Equifax is a multinational American consumer credit reporting agency that is among the top three consumer credit reporting agencies. Equifax collects and also aggregates information on more than 88 million businesses and more than 880 million individuals worldwide. In addition, the agency sells fraud prevention and credit monitoring services to their customers.
The headquarters of the agency is in Atlanta, Georgia, and it operates in 24 countries in Asia Pacific, Europe, and America. It has employed more than 32,000 workers globally, and it is traded at the New York Stock Exchange under the name EFX. Equifax has an annual revenue of over $3.1 billion. Equifax is headed by Mark L. Feidler as the chairman of the board, Mark W. Begor, as the CEO, and John W. as the vice president as well as the CFC.
Inception
The agency was founded by two brothers Guy and Cator Woolford, in 1899. It started in Atlanta, Georgia, under the name of Retail Credit Company. The company experienced rapid growth, and by 1920 it had opened offices all over Canada and the United States, and by the 1960s, the agency was one of the leading credit bureaus. In 1975 the agency changed its name from Retail Credit Company to Equifax.
After a couple of years, the company expanded into commercial credit reports on big companies in the UK, the US, and Canada. In 2010 Equifax bought an identity verification software company Anakam, which was headquartered in San Diego, California. The agency also purchased a business intelligence company known as eThority, which has headquarters in Charleston, South Carolina.
Evolution
For many years, Equifax has operated mostly on the business-to-business sector, where it sold consumer credit and insurance reports. Its customers included retailers, government agencies, healthcare providers, insurance firms, and credit unions, among many others. This changed in 1999 when the agency started offering services to credit consumer sectors. These services included identifying theft prevention products as well as credit fraud identity.
Over the years, the agency has faced several challenges, their biggest one being security failings. These included insecure systems reported in 2016. There was also a security breach in 2017, and the same year, there was an exposure of consumer data on their Argentine customers. Other failings were on the exposure of American salary data, and website malware.
Following these failings, Equifax has faced several lawsuits as well as fines over the years. On two occasions, the agency was fined by the Federal Trade Commission, and this was for violating the Fair Credit Reporting Act (FCRA). The agency agreed to a global settlement in January 2020 with different institutions like the Financial Protection Bureau, Federal Trade Commission, and 50 U.S. states and territories. The settlement was for those who were affected by the data breach, and it cost Equifax over $700 million.
Awards & Achievements
Equifax has been operational for over a decade, during which time it has experienced immense success. It has been recognized in the Top 100 list of the “World’s Most Innovative Companies” by Forbes. Another achievement is being named a Top Technology Provider, Top Workplace, and it was the winner of the InformationWeek Elite 100, among many others. In 2015, Equifax was ranked number 13 on the American Banker FinTech Forward list.
Net Worth of Equifax in 2024
As of April 2024, The net worth of Equifax is estimated to be $5 billion. The agency has an operating income of $900 million, and its net income was estimated to be $600.1 million last year. The agency has recorded a very big growth over the years, and they have total assets worth $7.23 billion. All these figures have been every rising every year for the past couple of years.
Equifax is one of the three largest consumer credit reporting agencies in the United States alongside TransUnion and Experian. The agency handles information on more than 88 million businesses and 880 million individuals globally. Other services offered by Equifax include selling credit monitoring to their customers as well as fraud prevention services. The company has been in existence for over a decade, and it has stood the test of time to be among the largest consumer credit reporting agency of all time.