Equifax, Incorporated - EFX STOCK NEWS

Equifax (NYSE: EFX) has released its 2021 Security Annual Report, highlighting a commitment to cybersecurity transparency. Over the past four years, the company invested $1.5 billion in technology and security improvements. Key accomplishments include defending against 35+ million cyber threats daily and conducting 370,000+ simulations for employee training. Equifax's security maturity exceeds industry benchmarks, reinforcing its status as a leading cybersecurity firm.

The three major consumer credit reporting agencies—Equifax (NYSE: EFX), Experian, and TransUnion (NYSE: TRU)—have announced changes to medical collection debt reporting, aiming to alleviate financial burdens on consumers. Effective July 1, 2022, paid medical debts will no longer appear on credit reports, and the reporting period for unpaid debts will extend from 6 months to 1 year. Additionally, debts under $500 will be excluded from reports. These measures, supported by research and consumer data from the Kaiser Family Foundation, affect nearly 70% of medical collection tradelines.

The three major credit reporting agencies, Equifax (EFX), Experian (EXPGY), and TransUnion (TRU), announced changes to medical collection debt reporting on March 18, 2022. Beginning July 1, 2022, nearly 70% of medical collection debts will be removed from credit reports. Paid medical debts will not affect credit scores, and the reporting period for unpaid debts will extend from 6 months to 1 year. Additionally, debts under $500 will not be included in credit reports. These measures aim to support consumers facing unexpected medical expenses.

Equifax (NYSE: EFX) has acquired Data-Crédito, the largest consumer credit reporting agency in the Dominican Republic, enhancing its presence in Latin America. This strategic acquisition aims to empower local financial institutions by leveraging Equifax Cloud™ for improved consumer insights, targeting the underbanked population. This is part of Equifax's strategy of over $3 billion invested in 11 acquisitions in the last 18 months. The deal is expected to foster better credit access in the Dominican market, although it will not significantly impact Equifax's financial results for 2022.

Equifax (NYSE: EFX) has become the first consumer reporting agency to achieve a FedRAMP Ready designation following a $1.5 billion technology and security transformation. The newly listed Equifax Government Data Exchange system allows secure real-time access to income and employment verification services via an API. This milestone indicates that Equifax meets rigorous security standards for cloud services. The company aims to introduce more products to the U.S. government through the FedRAMP Marketplace.

Equifax (NYSE: EFX) has partnered with Autonomy, a digital vehicle subscription service, to enable a 100% digital subscription process for electric vehicles using Equifax's InstaTouch ID. This partnership allows consumers to complete subscription transactions via smartphone in as little as 10 minutes. Launched in January 2022 with the Tesla Model 3 in California, Autonomy plans to expand its offerings. The service includes a monthly fee covering vehicle costs, maintenance, roadside assistance, and soon insurance, presenting a flexible alternative to traditional car purchasing methods.

Equifax (NYSE: EFX) has partnered with Team Velocity Marketing to launch a subscription marketing service targeting automotive dealers. This service, known as Qualified Customer, uses Equifax's data to find credit-qualified individuals ready to purchase vehicles. Amid ongoing chip shortages affecting supply, this partnership aims to enhance dealers' ability to identify potential buyers, improving sales conversions with an ROI of 26:1. The service is designed for compliance with Fair Credit Reporting Act guidelines, enabling targeted marketing across multiple channels.

Equifax and Bridgeforce Data Solutions announced a partnership aimed at enhancing data accuracy for data furnishers. This collaboration will provide access to Bridgeforce's Data Quality Scanner® and consulting services, helping furnishers manage compliance and improve consumer reporting. The partnership follows a successful case study where a U.S. bank reported a 70% reduction in data discrepancies after implementing the DQS. The initiative aims to mitigate risks, lower dispute rates, and support accurate data reporting across the credit ecosystem.

Equifax (NYSE: EFX) has announced a partnership with Truepic to enhance fraud prevention solutions for insurance customers. This collaboration introduces Truepic Vision, a digital inspection platform aimed at streamlining property inspections and mitigating application fraud. The partnership aligns with the insurance industry's shift toward digital solutions, accelerated by the pandemic, as 80% of CEOs highlighted the need for improved digital customer experiences. Truepic’s technology provides real-time verification of media, enhancing trust in underwriting decisions and expediting claims processes.