Profile: Equifax Inc (EFX)
9 Dec 2016
Equifax Inc., incorporated on December 20, 1913, is a provider of information solutions and human resources business process outsourcing services for businesses, governments and consumers. The Company operates through four segments: U.S. Information Solutions (USIS), International, Workforce Solutions and Personal Solutions. USIS provides consumer and commercial information solutions to businesses in the United States, including online information, decisioning technology solutions, fraud and identity management services, portfolio management services, mortgage reporting and financial marketing services. International includes Canada, Europe and Latin America business units, and provides products and services similar to those available in the USIS segment but with variations by geographic region. In Europe and Latin America, it also provides information, technology and services to support debt collections and recovery management. Workforce Solutions provides services enabling clients to verify income and employment (Verification Services), as well as to outsource and automate the performance of certain payroll-related and human resources management business processes, including unemployment cost management, tax credits and incentives and I-9 management services and services to allow employers to ensure compliance with the Affordable Care Act (Employer Services). Personal Solutions provides products to consumers in the United States, Canada and the United Kingdom enabling them to understand and monitor their credit and monitor and help protect their identity. It also sells consumer and credit information to resellers who combine information with other information to provide direct to consumer monitoring, reports and scores.
The Company's products and services are based on databases of consumer and business information derived from numerous types of credit, financial assets, telecommunications and utility payment, employment, income, public record, demographic and marketing data. The Company uses statistical techniques and software tools to analyze all available data, creating customized insights, decision-making solutions and processing services for its clients. It helps consumers understand, manage and protect their personal information and make more informed financial decisions. The Company also provides information, technology and services to support debt collections and recovery management. In addition, the Company is also a provider of payroll-related and human resource management business process outsourcing services in the United States. The Company's clients include financial institutions, corporations, governments and individuals.
U.S. Information Solutions
The Company's USIS segment provides consumer information solutions to businesses through three product and service lines: Online Information Solutions, Mortgage Solutions and Financial Marketing Services. Online Information Solutions' products are derived from multiple large and comprehensive databases of consumer and commercial information that the Company maintains about individual consumers and businesses, including credit history, current credit status, payment history and address information. The Company's clients utilize the information and analytical insights it provides to make decisions for a range of financial and business purposes, such as whether, and on what terms, to approve auto loans or credit card applications, and whether to allow a consumer or a business to open a new utility or telephone account. In addition, this information is used by the Company's clients for cross selling additional products to existing customers, improving their underwriting and risk management decisions, and authenticating and verifying consumer and business identities. The Company also sells consumer and credit information to resellers who combine its information with other information to provide services to the mortgage, fraud and identity management, direct to consumer monitoring and other end user markets. The Company's software platforms and analytical capabilities can integrate all types of information, including third-party and client information, to enhance the insights and decisioning process to help further mitigate the risk of granting credit, predict the risk of bankruptcy, indicate the applicant's risk potential for account delinquency, ensure the identity of the consumer, and reduce exposure to fraud. These risk management services enable the Company's clients to monitor risks and opportunities and manage their portfolios.
Online Information Solutions' clients access products through a range of electronic distribution mechanisms, including direct real-time access, which facilitates instant decisions. The Company also develops and hosts customized applications that enhance the decision-making process for its clients. These decisioning technology applications assist with a variety of decisioning activities, including determining pre-approved offers, cross-selling of various products, determining deposit amounts for telephone and utility companies, and verifying the identity of their customers. The Company has also compiled commercial databases regarding businesses in the United States, which include loan, credit card, public records and leasing history data, trade accounts receivable performance, and Secretary of State and Securities and Exchange Commission registration information. It offers scoring and analytical services that provide additional information to help mitigate the credit risk assumed by the Company's clients.
The Company's Mortgage Solutions products, offered in the United States, consist of specialized credit reports that combine information from the consumer credit reporting agencies into a single merged credit report in an online format, commonly referred to as a tri-merge report. Mortgage lenders use these tri-merge reports in making their mortgage underwriting decisions. In addition, the Company offers various triggering services designed to alert lenders to changes in a consumer's credit status during the underwriting period and securitized portfolio risk assessment services for evaluating inherent portfolio risk.
The Company's Financial Marketing Services products utilize consumer and commercial financial information enabling its clients to manage their marketing efforts, including targeting and segmentation; to identify and acquire new clients for their products and services; to develop portfolio strategies to minimize risk and maximize profitability, and to realize additional revenue from existing customers through cross selling and upselling of additional products and services. These products utilize information derived from consumer and commercial information, including credit, income, asset, liquidity, net worth and spending activity, which also support many of the Company's Online Information Solutions' products. The Company also provides account review services, which assist its clients in managing their existing customers and prescreen services that help the Company's clients identify new opportunities with their customers. Clients for these products primarily include institutions in the banking, brokerage, retail, insurance and mortgage industries, as well as companies focused on digital and interactive marketing.
The Company's International segment includes Canada, Europe and Latin America business units. These business units offer products that are similar to those available in the USIS and Personal Solutions operating segments, although, in some jurisdictions, data sources tend to rely more heavily on government agencies than in the United States. The Company also offers specialized services that help its customers manage risk in their consumer portfolios. Its products and services generate revenue in Argentina, Canada, Chile, Costa Rica, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru, Portugal, Spain, the United Kingdom and Uruguay. The Company also maintains support operations in the Republic of Ireland, Chile and Costa Rica. It offers consumer credit services in Russia and India. It also provides information, technology and services to support debt collections and recovery management in Europe, Canada and Latin America.
The Canada business unit is similar to Online Information Solutions, Mortgage Solutions and Financial Marketing Services business units, Canada offers products derived from the credit information that the Company maintains about individual consumers and businesses. The Company offers products in Canada, including credit reporting and scoring, consumer and commercial marketing, risk management, fraud detection and modeling services, identity management and authentication services, together with certain of its decisioning products that facilitate pre-approved offers of credit and automate a range of credit decisions.
The European operation provides information solutions, marketing and personal solutions products. Information solutions and personal solutions products are generated from information that the Company maintains and include credit reporting and scoring, asset information, risk management, identity management and authentication services, fraud detection and modeling services. Most of the products are sold in the United Kingdom with a limited set of information solutions products sold in Portugal and Spain. The Company's commercial products, such as business credit reporting and commercial risk management services, are available mostly in the United Kingdom with a limited set of information solutions products sold in Portugal and Spain. Marketing products, which are similar to those offered in its Financial Marketing Services business unit, are primarily available in the United Kingdom and, to a lesser extent, in Spain. The Company also provides information, technology and services to support debt collections and recovery management.
Latin American operation provides consumer and commercial information solutions products, marketing products and personal solutions products. The Company offers a range of products, generated from credit records that it maintains, including credit reporting and scoring, decisioning technology, risk management, identity management, authentication and fraud detection services. It also offers various commercial products, which include credit reporting, decisioning tools and risk management services, in the countries it serves. It also provides information, technology and services to support debt collections and recovery management. Additionally, it provides a range of consumer and commercial marketing products generated from its credit information databases, including business profile analysis, business prospect lists and database management. The countries in which the Company operates include Argentina, Chile, Costa Rica, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay.
The Company's Workforce Solutions segment operates in the United States through two business units: Verification Services and Employer Services. Verification Services include employment, income and social security number verification services. Its online verification services enable direct third-party verifiers, including various governmental agencies, mortgage originators, credit card and automotive lenders and pre-employment screeners to verify the employee's employment status and income information. The Company also offers an offline research verification service, which expands employment verification to locate data outside its existing automated database. The Work Number is its key repository of employment and income data serving the Company's verifier business and enabling employer human resource services. The Company relies on payroll data received from over 5,300 organizations to update the database. The updates occur as employers transmit data electronically to Equifax from their payroll systems. Employers contract to provide this data for specified periods under the terms of contracts, which range from 1 to 5 years. The Company uses this data to provide automated employment and income verification services to third-party verifiers, as well as enabling employer services, such as unemployment claims, I-9 and eVerify transactions and employer tax credits opportunities.
The Company's Employer Services are aimed at reducing the cost to the human resources function of businesses through a suite of services, including assisting with employment tax matters designed to reduce the cost of unemployment claims through claims representation and management and processing and to better manage the tax rate that employers are assessed for unemployment taxes; comprehensive services designed to research the availability of employment-related tax credits, process the filings and assist the client in obtaining the tax credit; W-2 management services, which include initial distribution, reissue and correction of W-2 forms; paperless pay services that enable employees to electronically receive pay statement information, as well as review and change direct deposit account or W-4 information; integrated electronic time capture and reporting services; paperless new-hire services to bring new workers on board using electronic forms; I-9 management services designed to help clients electronically comply with the immigration laws that require employers to complete an I-9 form for each new hire; and onboarding services using online forms to complete the new hire process for employees of corporate and government agencies. The Company also offers analytical services enabling its customers to better understand the demographic profile and key statistical metrics of their workforce. In addition, the Company also provides software and services to employers to assist in compliance with the Affordable Care Act (ACA) through partnerships with government agencies.
The Company's Personal Solutions products give consumers information to enable them to understand and monitor their credit and monitor and help protect their identity primarily through its Equifax Complete, ID Patrol, Credit Watch and Score Watch monitoring products. Consumers can obtain credit file information about them and Equifax or FICO credit scores. Equifax products also offer monitoring features for consumers who are concerned about identity theft and data breaches, including credit report monitoring from all three bureaus, Internet and bank account monitoring, lost wallet support, and the ability to lock and unlock the Equifax credit file. The Company's products are available to consumers in the United States, Canada and the United Kingdom directly over the Internet and indirectly through business partners who distribute its products or provide these services to their employees or customers. It also sells consumer and credit information to resellers who combine its information with other information to provide direct to consumer monitoring, reports and scores.
The Company competes with Experian Group, TransUnion LLC, LifeLock, Credit Karma, Acxiom, Harte-Hanks, infoGROUP, Fair Isaac Corporation, The Dun & Bradstreet, Cortera, Verify Job System, First Advantage, Corporate Cost Control, Thomas & Thorngren and Employers Edge.
1550 PEACHTREE ST NW
ATLANTA GA 30302