Equifax today is an agency that reports consumer credit within the U.S. Analysts number it among the big three American credit bureau agencies alongside rivals Trans Union and Experian. The company proves to be the oldest of the three main credit bureaus in the country as it became established back in 1899.
The firm gathers and keeps information on more than 800 million consumers and over 88 million businesses around the globe. They are headquartered in Atlanta, Georgia and remain a worldwide data services provider that has annual revenues of $2.7 billion. They have over 7,000 staff operating in 14 different countries. The company is listed on the NYSE New York Stock Exchange. One of their many divisions (Equifax Workforce Solutions) is among the 55 national contractors which the United States Department of Health and Human Services hired to help develop the federal government’s HealthCare.gov website.
The original company which later became Equifax was Retail Credit Company founded in 1899. The firm rapidly expanded and already counted offices around both the United States and Canada by 1920. In the 1960s, this Retail Credit Company represented among the largest of the credit bureaus. It contained files for millions of American and Canadian citizens.
While the firm engaged in some credit reporting at the time, the main part of their business came from providing reports to the many insurance companies throughout the U.S. and Canada as consumers applied for insurance policies such as auto, life, medical, and fire insurance lines. Back in the day, every one of the significant insurance firms relied on Retail Credit Company to gather their information on health, morals, habits, finances, and the utilization of cars and vehicles. Besides this, the firm investigated various insurance claims and also gave employment reports out to companies as consumers sought new jobs. The majority of their credit reporting work at that time they delegated to a subsidiary company called Retailers Commercial Agency.
In 1975, the company changed its name to be Equifax because of image problems they had earned by keeping shady and intimate personal details on all American’s lives and selling them to anyone willing to pay. It was after this that the new company Equifax expanded its operations into commercial credit reporting on firms located in the United States, the United Kingdom, and Canada. Here it engaged in competition against such firms as Experian and Dun & Bradstreet. In the 1990s, they began to phase out their insurance reporting operations and spun off their division which gathered and sold specialist credit information to insurance companies. Among this was the CLUE Comprehensive Loss Underwriting Exchange database they had developed, which they included in the Choice Point spinoff back in 1997.
Throughout the vast majority of its company history, the firm engaged mostly in the B2B sector. They sold insurance and consumer credit reports and associated analytics to businesses which operated in a variety of industries and segments. Among these were insurance firms, retailers, utilities, healthcare providers, banks, credit unions, government agencies, specialty finance companies, personal finance operations, and various other kinds of financial institutions.
Since they divested from their insurance reporting primary operation, the company sells information which includes business credit and consumer credit reports, demographic information, analytics, and software. Their credit reports offer a wide and detailed profile on the payment history and personal creditworthiness of individuals and businesses. This reveals how well these groups have honored their various financial obligations, including paying back loans and bills.
Starting in 1999, Equifax started offering its vast services into the consumer credit sector. They also began consumer operations with such important services as protection from identity theft and from credit fraud. The company along with its other two main rivals is required to offer American residents a single free credit file report once per year. The data from the U.S. Equifax credit records becomes incorporated into the Annual Credit Report.com website.