enhancing dashboard aimed at improving cybersecurity for organizations using Equifax products. This tool provides real-time insights into the security posture of Equifax Cloud-based services and empowers customers to make informed risk decisions. Designed to reduce reliance on traditional assessments, CloudControl will be rolled out in phases at no additional cost. The initiative is part of Equifax's commitment to combating growing cyber threats and ensuring better security across digital supply chains.
Equifax (NYSE: EFX) has announced enhancements to its manual verification of income (VOI) service, introducing Priority Next Day™ and Priority Two Day™ options to expedite research for financial services and government clients. This initiative aims to provide faster and more reliable verification processes, addressing scenarios where instant information isn't available through The Work Number® database. Customers will only pay for completed orders and can switch to standard pricing if not fulfilled in the specified timeframe. These improvements aim to strengthen Equifax's position as a preferred resource in the verification sector.
Equifax (NYSE: EFX) has launched a new Global Business Services Center in San Jose, Costa Rica, enhancing its credit data and analytics capabilities in the region. This expansion is part of Equifax's strategy to leverage its $1.5 billion cloud investments, aiming for innovation and growth. The new facility will serve as a critical hub for technological advancements, including cybersecurity. With existing operations certified carbon neutral, the new site is pursuing LEED gold certification. Equifax anticipates a workforce exceeding 2,000 employees in Costa Rica by 2023.
Equifax (NYSE: EFX) announced on September 27, 2022, the appointment of Jamil Farshchi, Chief Information Security Officer, as a Strategic Engagement Advisor to the FBI. This role will enhance collaboration with the private sector to address cyber threats. Farshchi emphasized the importance of public-private partnerships in improving cybersecurity. With a history of leadership in security roles at major corporations, he aims to expand efforts in information sharing and corporate resilience. Equifax is committed to strengthening national security through improved communication and transparency.
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.
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