What changed in this filing

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Item 1A. Risk Factors

2026-02-19 compared with 2025-02-20 · 108 added, 90 removed, 255 unchanged (44% of the section changed)

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Insider or employee cyber and security threats are also a significant concern for all companies, including ours.

Despite our substantial investment in physical and technological security measures, employee training and contractual precautions, our information technology networks and infrastructure (or those of our third-party vendors and other service providers) are potentially vulnerable to unauthorized access to data, loss of access to systems or breaches of confidential information due to criminal conduct, attacks by hackers, employee or insider malfeasance and/or human error.

Despite our substantial investment in physical and technological security measures, employee training and contractual precautions, our information technology networks and infrastructure (or those of our third-party vendors and other service providers) are potentially vulnerable to unauthorized access to data, loss of access to systems or breaches of confidential information due to criminal conduct, attacks by hackers, artificial intelligence-powered attacks, employee or insider malfeasance and/or human error.

The techniques used to obtain unauthorized access, disable or degrade service or sabotage systems are constantly evolving and often are not recognized until launched against a target, or even some time after.

For example, artificial intelligence can automate and hyper-personalize existing attack vectors like phishing and deepfakes.

We may be unable to anticipate these techniques, implement adequate preventative measures or remediate any intrusion on a timely or effective basis even if our security measures are appropriate, reasonable and/or comply with applicable legal requirements.

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Although we have developed systems and processes that are designed to protect our data and customer data and to prevent data loss and other security breaches, and expect to continue to expend significant additional resources to bolster these protections, these security measures cannot provide absolute security.

We previously experienced a material cybersecurity incident in 2017 and if we experience additional breaches of our security measures, including from incidents that we fail to detect for a period of time, sensitive data may be accessed, stolen, disclosed or lost.

We have previously experienced a material cybersecurity incident and if we experience additional breaches of our security measures, including from incidents that we fail to detect for a period of time, sensitive data may be accessed, stolen, disclosed or lost.

Any such access, disclosure or other loss of information could subject us to business interruption, significant litigation, regulatory fines or penalties, any of which could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations.

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Security breaches and attacks (including those that impact our third-party vendors and other service providers) and the adverse publicity that may follow, can have a negative impact on our reputation and our relationship with our customers.

For example, our reputation with consumers and other stakeholders and our customer relationships were damaged following the cybersecurity incident in 2017, resulting in a negative impact on our revenue for a period of time.

For example, our reputation with consumers and other stakeholders and our customer relationships were damaged following a prior material cybersecurity incident, resulting in a negative impact on our revenue for a period of time.

If we experience another material cybersecurity incident or are otherwise unable to demonstrate the security of our systems and the data we maintain and retain the trust of our customers, consumers and data suppliers, we could experience a substantial negative impact on our business.

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We are in the final stages of migrating the vast majority of our applications and systems infrastructure from legacy on-premises systems to cloud-based solutions hosted by third parties.

We expect that our cloud technology transformation will significantly increase our efficiency and productivity, improve the stability and functionality of our products and services, and decrease the cost of our overall systems infrastructure, all of which we expect will drive growth and have a positive effect on our business, competitive position and results of operations.

We expect that our cloud technology transformation will continue to increase our efficiency and productivity, enhance our ability to deliver new and differentiated products, improve the stability and functionality of our products and services, decrease the cost of our overall systems infrastructure, and enable the delivery of advanced artificial intelligence-based products and internal processes, all of which we expect will drive growth and have a positive effect on our business, competitive position and results of operations.

This initiative has been a major undertaking as we have replaced most of our previous operating systems with cloud-based systems.

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We cannot assure you that our technology transformation will be beneficial to the extent, or within the timeframes expected, or that the estimated efficiency, cost savings and other improvements will be realized as anticipated or at all.

Market acceptance of cloud-based offerings is affected by a variety of factors, including information security, reliability, performance, the sufficiency of technological infrastructure to support our products and services in certain geographies, customer and data provider concerns with entrusting a third party to store and manage its data as well as the customer’s ability to access this data once a contract has expired, and consumer concerns regarding data privacy and the enactment of laws or regulations that restrict our ability to provide such services to customers.

Market acceptance of cloud-based and artificial intelligence-based offerings is affected by a variety of factors, including information security, reliability, performance, the sufficiency of technological infrastructure to support our products and services in certain geographies, customer and data provider concerns with entrusting a third party to store and manage its data as well as the customer’s ability to access this data once a contract has expired, and consumer concerns regarding data privacy and the enactment of laws or regulations that restrict our ability to provide such services to customers.

If we are unable to correctly respond to these issues, we may experience business disruptions, damage to our reputation, negative publicity, diminished customer trust and relationships and other adverse effects on our business.

Even if the anticipated benefits and savings of our technology transformation are substantially realized, there may be consequences, internal control issues or business impacts that were not expected.

We have made significant investments in our technology transformation, and if we were to change cloud-based service providers, we may incur additional costs in connection with a transition.

The loss of access to credit, employment, financial and other data from external sources could harm our ability to provide our products and services.

We rely extensively on data from external sources to maintain our proprietary and non-proprietary databases, including data received from customers, licensors, furnishers, strategic partners and various government and public record sources.

We have made significant investments in our technology transformation, and if we were to change a primary cloud-based service provider, we may incur additional costs in connection with a transition.

The loss of access to credit, employment, financial and other data or intellectual property from external sources could harm our ability to provide our products and services.

We rely extensively on data from external sources to maintain proprietary and non-proprietary databases, including data received from customers, licensors, furnishers, strategic partners, consumers, and various government and public record sources.

This data includes the widespread and voluntary contribution of credit data from most lenders in the U.S.

and many other markets as well as the contribution of data under proprietary contractual agreements, such as employers’ contribution of employment and income data to The Work Number ® and telecommunications, cable and utility companies’ contribution of payment and fraud data to the National Cable, Telecommunications and Utility Exchange (NCTUE).

and many other markets as well as the contribution of data under proprietary contractual agreements, such as employers’ contribution of employment and income data to The Work Number® and telecommunications, cable and utility companies’ contribution of payment and fraud data to the National Cable, Telecommunications and Utility Exchange, Inc.

(NCTUE) database we manage.

In addition, a significant portion of our revenue is derived from products and services that incorporate intellectual property licensed from third party business partners.

For a variety of reasons, including concerns of data furnishers arising out of legislatively or judicially imposed restrictions on use, security breaches or competitive reasons, our data sources could withdraw, delay receipt of, or increase the cost of, the data they provide to us.

Where we currently have exclusive use of data, the providers of the data sources could elect to make the information available to competitors.

We also compete with several of our third-party data suppliers.

If a substantial number of data sources or certain key data sources were to withdraw or be unable to provide their data, if we were to lose access to data due to government regulation, if we lose our right to the use of data, or if the collection, disclosure or use of data becomes uneconomical, our ability to provide products and services to our customers could be adversely affected, which could result in decreased revenue, net income and earnings per share and reputational loss.

We also compete with several of our third-party data suppliers and intellectual property providers.

If a substantial number of data sources or certain key data sources withdraw or become unable to provide their data, if we lose access to data due to government regulation, if we lose our right to the use of data, if the collection, disclosure or use of data becomes uneconomical, or if we lose the right to use certain intellectual property, our ability to provide products and services to our customers could be adversely affected, which could result in

decreased revenue, net income and earnings per share and reputational loss.

There can be no assurance that we would be able to obtain data from alternative sources if our current sources become unavailable.

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Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions, including the demand and availability of affordable credit and capital, the level and volatility of interest rates, the level of inflation, employment levels, consumer confidence, and housing demand, both inside and outside the United States.

Business customers use our credit information and related analytical services and data to process applications for new credit cards, automobile loans, home and equity loans and other consumer loans, and to manage their existing credit relationships.

Business customers use our data and related analytical services to process applications for new credit cards, automobile loans, home and equity loans and other consumer loans, and to manage their existing credit relationships.

Demand for our services tends to be correlated to general levels of economic activity and to consumer credit activity, which can be impacted by changes in interest rates and the level of inflation.

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Our customer base generally suffers when financial markets experience volatility, illiquidity and disruption, and the potential for disruptions going forward presents considerable risks to our business and revenue.

High or rising rates of unemployment and interest, declines in income, home prices or investment values, lower consumer confidence and reduced access to credit adversely affect demand for many of our products and services, and consequently our revenue and results of operations, as consumers may postpone or reduce their spending and use of credit, and lenders may reduce the amount of credit offered or available.

High or rising rates of unemployment and interest, declines in income, home prices or investment values, lower consumer confidence, economic uncertainty and reduced access to credit adversely affect demand for many of our products and services, and consequently our revenue and results of operations, as consumers may postpone or reduce their spending and use of credit, and lenders may reduce the amount of credit offered or available.

Conversely, certain of our businesses, such as our unemployment claims management business within the Workforce Solutions segment, are countercyclical and may experience negative impacts on revenue and operating profit during periods of improving economic conditions or lower unemployment.

We expect U.S.

We remain in a period of economic uncertainty in the U.S.

and the international markets in which we operate, including uncertainty regarding expectations for inflation and interest rates.

Our current planning for 2026 assumes that U.S.

economic activity, as measured by GDP, will grow at a rate consistent with 2025, and that economic activity in the international markets in which we operate will grow at levels below those experienced in 2025.

The direction of global economies, inflation and interest rates has an impact on the demand for our services.

In particular, we expect U.S.

mortgage credit activity in 2026 to be below the levels of activity seen in 2025.

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To the extent inflation results in higher interest rates and has other adverse effects upon the securities markets and upon the value of financial instruments, it may adversely affect our financial position and profitability.

Our markets are highly competitive and new product introductions and pricing strategies being offered by our competitors could decrease our sales and market share or require us to enhance our products and services or reduce our prices in a manner that reduces our revenue and operating margins.

Our markets are highly competitive.

New products, pricing strategies and business models introduced by our competitors, as well as regulatory changes impacting our industry, could decrease our sales and market share or require us to enhance our products and services or reduce our prices in a manner that reduces our revenue and operating margins.

We operate in a number of geographic, product and service markets that are highly competitive.

Competitors may develop products and services that are superior to or that achieve greater market acceptance than our products and services.

New competitors may choose to enter and compete in our markets, or existing competitors may choose to introduce new products and enter markets that we serve and that they do not currently serve.

Competitors may develop products and services that are superior to or that achieve greater market adoption than our products and services.

New or existing competitors may choose to introduce new products or business models or enter and compete in markets that we serve where they do not currently serve.

The size of our competitors varies across market segments, as do the resources we have allocated to the segments we target.

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As a result, our competitors may be in a position to respond more quickly than we can to new or emerging technologies and changes in customer requirements, or may devote greater resources than we can to the development, enhancement, promotion, sale and support of products and services, or some of our customers may develop products of their own that replace the products they currently purchase from us, which would result in lower revenue.

In addition, many of our competitors have extensive consumer relationships, including relationships with our current and potential customers.

Moreover, new competitors or alliances among our competitors may emerge and potentially reduce our market share, revenue or margins.

In addition, many of our competitors have extensive customer relationships, including relationships with our current and potential customers.

Moreover, new competitors or alliances among our competitors and business partners may emerge and potentially reduce our market share, revenue or margins.

We also license our information to competing firms, and license information from certain of our competitors, in order to sell “tri-bureau” and other products, most notably into the U.S.

mortgage market.

Changes in prices between competitors for this information and/or changes in the design or sale of tri-bureau versus single or dual bureau product offerings may affect our revenue or profitability.

Changes in prices between competitors for

this information and/or regulatory changes that impact the use of the tri-bureau credit report in the U.S.

mortgage market may affect our revenue or profitability.

Some of our competitors sell products that compete with ours at lower prices by accepting lower margins and profitability, or may be able to sell products competitive to ours at lower prices, individually or as a part of integrated suites, given proprietary ownership of data, technological superiority or economies of scale.

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Historically, certain of our key products have experienced declines in per unit pricing due to competitive factors and customer demand.

If we were unable to respond quickly enough to changes in competition or customer demand we could experience reductions in our operating margins.

If we are unable to respond quickly enough to changes in competition or customer demand, we could experience reductions in our operating margins.

If our relationships with key customers and business partners are materially diminished or terminated, our business could suffer.

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Many of our material customer agreements can be terminated by the customer for convenience on limited advance written notice, which provides our customers with the opportunity to renegotiate their contracts with us or to award more business to our competitors.

In addition, a significant portion of our revenue is derived from products and services that incorporate intellectual property licensed from key business partners.

Our existing license agreements have fixed terms and are subject to periodic renewal.

If these agreements expire or are not renewed on acceptable terms that allow us to continue to sell these products and services as currently provided, our customers could reduce their business with us in order to obtain these products and services from our competitors or directly from our business partners, which could have a material adverse effect on our business, financial condition and results of operations.

There is no guarantee that we will be able to retain or renew existing agreements, maintain relationships with any of our customers or business partners on acceptable terms or at all, or collect amounts owed to us from insolvent customers or business partners.

The loss of one or more of our major customers or business partners could adversely affect our business, financial condition and results of operations.

If we do not introduce successful new products, services and analytical capabilities in a timely manner, or if the market does not adopt our new services, or if new technologies are introduced by competitors that are more effective or at lower costs than ours, our competitiveness and operating results will suffer.

We generally sell our products in industries that are characterized by rapid technological changes, including the introduction of new innovative technologies, frequent new product and service introductions and changing industry standards.

The loss of, or change in relationship with, one or more of our major customers or business partners could adversely affect our business, financial condition and results of operations.

If we do not introduce successful new products and services in a timely manner, or if the market does not adopt our products and services, or if new technologies and analytical capabilities are introduced by competitors that are more effective or at lower costs than ours, our competitiveness and operating results will suffer.

We generally sell our products and services in industries that are characterized by rapid technological changes, including the introduction of new innovative technologies and analytical capabilities, frequent new product and service introductions and changing industry standards.

In addition, certain of the markets in which we operate are seasonal and cyclical.

Without the timely introduction of new technologies, products, services and enhancements, our products and services will become technologically or commercially obsolete over time, in which case our revenue and operating results would suffer.

The success of our new products and services will depend on several factors, including our ability to:

(i) properly identify customer needs;

(ii) innovate and develop new technologies, services and applications;

(iii) successfully commercialize new technologies in a timely manner;

(iv) produce and deliver our products in sufficient volumes on time;

Without the timely introduction of new products, services and enhancements, our products and services will become technologically or commercially obsolete over time, in which case our revenue and operating results would suffer.

The success of our products and services will depend on several factors, including our ability to:

(i) properly identify and respond to customer needs;

(ii) innovate and develop new technology and analytical capabilities, including advanced artificial intelligence-based capabilities;

(iii) successfully commercialize new products and services in a timely manner;

(iv) produce and distribute our products and services in sufficient volumes on time;

(v) differentiate our offerings from competitor offerings;

(vi) price our products competitively;

(vii) anticipate our competitors’ development of new products, services or technological innovations;

and (viii) control product quality in our product development process.

(vii) anticipate our competitors’ development of new products, services or technological and analytical innovations, including artificial intelligence-based innovations;

(viii) control product quality in our product development process;

and (ix) provide adequate support for our products and services.

Our resources have to be committed to any new products and services before knowing whether the market will adopt the new offerings.

Recently, we have accelerated our introduction of new products and services, which may increase pressure on our existing operational processes and increase the risks stated above.

We may face risks associated with our use of certain artificial intelligence and machine learning models and systems.

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For new products, the models that we use are developed or trained using various data sets.

If the models are incorrectly designed, if the data we use to train them is incomplete, inadequate or biased in some way, or if we do not have sufficient rights to use the data on which our models rely, the performance of our products and business, as well as our reputation, could suffer or we could incur liability through the violation of laws, third-party privacy or other rights, or contracts to which we are a party.

If the models are incorrectly designed, if the data we use to train them is incomplete, inadequate or biased in some way, if we do not have sufficient rights to use the data on which our models rely, or if we do not have the ability to explain the output, the performance of our products

and business, as well as our reputation, could suffer or we could incur liability through the violation of laws, third-party privacy or other rights, or contracts to which we are a party.

Similarly, if the artificial intelligence systems used for deploying new applications or improving operational processes are incorrectly configured, if the data we use to train them is incomplete or inadequate, or if sufficient testing is not completed, the performance of our business operations, as well as our reputation, could suffer.

We continuously invest in new technologies.

If we implement new technology that includes artificial intelligence, we may introduce incremental risks in our environment if these technologies are incorrectly configured or implemented, if the data we use to prompt them is incomplete, inadequate or biased in some way, or if the outputs are not sufficiently reviewed for reliability and validity.

Our use of artificial intelligence could lead to new or enhanced governmental or regulatory scrutiny, litigation or other legal liability, ethical concerns, negative consumer and customer impacts, and negative perceptions of artificial intelligence generally, all of which could adversely affect our business, reputation or financial results.

As we implement new technology that includes artificial intelligence, we may introduce incremental risks in our environment if these technologies are incorrectly configured or implemented, if the data we use to prompt them is incomplete, inadequate or biased in some way, or if the outputs are not sufficiently reviewed for reliability and validity.

In addition, our investments in new technology, including artificial intelligence technology, may not yield the return on investment we anticipate and have a negative impact on our operating margins.

Our use of artificial intelligence could lead to new or enhanced governmental or regulatory scrutiny, litigation or other legal liability, concerns about ethical use and privacy, negative consumer and customer impacts, and negative perceptions of artificial intelligence generally, all of which could adversely affect our business, reputation or financial results.

In particular, our use of artificial intelligence in credit decisioning could lead to enhanced scrutiny.

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Free sources of consumer employment and income information, such as paystubs, have always existed and could impact demand for our products and services in the event that customers determine such data is sufficient to meet their needs.

In addition, governmental agencies in particular have increased the amount of information to which they provide

free public access and these or other sources of free or relatively inexpensive consumer information from competitors or other commercial sources may reduce demand for our services.

In addition, governmental agencies in particular have increased the amount of information to which they provide free public access and these or other sources of free or relatively inexpensive consumer information from competitors or other commercial sources may reduce demand for our services.

In recent years, there also has been an increase in companies offering free or low-cost direct-to-consumer credit services (such as credit scores, reports and monitoring) as part of alternative business models that use such services as a means to introduce consumers to other products and services.

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Historically, we have relied, in part, on acquisitions, joint ventures and other alliances to grow our business.

Any transaction we do complete may not be on favorable terms, may involve greater-than-expected liabilities and expenses, potential impairments of tangible and intangible assets or significant write-offs, and the expected benefits, synergies, revenue and growth from these initiatives may not materialize as planned.

Any transaction we complete may not be on favorable terms, may involve greater-than-expected liabilities and expenses, potential impairments of tangible and intangible assets or significant write-offs, and the expected benefits, synergies, revenue and growth from these initiatives may not materialize as planned.

We may have difficulty assimilating new businesses and their products, services, technologies, IT systems and personnel into our operations.

IT and data security profiles of acquired companies may not meet our technological standards and may take longer to integrate and remediate than planned.

This may result in significantly greater transaction, remediation and integration costs for future acquisitions than we have experienced historically, or it could mean that we will not pursue certain acquisitions where the costs of integration and remediation are too significant.

IT and data security profiles of acquired companies may not meet our technological standards, may expose us to cybersecurity vulnerabilities and may take longer to integrate and remediate than planned.

This may result in significantly greater transaction, remediation and integration costs for acquisitions than we have experienced historically, or it could mean that we will not pursue certain acquisitions where the costs of integration and remediation are too significant.

We may also have difficulty integrating and operating businesses in geographies and markets or market segments where we do not currently have a significant presence, and acquisitions of businesses having a significant presence outside of the U.S.

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Despite our past experience, opportunities to grow our business through acquisitions, joint ventures and other alliances may not be available to us in the future.

In addition, our focus on data security and our transition to cloud-based technologies may limit our ability to identify and complete acquisitions as our stringent technological criteria and standards for acquisition candidates may continue to increase.

In addition, our focus on data security and use of cloud-based technologies may limit our ability to identify and complete acquisitions as our stringent security and technology criteria and standards for acquisition candidates may continue to increase.

If our government contracts are terminated, if we are suspended from government work, or if our ability to compete for new contracts is adversely affected, our business could suffer.

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Failure to comply with these laws, regulations or provisions in our government contracts could result in the imposition of various civil and criminal penalties, termination or non-renewal of contracts, forfeiture of profits, suspension of payments or suspension of future government contracting.

A number of our government contracts receive enhanced scrutiny and media attention due to the sensitive nature of the data we handle and due to the importance of the government programs we support.

If we experience another material cybersecurity incident, if public or legislative scrutiny and pressure leads to reduced use of data by government agencies, or if we experience uptime issues or performance problems, our ability to maintain existing or acquire new government contracts may be substantially impacted.

Furthermore, our government contracts are funded through federal and state budgeting and appropriations processes, whereby a legislature approves the annual budget submitted by the executive branch.

Our government contracts may receive enhanced scrutiny and media attention due to the sensitive nature of the data we handle and the societal impact of the government programs our contracts support, among other reasons.

If we experience another material cybersecurity incident, if public or legislative scrutiny and pressure lead to reduced use of data by government agencies, or if we experience uptime issues or performance problems, our ability to maintain existing or acquire new government contracts may be substantially impacted.

Furthermore, our government contracts are funded through federal and state budgeting processes, which may be subject to political, tax revenue and other external factors.

Budget shortfalls or changing priorities may cause legislatures to fail to appropriate sufficient funds to fulfill our government contracts from year to year.

In addition, the U.S.

federal government has recently taken steps to reduce government spending, which could negatively impact the continuation, renewal or negotiation of our contracts with the federal government.

federal government has taken steps to reduce spending on vendor contracts, which could negatively impact the continuation, renewal or negotiation of our contracts with the federal government.

Congress has also enacted legislation to reform government benefit programs which may impact contracting with federal and state government agencies.

If our government contracts are terminated or not funded, if we are suspended from government work, if the services we provide are no longer needed due to government program change or termination, or if our ability to compete for new contracts is adversely affected, including by our failure to achieve certain government certifications, our business and financial performance could suffer.

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We face various risks related to health epidemics, pandemics and similar outbreaks.

For example, the COVID-19 pandemic and the mitigation efforts by governments to attempt to control its spread adversely impacted the global economy and led to reduced consumer spending and lending activities.

Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions.

We experienced significant revenue declines in several of our markets as a result of COVID-19 and we may experience similar revenue declines as a result of future health epidemics, pandemics and similar outbreaks.

Our reputation and/or business could be negatively impacted by ESG matters and/or our reporting of such matters.

Over the past several years, regulators, investors, customers, employees and other stakeholders have focused on various environmental, social and governance ("ESG") matters, both in the United States and internationally.

In response to stakeholder feedback, we communicate certain information regarding our responsible business priorities, including initiatives, goals and commitments related to climate, inclusion and diversity, responsible sourcing and social investments, in public disclosures.

Pandemics and the mitigation efforts by governments to attempt to control its spread may adversely impact the global economy and lead to reduced consumer spending and lending activities.

Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions that may result from a pandemic or similar event.

Our reputation and/or business could be negatively impacted by stakeholder responses to our responsible business priorities and commitments and our reporting of such matters.

Over the past several years, regulators, investors, customers, employees and other stakeholders have focused on various sustainability-related matters, including environmental, social and governance ("ESG") matters, both in the U.S.

and internationally.

In response to stakeholder feedback, we communicate certain information regarding our responsible business priorities, including initiatives, goals and commitments related to data security and privacy, climate, inclusion and diversity, employee engagement and community investments, in our public disclosures.

These initiatives, goals and commitments could be difficult to achieve and costly to implement.

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Inaccurate or unreliable data could adversely affect customer decisioning and poses reputational, regulatory compliance, litigation and financial risk to our company.

Although we have developed internal processes and controls to maintain and continually improve data accuracy, these processes and controls cannot ensure absolute accuracy and the complexity of our technology transformation may introduce additional risk.

We have experienced data accuracy issues, including errors in connection with our technology transformation.

To date, none of these issues have had a material impact on our operations or financial results.

However, any future data accuracy issues arising in connection with our technology transformation or otherwise could have a material adverse effect on our business or results of operations, including through the incurrence of additional costs or the loss of customers and harm to our reputation.

Although we have developed internal processes and controls to maintain and continually improve data accuracy, these processes and controls cannot ensure absolute accuracy and we have previously experienced data accuracy issues in the course of our business.

Any future data accuracy issues could have a material adverse effect on our business or results of operations, including through the incurrence of additional costs or the loss of customers and harm to our reputation.

If our systems do not meet customer requirements for response time or high availability, or we experience system constraints or failures, or if our customers do not modify and/or upgrade their systems to accept new releases of our products and services, our services to our customers could be delayed or interrupted, which could result in lost revenues or customers, lower margins, service level penalties or other harm to our business and reputation.

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Any failure to perform on the part of these third-party providers could impair our ability to operate effectively and could result in lower future revenue, unrealized efficiencies and adversely impact our results of operations and our financial condition.

Some of our outsourcing takes place in developing countries and, as a result, may be subject to geopolitical uncertainty.

Some of our outsourcing takes place in countries outside the U.S.

and, as a result, may be subject to political and geopolitical uncertainty.

Insourcing, or transitioning to domestic U.S.-based outsourcing vendors, could cause us to incur significant costs, result in unrealized efficiencies and adversely impact our results of operations and our financial condition.

Our business will suffer if we are not able to retain and hire key personnel.

Our future success depends partly on the continued service of our key development, sales, marketing, executive and administrative personnel.

Increased retention risk exists in certain key areas of our operations, such as data and analytics, IT and data security, which require specialized skills, including cloud security, application development and maintenance and artificial intelligence expertise and analytical modeling.

Increased retention risk exists in certain key areas of our operations, such as data and analytics, artificial intelligence, IT and data security, which require specialized skills, including cloud security, application development and maintenance and artificial intelligence expertise and analytical modeling.

If we fail to retain and hire a sufficient number of these personnel, we will not be able to maintain or expand our business.

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• trade protection measures;

• data privacy and consumer protection laws and regulations;

• data privacy, consumer protection and artificial intelligence laws and regulations;

• antitrust and competition laws;

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• failure to meet quality standards for outsourced work;

• unfavorable tax rules;

• unfavorable tax rules or rulings;

• the presence and acceptance of varying levels of business corruption in international markets;

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We generally do not mitigate the risks associated with fluctuating exchange rates, although we may from time to time through forward contracts or other derivative instruments hedge a portion of our translational foreign currency exposure or exchange rate risks associated with material transactions which are denominated in a foreign currency.

The use of such hedging activities may not offset any or more than a portion of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are in place.

The use of such hedging activities may not offset any or more than a

portion of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are in place.

Accordingly, fluctuations in foreign currency exchange rates, particularly the strengthening of the U.S.

dollar against major currencies, may materially affect our consolidated financial results.

The establishment of tariffs, changes in tax policy or other restrictions on commerce or business operations by the U.S.

or other countries in which we have operations could increase our costs or limit our access to certain technology or services.

Compliance with applicable U.S.

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These business practice commitments are extensive and require a significant amount of attention from management.

and new business practice commitments, which, depending on the amount and type, could have a material adverse effect on our financial condition.

We and our customers are subject to various current laws and governmental regulations, and could be affected by new and evolving consumer privacy and cybersecurity or other data-related laws or regulations, compliance with which may cause us to incur significant expenses and change our business practices, and if we fail to maintain satisfactory compliance with certain laws and regulations, we could be subject to civil or criminal penalties.

As a data, analytics and technology company and credit reporting agency, we are subject to a number of U.S.

To the extent we are unable to comply or we are viewed as not being in compliance with these business practice commitments or other requirements of a relevant order, we could face an enforcement action or contempt proceeding that could potentially result in fines, penalties and new business practice commitments, which, depending on the amount and type, could have a material adverse effect on our financial condition.

We and our customers are subject to various current laws and governmental regulations, and could be affected by new and evolving laws and regulations, including those related to consumer privacy and protection, cybersecurity and artificial intelligence.

Compliance with these laws and regulations may cause us to incur significant expenses and change our business practices, and if we fail to maintain satisfactory compliance with certain laws and regulations, we could be subject to civil or criminal penalties.

As a data, analytics and technology company and consumer reporting agency, we are subject to a number of U.S.

federal, state, local and foreign laws and regulations relating to consumer financial protection, data protection, data privacy, artificial intelligence and cybersecurity.

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These regulations are complex, change frequently, have tended to become more stringent over time, and are subject to administrative interpretation and judicial construction in ways that could harm our business.

In addition, new laws and regulations at the state and federal level are enacted frequently, such as amendments to the FCRA, cybersecurity and other requirements promulgated by the FTC, the NYDFS and the SEC, and data privacy laws in several U.S.

In addition, new laws and regulations are enacted frequently, such as amendments to the FCRA, cybersecurity and other requirements promulgated by the FTC, the NYDFS and the SEC, and data privacy and artificial intelligence laws in several U.S.

states and foreign countries.

There are laws and regulatory requirements in the U.S.

and abroad that govern the operations of consumer reporting agencies and the collection, use, accuracy, correction and sharing of personal data.

The CFPB, our primary regulator, frequently adopts new rulemakings related to these matters.

For example, in October 2024, the CFPB finalized a rule regarding personal financial data rights and open banking pursuant to Section 1033 of the Dodd-Frank Act that governs the practices of data providers, third parties authorized to access consumer data and data aggregators.

Additionally, in January 2025, the CFPB finalized a rule that requires the removal of medical collection debt from consumer credit reports.

There are also a number of proposed rules, including changes to the FCRA proposed by the CFPB, that could significantly impact our business if they are finalized.

Any future changes in laws or regulations that impose additional requirements on our operations or restrict our use of data could have a material adverse effect on our business.

In addition, there are laws and legislative proposals in the U.S.

and abroad concerning privacy and cybersecurity that have implications for our business.

and abroad concerning privacy, cybersecurity and artificial intelligence that have implications for our business.

For example, the Canadian and Australian governments have initiated reviews of their consumer privacy laws, and several U.S.

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More recently, regulators and legislators have been increasingly focused on the use of algorithms, artificial intelligence and machine learning in business processes.

Multiple jurisdictions, including the EU and at least one U.S.

state, have adopted laws related to the development and use of artificial intelligence.

There have also been new legislative proposals to regulate business use and development of artificial intelligence and machine learning technologies which, if enacted, could impose new legal requirements addressing among other issues, privacy, discrimination and human rights.

The specifics of such legislation and the number of other jurisdictions that will introduce legislation in this area remain unclear at this time.

Multiple jurisdictions, including the EU and several U.S.

states, have adopted comprehensive oversight laws related to the development and use of

artificial intelligence and additional countries and U.S.

states are expected to enact comprehensive artificial intelligence regulatory framework statutes.

There are also pending legislative proposals to regulate business use and development of artificial intelligence and machine learning technologies which, if enacted, could impose new legal requirements addressing among other issues, privacy, discrimination and human rights.

A growing number of legislative and regulatory bodies have adopted consumer notification and other requirements in the event that consumer information is accessed or acquired by unauthorized persons and additional regulations regarding the use, access, accuracy and security of such data are possible.

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In the future, we may be subject to significant additional expenses related to compliance with applicable laws and regulations, including new laws and evolving interpretations that have varying requirements and/or are difficult to predict, and to the investigation, defense or remedy of actual or alleged violations.

Additionally, we cooperate with the CFPB in supervisory examinations and respond to other state, federal and foreign government examinations of, or inquiries into, our business practices.

Additionally, we cooperate with U.S.

federal and state supervisory examinations and respond to other state, federal and foreign government examinations of, or inquiries into, our business practices.

In particular, legislative activity in the privacy area may result in new laws that are applicable to us and that may hinder our business, for example, by restricting use or sharing of consumer data, including for marketing or advertising purposes, limiting our ability to provide certain consumer data to our customers, or otherwise regulating artificial intelligence and machine learning, including the use of algorithms and automated processing in ways that could materially affect our business, or which may lead to significant increases in the cost of compliance.

Any failure by us to comply with, or remedy any violations of, applicable laws and regulations could result in new costs for our operations, the curtailment of certain of our operations, the imposition of fines and penalties, liability to private plaintiffs as a result of individual or class action litigation, restrictions on the operation of our business and reputational harm.

is difficult to predict the impact on our business if we were subject to allegations of having violated existing laws.

It is difficult to predict the impact on our business if we were subject to allegations of having violated existing laws.

For example, in Europe, the GDPR, which includes extensive regulations for certain security incidents, could result in fines of up to 4% of annual worldwide “turnover” (a measure similar to revenues in the U.S.).

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Regardless of their outcome, such legal proceedings can have an adverse impact on us because of legal costs, diversion of management and other personnel, and other factors.

or requiring a change in our business practices, products or technologies, which could in the future materially and adversely affect our business, operating results, and financial condition.

In addition, it is possible that a resolution of one or more such proceedings could result in reputational harm, liability, penalties or sanctions, as well as judgments, consent decrees or orders preventing us from offering certain features, functionalities, products or services, or requiring a change in our business practices, products or technologies, which could in the future materially and adversely affect our business, operating results, and financial condition.

The FCRA contains an attorney fee shifting provision that provides an incentive for consumers to bring individual and class action lawsuits against a consumer reporting agency for violation of the FCRA, and the number of consumer lawsuits (both individual and class action) against us alleging a violation of the FCRA and our resulting costs associated with resolving these lawsuits have increased substantially over the past several years.

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A claim of intellectual property infringement could force us to enter into a costly or restrictive license agreement, which might not be available under acceptable terms or at all, or could subject us to significant damages or to an injunction against development and sale of certain of our products or services.

Our intellectual property portfolio may not be useful in asserting a counterclaim, or providing commercial leverage for negotiating a license, in response to a claim of intellectual property infringement.

In certain of our businesses we rely on third-party intellectual property licenses and we cannot ensure that these licenses will be available to us in the future on favorable terms or at all.

Our intellectual property portfolio may not be sufficient to deter a claim of intellectual property infringement, useful in asserting a counterclaim, or provide commercial leverage for negotiating a license to settle a claim.

In certain of our businesses where we rely on third-party intellectual property licenses, we cannot ensure that these licenses will be available to us in the future on favorable terms or at all.

Although our policy is to obtain licenses or other rights where necessary, we cannot provide assurance that we have obtained all required licenses or rights.

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The extent to which such rights can be protected varies in different jurisdictions and is rapidly evolving with respect to artificial intelligence.

If we do not protect and enforce our intellectual property rights successfully, our competitive position may suffer which could harm our operating results.

Our pending patent and trademark applications may not be allowed or competitors may challenge the validity or scope of our intellectual property rights.

In addition, our patents, copyrights, trademarks and other intellectual property rights may not provide us a significant competitive advantage.

We may need to devote significant resources to monitoring our intellectual property rights and we may or may not be able to detect misappropriation or infringement by third parties.

Our competitive position may be harmed if we cannot detect misappropriation or infringement and enforce our intellectual property rights quickly or at all.

If we are unable to protect and enforce our intellectual property rights successfully, our competitive position may suffer which could harm our operating results.

Our pending patent and trademark applications may not be allowed at all, may be granted with claims that are not advantageous, or competitors may challenge the validity or scope of our

intellectual property rights.

Despite our efforts to protect our intellectual property rights, others may independently develop similar products, duplicate our products or design around our intellectual property rights.

In addition, it is difficult to monitor compliance with, and enforce, our intellectual property rights on a worldwide basis in a cost-effective manner.

We may need to devote significant resources to monitoring our intellectual property rights and we may or may not be able to detect misappropriation or infringement by third parties, which may harm our competitive position.

In some circumstances, enforcement may not be available to us because a third party has a dominant intellectual property position or for other business reasons.

In addition, competitors might avoid infringement by designing around our intellectual property rights or by developing non-infringing competing technologies.

Intellectual property rights and our ability to enforce them may be unavailable or limited in some countries, which could make it easier for competitors to capture market share and could result in lost revenue.

Intellectual property rights and our ability to enforce them also may be unavailable or limited in some countries, which could make it easier for competitors to capture market share and could result in lost revenue.

Financial Market Risks

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A downgrade in our credit ratings would increase the cost of borrowings under our commercial paper program and $1.5 billion revolving credit facility, and could limit or, in the case of a significant downgrade, preclude our ability to issue commercial paper.

If our credit ratings were to decline to lower levels, we could experience increases in the interest cost for any

If our credit ratings were to decline to lower levels, we could experience increases in the interest cost for any new debt.

In addition, the market’s demand for, and thus our ability to readily issue, new debt could become further affected by the economic and credit market environment.

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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 1A. Risk Factors