Equifax Inc Stock Price, News & Analysis

Equifax (NYSE: EFX) strengthens its commercial credit data solutions by acquiring Ansonia Credit Data, a leading provider of business credit and accounts receivable data. This strategic move integrates Ansonia's data into PayNet, enhancing Equifax's offerings, particularly in the transportation and logistics sectors. Ansonia boasts over $1.3 trillion in accounts receivable data from seven million businesses across more than 140 industries. The acquisition aims to provide lenders with deeper insights, improving credit decisions for small and medium-sized enterprises.

Equifax (NYSE: EFX) reported strong financial results for Q2 2020, with revenue reaching $982.8 million, a 12% increase year-over-year. Net income soared 44% to $95.9 million, resulting in diluted EPS of $0.78, up from $0.55 in 2019. The Workforce Solutions segment experienced 53% revenue growth to $352.9 million, while International revenue fell 21% to $180.5 million. The company maintains strong liquidity, with $1.3 billion in cash and access to additional credit. This performance highlights Equifax's resilience amid the pandemic.

Equifax (NYSE: EFX) announced a quarterly dividend of $0.39 per share, payable on September 15, 2020, to shareholders of record by August 25, 2020. This marks over 100 consecutive years of cash dividend payments. The company's consistent policy reflects its confidence in long-term financial stability and commitment to shareholder returns. Based in Atlanta, Equifax operates in 24 countries globally, emphasizing data, analytics, and technology.

Equifax (NYSE: EFX) launched two new products aimed at enhancing consumer credit monitoring and identity theft protection: Equifax Credit Monitor and Equifax Complete. The Credit Monitor, priced at $4.95 per month, allows users to lock their credit file and access their credit report daily, while the Complete package, at $9.95 per month, offers more comprehensive features. The initiative responds to rising identity theft concerns amid the COVID-19 pandemic, which has seen over 62,000 fraud reports related to the crisis.

Equifax (NYSE: EFX) has introduced industry-specific FICO® Score segmentation data to its U.S. National Consumer Credit Trends reports as of July 2020. This innovation positions Equifax as the first company to provide weekly reports tailored to various industries, enhancing businesses' ability to monitor anonymized consumer credit trends amidst the ongoing economic challenges. The reports offer insights into credit behaviors, new account metrics, and consumer risk profiles, which can aid businesses in making informed decisions during this uncertain period.

Equifax has launched a new suite of services aimed at assisting state unemployment agencies in preventing unemployment insurance (UI) fraud amidst rising claims due to the COVID-19 pandemic. The UI Eligibility suite provides data-driven solutions and authentication tools to quickly identify potentially fraudulent claims and streamline the processing of legitimate applications. Key features include real-time fraud detection, validation of self-employed claims under the Pandemic Unemployment Assistance program, and support for ongoing eligibility evaluations. The solution is now available for state agencies.

Equifax Inc. (NYSE: EFX) appointed Mark Luber as the Chief Product Officer for United States Information Solutions (USIS) on June 29, 2020. Reporting to USIS President Sid Singh, Luber is tasked with overseeing product strategy, innovation, and lifecycle management. Bringing extensive experience from Cox Automotive and LexisNexis, he aims to leverage Equifax’s cloud-first technology to enhance data-centric solutions. Luber emphasized the importance of driving innovation in Credit, Marketing, Identity, and Digital Commerce to meet evolving customer needs in a changing economic landscape.

Equifax Canada's recent analysis highlights that younger adults (18-34) exhibit heightened financial caution amid the COVID-19 crisis. Their credit card balances have decreased by 16%, surpassing the 12.6%% drop seen in older adults. Payment deferrals are also more prevalent among younger groups, with 6.73% of those under 24 deferring payments. A survey reveals that 42% of younger respondents feel job insecurity, while 30%% are concerned about rent/mortgage payments. Despite financial strain, 47%% express optimism for stabilization in their finances over the next six months.

Equifax Canada reported a 0.5% decline in average non-mortgage debt for Q1 2020, marking the first drop in over a decade, attributed to reduced consumer spending amid COVID-19 shutdowns. Average debt per person reached $73,030, up 2.4% year-over-year, while total debt climbed 4.3% to $1.989 trillion. Mortgage balances rose 5.7%, despite a significant drop in new credit inquiries. The 90+ day delinquency rate for non-mortgage debt increased to 1.22%. The report highlights a potential rise in delinquencies and bankruptcies later in the year as economic impacts continue.