Equifax Inc. is a global data, analytics, and technology company that provides information solutions for businesses, governments, and consumers, as well as human resources business process automation and outsourcing services for employers . Operating in North America, Asia Pacific, Europe, and Latin America, Equifax has significant operations in countries such as the U.S., Canada, Australia, the U.K., and Brazil . The company's business is organized into three main segments: Workforce Solutions, U.S. Information Solutions (USIS), and International .
- Workforce Solutions - Offers Verification Services and Employer Services, focusing on employment and income verification, unemployment claims management, and other HR-related services.
- Verification Services - Provides employment and income verification.
- Employer Services - Manages unemployment claims and other HR-related services.
- U.S. Information Solutions (USIS) - Delivers Online Information Solutions, Mortgage Solutions, and Financial Marketing Services, concentrating on consumer and commercial credit reporting, identity management, and fraud detection.
- Online Information Solutions - Focuses on consumer and commercial credit reporting.
- Mortgage Solutions - Provides services related to mortgage credit reporting.
- Financial Marketing Services - Offers identity management and fraud detection services.
- International - Provides similar services as USIS, tailored to regional markets in Asia Pacific, Europe, Canada, and Latin America.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Carla Chaney Executive | EVP, Chief Human Resources Officer | None | CHRO since April 2019, previously EVP of HR at Graphic Packaging Holding Company. | |
Cecilia Mao Executive | EVP, Chief Product Officer | None | Joined in May 2020, promoted to EVP in February 2024, oversees product strategy and innovation. | |
Chad M. Borton Executive | EVP, President, Workforce Solutions | None | Joined in May 2024, previously President of SoFi Bank and USAA Bank, with extensive financial services experience. | |
Harald Schneider Executive | EVP, Chief Data & Analytics Officer | None | Joined in May 2022, oversees data innovation and analytics capabilities, including Equifax Cloud integration. | |
Jamil Farshchi Executive | EVP, CISO and Acting CTO | Board Member at UKG Inc.; Strategic Engagement Advisor to the FBI | CISO since February 2018, overseeing cybersecurity and cloud transformation; acting CTO since February 2024. | |
John W. Gamble, Jr. Executive | CFO and COO | None | CFO since 2014, added COO responsibilities, overseeing financial strategy and operational efficiency. | |
Julia A. Houston Executive | EVP, Chief Strategy and Marketing Officer | None | Joined in 2013, promoted to Chief Strategy and Marketing Officer in March 2021, previously Chief Transformation Officer. | |
Lisa Nelson Executive | EVP, President, International | None | Joined in 2011, promoted to President, International in June 2021, previously led operations in Canada and Australia. | |
Mark W. Begor Executive | CEO | Board Member at NCR Atleos Corp | CEO of Equifax since April 2018, leading revenue growth, market cap expansion, and a $1.5B cloud transformation. | View Report → |
Sunil Bindal Executive | EVP, Chief Corporate Development Officer | None | Joined in October 2020, leading corporate development and M&A, including the Boa Vista acquisition. | |
Todd Horvath Executive | EVP, President, U.S. Information Solutions (USIS) | None | Joined in March 2023, leads the USIS business unit, driving revenue growth and partnerships. | |
Audrey Boone Tillman Board | Director | EVP and General Counsel at Aflac Incorporated | Director since 2021, recognized for her legal and business expertise, including compliance and risk management. | |
Barbara Larson Board | Director | None | Director since May 2024, former CFO at Workday, with expertise in financial leadership and enterprise technology. | |
G. Thomas Hough Board | Director | Director at Federated Hermes Fund Family; Director at Haverty Furniture Companies, Inc. | Director since 2016, retired Vice Chair of Ernst & Young LLP, with expertise in audit and financial oversight. | |
John A. McKinley Board | Director | Founder of Great Falls Ventures; Board Member at Applied Materials, Inc. | Director since 2008, brings expertise in technology, cybersecurity, and risk management. | |
Karen L. Fichuk Board | Director | Executive Board Member at Randstad N.V.; Global Leadership Council Member at Colorado State University | Director since February 2023, former CEO of Randstad North America, with expertise in data and HR services. | |
Mark L. Feidler Board | Independent Chairman of the Board | Founding Partner at MSouth Equity Partners; Board Member at New York Life Insurance Company | Director since 2007, Chairman since 2017, provides governance and strategic oversight. | |
Melissa D. Smith Board | Director | Chair and CEO of WEX Inc.; Trustee at MaineHealth | Director since 2020, CEO of WEX Inc., with expertise in financial services and corporate governance. | |
Robert D. Marcus Board | Director | Board Member at Newhouse Broadcasting Co.; Board Member at several non-profits | Director since 2013, former CEO of Time Warner Cable, with expertise in M&A and regulatory matters. | |
Scott A. McGregor Board | Director | Board Member at Applied Materials, Inc. | Director since 2017, former CEO of Broadcom Corporation, with expertise in technology and cybersecurity. |
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With Boa Vista now under Equifax for over a year, can you elaborate on the specific challenges you've faced in gaining market share in Brazil, particularly against strong competitors like Serasa Experian, and how you plan to overcome them in the next year?
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Given the substantial investments in cloud transformation over the past years, what are the key risks that could prevent CapEx from declining to the projected 6% to 7% of revenue, and how confident are you in the timeline to start returning cash to shareholders in 2025? ,
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With plans to continue bolt-on M&A spending approximately $500 million annually, how will you balance these investments with your commitments to increase dividends and initiate share buybacks, and could this impact your leverage targets? , ,
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Identity and Fraud revenue was down and weaker than expectations, particularly due to weakness in chargeback management volumes; what specific strategies are in place to address this decline, and when do you expect to see a turnaround in this segment?
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You anticipate mortgage market activity will improve toward 2015 to 2019 levels as mortgage rates come down; considering recent rate increases and housing market challenges, what gives you confidence in these assumptions, and how might prolonged rate elevations affect your projections? ,
Research analysts who have asked questions during EQUIFAX earnings calls.
Andrew Nicholas
William Blair & Company
4 questions for EFX
Jeffrey Meuler
Robert W. Baird & Co. Incorporated
4 questions for EFX
Kelsey Zhu
Autonomous Research
4 questions for EFX
Scott Wurtzel
Wolfe Research
4 questions for EFX
Toni Kaplan
Morgan Stanley
4 questions for EFX
Andrew Steinerman
JPMorgan Chase & Co.
3 questions for EFX
Arthur Truslove
Citi
3 questions for EFX
Ashish Sabadra
RBC Capital Markets
3 questions for EFX
Craig Huber
Huber Research Partners
3 questions for EFX
Jason Haas
Wells Fargo
3 questions for EFX
Keen Fai Tong
Goldman Sachs Group Inc.
3 questions for EFX
Kevin McVeigh
Credit Suisse Group AG
3 questions for EFX
Kyle Peterson
Needham & Company
3 questions for EFX
Manav Patnaik
Barclays
3 questions for EFX
Matthew O'Neill
Financial Technology Partners
3 questions for EFX
Faiza Alwy
Deutsche Bank
2 questions for EFX
Owen Lau
Oppenheimer & Co. Inc.
2 questions for EFX
Shlomo Rosenbaum
Stifel, Nicolaus & Company, Incorporated
2 questions for EFX
Simon Alistair Clinch
Redburn Atlantic
2 questions for EFX
Surinder Thind
Jefferies Financial Group
2 questions for EFX
Andrew Stein
FT Partners
1 question for EFX
Brandon Barron
Needham & Company, LLC
1 question for EFX
Brendan Popson
Barclays
1 question for EFX
David Paige Papadogonas
RBC Capital Markets
1 question for EFX
George Tong
Goldman Sachs
1 question for EFX
Joshua Dennerlein
BofA Securities
1 question for EFX
Kwun Sum Lau
Oppenheimer
1 question for EFX
Ryan Griffin
BMO Capital Markets
1 question for EFX
Simon Clinch
Redburn Atlantic
1 question for EFX
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Experian | Competes in multiple segments including verification services, employer services, credit information solutions, and commercial solutions. It offers a product suite similar to the company's credit information solutions and operates in both U.S. and international markets. |
Thomas & Company | Competes in the verification services and employer services markets, providing third-party outsourced solutions. |
Mercer | A human resources consulting firm that competes in the employer services market. |
A human resources consulting firm competing in the employer services market. | |
A human resources management services provider competing in the employer services market. | |
A human resources management services provider competing in the employer services market. | |
A human resources management services provider competing in the employer services market. | |
A payroll processor competing in the employer services market. | |
A payroll processor competing in the employer services market. | |
Ceridian | A payroll processor competing in the employer services market. |
PwC | An accounting firm competing in the employer services market. |
EY | An accounting firm competing in the employer services market. |
A global consumer credit reporting company offering a product suite similar to the company's credit information solutions. | |
LifeLock | A national provider of personal identity theft protection services in the U.S. |
Credit Karma | Provides free credit scores in the U.S., Canada, and the U.K. |
ClearScore | Provides free credit scores in the U.K. |
Credit Simple | Provides free credit scores in Australia. |
Credit Savvy | Provides free credit scores in Australia. |
Competes with the company in certain analytical tools and solutions. | |
LexisNexis | Competes in identity and fraud solutions and other specialized areas. |
Competes in the commercial solutions market. | |
Competes in the commercial solutions market. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Boa Vista Serviços | 2023 | Equifax acquired Boa Vista Serviços for an enterprise value of approximately R$3.1 billion (≈USD $640 million) using multiple cash and equity consideration options, expanding its footprint in the Brazilian market and providing access to global cloud-native data and analytical capabilities. |
Efficient Hire | 2022 | Completed in Q1 2022, Efficient Hire was acquired to strengthen the Workforce Solutions segment, expanding employer services into industries like hospitality and senior living, and is expected to add about 3.2 percentage points of revenue growth to 2022. |
Data Crédito | 2022 | Equifax acquired 100% of Data Crédito, the largest consumer credit reporting agency in the Dominican Republic, as part of its strategy to expand its international footprint and integrate the agency into its EFX Cloud to drive synergies and revenue growth. |
LawLogix | 2022 | Completed in Q3 2022, LawLogix was integrated into the Workforce Solutions segment to enhance cloud-based I-9 management and immigration case management solutions, aligning with Equifax’s strategy to expand employer services and support regulatory compliance. |
Midigator | 2022 | Completed in Q3 2022, Midigator was acquired within the U.S. Information Solutions segment to bolster Equifax’s identity and fraud capabilities by adding post-transaction fraud mitigation solutions, and is poised to contribute to double-digit growth in a market with a TAM of approximately $20 billion. |
Recent press releases and 8-K filings for EFX.
- Equifax unveiled its inaugural Quarterly Market Pulse Index, a composite measure (1–100) of U.S. consumer financial health that integrates credit, debt, income, capacity and assets; H1 2025 index at 61.4, slightly below the four-year average of 61.85.
- The index reveals a 5%+ decline for Gen Z between June 2021 and June 2025, with student loan holders’ score down 4.8% over the period.
- Personal loan originations rose 17.6% from May 2024 to May 2025, and U.S. bankcard balances reached $1.07 trillion in July 2025, up 4.3% year-over-year.
- Equifax priced VantageScore 4.0 at $4.50 per mortgage credit score through end of 2027 — over 50% below FICO's planned $10 price in 2026
- Offers free VantageScore 4.0 through 2026 to customers purchasing FICO scores across mortgage, auto, card, and consumer finance sectors
- Enhances mortgage credit reports with free Total Wealth Network indicators and alternative data to reach an additional 33 million U.S. adults
- Expects a $100–$200 million profit opportunity as mortgage market conditions recover, supporting unit economics per Needham’s Buy rating and a $295 price target
- Equifax will offer VantageScore 4.0 mortgage credit scores at $4.50 through end of 2027, over 50% below FICO's 2026 pricing (FICO $10).
- Free VantageScore 4.0 scores provided through end of 2026 to all Equifax mortgage, automotive, card, and consumer finance customers purchasing FICO scores.
- The Work Number® Report Indicator and alternative data (rental, utilities, telecom) will be delivered alongside Equifax mortgage credit reports at no cost, with free income and employment indicators for automotive, card, and consumer finance in 2026.
- VantageScore 4.0’s use of trended and alternative data scores 33 million more U.S. adults and yields a 20% lift in originations without added risk.
- Equifax has completed its Cloud transformation, with over 90% of revenue and the bulk of U.S. revenue now on Equifax Cloud™ and data unified on a single fabric, enabling a pivot to customer-focused innovation; the Vitality Index (revenue from products launched in the past three years) has risen to 12–13%, above the 10% target set in 2021.
- The company reaffirms its long-term framework targeting 7–10% organic revenue growth (or 8–12% including bolt-on M&A) and 50 basis points of annual EBITDA margin expansion, achievable without a mortgage market recovery.
- In 2025, U.S. mortgage inquiries are down 10%, causing an estimated $100 million revenue headwind; a full mortgage market recovery scenario could add $1.2 billion in revenue, $700 million in EBITDA, and $4 in EPS by 2030.
- Capital allocation priorities include 6–7% of revenue for CapEx, disciplined bolt-on M&A contributing 1–2% annual revenue growth, dividends to grow in line with earnings, and a $3 billion share repurchase program funded by excess free cash flow.
- Introduced a long-term financial framework targeting 7–10% organic revenue growth, 1–2% M&A contribution for total growth of 8–12%, +50 bps EBITDA margin expansion, 12–16% cash EPS growth, ~1% dividend yield, 13–18% annual shareholder return, and 95%+ cash conversion.
- Forecast segment growth of 13–15% in EWS, 6–8% in USIS, 7–9% in International, and 10% in Vertical Industries.
- Under a 2030 scenario (8.5% organic, 1.5% M&A, 95% cash conversion, 2–3% mortgage market growth), expects ~$10.8 billion+ in revenues at ~12.5% CAGR vs. 2025 guidance, including $1.2 billion incremental from mortgage market recovery.
- Post-cloud innovation has doubled the Vitality Index (revenue from new products) to 12 in 2024 (from 5 pre-cloud), accelerating product launches and customer engagement.
- Targets a $5 billion TAM in government with The Work Number®, where reducing SNAP error rates could shift $12 billion in federal costs to states and save states ~$4 billion by one‐tier error-rate improvement.
- Early signs of stabilization in Q2 2025 delinquency rates, with 1.4 million Canadians missing payments—down 7,000 QoQ but up 118,000 YoY.
- Non-mortgage holders missed payments at nearly double the rate of mortgage holders (1 in 19 vs. 1 in 37), with the gap widening to 96% above mortgage holders.
- Total consumer debt reached $2.58 trillion, up 3.1% YoY, while average non-mortgage debt per consumer rose to $22,147.
- Ontario and Alberta reported the highest non-mortgage delinquency rates in Q2 2025 at 1.75% and 1.98%, respectively—each well above the national average.
- New credit card originations fell 4.5% YoY, indicating slowing credit demand, while mortgage originations grew 15.3% YoY, driven by low-rate renewals.
- Total consumer debt reached $17.86 trillion in June 2025, with delinquency stable at 1.5%.
- Subprime borrowers hold 22.1% of all bankcard debt as of May 2025, and their balances have risen 135% to $233.1 billion since May 2021.
- Outstanding student loan debt fell to $1.33 trillion, while active repayment delinquency stood at 17.95% in June 2025 after reporting resumed.
- Bankcard balances grew to $1.07 trillion with delinquency down to 2.79%, while auto and lease debt reached $1.68 trillion, leasing balances up 13.6%, and auto loan delinquencies at 1.5%.
- Introduced a new strategic framework targeting 7–10% organic growth, 1–2 pts revenue from bolt-on M&A, 8–12% total revenue growth, 50 bps annual EBITDA margin expansion, and ~$1 B/year in growth CapEx and shareholder returns.
- Projects 2030 revenues of ~$9.6 B (10% CAGR vs 2025) without mortgage recovery and ~$10.8 B (12.5% CAGR vs 2025) with mortgage market recovery, driven by cloud leverage, innovation, and bolt-on M&A.
- Expects mortgage market normalization to add ~$1.2 B incremental revenue, ~$700 M EBITDA, ~$4 EPS, and ~$1 B cash to shareholders.
- Aims for 95%+ cash conversion, 12–16% cash EPS growth, and 13–18% annual total shareholder returns by 2030, underpinning ongoing dividends and buybacks.
- Revenue mix shift: Equifax outlined its transition toward a more recession-resilient business by increasing its subscription-based revenue, with recession growth business rising from 47% to the high 60s% in recent analysis.
- New product innovation: The company introduced an integrated mortgage product featuring the TWN indicator that combines income, employment, and credit data to differentiate its offering across mortgage, auto, and personal loan sectors.
- EWS expansion and record growth: Management emphasized strong growth in its Employment and Work Solutions (EWS) unit, including an 11% increase in TWN data assets and partnerships aimed at expanding comprehensive record coverage.
- Capital allocation strategy: The call detailed a robust capital plan with targeted CapEx (6%-7% of revenue), annual M&A of $500-$700 million, a $3 billion share buyback program, and a dividend payout ratio between 20% and 30%.
- Equifax Inc. announced the departure of Todd Horvath, Executive Vice President and President, U.S. Information Solutions, effective June 1, 2025, with CEO Mark Begor taking over interim leadership pending a successor.
- The separation includes a lump-sum cash severance of $2.9 million, forfeited unvested equity awards, and an additional make-whole cash payment of approximately $3.2 million based on his new hire equity award.