What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-22 compared with 2023-02-23 · 71 added, 77 removed, 363 unchanged (29% of the section changed)

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We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals.

Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal history, healthcare professional licensure and sanctions, demographic and marketing data.

Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice data, healthcare professional licensure and sanctions, demographic and marketing data.

We use advanced statistical techniques, machine learning and proprietary software tools to analyze available data to create customized insights, decision-making and process automation solutions and processing services for our clients.

We are a leading provider of e-commerce fraud and charge back protection services in North America as well as information and solutions used in payroll-related and human resource management business process services in the United States of America (“U.S.”).

We are a leading provider of information and solutions used in payroll-related and human resource management business process services in the United States of America (“U.S.”) as well as e-commerce fraud and charge back protection services in North America.

For consumers, we provide products and services to help people understand, manage and protect their personal information and make more informed financial decisions.

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North America (U.S.

and Canada), Asia Pacific (Australia, New Zealand and India), Europe (the United Kingdom (“U.K.”), Spain and Portugal) and Latin America (Argentina, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay).

We maintain support operations in the Republic of Ireland, Chile, Costa Rica and India.

We also have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia and Singapore and have an investment in a consumer and commercial credit information company in Brazil.

We previously had a joint venture in Russia that offered consumer credit services;

however, during the third quarter of 2022, we completed the sale of this equity method investment.

and Canada), Asia Pacific (Australia, New Zealand and India), Europe (the United Kingdom (“U.K.”), Spain and Portugal) and Latin America (Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay).

We maintain support operations in Chile, Costa Rica, India and Ireland.

We also have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia, Singapore and Brazil.

Equifax was originally incorporated under the laws of the State of Georgia in 1913, and its predecessor company dates back to 1899.

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• Workforce Solutions — provides services enabling customers to verify income, employment, educational history, criminal justice data, healthcare professional licensure and sanctions of people in the U.S.

(Verification Services), as well as providing our employer customers with services that assist them in complying with and automating certain payroll-related and human resource management processes throughout the entire cycle of the employment relationship, including unemployment cost management, employee screening, employee onboarding, tax credits and incentives, I-9 management and compliance, immigration case management, tax form management services and Affordable Care Act management services (Employer Services).

Workforce Solutions has established operations in Canada, Australia and most recently in the U.K.

(Verification Services), as well as providing our employer customers with services which include unemployment claims management, I-9 and onboarding services, Affordable Care Act compliance management, tax credits and incentives and other complementary employment-based transaction services (Employer Services).

Workforce Solutions has established operations in Canada, Australia and the U.K.

Information Solutions (“USIS”) — provides consumer and commercial information solutions to businesses in the U.S.

including online information, decisioning technology solutions, identity management services, analytical services, e-commerce fraud and charge back protection services, portfolio management services, mortgage reporting and marketing services.

We provide products to consumers in the U.S.

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We also provide information, technology and services to support debt collections and recovery management.

In addition, we provide products to consumers in Canada, the U.K.

and Australia to enable them to understand and monitor their credit and help protect their identity.

In addition, we provide products to consumers in Canada, the U.K., Australia and Chile to enable them to understand and monitor their credit and help protect their identity.

This operating segment is comprised of our Asia Pacific, Europe, Latin America and Canada business units.

It also includes our joint ventures in Cambodia, Malaysia and Singapore and investment in a consumer and commercial credit information company in Brazil.

It also includes our joint ventures in Cambodia, Malaysia, Singapore and Brazil.

Our Business Strategy

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We are rationalizing and rebuilding our application portfolio using cloud-native services.

Our move to cloud-native technology is enabling the creation of our single data fabric and implementation of best-in-class cloud-based tools and capabilities.

Our move to cloud-native technology is enabling the continued development of our single data fabric, which is a cloud native platform that enables Equifax to build, manage and deploy data products, as well as implementation of best-in-class cloud-based tools and capabilities.

Our growth strategy is to leverage our cloud data and technology transformation to accelerate innovation and new product development;

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We strive to advance these capabilities and bring our customers multi-data solutions at scale by expanding our unique and differentiated data assets and analytics through organic growth, business acquisitions and partnerships.

• Foster a culture of customer centricity.

We are focused on maintaining a culture in which the customer is at the center of our decision processes and we exceed customer expectations by delivering solutions with speed, flexibility, stability and performance.

We prioritize engagement with our customers and strive to accelerate innovation through our expanded customer focus and collaboration.

We seek to leverage our cloud native technology and unique data assets and capabilities, as well as customer expertise and customer data and technology assets, to drive the development of high-value analytical products and services targeted at a broader range of customer needs.

Our focus on customer centricity enables us to be more proactive in solving problems better and faster for customers while delivering enhanced operational readiness to provide a better customer experience.

• Foster a culture of putting customers and consumers first.

We are focused on maintaining a culture in which our customers and consumers are at the center of our decision processes, and where we exceed customer and consumer expectations by delivering solutions with speed, flexibility, stability and performance.

We prioritize engagement with our customers and strive to accelerate innovation through collaboration.

We seek to leverage our cloud native technology and unique data assets and capabilities, as well as customer expertise and data and technology assets, to drive the development of high-value analytical products and services designed to address a broader range of customer and consumer needs.

We work to maximize the value of our differentiated data assets, analytics and decisioning to drive new products and services that provide a fuller picture of consumers and commercial entities to our customers in banking and financial services, government, employee hiring and onboarding and other service providers.

• Execute strategic acquisitions that expand our data portfolio and capabilities and drive revenue growth.

A critical lever of our strategy is inorganic growth through accretive and strategic acquisitions that drive incremental annual revenue growth.

Our acquisition priorities are clear and focused on re-investing in bolt-on acquisitions that expand our unique differentiated data assets and solutions to strengthen and grow our core businesses.

Our acquisition priorities are clear and focused on re-investing in acquisitions that expand our unique differentiated data assets and solutions to strengthen and grow our core businesses.

We continue to invest, including through acquisitions and partnerships, to expand our addressable markets and the data and capabilities we offer to solve customer challenges across the services we provide and to expand our access to differentiated data including across identity authentication, fraud mitigation and risk management.

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Marketing services X X X X X

Direct-to-consumer credit monitoring X X X X X

Employment and income verification services X X X

Direct-to-consumer services

Employment and income verification services X X

Talent management X X

Business process outsourcing (BPO) X X X

Debt collection software, services and analytics X X X X

Debt collection software, services and analytics X X X

Each of our operating segments is described more fully below.

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Verification Services.

Verification Services include employment, income, educational history, criminal history, healthcare professional licensure and sanctions verification services.

Verification Services include employment, income, educational history, criminal justice data, healthcare professional licensure and sanctions verification services.

Our online verification services enable 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.

We also offer an offline manual verification service, which expands employment verification to locate data outside our existing automated database.

We also offer various government direct data services, where we process tax forms on behalf of our customers with the applicable government agency.

In addition, Verification Services administers a comprehensive source of incarceration, justice and people-based risk intelligence data.

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tax form management services (which include initial distribution, reissuance and correction of W-2 and 1095-C 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;

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;

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The Work Number ® is our key repository of employment and income data serving our Verification Services business unit.

We rely on payroll data received from over two million organizations to regularly update the database.

We rely on payroll data received from over three million organizations to regularly update the database.

The updates occur as employers and other data contributors transmit data electronically to Equifax from their payroll systems.

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The fees we charge for services in these two business units are generally on a per transaction basis.

We have not experienced significant turnover in the employer contributors to the database because we generally do not charge them to add

their employment data to The Work Number ® database, and the verification service we offer relieves them of the administrative burden and expense of responding to third-party employment verification requests while providing them with the assurance that the process is automated and not subject to human interpretation.

The Work Number ® database held over 600 million current and historic employment records at December 31, 2022.

We have not experienced significant turnover in the employer contributors to the database because we generally do not charge them to add their employment data to The Work Number ® database, and the verification service we offer relieves them of the administrative burden and expense of responding to third-party employment verification requests while providing them with the assurance that

the process is automated and not subject to human interpretation.

The Work Number ® database held about 168 million current and 657 million total (current and historic) employment records at December 31, 2023.

Workforce Solutions has established an income and employment verification service in Canada, Australia and the U.K., known as Verification Exchange.

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We offer scoring and analytical services that provide additional information to help mitigate the credit risk assumed by our clients.

Online Information Solutions also includes our consumer solutions product suite that give U.S.

consumers information to enable them to understand and monitor their credit to monitor and help protect their identity.

Online Information Solutions also includes our consumer solutions product suite that gives U.S.

consumers information to enable them to understand and monitor their credit and to monitor and help protect their identity.

Equifax products offer monitoring features for consumers who are concerned about identity theft, including credit report monitoring from all three credit bureaus, internet scanning, bank account monitoring and lost wallet support.

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to develop portfolio strategies to minimize risk and maximize profitability;

and to realize additional revenue from existing customers through more effective cross-selling of additional

products and services.

and to realize additional revenue from existing customers through more effective cross-selling of additional products and services.

Our products are also utilized by customers to support digital identity verification and fraud detection and protection.

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 our Online Information Solutions’ products.

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 our Online Information Solutions’ products.

These data assets broaden the understanding of consumer and business financial potential and opportunity, which can further drive high value decisioning and targeting solutions for our clients.

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The International operating segment includes our Asia Pacific, Europe, Latin America and Canada business units.

It also includes our joint ventures in Cambodia, Malaysia and Singapore and investment in a consumer and commercial credit information company in Brazil.

It also includes our joint ventures in Cambodia, Malaysia, Singapore and Brazil.

These business units offer products that are similar to those available in the USIS operating segment, but with variations by geographic region.

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We also offer specialized services that help our customers better manage risk in their consumer portfolios.

This operating segment’s products and services generate revenue in Argentina, Australia, Canada, Chile, Costa Rica, Ecuador, El Salvador, Honduras, Dominican Republic, India, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K.

We also maintain support operations in the Republic of Ireland, Chile, Costa Rica, and India.

We have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia and Singapore and have an investment in a consumer and commercial credit information company in Brazil.

This operating segment’s products and services generate revenue in Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K.

We also maintain support operations in Chile, Costa Rica, India and Ireland.

We have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia, Singapore and Brazil.

We also provide information, technology and services to support debt collections and recovery management in Asia Pacific, Europe, Canada and Latin America.

Asia Pacific.

Our Asia Pacific operation provides consumer and commercial information solutions products, marketing products, workforce solutions, and consumer credit protection products.

Our Asia Pacific operation provides consumer and commercial information solutions products, marketing products, employment verification services and consumer credit protection products.

We offer a full range of products, generated from credit records and other data, including credit reporting and scoring, decisioning technology, risk management, identity management, authentication and fraud detection services.

Our consumer and commercial products are the primary source of revenue in each of the countries in which we operate and include credit reporting, decisioning tools and risk management services.

We also provide information, technology and services to support debt collections and recovery management.

We also provide information, technology and services to support talent management, as well as debt collections and recovery management.

Additionally, we provide a variety of consumer and commercial marketing products generated from information databases, including business profile analysis, business prospect lists and database management.

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Our Europe operation provides information solutions, fraud detection services, debt collection services and marketing products.

Information solutions and fraud products are generated from information that we maintain and include credit reporting and scoring, asset information, risk management, identity management and authentication services and fraud detection and modeling services.

Information solutions and fraud products are generated from information that we maintain and include credit reporting, monitoring and scoring, asset information, risk management, identity management and authentication services and fraud detection and modeling services.

These products are sold in the U.K.

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Additionally, we provide a variety of consumer and commercial marketing products generated from our credit information databases, including business profile analysis, business prospect lists and database management.

The countries in this region in which we operate include Argentina, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay.

We also have an investment in a consumer and commercial credit information company in Brazil.

The countries in this region in which we operate include Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay.

We also have an investment in a consumer credit information company through a joint venture in Brazil.

Similar to the USIS business units, our Canada operation offers products derived from the credit information that we maintain about individual consumers and businesses.

We offer many 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 our decisioning products that facilitate pre-approved offers of credit and

automate a variety of credit decisions.

We also provide information, technology and services to support debt collections and recovery management, as well as data, technology and services to facilitate the search of land data and process real estate transactions in Canada.

We offer many products in Canada, including credit reporting, monitoring and scoring, consumer and commercial marketing, risk management, fraud detection and modeling services, identity management and authentication services, together with certain of our decisioning products that facilitate pre-approved offers of credit and automate a variety of credit decisions.

We also offer commercial credit solutions, which help businesses manage financial and credit risk and gain insights on customers, markets and industry groups using our commercial data assets.

We also provide data, technology and services to facilitate the search of land data and process real estate transactions in Canada.

The market for our products and services is highly competitive and is subject to constant change.

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and several foreign countries under applicable patent laws.

We also have registered and common law trademarks, service marks, logos and internet domain names in the U.S.

and in many foreign countries, the most

important of which include “Equifax,” “The Work Number,” “Interconnect,” “Equifax Ignite,” and variations thereof.

We also register and rely on common law rights, where applicable, to protect trademarks, service marks, logos and internet domain names in the U.S.

and in many foreign countries, the most important of which include “Equifax,” “The Work Number,” “Interconnect,” “Equifax Ignite,” and variations thereof.

These marks are used in connection with many of our product lines and services.

Our intellectual property rights are generally important to our operations and competitive position, but no single intellectual property right or group of intellectual property rights is solely responsible for protecting our businesses.

Certain Company trademarks, including the “Equifax” trademark, which contribute to our brand identity and the recognition of our products and services, are more important to our business, and their loss could have a significant negative impact on us.

Our intellectual property rights are generally important to our operations and competitive position, but no single intellectual property right or

group of intellectual property rights is solely responsible for protecting our businesses.

Certain Company trademarks, including the “Equifax” trademark, contribute to the success of our business, and their loss could have a significant negative impact on us.

We license other companies to use certain data, software and other technology and intellectual property rights we own or control, primarily as core components of our products and services, on terms that are consistent with customary industry standards and that are designed to protect our interest in our intellectual property.

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federal, state, local and foreign laws and regulations that involve matters central to our business.

These laws and regulations may involve consumer reporting, privacy, data protection, intellectual property, competition, consumer protection, anti-corruption, anti-bribery, anti-money laundering, employment, health, taxation or other subjects.

These laws and regulations may involve consumer reporting, privacy and consumer protection, data protection, intellectual property, competition, anti-corruption, anti-bribery, anti-money laundering, employment, health, taxation or other subjects.

In particular, we are subject to U.S.

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There are also a number of legislative proposals pending before the U.S.

Congress, various state legislative bodies and foreign governments concerning consumer and data protection that could particularly affect us.

Congress, various state legislative bodies and foreign governments concerning consumer and data protection that could affect us.

Summary of U.S.

Regulations Relating to Consumer and Data Protection

operations are subject to numerous laws and regulations governing the collection, protection and use of consumer credit and other information, and imposing sanctions for the misuse of such information or unauthorized access to data.

Many of these provisions also affect our customers’ use of consumer credit or other data we furnish.

operations are subject to numerous laws and regulations that govern the collection, protection and use of consumer credit and other information and impose penalties for the misuse of such information or unauthorized access to data.

Many of these laws and regulations also affect our customers’ use of consumer credit or other data that we license.

Examples of the most significant U.S.

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The Dodd-Frank Act provides the CFPB with examination and supervisory authority over CRAs, including us.

The Dodd-Frank Act prohibits unfair, deceptive or abusive acts or practices (“UDAAP”)

with respect to consumer financial services practices and provides the CFPB with enforcement authority to enforce those provisions.

The Dodd-Frank Act prohibits unfair, deceptive or abusive acts or practices (“UDAAP”) with respect to consumer financial services practices and provides the CFPB with enforcement authority to enforce those provisions.

Among other areas, the CFPB’s UDAAP authority extends to the security measures we employ to safeguard the personal data of consumers.

Allegations that we failed to safeguard or handle such data in a compliant manner may subject us to CFPB enforcement action.

The CFPB may pursue administrative proceedings or litigation to enforce the laws and rules subject to its jurisdiction.

The CFPB may pursue administrative

proceedings or litigation to enforce the laws and rules subject to its jurisdiction.

In these proceedings, the CFPB can obtain cease and desist orders, which can include orders for restitution to consumers or rescission of contracts, as well as other types of affirmative relief and monetary penalties ranging from $5,000 per day for ordinary violations and up to $1 million per day for known violations.

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• We or certain of our operations are also subject to and affected by new and evolving state privacy and data security laws such as data broker registration requirements in California and Vermont, and the California Consumer Privacy Act (“CCPA”).

The CCPA became effective January 1, 2020 and imposes additional data privacy requirements on many businesses operating in the state, including, potentially, with respect to employee data in addition to consumer data.

The CCPA became effective in January 2020 and imposes additional data privacy requirements on many businesses operating in the state, including, potentially, with respect to employee data in addition to consumer data.

The CCPA expansively defines “personal information” and imposes new notice requirements relating to the collection, use and sharing of personal information.

It provides consumers with extensive rights, including the right to access the categories and specific pieces of personal information businesses collect, the right to request businesses delete information, and the right to opt-out of “sales” of personal information with sales being defined under the CCPA to include monetary and non-monetary valuable

consideration.

The CCPA also contains a private right of action in the event that a business suffers a security breach that was due to unreasonable security measures.

In November 2020, California voters passed the California Privacy Rights Act (“CPRA”), which maintains the core framework but expanded the requirements of the CCPA effective January 1, 2023.

We may also become subject to and affected by new and proposed state privacy laws similar to the CCPA and CPRA, such as the Virginia Consumer Data Protection Act (“VCDPA”) which became effective January 1, 2023, and the Colorado Privacy Act (“CPA”) which becomes effective July 1, 2023.

We may also become subject to and affected by new and proposed state privacy laws

similar to the CCPA and CPRA, such as the Virginia Consumer Data Protection Act (“VCDPA”) (effective January 1, 2023), the Colorado Privacy Act (effective July 1, 2023), the Connecticut Data Privacy Act (effective July 1, 2023), and the Utah Consumer Privacy Act (effective December 31, 2023), as well as enacted laws in Delaware, Indiana, Iowa, Montana, New Jersey, Oregon, Tennessee and Texas that become effective throughout 2024, 2025 and 2026.

A number of other state legislatures, including New York, Florida and Washington, have introduced comprehensive data privacy legislation modeled after, and which contain certain elements of, the CCPA, VCDPA or the European Union's General Data Protection Regulation (“GDPR”), which is an extremely broad privacy law.

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are subject to FCA supervision.

In July 2022, the FCA set out final rules and guidance for a new Consumer Duty that will set higher expectations for the standard of care firms give consumers.

In addition to regulation by the FCA, we are also subject to regulation by the U.K.

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and most other countries where Equifax operates.

In addition, the GDPR includes data breach

notification requirements and it establishes the ability of regulators to pursue substantial penalties for non-compliance.

In addition, the GDPR includes data breach notification requirements and it establishes the ability of regulators to pursue substantial penalties for non-compliance.

In addition to the GDPR, each EU member state may include specific requirements regarding personal data breaches in its local data protection regulations.

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The NZ OPC can make a finding that there has been an interference with privacy but cannot impose civil penalties for this.

In extreme cases where there has been an interference with privacy, it can refer these cases to the Director of Human Rights for

determination in the Human Rights Review Tribunal.

In extreme cases where there has been an interference with privacy, it can refer these cases to the Director of Human Rights for determination in the Human Rights Review Tribunal.

The NZ OPC can issue practice codes under the Privacy Act 2020 and has issued and subsequently amended the Credit Reporting Privacy Code 2020.

The Privacy Act 2020 contains mandatory data breach reporting.

The Retail Credit Association of New Zealand is an industry association which addresses reciprocity of data issues relating to comprehensive credit reporting and data standards.

The Retail Credit Association of New Zealand is an industry

association which addresses reciprocity of data issues relating to comprehensive credit reporting and data standards.

• In India , various legislation including the Information Technology Act of 2000 and rules framed thereunder and the Credit Information Companies (Regulation) Act of 2005 and rules and regulations framed thereunder, establishes a federal data protection framework.

Entities that collect and maintain personal data and/or credit information must ensure that it is complete, accurate and safeguarded, and must adopt certain privacy principles with respect to collecting, processing, preserving, sharing and using such data and/or credit information.

The Indian parliament is expected to pass legislation that provides greater protection to individuals' personal data.

To this end, in November 2022, Indian legislators introduced the Digital Personal Data Protection Bill (2022).

The Digital Personal Data Protection Bill (2022) is expected to be considered in 2023 with amendments.

This bill is expected to be enacted and eventually to impose additional privacy and data security requirements.

India enacted a new privacy law, The Digital Personal Data Protection Act, 2023 (DPDP Act), in August 2023.

The DPDP Act will become effective at a future date or dates to be determined by the Indian Central Government.

The Central Government is also expected to supplement the DPDP Act with rules, which are yet to be issued.

The DPDP Act provides greater protection to individuals' personal data in digital form.

Our Indian business is subject to regulation by the Reserve Bank of India, which is India’s central banking institution.

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As a result, changes to those regulatory frameworks could impact the services we provide.

For instance, if the federal government or a state government mandates the use of E-Verify, our I-9 service may be impacted if the federal government changes the requirements for individuals to work in the U.S.

For instance, if the federal government or a state government mandates the use of E-Verify or changes the requirements for individuals to work in the U.S., our I-9 service may be impacted.

The Unemployment Cost Management service could be impacted if a state government changes the requirements for employers to process and/or protest unemployment claims.

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Equifax employed approximately 14,900 employees in 22 countries as of December 31, 2023.

Our global employee base consisted of approximately 3,900 employees in our Workforce Solutions business unit, 2,500 employees in our USIS business unit, 4,500 employees in our International business unit and 3,100 employees in our corporate Centers of Excellence.

Our global employee base consisted of approximately 3,200 employees in our Workforce Solutions business unit, 2,600 employees in our USIS business unit, 4,400 employees in our International business unit and 4,700 employees in our corporate Centers of Excellence, which include our support centers in Chile, Costa Rica, India and Ireland.

In 2023, we hired approximately 1,900 new employees and promoted approximately 1,800 employees as we continue to grow and transform our businesses around the world.

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This report contains information that may constitute “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “may” and similar expressions identify forward-looking statements, which generally are not historical in nature.

All statements that address future operating performance and events or developments that we expect or anticipate will occur in the future, including statements relating to future operating results, improvements in our information technology and data security infrastructure, including as a part of our cloud data and technology transformation, our strategy, the expected financial and operational benefits, synergies and growth from our acquisitions, changes in U.S.

and worldwide economic conditions, such as rising interest rates and inflation, that materially impact consumer spending, consumer debt and employment and the demand for Equifax's products and services, our culture, our ability to innovate, the market acceptance of new products and services and similar statements about our business plans are forward-looking statements.

All statements that address future operating performance and events or developments that we expect or anticipate will occur in the future, including statements relating to future operating results, improvements in our information technology and data security infrastructure, including as a part of our cloud technology transformation, our strategy, the expected financial and operational benefits, synergies and growth from our acquisitions,

changes in U.S.

and worldwide economic conditions, such as changes in interest rates and inflation, that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax's products and services, our culture, our ability to innovate, the market acceptance of new products and services and similar statements about our business plans are forward-looking statements.

Management believes that these forward-looking statements are reasonable as and when made.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business