Welcome to our dedicated page for Equifax news (Ticker: EFX), a resource for investors and traders seeking the latest updates and insights on Equifax stock.
Equifax Inc. (NYSE: EFX) is a global data, analytics, and technology company whose news flow reflects its role in credit reporting, workforce solutions, and compliance services. As one of the major U.S. credit bureaus, Equifax regularly releases updates that matter to lenders, employers, and policymakers, as well as to investors following the EFX stock.
News about Equifax often highlights new data and analytics products, such as tools that use the Equifax Cloud™ and EFX.AI™ capabilities for risk assessment, fraud prevention, and personalized credit score planning. Recent announcements include the launch of Income Qualify, which delivers income and employment insights from The Work Number® to mortgage lenders earlier in the lending process, and the introduction of Optimal Path™, an interactive score planner integrated into platforms like Kikoff.
Equifax also issues releases on workforce and employer services, including unemployment claims solutions like the Unemployment Claims Power of Attorney Manager and verification enhancements driven by acquisitions such as Vault Verify. Regulatory and risk-related news includes new Anti-Money Laundering (AML) Compliance Solutions that use AI to screen and monitor customers against sanctions and high-risk lists.
Investors tracking EFX can find announcements on quarterly dividends, participation in investor conferences, and periodic Market Pulse reports that summarize U.S. consumer credit trends using Equifax data. This news page aggregates these product launches, market insights, capital markets events, and corporate updates in one place, providing a focused view of how Equifax’s data, analytics, and cloud technology are being applied across credit, employment, and compliance use cases.
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Equifax (NYSE: EFX) reported its financial results for Q1 2023, with revenue of $1.302 billion, a 4% decrease year-over-year. This decline was primarily driven by a 33% drop in mortgage revenue, although non-mortgage revenue grew 10% in constant currency. Net income fell 49% to $112.4 million, resulting in diluted EPS of $0.91, also down 49%. Workforce Solutions revenue decreased 8%, while USIS revenue dipped 3%. International revenue showed resilience, increasing 1% overall. Equifax plans to acquire Boa Vista Serviços in Brazil, expanding its capabilities in a fast-growing market. The company aims to reduce spending by $200 million this year. Guidance for Q2 anticipates revenue between $1.310 billion and $1.330 billion and adjusted EPS of $1.60 to $1.70 per share.
Equifax announced the launch of its new Talent Report™ Employment Flex solution, enhancing pre-employment verifications. This patent-pending tool allows employers to customize report outputs, enabling them to preview and select specific employment records from The Work Number® database, which contains 604 million records from 2.6 million employers. The goal is to expedite the hiring process while providing detailed insights into candidates' employment histories. Joe Muchnick, Senior VP at Equifax Workforce Solutions, highlighted the necessity for a fast-paced hiring process in today's competitive job market. This solution joins Equifax's existing suite of verification tools, aimed at improving hiring decisions.
Equifax (NYSE: EFX) will release its financial results for the first quarter ending March 31, 2023, on April 19, 2023, after market hours. The company will hold a conference call to discuss these results on April 20, 2023, at 8:30 a.m. ET. The relevant presentation materials will be available on investor.equifax.com on the same day at 6:30 a.m. ET. Interested parties can join the call by dialing in at the designated times. An audio replay will be accessible from April 21 on the investor website. Equifax operates globally with nearly 14,000 employees across 24 countries, providing critical data and analytics services to various sectors.
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.