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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 launched a new cloud-based Digital Identity Suite to meet the evolving needs of the multi-family property market amid rising rental demand due to shifting consumer migration patterns. This suite aims to protect renters and property owners from identity fraud, reduce application friction, and streamline tenant screening. With over 44 million households currently renting in the U.S., the service helps property managers make informed decisions using real-time identity verification. Industry experts predict a continued increase in rental demand over the next five years.
Equifax (NYSE: EFX) announced a quarterly dividend of $0.39 per share, payable on Sept. 17, 2021, to shareholders on record as of Sept. 7, 2021. This marks over 100 consecutive years of cash dividend payments, reflecting the company's stability and commitment to returning value to shareholders. Equifax operates in 24 countries and employs over 12,000 personnel globally, underscoring its significant role in the economic landscape by providing data and analytics to various sectors.
Equifax (NYSE: EFX) announced an exclusive integration with the National Student Clearinghouse to enhance its pre-employment verification services. The new Talent Report Education will provide employers with a streamlined solution for accessing postsecondary degree information from 94% of U.S. four-year colleges through a single inquiry. This initiative responds to increased employer demand for comprehensive candidate data and aims to facilitate quicker, more informed hiring decisions.
Equifax (NYSE: EFX) has partnered with Snowflake to offer its differentiated data through the Snowflake Data Marketplace. This allows data scientists and analysts to access live, ready-to-query datasets, including consumer credit trends and commercial marketing data, enhancing decision-making capabilities. The collaboration leverages Equifax Cloud infrastructure, ensuring rigorous data security and compliance. Notable offerings include U.S. Consumer Credit Trends and IXI economic data, representing over $20 trillion in consumer assets.
Equifax (NYSE: EFX) is now offering its differentiated data assets through AWS Data Exchange, enhancing access to consumer and loan-level credit data. This initiative is part of Equifax's Cloud strategy, facilitating improved decision intelligence for business customers. The datasets include U.S. Consumer Credit Trends and B2bConnect commercial marketing data, among others. Equifax has invested $1.5 billion in its infrastructure to support these data offerings. The integration underscores Equifax's commitment to data security, compliance, and enhancing customer growth.
Equifax has signed a definitive agreement to acquire Appriss Insights for $1.825 billion, bringing significant data assets to enhance its Workforce Solutions verification capabilities. The acquisition is expected to generate about $150 million in revenue for Appriss Insights in 2021, marking a 30% increase from the previous year. Additionally, Equifax will benefit from a $360 million tax benefit at the time of purchase. This strategic move targets expanding into the $5 billion U.S. talent acquisition and $2 billion U.S. government social services markets, enabling better risk management and fraud prevention.
Equifax (EFX) has signed a definitive agreement to acquire Health e(fx), a provider of Affordable Care Act (ACA) services. The acquisition aims to enhance Equifax's Workforce Solutions by integrating Health e(fx)'s technology platform, which supports ACA compliance and workforce analytics. This strategic move is expected to strengthen Equifax's offerings and improve employer services. The transaction, advised by Hennepin Partners, is subject to customary closing conditions and is anticipated to finalize in Q3 2021.
Equifax (NYSE: EFX) announced the acquisition of Teletrack® from CoreLogic, a leader in alternative credit data. This deal significantly enhances Equifax's DataX business, creating a premier specialty consumer reporting agency with data on over 80 million thin-file and underbanked consumers. The integration aims to provide lenders with broader access to alternative data, thereby opening new financial opportunities for consumers. The transaction is expected to close in the second half of 2021, pending regulatory approval.
Equifax reported record revenue of $1.23 billion for Q2 2021, marking a 26% increase year-over-year. This is the sixth consecutive quarter of double-digit growth, with a net income of $215.1 million, up 115%. Key growth segments include Workforce Solutions, up 40%, and International, up 39%. The company raised its full-year revenue guidance to a range of $4.76 to $4.80 billion. Adjusted EPS increased 21% year-over-year, reaching $1.98.
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