Welcome to our dedicated page for Equifax, Incorporated news (Ticker: EFX), a resource for investors and traders seeking the latest updates and insights on Equifax, Incorporated stock.
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 enhanced its I-9 Anywhere product, catering to employers' remote onboarding needs as the trend of remote work persists. The expansion focuses on increasing the network of trained Form I-9 completers, particularly in states with rising employment. Companies are increasingly seeking remote hiring solutions; a recent survey indicated 36% of firms are open to fully remote hires. The I-9 Anywhere service meets USCIS requirements and simplifies the Form I-9 process for both new hires and re-hires, emphasizing accuracy and efficiency.
Equifax has completed its acquisition of Kount, a leader in AI-driven fraud prevention. This strategic move, initially announced on January 8, 2021, enhances Equifax's capabilities in digital identity and fraud prevention, addressing the surge in online fraud due to COVID-19. Kount’s technology connects trust and fraud data across 32 billion interactions, making it a vital player in safeguarding digital transactions. The integration positions Equifax to drive growth and innovation while enhancing customer experiences worldwide.
Equifax reported strong financial results for Q4 2020, achieving revenue of $1,118.5 million, a 23% increase year-over-year. The company posted a net income of $74.5 million, up from $15.8 million in Q4 2019. Full-year revenue was $4,127.5 million, an 18% increase from 2019. Adjusted EPS for Q4 reached $2.00, a 28% rise from the previous year. Despite these positives, Equifax incurred a $31.9 million charge for organizational resizing. Looking ahead, the company anticipates Q1 2021 revenue between $1,105 and $1,125 million and plans to restart share repurchases exceeding $100 million.
On February 9, 2021, Equifax (NYSE: EFX) announced the acquisition of AccountScore Holdings Limited, enhancing its Open Banking and analytics capabilities. This strategic move aims to combine traditional credit data with bank transaction insights, improving automated income verification and credit scoring for consumers, especially those with limited credit histories. The integration, supported by regulatory approval from the UK's FCA, is expected to empower over 2.5 million users, broadening access to financial products during economic uncertainty.
Equifax (NYSE: EFX) has extended CEO Mark W. Begor's employment contract through 2025. Begor has been instrumental in leading the company since April 2018, notably guiding it post-2017 cyber incident and overseeing a $1.5 billion cloud technology transformation. This investment aims to enhance innovation, product development, and growth. The company's leadership commended Begor's strategic vision, resulting in record revenue in 2020. Looking ahead, Begor expressed commitment to leveraging new technology platforms for continued growth.
Equifax (NYSE: EFX) has declared a quarterly dividend of $0.39 per share, payable on March 15, 2021, to shareholders recorded by February 22, 2021. This marks over 100 consecutive years of cash dividends paid by the company. Equifax operates globally, providing data and analytics to aid decision-making across various sectors. With a workforce exceeding 11,000, the company has a significant presence in North and South America, Europe, and the Asia Pacific region.
Equifax has appointed Audrey Boone Tillman, Executive VP and General Counsel at Aflac, to its board of directors. This decision, announced on February 3, 2021, aims to leverage Tillman's extensive experience in legal, compliance, and human resources to enhance Equifax's strategic growth. CEO Mark W. Begor expressed confidence that her expertise will support the company’s investment in cloud data and innovation. Tillman, who joined Aflac in 1996 and has played a pivotal role in its expansion, has received numerous accolades for her leadership.
Equifax (NYSE: EFX) will release its fourth-quarter financial results for 2020 on February 10, after market close. A conference call is scheduled for February 11 at 8:30 am ET, where management will discuss these results, with presentation materials available on their website at 6:30 am ET. Interested participants can join via a provided link or by dialing in. Equifax emphasizes its role in the economy, providing data and analytics to support decision-making across various sectors.
Equifax has launched enhanced Mortgage Complete products designed to improve speed, quality, and customer satisfaction in mortgage originations. This suite provides key verifications and services like digital income verification and IRS Tax Transcript Fulfillment in one order. With over 111 million records accessible, it enhances efficiency for lenders, reducing costs and cycle times. The initiative aligns with ongoing digital transformation in the mortgage industry, addressing challenges posed by traditional paper-heavy processes.
Equifax (NYSE: EFX) has introduced StipClear Employment and StipClear Income products to aid auto dealers and lenders in managing increased auto loan application volumes amidst the COVID-19 pandemic. These digital solutions utilize The Work Number database, streamlining the verification process and enhancing efficiency. Notably, verified auto loan applicants are 40% more likely to secure funding. Equifax emphasizes the importance of digital verification to expedite loan decisions and reduce reliance on traditional documentation like pay stubs.
FAQ
What is the current stock price of Equifax, Incorporated (EFX)?
What is the market cap of Equifax, Incorporated (EFX)?
What does Equifax do?
Where is Equifax headquartered?
What services does Equifax offer?
How does Equifax generate revenue?
What is Smart Screen™?
How does Equifax ensure data security?
What recent acquisitions has Equifax made?
What is Equifax's role in the credit decision-making process?
How can I learn more about Equifax's products and services?
What is Equifax's strategy for future growth?
