Equifax Inc Stock Price, News & Analysis

Equifax (NYSE: EFX) announced new automated options for mortgage lenders to streamline manual verifications of employment and income. The updates include automated ordering of reverifications of employment (RVOE) and faster delivery options, enhancing the customer experience and efficiency in the lending process. The new solutions support compliance with government-sponsored enterprise (GSE) requirements, allowing lenders to select from standard or priority turnaround times. These enhancements are available now, with additional options launching on September 14, 2022.

Equifax (NYSE: EFX) has announced significant enhancements to its CrimSmart™ and TraceSmart™ products, aimed at improving background screening efficiency. These solutions enable firms to obtain faster results while minimizing dead-end investigations and expanding address history data. Early tests indicate that CrimSmart can identify up to 13% more high-confidence criminal records per search, while TraceSmart has shown up to 30% more jurisdiction matches. Both products offer individual filtering options for customizable search results, and they are most effective when used together.

Equifax (NYSE: EFX) has entered a definitive agreement to acquire Midigator LLC, enhancing its capabilities in digital identity and fraud prevention solutions. Midigator specializes in post-transaction fraud mitigation, addressing the rising concern of chargebacks amidst growing global ecommerce sales projected to reach $5.5 trillion in 2022. The acquisition is expected to bolster Equifax's Kount Identity Trust Global Network, utilizing AI for superior fraud detection. This transaction is anticipated to close in Q3 2022 and will not materially impact Equifax's financial results for 2022.

Equifax (NYSE: EFX) has announced the acquisition of LawLogix, a provider of cloud-based I-9 and immigration case management software, from Hyland. This strategic move aims to enhance Equifax's Workforce Solutions business, expanding services for employers and law firms amid evolving regulatory challenges. The acquisition marks Equifax's eleventh in 18 months, supporting ongoing growth initiatives. Expected to close in Q3 2022, the deal is not anticipated to materially affect 2022 financial results. LawLogix's solutions will integrate with Equifax's existing infrastructure to accelerate innovation.

Equifax (NYSE: EFX) reported a strong second quarter of 2022 with revenue of $1.317 billion, up 7% year-over-year, despite a 33% decline in the U.S. mortgage market and adverse foreign exchange impacts. Workforce Solutions grew by 21%, contributing significantly to overall growth. However, the company has revised its full-year guidance, anticipating a 46% decline in mortgage market credit inquiries, adjusting expected revenue down by $100 million to a midpoint of $5.10 billion. Adjusted EPS is now estimated at $7.68 per share.

Equifax (NYSE: EFX) will release its financial results for Q2 2022 on July 20, after market close. A conference call is scheduled for July 21 at 8:30 a.m. ET, where management will discuss these results. Presentation materials will be available on investor.equifax.com starting July 21 at 6:30 a.m. ET. An audio replay will be accessible from July 22. As a global data and analytics company, Equifax aids critical decision-making across various sectors.

Equifax (NYSE: EFX) has opened applications for its second annual Equifax Accelerate program, inviting U.S. software developers to create innovative solutions utilizing Equifax Cloud™ APIs. This initiative, backed by 1871, aims to address financial inclusion issues and enhance access to services. Participants can access data assets and receive mentorship to develop prototype solutions. The deadline for applications is July 28, 2022. Top entries will compete in a Design Sprint Challenge, with opportunities for mentorship, resources, and AWS Activate credits.

Equifax (NYSE: EFX) has launched a new Offboarding Forms solution, designed to enhance forms management throughout the employee lifecycle. This first-to-market solution enables HR professionals to efficiently deliver state-mandated separation notices to employees, regardless of their work location. With over 71 million separations reported in the U.S. for the year ending April 30, 2022, the solution addresses legal requirements and streamlines the offboarding process. It is customizable, allowing employers to integrate their own forms while maintaining compliance with state regulations.

Equifax (NYSE: EFX) has appointed Harald Schneider as the new Chief Data & Analytics Officer, effective immediately. Schneider will lead global Data & Analytics initiatives and is tasked with enhancing Equifax's data innovation while capitalizing on the Equifax Cloud™. With over 20 years of experience in data leadership, including a role at Visa as Global Head of Data Products, Schneider is expected to significantly drive product innovation. CEO Mark W. Begor emphasized the importance of collaboration between teams to foster growth and innovation.