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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 launched the first-ever I-9 management service tailored for e-commerce, targeting small and midsize businesses (SMBs). This service, which includes the I-9 Starter and I-9 Standard packages, aims to simplify compliance with Form I-9 requirements, which can be complex and prone to costly mistakes. The offering features easy setup, guided navigation, and audit readiness, helping businesses streamline their onboarding processes. The new subscription-based model supports compliance and enhances user experience, aligning with the trend of digital transformation in business.
Equifax (NYSE: EFX) has appointed Sunil Bindal as Senior Vice President of Corporate Development, effective immediately. Bindal, who reports to CEO Mark Begor, brings extensive experience in mergers and acquisitions, previously serving as SVP at Total System Services. His notable achievements include playing a key role in a $60 billion merger with Global Payments. Bindal's leadership will enhance Equifax's strategy focusing on leveraging a $1.25 billion cloud data transformation for growth, positioning the company for opportunistic acquisitions.
Equifax Inc. (NYSE: EFX) will release its third-quarter financial results on October 21, 2020, after market close. The company will also host a conference call on October 22, 2020, at 8:30 AM ET to discuss the results. Investors can access related presentation materials on its investor relations website starting at 6:30 AM ET on the same day. Equifax emphasizes its role in providing data and analytics to help various sectors make informed decisions, highlighting its global reach in 25 countries.
Equifax (NYSE: EFX) announced a conference call scheduled for September 8, 2020, at 4:30 PM ET, where CEO Mark Begor and CFO John Gamble will discuss market and business revenue trends. Investors can access related presentation materials at investor.equifax.com prior to the call. The call will be available for replay on the same site the following day, providing insights into the company's financial landscape.
Equifax (NYSE: EFX) has launched the B2bConnect business marketing suite, aimed at assisting enterprises in navigating the current economic landscape. This suite offers insights into over 150 million global companies, including 53 million U.S. businesses and 80 million B2B contacts. Key features include the DigitalConnect purchase intent tool, enabling targeted marketing campaigns. The suite assists in creating target personas, managing customer relationships with a comprehensive view, and retaining clients through personalized experiences. B2bConnect is now available for enterprises seeking to enhance their marketing efficiency.
Equifax Canada's latest report shows that total consumer debt reached $1.991 trillion in Q2 2020, marking a 2.8% increase from Q2 2019. Average debt per person rose to $73,532, a 2.2% year-over-year gain. Strong mortgage activity, driven by a recovery in the housing market and refinancing efforts, contributed significantly. However, non-mortgage debt decreased, reflecting economic impacts from COVID-19. The 90+ day delinquency rate for non-mortgage debt was 1.24%, up 10.6%% from last year. Payment deferrals were widely utilized, with notable usage among the 35–44 age group.
Equifax (NYSE: EFX) has appointed Dorian Hare as Senior Vice President of Corporate Investor Relations, effective September 8. He replaces Trevor Burns, who transitions to Senior Financial Officer for Global Consumer Solutions. Hare joins from Moody's, where he was SVP of Investor Relations, bringing extensive experience in financial planning. CEO Mark W. Begor emphasized Hare's expertise in communicating corporate strategies, especially regarding Equifax's cloud transformation. Hare holds a B.S. from the University of Southern California and an M.B.A. from the Wharton School.
Equifax is hosting Ignite LIVE 2020, a free virtual conference on September 15-16, 2020, aimed at helping attendees navigate economic uncertainty. The event will feature data scientists and analytics experts who will discuss strategies for managing risk and business growth. Key topics include leveraging alternative data for credit decisions and insights into changing consumer behaviors. Attendees will learn about enhanced analytics, including explainable AI and digital access to commercial data, to enhance their decision-making abilities.
Equifax (NYSE: EFX) has launched a new Response RECOVERY solution suite aimed at helping consumers and businesses during the COVID-19 economy. This suite utilizes advanced analytics and data to assist lenders in providing better support to customers in need. Key features include enhanced consumer credit access, trend analysis through the Equifax Ignite Market Intelligence Sandbox, and cloud-based Smart Alerts for real-time decision-making. The suite is now available and aims to bolster the financial services sector while supporting small businesses.
Equifax (NYSE: EFX) strengthens its commercial credit data solutions by acquiring Ansonia Credit Data, a leading provider of business credit and accounts receivable data. This strategic move integrates Ansonia's data into PayNet, enhancing Equifax's offerings, particularly in the transportation and logistics sectors. Ansonia boasts over $1.3 trillion in accounts receivable data from seven million businesses across more than 140 industries. The acquisition aims to provide lenders with deeper insights, improving credit decisions for small and medium-sized enterprises.
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