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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) will host a conference call on January 11, 2021 at 8:30 am ET to discuss the recent acquisition of Kount. The call will feature key executives, including Mark Begor, John Gamble, and Sid Singh. Related presentation materials will be available on investor.equifax.com. Participants are encouraged to join 5-10 minutes early for registration. This acquisition aims to enhance Equifax's data and analytics capabilities, potentially driving future growth.
Equifax (NYSE: EFX) has announced a definitive agreement to acquire Kount for $640 million. This acquisition aims to enhance Equifax's fraud prevention and digital identity solutions as digital interactions increase. Kount's AI-driven platform offers extensive data analytics to combat online fraud and improve customer experience. The integration of Kount's services into Equifax's offerings is expected to bolster global business capabilities while addressing growing digital fraud challenges. The transaction is set to close in Q1 2021, pending regulatory approval.
Equifax (NYSE: EFX) has appointed Richard (Rick) Eiel as the Senior Vice President of Product, Data & Analytics for its Global Consumer Solutions (GCS) division. Eiel's role focuses on enhancing product strategy and innovation to meet consumer needs. Reporting to Beverly Anderson, President of GCS, he aims to leverage cloud technology and drive new products. Eiel brings extensive experience from Wells Fargo and other financial institutions, holding degrees from NYU Stern. The appointment aligns with Equifax's strategy for customized consumer solutions.
Equifax (NYSE: EFX) has launched the Talent Report™ Select All, enhancing the hiring process with rapid employment verifications through The Work Number database. This solution offers access to nearly 400 million employment records, aiding in more informed hiring decisions. A recent survey indicated that 94% of employers conduct background screenings, with employment verifications increasing by 17% from 2019 to 2020. The solution improves efficiency, providing average 4 instant verifications per request, streamlining candidate assessments.
Equifax (NYSE: EFX) will hold a conference call on December 7, 2020, at 4:30 pm ET, featuring CEO Mark Begor and CFO John Gamble, discussing market and business revenue trends. Related materials will be available on investor.equifax.com before the call, with a recording accessible on the following day. Participants should join the call 5-10 minutes early for registration. Equifax plays a key role in the economy, providing data and analytics that assist financial institutions and companies in decision-making globally.
Equifax (NYSE: EFX) has launched the Response CONFIDENCE solution suite designed to help businesses navigate the economic uncertainty posed by COVID-19. This suite provides tools to visualize consumer trends and utilize alternative data for more informed credit assessments. Key offerings include OneView™, a new cloud-based credit report, and Consumer Income View, which estimates income without requiring a printed W2. The suite aims to assist lenders in making better credit decisions while addressing consumer financial needs during the pandemic.
Equifax (NYSE: EFX) has launched the Duplicate Applicant Risk Indicator, a tool designed to help government agencies efficiently process social service benefit applications. This new module, part of the Instant Client Insights™ for Eligibility platform, assists in identifying potential dual enrollments by flagging applicants who may be applying for benefits across state lines. With access to over 111 million records, the tool enhances caseworkers' capabilities in managing eligibility and mitigating risks associated with application processing.
Equifax (NYSE: EFX) has launched Mortgage Duo, a solution enabling mortgage lenders to verify employment and income for co-borrowers through a single transaction. This innovation is designed to improve digital efficiencies in the loan origination process, eliminating individual report orders for each borrower. With access to over 111 million active records via The Work Number database, Mortgage Duo aims to streamline operations by reducing duplicative tasks. This move aligns with the positive forecast for home loans set by the MBA for 2021.
Equifax (NYSE: EFX) has appointed Lena Bourgeois as the new automotive general manager. With nearly a decade at Equifax, Bourgeois has led the automotive Enterprise Alliances, enhancing the company's partner network. She aims to strengthen Equifax's role in the digital automotive space amidst economic challenges. Her extensive experience includes leadership positions in data and technology sectors, indicating a focus on leveraging data analytics to drive customer satisfaction and business growth in the automotive industry.
Equifax (NYSE: EFX) has declared a quarterly dividend of $0.39 per share, payable on December 15, 2020, to shareholders of record by November 24, 2020. This marks over 100 consecutive years of dividend payments, underscoring the company's commitment to returning value to its shareholders. Equifax continues to play a vital role in the global economy through its advanced data, analytics, and technology solutions, operating in 25 countries worldwide.
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