| Equifax, Inc. (NYSE: EFX) is a credit reporting agencies, considered one of the "big three" in that business. It rates private persons residing in the United States, Argentina, Brazil, Canada, Chile, El Salvador, Italy, Peru, Spain, United Kingdom, and Uruguay.
Currently based in Atlanta, Georgia, Equifax was founded in 1899 as Retail Credit Company. In 1970, Retail Credit was attacked for collecting "...facts, statistics, inaccuracies and rumors… about virtually every phase of a person's life; his marital troubles, jobs, school history, childhood, sex life, and political activities."
Later in the 70's, the company was charged with rewarding its employees for collecting negative information on consumers. There was a consent decree.
In 1975 the company changed its name to "Equifax"—reportedly to counteract its reputation.
In 2006, Equifax had $1.3 billion in annual revenue and 4,400 employees in 12 countries.
Like their main competitors, Experian, Trans Union, and The Dun & Bradstreet Corporation they now market their credit reports directly to consumers, in addition to their core business of providing the reports to potential creditors.
Equifax subcontracts out most of its consumer relations. Telephone disputes or requests are diverted to ICT, a Canadian company/vendor. Mail disputes or requests sent to its Georgia post office boxes are opened by another vendor, Innasource, scanned to a computer file and then electronically sent to a subcontract vendor either in Montego Bay, Jamaica, or in the Philippines. Equifax also outsources its software development offshore to India through Infosys, Tata Consultancy Services and CGI-AMS.
In the UK, Equifax also operates a consumer debt collection agency under its Westcott Credit Services brand. Westcott carry out collection for UK utilities and cable companies, and acted on behalf of NTL following the collapse of ISP Gio Internet. |