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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 Georgia Tech to enhance access to credit for underserved consumers. The collaboration will utilize Equifax's anonymized data to boost research at the Financial Services Innovation Lab, aiming to foster fintech entrepreneurship in Atlanta. Georgia Tech’s lab connects academic resources with the financial services industry, promoting innovative solutions to improve financial health. This partnership builds on previous support from Equifax for Georgia Tech’s doctoral research and projects since 2016.
Equifax (NYSE: EFX) announced enhancements to its mortgage verification services powered by The Work Number, a leading income and employment data repository. The new features include 'All Employers Within 60 Months™' that allows lenders to access five years of employment data, aiding in complex underwriting. Additionally, 'Mortgage Select All™' offers a comprehensive view of applicant data at a single price. These enhancements aim to improve loan decision-making, especially for borrowers with intricate income profiles. Equifax's solutions continue to support secure and swift verifications, serving over 2 million employers and maintaining over 125 million active records.
Equifax (NYSE: EFX) is enhancing credit access by incorporating 'Buy Now, Pay Later' (BNPL) payment data into credit reports. This new policy, developed in conjunction with the Consumer Data Industry Association, introduces an industry standard for BNPL tradelines. Starting Q1 2022, these tradelines can potentially boost credit scores for consumers making on-time payments. Equifax's study reveals an average FICO Score increase of 13 points for consumers with on-time BNPL payments, and those with limited credit files may see boosts of up to 21 points.
Equifax (NYSE: EFX) has partnered with CuneXus to enhance credit unions' loan activation processes through the CPLXpress platform. This collaboration aims to leverage Equifax's data-driven marketing analytics to reduce digital application friction and improve customer engagement. The platform enables credit unions to offer personalized, pre-approved loan options instantly, enhancing member satisfaction and retention while streamlining operations. Financial institutions can analyze competitive offers and refine credit policies, ultimately aiming to reduce transaction abandonment rates that can reach 70%.
Equifax (NYSE: EFX) has unveiled its new OnboardConnect solution aimed at accelerating business-to-business transactions. This innovative platform combines unique data sources and analytics for nearly real-time verification, fraud checks, and compliance assessments. OnboardConnect can reduce onboarding time from days to hours, enabling businesses to authenticate new customers more efficiently. With the increase in business applications—4.3 million in 2020—this tool is critical for lenders and merchants seeking to streamline processes and seize new opportunities.
Equifax has concluded its 2021 Accelerate program, which invited U.S.-based start-ups to develop solutions promoting financial inclusion using Equifax APIs. A total of 10 finalists showcased their projects across various sectors, including fintech and digital identity. The initiative, backed by a $1.5 billion investment in technology and security, drew participation from over 100 early-stage companies. Chief Technology Officer Bryson Koehler emphasized the program's role in driving innovation within the industry.
The Equifax Board of Directors has declared a quarterly dividend of $0.39 per share, payable on Dec. 15, 2021, for shareholders of record as of the close of business on Nov. 24, 2021. This marks over 100 consecutive years of cash dividend payments, demonstrating the company's commitment to returning value to shareholders. Equifax operates globally, providing critical data and analytics services to various sectors, supporting financial institutions and government agencies in decision-making.
Equifax (NYSE: EFX) has announced an expansion of its Environmental, Social, and Governance (ESG) commitments, including annual quantitative disclosures in line with the Sustainability Accounting Standards Board (SASB) framework. The company aims for net-zero greenhouse gas emissions by 2040, driven by its transition to the Equifax Cloud, which will reduce its operational footprint. Equifax also disclosed its Equal Employment Opportunity (EEO-1) report, highlighting a diverse workforce, with 45% of employees identifying as women and 42% from diverse racial groups.
Equifax (NYSE: EFX) has enhanced its cloud-based OneView™ report, now incorporating alternative data insights from DataX. This improvement aims to assist lenders by providing a comprehensive view of consumers' financial profiles, addressing the needs of the 63 million unbanked or underbanked individuals in the U.S. The enhanced report delivers vital data in a visually accessible format, allowing businesses to make informed decisions. Current users can access the new features immediately, while new customers can explore them via Equifax's API portal.
Equifax (NYSE: EFX) is set to host a virtual Investor Day on November 10, 2021, from 8:30 a.m. to 12:00 p.m. ET. The event will cover the company's EFX2023 strategy, detailing long-term financial frameworks, capital allocation, and the impact of the Equifax Cloud on innovation and growth. Key executives, including CEO Mark W. Begor and CFO John Gamble, will present. Interested attendees can register using passcode EFX_ID2021, and the replay will be available from November 11 at investor.equifax.com.
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