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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 promoted Lisa M. Nelson to President of Equifax International, effective immediately. Nelson, who has been with the company since 2011, previously served as Group Managing Director for Equifax Australia/New Zealand and has a record of driving growth and innovation. Under her leadership, she will oversee operations in 23 countries, focusing on leveraging cloud technology for growth and innovation. Melanie Cochrane will succeed her in Australia/New Zealand, bringing extensive experience from American Express.
Equifax (NYSE: EFX) announces its free virtual conference, Ignite LIVE 2021, scheduled for May 25, 2021, from 10am-2pm ET. The event will address digital convergence in the financial services sector, highlighting the need for businesses to adapt to evolving customer demands. Key topics include strategies for combating digital identity fraud, leveraging Explainable AI in credit expansion, and innovations through the InnovationX platform. Equifax aims to facilitate discussions on market challenges and foster financial inclusion through this conference.
Equifax Workforce Solutions is enhancing its manual verification services to improve turnaround times for income and employment verifications. New express options will complement existing services and leverage their cloud-native infrastructure. With over 25 years of experience, Equifax handles nearly 6,000 manual verification requests daily, aiming to provide comprehensive verification solutions. The Work Number database supports almost two-thirds of the U.S. non-farm payroll and collaborates with over one million employers, enhancing its verification capabilities.
Kount, a subsidiary of Equifax, has launched the Kount Dispute and Chargeback Management Solution, aimed at enhancing fraud prevention and reducing chargebacks for e-commerce businesses. This solution integrates with major card brand systems and uses AI to streamline dispute management in real time. It helps businesses save time and money by handling disputes promptly, improving customer experiences, and allowing for automatic refunds. The launch comes at a crucial time as digital transactions rise, increasing the risk of disputes and fraud.
Kount, an Equifax company, has announced a collaboration with Ethoca, a Mastercard company, to enhance its Dispute and Chargeback Management Solution. This new offering integrates Ethoca Alerts and Consumer Clarity™, aiming to improve fraud prevention and streamline dispute resolution for merchants. Key benefits include reducing chargebacks through real-time alerts, enhancing customer experience with detailed purchase information, and enabling businesses to resolve disputes before they escalate. The solution is available now for merchants looking to enhance their fraud management capabilities.
Equifax Inc. (NYSE: EFX) announced a quarterly dividend of $0.39 per share, payable on June 15, 2021. Shareholders of record as of May 25, 2021 will receive the payment. This marks over 100 consecutive years of cash dividends from Equifax, reflecting the company's commitment to returning value to its shareholders. Headquartered in Atlanta, Equifax operates globally, supporting critical decision-making through its data analytics and technology services.
Equifax has released its inaugural 2020 Security Annual Report, highlighting a three-year transformation in cloud technology and security following a significant breach in 2017. The company invested $1.5 billion, marking its largest investment to enhance security. CEO Mark W. Begor emphasized that this security-first approach is central to Equifax's record business performance. The report shows Equifax exceeds financial services security maturity benchmarks, and aims to serve as a guide for other organizations to strengthen their cybersecurity practices.
Equifax (NYSE: EFX) has partnered with fintech company Revolut to enhance customer services in the U.S. This collaboration allows Revolut to leverage Equifax's cloud-native data and real-time predictive analytics, facilitating better customer insights. Revolut aims to offer a broader range of products through this partnership, as stated by CEO Ronald Oliveira. Equifax emphasizes its role in providing data-driven solutions to accelerate fintech innovations.
Equifax (NYSE: EFX) launched InnovationX, an immersive experience designed to facilitate fintech innovation. This initiative allows organizations to quickly validate financial services ideas using real-time data, advanced analytics, and techniques such as Explainable AI. Led by Peter Maynard, the new Senior VP of Data and Analytics, InnovationX aims to enhance customer experiences in a competitive market. Participants can access unique data assets, customize modeling options, and improve fraud prevention while fostering personalized services.
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