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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 CourtSmart™, a new solution aimed at enhancing the effectiveness of consumer reporting agencies (CRAs) in light of recent legislative changes in California that mandate the redaction of personal identifiable information (PII) in public court records. Utilizing the Equifax TotalVerify™ data hub, CourtSmart improves turnaround times and confidence in research by providing supplementary third-party data. Currently available in 36 California counties, including the largest, CourtSmart helps CRAs efficiently navigate legal challenges while expanding access to critical background screening data.
Equifax (NYSE: EFX) announced its participation in two upcoming investor conferences, taking place on November 16 and 17, 2022. Trevor Burns, Senior VP of Corporate Investor Relations, will represent the company at the RBC Global Technology, Internet, Media & Telecom Conference. John Gamble, CFO, and Burns will attend the JP Morgan Ultimate Services Conference, featuring a Fireside Chat at 10:30 a.m. ET. Investors can join the live webcast of the chat, with a replay available shortly after. Equifax continues to support informed decision-making through its unique data and analytics services.
Equifax has declared a quarterly dividend of $0.39 per share, which will be paid on December 15, 2022. Shareholders recorded by the close of business on November 23, 2022 will be eligible. This marks over 100 years of consistent cash dividends paid by Equifax. The company is a major player in data, analytics, and technology, operating globally across 25 countries and employing over 11,000 staff.
Equifax (NYSE: EFX) has announced the launch of pre-built API integrations with leading HR software platforms such as iCIMS, Jobvite, PageUp, and SAP SuccessFactors. These integrations enable employers to access the Equifax Workforce Solutions Compliance Center™ platform effortlessly, enhancing the employee onboarding experience and optimizing HR resources. API integrations include essential services like I-9 Management and Work Opportunity Tax Credit Management. This development aims to streamline HR processes and improve client satisfaction.
Asure Software and Equifax have announced a new integration that enables Asure's clients to access automated verification services from The Work Number. This integration aims to streamline employment and income verifications for small businesses, benefiting approximately 80,000 customers. Employers will save time by reducing manual verification requests, while employees can achieve faster access to critical services during life milestones. The integration is available at no cost to Asure clients and reflects a commitment to enhancing Human Capital Management (HCM) functionality.
Equifax has launched the Talent Report™ Employment Staffing, the first pre-employment verification service tailored for the staffing industry. This service offers instant employment verifications through The Work Number database, streamlining hiring for staffing companies facing high turnover and hiring volume. The report provides comprehensive candidate details, including prior employers and employment dates, accessible 24/7. The service will be available in Q1 2023, addressing the critical needs of staffing agencies in today’s fast-paced hiring environment.
Equifax reported Q3 2022 revenue of $1.244 billion, up 2% year-over-year, despite a 41% decline in U.S. mortgage credit inquiries. Non-mortgage revenue surged 20%, driven by Workforce Solutions, which saw a 9% increase. The company closed acquisitions of LawLogix and Midigator, enhancing its service offerings. However, it revised Q4 guidance due to worsening mortgage conditions, expecting over 60% decline in mortgage originations. Adjusted EPS guidance was lowered to $7.54
for full year 2022.
Equifax (NYSE: EFX) has announced a pioneering move to integrate telecommunications, pay TV, and utilities data into the mortgage underwriting process, aiming to enhance home ownership opportunities for approximately 191 million U.S. consumers. This initiative targets credit invisible individuals and aims to streamline the mortgage application process, reducing manual efforts. Equifax's insights will be available at no additional cost to lenders starting in Q1 2023, promoting financial inclusion and potentially expediting loan approvals for first-time applicants.
Equifax (NYSE: EFX) has expanded its integration with MeridianLink (NYSE: MLNK), enabling instant verification of employment and income for credit unions, banks, and lenders. This integration supports a streamlined lending experience via the MeridianLink Consumer Loan Origination System, enhancing decision-making speed for lenders and improving customer experience. The Work Number provides access to 573 million records from 2.5 million employers, ensuring high security and privacy. This partnership aims to deliver faster loans and a seamless digital lending process for consumers.
Equifax (NYSE: EFX) will announce its third quarter financial results on October 19, 2022, after market close. A conference call to discuss these results is scheduled for October 20, 2022, at 8:30 a.m. ET, with materials available on investor.equifax.com. Equifax emphasizes its role in aiding financial decisions globally through data and analytics, operating in 25 countries with over 13,000 employees.
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