Equifax, Incorporated - EFX STOCK NEWS

Equifax has launched OneScore, a consumer credit scoring model that integrates traditional credit data with telecommunications, utility, and specialty finance data. This innovative model seeks to enhance access to credit for U.S. consumers, potentially increasing credit scores by up to 25 points and expanding the scorable population by over 20%. OneScore utilizes advanced analytics to assess an additional 8.8 million credit-seeking consumers compared to traditional methods. By leveraging previously unavailable payment history, it aims to offer lenders a more comprehensive financial picture, supporting financially inclusive lending.

Equifax (NYSE: EFX) released its 2022 Security Annual Report, emphasizing its advancements in cybersecurity and partnerships. The report highlights Equifax's multi-cloud security measures, risk-based reporting, and compliance achievements, including U.S. HIPAA compliance and Government of Canada clearance. It ranked in the top 1% of Technology and top 3% of Financial Services companies for cybersecurity maturity. The company committed to enhancing security through collaboration with government and industry partners, promoting transparency, and innovating to address cybersecurity challenges.

Equifax (NYSE: EFX) has launched the PeopleHQ™ portal, a cloud-native HR solution aimed at enhancing the employee experience for companies of all sizes. The platform integrates various HR compliance services into a unified interface, enabling HR professionals to focus more on employee support rather than managing compliance complexities.

PeopleHQ provides a seamless onboarding process and offers tools like The Work Number and I-9 HQ™, set to be released in Q2 2023. This initiative aims to streamline HR functions, improve compliance, and support a people-first experience in the workplace.

Equifax has appointed Todd Horvath as the new President of U.S. Information Solutions, effective March 31, 2023. Horvath, who previously held high-ranking positions at Fiserv, will implement growth strategies using Equifax's cloud technologies and analytics to enhance financial services for businesses and consumers. His extensive experience spans over 20 years in international financial management and innovation in cloud technologies. Equifax aims to leverage Horvath's expertise as it evolves beyond traditional credit bureau services, focusing on cloud-based innovation.

Equifax (NYSE: EFX) launched a new solution, Instant Client Insights Case Monitor, on March 7, 2023, aimed at helping government agencies make informed decisions regarding social service benefits. This tool leverages the TotalVerify data hub to monitor changes in beneficiaries' circumstances, enhancing the efficiency of processing applications and redeterminations.

With the upcoming end of continuous Medicaid enrollment on March 31, agencies expect a surge in redeterminations. The ICI Case Monitor aims to support agencies, including those managing Medicaid and SNAP, in effectively managing these transitions and ensuring continuity of benefits for millions.

Equifax has filed a registration statement with the SEC regarding its acquisition of Boa Vista Serviços, Brazil's second-largest credit bureau, following their Merger Agreement on February 9, 2023. This move allows Equifax to issue Brazilian Depository Receipts (BDRs) and common shares to Boa Vista shareholders. Equifax offers three options for shareholders, including cash payments and shares, with an 89% premium over the stock price as of December 15, 2022. The closing, subject to shareholder approval, is expected by Q2 2023. This strategic acquisition aims to enhance Equifax's presence in the Brazilian market and improve services for unbanked consumers.

Kount, a subsidiary of Equifax, has launched the Kount 360 platform, which offers an integrated suite of identity, payments, and compliance solutions through a user-friendly interface. This new platform aims to combat the rising threat of digital fraud as e-commerce sales in the U.S. are projected to increase significantly by 2026. Kount 360 leverages advanced AI and machine learning to enhance fraud detection, reduce false positives by up to 20%, and streamline online user experiences. The platform's capabilities are designed to support businesses in minimizing fraud risks while optimizing consumer interactions, thus promoting operational efficiency and growth.

Equifax (NYSE: EFX) has introduced expanded U.S. mortgage credit reports incorporating telecommunications, pay TV, and utility data to enhance financial inclusion. This initiative aims to support over 191 million consumers, particularly those with traditional credit files but lacking comprehensive financial insights. Research indicates that including these attributes could boost credit scores for 30% of U.S. consumers, helping many subprime borrowers improve their scores by an average of 30 points. The additional insights are provided at no extra cost to lenders, facilitating a more straightforward underwriting process and promoting greater access to homeownership.

Narrative partners with Equifax to streamline access to specialized financial audience data for automotive businesses. This collaboration enables marketing teams to easily create customized segments from Equifax's datasets. Key offerings include Auto Segments and various digital economic indicators. Lena Bourgeois, SVP at Equifax, emphasized the need for impactful insights in an evolving automotive market. Users can efficiently send tailored data to marketing platforms like The Trade Desk, enhancing targeted marketing efforts. This partnership aims to improve customer experience and drive marketing ROI for businesses in the automotive sector.