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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 (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.
Equifax (NYSE: EFX) has launched a Self-Employed Verification of Employment (VOE) enhancement aimed at assisting lenders in qualifying self-employed individuals lacking conventional payroll records. This new offering validates a self-employed person's business and includes details provided by their tax preparer. The service builds on Equifax's existing manual verifications and complements their automated income verification solutions. With 16 million self-employed individuals in the U.S., this enhancement aims to simplify verification processes, thereby supporting better lending decisions.
Equifax (NYSE: EFX) reported record fourth-quarter 2021 revenue of $1.3 billion, a 12% increase year-over-year, with Workforce Solutions revenue up 29%. Full-year revenue reached $4.9 billion, marking a 19% increase. Diluted EPS for Q4 was $0.99, up from $0.61 in Q4 2020. The company anticipates 2022 revenue guidance of $5.25 to $5.35 billion, despite a projected 21.5% decline in the U.S. mortgage market. Adjusted EPS for 2021 was $7.64, up 10% from 2020. Equifax is optimistic about future growth, driven by new product innovation and acquisitions.
Equifax (NYSE: EFX) has completed its acquisition of Efficient Hire, a cloud-based provider of recruiting and HR management solutions, originally announced on January 31, 2022. This acquisition supports Equifax's strategy to strengthen its Workforce Solutions business unit and diversify growth. Efficient Hire focuses on hourly employers in sectors like hospitality and staffing, providing crucial HR management tools. The acquisition is not expected to significantly impact Equifax's 2022 financial results, but it aims to enhance service delivery by integrating Efficient Hire's solutions and capabilities into Equifax's existing offerings.
Equifax has declared a quarterly dividend of $0.39 per share, set for payment on March 15, 2022. This dividend is payable to shareholders on record by the close of business on February 22, 2022. With this announcement, Equifax continues to uphold a strong tradition, having consistently paid cash dividends for over 100 consecutive years. This move reaffirms the company's commitment to returning value to shareholders while strengthening its position in the market.
Equifax (NYSE: EFX) announced a definitive agreement to acquire Efficient Hire, enhancing its Workforce Solutions division. This acquisition aims to provide more comprehensive services in a competitive hiring landscape. Efficient Hire specializes in cloud recruiting, onboarding, and HR management for hourly employers, particularly in industries like hospitality and staffing. The deal is expected to close in February 2022 and will not materially impact Equifax's 2022 financial results. The acquisition reflects Equifax's strategy to diversify and strengthen its service offerings in the HR and recruitment domain.
Equifax (NYSE: EFX) will release its fourth quarter 2021 financial results on February 9, 2022, after market close. A conference call is scheduled for February 10 at 8:30 a.m. ET, where senior management will discuss these results. Presentation materials will be available on the investor website before the call. Equifax, a global data and analytics company, plays a crucial role in economic decision-making, operating in 24 countries and employing over 13,000 people.
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