An Overview of Equifax

Equifax is one of the largest credit agencies in the world. On a global level, it stores records of and caters to over 400 million credit holders. All this information is securely stored by Equifax and can be retrieved by credit lenders anywhere in the world in terms of enquiries.

Equifax was originally established in the year 1899 as Retail Credit, in Atlanta. And from here its reach to a national level and subsequently Canada by the 1920s. By the 1960s, it was considered to be one of the largest credit bureaus in the nation, storing records of millions of citizens. The late 60s were a turbulent time for the firm as it came under Government scrutiny as it was found that it was selling consumer credit information to unauthorized lenders. After a drawn out litigation by the US Congress, a legislation was set to standarize what information can be stored on file when it came to consumers by the agencies. Subsequently, Retail Credit became Equifax.

With a new moniker and targeting new markets, Equifax consolidated its businesses in the 1970s. Since then, it has been a global leader in information solutions, managing one of the largest consumer information datasets in the world. With its roots in insurance, it has diversified into Business Analytics, Fraud Detection, Information Technology, Marketing Tools and much more. It has offices in 15 countries across 3 continents.

Equifax has been credited with many technical innovations. In the 1970s, it was one of the first organizations to digitize user records, which was a massive undertaking at the time. For the 21st century, Equifax has set its sights on curbing identity theft, among other things. With the rising number of online transactions and social networks, identity theft has become a real threat in this day and age. Most social networks carry an exhaustive amount of identification information for individuals. To reduce fraud in this digital age, Equifax offers consumer-level fraud mitigation services that track behavioral characteristics to enhance security.

Equifax also has strong roots in marketing tools, with offerings in data analytics and customer engagement. With its user dataset, these marketing tools offer great insight into consumer data and interactions. But its main focus still remains on maintaining consumer credit information and it continuously wins awards in the financial sectors. With the firm going strong in the global markets and aims to diversify into more regions by 2015, Equifax is set to continue its growth.

Source by Harish Lakshman Jonnalagadda

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