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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 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.
Equifax (NYSE: EFX) has entered a definitive agreement to acquire Midigator LLC, enhancing its capabilities in digital identity and fraud prevention solutions. Midigator specializes in post-transaction fraud mitigation, addressing the rising concern of chargebacks amidst growing global ecommerce sales projected to reach $5.5 trillion in 2022. The acquisition is expected to bolster Equifax's Kount Identity Trust Global Network, utilizing AI for superior fraud detection. This transaction is anticipated to close in Q3 2022 and will not materially impact Equifax's financial results for 2022.
Equifax (NYSE: EFX) has announced the acquisition of LawLogix, a provider of cloud-based I-9 and immigration case management software, from Hyland. This strategic move aims to enhance Equifax's Workforce Solutions business, expanding services for employers and law firms amid evolving regulatory challenges. The acquisition marks Equifax's eleventh in 18 months, supporting ongoing growth initiatives. Expected to close in Q3 2022, the deal is not anticipated to materially affect 2022 financial results. LawLogix's solutions will integrate with Equifax's existing infrastructure to accelerate innovation.
Equifax (NYSE: EFX) reported a strong second quarter of 2022 with revenue of $1.317 billion, up 7% year-over-year, despite a 33% decline in the U.S. mortgage market and adverse foreign exchange impacts. Workforce Solutions grew by 21%, contributing significantly to overall growth. However, the company has revised its full-year guidance, anticipating a 46% decline in mortgage market credit inquiries, adjusting expected revenue down by $100 million to a midpoint of $5.10 billion. Adjusted EPS is now estimated at $7.68 per share.
Equifax (NYSE: EFX) will release its financial results for Q2 2022 on July 20, after market close. A conference call is scheduled for July 21 at 8:30 a.m. ET, where management will discuss these results. Presentation materials will be available on investor.equifax.com starting July 21 at 6:30 a.m. ET. An audio replay will be accessible from July 22. As a global data and analytics company, Equifax aids critical decision-making across various sectors.
Equifax (NYSE: EFX) has opened applications for its second annual Equifax Accelerate program, inviting U.S. software developers to create innovative solutions utilizing Equifax Cloud™ APIs. This initiative, backed by 1871, aims to address financial inclusion issues and enhance access to services. Participants can access data assets and receive mentorship to develop prototype solutions. The deadline for applications is July 28, 2022. Top entries will compete in a Design Sprint Challenge, with opportunities for mentorship, resources, and AWS Activate credits.
Equifax (NYSE: EFX) has launched a new Offboarding Forms solution, designed to enhance forms management throughout the employee lifecycle. This first-to-market solution enables HR professionals to efficiently deliver state-mandated separation notices to employees, regardless of their work location. With over 71 million separations reported in the U.S. for the year ending April 30, 2022, the solution addresses legal requirements and streamlines the offboarding process. It is customizable, allowing employers to integrate their own forms while maintaining compliance with state regulations.
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