Equifax reports news on its work as a global data, analytics, and technology company serving financial institutions, companies, employers, and government agencies. Recurring updates cover consumer credit data, income and employment verification through The Work Number, portfolio analytics for lenders, and consumer financial health measures such as the Market Pulse Index.
Company announcements also address quarterly earnings, dividend declarations, investor conference participation, cybersecurity reporting, cloud technology, and EFX.AI capabilities. Product news often centers on combining credit, employment, income, and trended data to support lending decisions and customer lifecycle analytics.
The three major credit reporting agencies, Equifax (NYSE:EFX), Experian (LON:EXPN), and TransUnion (NYSE:TRU), have announced an extension of free weekly credit reports for U.S. consumers until the end of 2023. This initiative aims to assist individuals in managing their financial health amid rising inflation and economic uncertainty following the COVID-19 pandemic. The CEOs of the companies highlighted the importance of credit reports in achieving financial stability and education for consumers.
Equifax (NYSE: EFX) announced the launch of its I-9 Management App for small- and medium-sized businesses (SMBs) within the Clover App Market. This solution aims to simplify the completion and retention of Form I-9 requirements, offering SMBs a mobile-friendly method for employee verification and remote onboarding. By integrating with Clover, which processes over $234 billion annually, Equifax enhances onboarding efficiency while providing access to I-9 Management and E-Verify services. This initiative builds on Equifax's strategic partnership with Fiserv (Nasdaq: FISV).
Equifax (NYSE: EFX) has launched new Reemployment Services designed to assist separated employees in securing new jobs swiftly while simultaneously reducing unemployment costs for employers. This initiative comes at a time when the U.S. Bureau of Labor Statistics reports that it takes an average of 22 weeks for individuals to find new employment, impacting both their financial stability and employer expenditures. The services include personalized job coaching and a comprehensive Reemployment Training Platform aimed at enhancing the offboarding experience and supporting job seekers.
Equifax (NYSE: EFX) has launched the TotalVerify™ data hub, a tool designed for social service agencies, lenders, background screeners, and employers to enhance trust, safety, and risk assessment. This hub integrates multi-data solutions, leveraging insights from the acquisition of Appriss Insights in 2021. With 11.2 million job openings in the U.S., the hub seeks to provide a comprehensive view of candidates, aiding in efficient service delivery amidst rising demand for social services. It also emphasizes data management to meet regulatory requirements.
Equifax (NYSE: EFX) has successfully completed the acquisition of LawLogix, a cloud-based provider of I-9 software and immigration case management solutions. Announced on July 21, 2022, this acquisition strengthens Equifax's Workforce Solutions business unit and expands its portfolio of employer-focused services. LawLogix's products, Guardian and Edge, support compliance with Form I-9 and E-Verify requirements while offering immigration case management capabilities. The transaction is not expected to materially impact Equifax's 2022 financial results.
Equifax has completed its acquisition of Midigator LLC, enhancing its global capacity in digital identity and fraud prevention solutions. The decision, announced on July 26, 2022, aims to leverage Midigator's post-transaction fraud mitigation technologies alongside Equifax's existing Kount business. This strategic move is expected to offer clients advanced tools for managing fraud throughout the customer lifecycle, although it is not anticipated to materially impact Equifax's financial results for 2022.
Equifax (NYSE: EFX) has declared a quarterly dividend of $0.39 per share, which will be payable on September 15, 2022. Shareholders on record as of the close of business on September 6, 2022 will receive this dividend. This action demonstrates Equifax's commitment to returning value to its shareholders, continuing a tradition of paying cash dividends for over 100 consecutive years.
Equifax (NYSE: EFX) announced new automated options for mortgage lenders to streamline manual verifications of employment and income. The updates include automated ordering of reverifications of employment (RVOE) and faster delivery options, enhancing the customer experience and efficiency in the lending process. The new solutions support compliance with government-sponsored enterprise (GSE) requirements, allowing lenders to select from standard or priority turnaround times. These enhancements are available now, with additional options launching on September 14, 2022.
Equifax (NYSE: EFX) has announced significant enhancements to its CrimSmart™ and TraceSmart™ products, aimed at improving background screening efficiency. These solutions enable firms to obtain faster results while minimizing dead-end investigations and expanding address history data. Early tests indicate that CrimSmart can identify up to 13% more high-confidence criminal records per search, while TraceSmart has shown up to 30% more jurisdiction matches. Both products offer individual filtering options for customizable search results, and they are most effective when used together.
Equifax (NYSE: EFX) has entered a definitive agreement to acquire Midigator LLC, enhancing its capabilities in digital identity and fraud prevention solutions. Midigator specializes in post-transaction fraud mitigation, addressing the rising concern of chargebacks amidst growing global ecommerce sales projected to reach $5.5 trillion in 2022. The acquisition is expected to bolster Equifax's Kount Identity Trust Global Network, utilizing AI for superior fraud detection. This transaction is anticipated to close in Q3 2022 and will not materially impact Equifax's financial results for 2022.