Equifax (EFX)

Frequently Asked Questions About Equifax (EFX)

Can consumers get their credit report from Equifax for free?

Yes, consumers are entitled to one free credit report per year from each of the major credit reporting agencies, including Equifax. This can be obtained through AnnualCreditReport.com, which is the only federally authorized source for free credit reports in the United States.

Does Equifax offer services for businesses?

Yes, Equifax offers a wide array of services tailored for businesses, including credit risk assessment, customer verification, and marketing insights. These services are designed to assist businesses in making informed decisions about credit and improve their operational efficiency, ultimately leading to better risk management and customer acquisition strategies.

How can consumers dispute inaccuracies in their credit report?

Consumers can dispute inaccuracies in their Equifax credit report by submitting a dispute online through the Equifax website, by mail, or by phone. Equifax will then investigate the dispute, typically within 30 days, and either correct the error or confirm that the original entry is accurate. It is crucial for consumers to provide supporting documentation for their claims.

How does Equifax obtain consumer credit data?

Equifax obtains consumer credit data from a network of creditors, including banks, credit card issuers, and other financial institutions. These entities provide data regarding their consumers' credit accounts, payment histories, and other financial activities, which Equifax aggregates and analyzes to generate credit reports and scores.

How does Equifax protect consumer data?

Equifax employs multiple layers of security measures to protect its data, including encryption, access controls, and regular security audits. After the 2017 data breach, which exposed the personal information of millions, the company significantly enhanced its cybersecurity protocols and practices to safeguard sensitive information.

How has Equifax adapted to technological changes?

Equifax has adapted to technological changes by investing in advanced analytics, artificial intelligence, and machine learning to improve its services and deliver more personalized solutions. The company continuously updates its infrastructure and processes to enhance consumer experiences and streamline its operations amidst the evolving financial technology landscape.

Is Equifax involved in business analytics?

Yes, Equifax provides business analytics services to help organizations make better-informed decisions regarding credit risk and customer management. By leveraging its vast database and analytics capabilities, Equifax assists businesses in identifying market trends, assessing potential customers, and mitigating risks associated with lending.

What are the potential consequences of a poor credit score?

A poor credit score can have significant negative consequences, including higher interest rates on loans and credit cards, difficulty obtaining credit or loans, increased insurance premiums, and challenges in securing rental agreements or employment opportunities. It reflects a higher risk to lenders and can impede financial opportunities.

What does Equifax do?

Equifax is a consumer credit reporting agency that collects and maintains information on over 800 million individual consumers and more than 88 million businesses worldwide. The company provides various services, including credit reports, scores, and monitoring; identity theft protection; and data-driven insights and analytics for businesses. Its primary goal is to help consumers and businesses make informed financial decisions.

What is a credit score, and how does Equifax calculate it?

A credit score is a numerical representation of a consumer's creditworthiness, typically ranging from 300 to 850. Equifax calculates credit scores using various factors, including payment history, credit utilization, length of credit history, new credit inquiries, and types of credit accounts. These scores help lenders assess the risk of lending to a consumer.

What is Equifax's role in identity theft protection?

Equifax plays a significant role in identity theft protection through its dedicated identity monitoring and recovery services. The company offers products that alert consumers to potential identity theft incidents, provide credit monitoring, and assist in resolving identity theft-related issues, such as fraud alerts and credit freezes.

What is the significance of the Equifax credit reporting system?

The Equifax credit reporting system is significant as it plays a pivotal role in the lending ecosystem. Credit reports and scores generated by Equifax help lenders evaluate the risk of extending credit to consumers, thereby influencing lending decisions. The accuracy and reliability of this information are crucial for maintaining trust in financial markets.

What products and services does Equifax offer?

Equifax offers a range of products and services, including credit reports and monitoring for both consumers and businesses, credit scoring solutions, fraud detection and identity theft protection services, and data analytics tools that help businesses make informed decisions regarding consumer credit and risk.

What steps has Equifax taken since the data breach?

Since the data breach in 2017, Equifax has made substantial investments in its cybersecurity infrastructure and protocols, including hiring a new Chief Information Security Officer, enhancing its security technologies, and implementing new data protection measures. The company has also committed to greater transparency and improved communication with consumers regarding data privacy and security.

What was the 2017 Equifax data breach?

The 2017 Equifax data breach was a significant security incident that exposed the personal information of approximately 147 million consumers, including names, Social Security numbers, birth dates, and addresses. The breach was attributed to a failure to patch a known vulnerability in the Apache Struts web application framework, leading to widespread criticism and resulting in various lawsuits and regulatory scrutiny.

When was Equifax founded?

Equifax was founded in 1899 in Atlanta, Georgia. Originally established as a credit reporting agency for local merchants, it has evolved significantly over the years, becoming one of the three largest credit bureaus in the United States, alongside Experian and TransUnion.

Where is Equifax headquartered?

Equifax is headquartered in Atlanta, Georgia. The company's central location allows it to operate efficiently while being close to many of the major financial institutions and businesses that rely on its services.

Who are the competitors of Equifax?

Equifax operates in a competitive landscape comprising other major credit reporting agencies like Experian and TransUnion. Additionally, it faces competition from emerging fintech companies that provide alternative credit scoring solutions and financial services aimed at consumers and businesses.

What is the current price of Equifax?

The current price of Equifax is 247.57

When was Equifax last traded?

The last trade of Equifax was at 7:00 pm EDT on April 2nd, 2025

What is the market capitalization of Equifax?

The market capitalization of Equifax is 30.70B

How many shares of Equifax are outstanding?

Equifax has 124.00M shares outstanding.