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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 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.
Equifax (NYSE: EFX) will release its financial results for the second quarter of 2021 on July 21, after market close. A conference call will be held on July 22 at 8:30 am ET, where management will discuss the results. Investors can access presentation materials on investor.equifax.com. An audio replay will be available from July 23. Equifax, based in Atlanta, supports decision-making through its data analytics and technology services across 24 countries.
Equifax (NYSE: EFX) has launched the Insight Score for Credit Cards, enabling credit card issuers to expand access to credit by incorporating alternative data from over 430 million utility and telecom accounts. This new scoring method can potentially elevate 5.5 million U.S. consumers from unscorable to prime credit offers, enhancing financial inclusion. Additionally, it allows lenders to approve 5% to 7% more applicants, mitigating risk with Equifax's NeuroDecision Technology. This initiative comes at a critical time when many Americans are seeking credit.
Equifax (NYSE: EFX) is launching the Equifax Accelerate, a developer challenge and accelerator program, to enhance credit access using cloud technology. This initiative, part of a $1.5 billion cloud transformation, invites early-stage developers to create innovative solutions with Equifax APIs. Applications are open until July 29, 2021. The top 50 entries will participate in an August 2021 Design Sprint Challenge, with opportunities for mentorship and access to a custom Product Studio program. This program aims to drive financial inclusion through tech-driven solutions.
Equifax (NYSE: EFX) is set to host a special edition of its Market Pulse webinar titled "Accelerating Access to Credit" on June 24, 2021. The discussion, moderated by Sid Singh, President of USIS, will feature insights from Christopher Wheat of JPMorgan Chase Institute and Kahlil Byrd of Invest America. The webinar will address the challenges faced by 26 million "credit invisible" Americans and explore the role of alternative data in financial inclusion. This initiative aims to foster a more inclusive financial system and support underserved communities.
Equifax (NYSE: EFX) has launched OneView™, a cloud-based report that integrates real-time income and employment data from The Work Number® database, enhancing decision intelligence for lenders. This tool aims to assist up to 7 million consumers with thin or no credit files in gaining better access to credit. The OneView report offers a consolidated view of credit insights and can increase approval rates by over 5% for certain credit portfolios. It allows businesses to customize reports for improved decision-making efficiency.
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