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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.
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.
Equifax has launched CloudControl, a transparency-enhancing dashboard aimed at improving cybersecurity for organizations using Equifax products. This tool provides real-time insights into the security posture of Equifax Cloud-based services and empowers customers to make informed risk decisions. Designed to reduce reliance on traditional assessments, CloudControl will be rolled out in phases at no additional cost. The initiative is part of Equifax's commitment to combating growing cyber threats and ensuring better security across digital supply chains.
Equifax (NYSE: EFX) has announced enhancements to its manual verification of income (VOI) service, introducing Priority Next Day™ and Priority Two Day™ options to expedite research for financial services and government clients. This initiative aims to provide faster and more reliable verification processes, addressing scenarios where instant information isn't available through The Work Number® database. Customers will only pay for completed orders and can switch to standard pricing if not fulfilled in the specified timeframe. These improvements aim to strengthen Equifax's position as a preferred resource in the verification sector.
Equifax (NYSE: EFX) has launched a new Global Business Services Center in San Jose, Costa Rica, enhancing its credit data and analytics capabilities in the region. This expansion is part of Equifax's strategy to leverage its $1.5 billion cloud investments, aiming for innovation and growth. The new facility will serve as a critical hub for technological advancements, including cybersecurity. With existing operations certified carbon neutral, the new site is pursuing LEED gold certification. Equifax anticipates a workforce exceeding 2,000 employees in Costa Rica by 2023.
Equifax (NYSE: EFX) announced on September 27, 2022, the appointment of Jamil Farshchi, Chief Information Security Officer, as a Strategic Engagement Advisor to the FBI. This role will enhance collaboration with the private sector to address cyber threats. Farshchi emphasized the importance of public-private partnerships in improving cybersecurity. With a history of leadership in security roles at major corporations, he aims to expand efforts in information sharing and corporate resilience. Equifax is committed to strengthening national security through improved communication and transparency.
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