Equifax (EFX) 10-K risk factor changes: FY2020 vs FY2019

[removed: For example, in] [added: In] 2017, we experienced a cybersecurity incident following a criminal attack on our systems that involved the theft of personally identifiable information of U.S., Canadian and U.K. consumers.

[removed: Because our products and services involve the storage and transmission of personal information of consumers, we will continue to routinely be the] target of attempted cyber and other security threats by outside third parties, including technically sophisticated and well-resourced bad actors attempting to access or steal the data we store.

[removed: As] [added: Further,] we [added: are in the process of transforming our applications and infrastructure technologies, and this] transition to cloud-based [removed: technologies, we] [added: technologies] may [removed: be exposed] [added: expose us] to additional cyber threats as we migrate our data from our legacy systems to cloud-based [removed: solutions.][added: solutions hosted by third parties.]

[removed: Because the techniques used to obtain unauthorized access, disable or degrade service or sabotage systems change frequently and often are not recognized until launched against a target, or even some time after, we] [added: 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 [removed: in accordance] [added: comply] with applicable legal requirements.

Any such access, disclosure or other loss of information could subject us to significant litigation, regulatory [removed: fines, penalties, losses of customers] [added: fines] or [removed: reputational damage,] [added: penalties,] any of which could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations.

[removed: Our] [added: For example, our] $125.0 million cybersecurity insurance policy was not adequate to cover the losses we have incurred to date from the 2017 cybersecurity [removed: incident, and all future losses we incur as a result of the incident will not be covered by insurance.][added: incident.]

If we are unable to comply with our obligations under these agreements, [added: if the U.S. Consumer MDL Litigation settlement is not upheld on appeal,] or if other lawsuits or investigations are filed or commenced, it could have a material adverse effect on our financial condition.

In July 2019, the Company entered into multiple agreements that resolve the U.S. consolidated consumer class action cases, captioned [removed: *In] [added: In] re: Equifax, Inc. Customer Data Security Breach Litigation, MDL No. 2800 (Consumer [removed: Cases)*] [added: Cases)] (the “U.S. Consumer MDL Litigation”), and the investigations of the FTC, the CFPB, the Attorneys General of 48 states, the District of Columbia and Puerto Rico (the “MSAG Group”) and the NYDFS (collectively, the “Consumer Settlement”) relating to the 2017 cybersecurity incident.

Until the appeals are finally adjudicated or [removed: dismissed,] [added: dismissed and the settlement becomes final in accordance with its terms,] we can provide no assurance that the U.S. Consumer MDL Litigation will be resolved as contemplated by the settlement agreement.

[removed: If the Court’s order approving the settlement agreement were reversed by an appellate court,] [added: In that event,] there is a risk that we would not be able to settle the U.S. Consumer MDL Litigation on acceptable terms or at all, which could have a material adverse effect on our financial condition.

These business practice commitments are extensive and [removed: will] require a significant amount of attention from management.

To the extent we [removed: were] [added: 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.

[removed: Our] [added: For example, our] reputation with consumers and other stakeholders and our customer relationships were damaged following the 2017 cybersecurity incident, resulting in a negative impact on our revenue.

[removed: Despite our progress made toward repairing our reputation and business relationships, if] [added: If] we experience another [added: 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.

We are required by customers and business partners to obtain various industry or technical [removed: certifications, including from the International Organization for Standardization (“ISO”).][added: certifications.]

[removed: Industry and technical certifications, such as the ISO certifications,] [added: Such certifications] are critical to our business because certain of our current and potential customers and the contracts governing certain customer relationships, as well as certain of our data suppliers, require us to maintain them as a requirement of doing business.

[removed: As] [added: For example, as] a result of the 2017 cybersecurity incident, we lost certain key certifications which [removed: adversely affected] [added: caused certain customers and business partners to stop or pause doing business with us and temporarily limited] our [added: ability to win new] business.

We had to spend significant resources on remediation activities in order to obtain [removed: certain] [added: these key] re-certifications.

This initiative is a major undertaking as we replace many of our previous [added: operating systems with cloud-based systems.]

This complex, multifaceted and extensive initiative [removed: will be] [added: is] expensive and may cause material unanticipated problems and expenses.

If our new systems do not operate as expected, [added: or the data] we [added: transition to the cloud changes in a material way, we] may have to incur significant additional costs to [removed: modify them.][added: make modifications and could lose customers as a result.]

Moreover, we may experience issues with customer migration, as many of our customers may not [removed: want to] migrate [added: to cloud-based technologies on a timely basis] or [added: at all or] may choose not to utilize our products and services during and after our transition to cloud-based technologies.

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 [added: 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.

This initiative [removed: will place] [added: places] significant strain on our management, personnel, operations, systems, technical performance and financial resources and internal financial control and reporting function.

This effort [added: has been, and] will [removed: be] [added: continue to be,] time consuming and costly.

This transition will require substantial changes to our software and network infrastructure, which could lead to system interruptions, affect our data systems and further expose us to [removed: operational disruptions, and cause us to lose customers, all of which could have a material adverse effect on our results of operations.]

If our systems do not meet customer requirements for response time or high availability, or we experience system constraints or failures, or our customers do not [added: migrate to the cloud or] 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 [removed: margins] [added: margins, service level penalties] or other harm to our business and reputation.

Any significant system interruption or series of minor interruptions could result in the loss of customers and/or lost revenues, lower [removed: margins] [added: margins, service level penalties] or other significant harm to our business or reputation.

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 [removed: Number®, financial institutions’ contribution of individual financial data to IXI,] [added: Number®] and telecommunications, cable and utility companies’ contribution of payment and fraud data to the National Cable, Telecommunications and Utility Exchange.

[removed: 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 exclusive 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 clients could be adversely affected, which could result in decreased revenue, net income and earnings per share and reputational loss.

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, inflation, employment levels, consumer confidence and housing demand, both inside and outside the [removed: U.S. 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.][added: United States.]

[removed: Bank] [added: Banks’] and other lenders’ willingness to extend credit are adversely affected by elevated consumer delinquency and loan losses in a weak economy.

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 [added: revenue and] operating margins.

Price reductions by our competitors could negatively impact our [added: revenue and operating] margins and results of operations and could also harm our ability to obtain new customers on favorable terms.

[removed: Our] [added: If our] relationships with key [removed: long-term] customers [removed: may be] [added: are] materially diminished or [removed: terminated.][added: terminated, our business could suffer.]

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

Examples of such new and evolving laws and regulations include [removed: recent] amendments to the FCRA requiring the provision of free credit freezes to consumers, cybersecurity and other requirements promulgated by the New York Department of Financial Services, the [removed: taking effect of the] CCPA [added: which took effect] on January 1, 2020, [removed: and] [added: the] California data broker registration requirements that took effect on January 31, [removed: 2020.][added: 2020, and the CPRA taking effect on January 1, 2023.]

Furthermore, we expect there to be an increased focus on laws and regulations related to our [removed: business] [added: business, including by the new U.S. presidential administration and the new U.S. Congress,] because of the great public concern in the U.S. with regard to the operation of credit reporting agencies, as well as the collection, use, accuracy, correction and sharing of personal [removed: information, which was in part heightened by the 2017 cybersecurity incident.][added: information.]

[removed: For example, already in 2020] several [added: U.S.] states have introduced varying comprehensive privacy laws modeled to some degree on the CCPA and/or the GDPR.

[removed: While in the EU] [added: In Europe, although] the GDPR already includes certain provisions relating to the automated processing of personal data, there has also been discussion [removed: in the EU] of new legislative proposals to regulate business use of artificial intelligence and machine learning technologies [removed: that] [added: which,] if [removed: enacted] [added: enacted,] could impose new legal requirements addressing among other issues, privacy, discrimination and human rights.

Technology and Data Security Risks

Because our products and services involve the storage and transmission of personal information of consumers, we will routinely be the

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.

Certain efforts may be state-sponsored and supported by significant financial and technological resources, making them even more sophisticated and difficult to detect.

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.

Security breaches and the adverse publicity that may follow could also have a negative impact on our reputation and our relationship with our customers.

Strategy and Market Demand Risks

Our business has been and will continue to be negatively impacted by the recent COVID-19 outbreak.

We face various risks related to health epidemics, pandemics and similar outbreaks, including the global outbreak of COVID-19 in 2020.

The COVID-19 pandemic and the mitigation efforts by governments to attempt to control its spread have adversely impacted the global economy, leading to reduced consumer spending and lending activities and disruptions and volatility in the global capital markets.

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.

We expect that the negative impacts of the COVID-19 pandemic on our operating revenue will continue until health and economic conditions improve.

We continue to work with our stakeholders (including customers, employees, consumers, suppliers, business partners and local communities) to responsibly address this global pandemic.

We will continue to monitor the situation and assess possible implications to our business and our stakeholders and will take appropriate actions in an effort to mitigate adverse consequences.

We cannot assure you that we will be successful in any such mitigation efforts.

The extent to which the coronavirus will continue to negatively impact our operations will depend on future developments which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information which may emerge concerning the severity of the COVID-19 pandemic, outbreaks occurring at any of our facilities, the actions taken to control the spread of COVID-19 or treat its impact, and changes in worldwide and U.S. economic conditions.

Further deteriorations in economic conditions, as a result of the COVID-19 pandemic or otherwise, could lead to a further or prolonged decline in demand for our products and services and negatively impact our business.

It may also impact financial markets and corporate credit markets which could adversely impact our access to financing or the terms of any such financing.

We cannot at this time predict the extent of the impact of the COVID-19 pandemic and its resulting economic impact, but it could have a material adverse effect on our business, financial position, results of operations and cash flows.

To the extent the COVID-19 pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other risks described in this “Item 1A.

Risk Factors” and elsewhere in this Annual Report on Form 10-K, such as our need to generate sufficient cash flows to service our indebtedness and our ability to protect our information technology networks and infrastructure from unauthorized access, misuse, malware, phishing and other events that could have a security impact as a result of our remote working environment or otherwise.

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

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.

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.

These difficulties could disrupt our ongoing business,

A number of our federal government contracts have received 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.

Operational Risks

operational disruptions, and cause us to lose customers, all of which could have a material adverse effect on our results of operations.

In addition, as part of our technology transformation, we are seeking to migrate our customers from traditional data platforms to cloud-based products and services.

Many of our customers may not migrate to cloud-based technologies on a timely basis or at all, or may choose not to utilize our products and services during and after our transition to cloud-based technologies.

If our customers’ timelines prevent them from migrating to cloud-based technologies quickly enough, they will remain on our legacy infrastructure, which could expose them to system availability and response time performance issues.

Global Operational Risks

As a result, our business is subject to various risks associated with doing business internationally and these risks may differ in each jurisdiction we operate depending on the particular product or service we offer in the jurisdiction.

Brexit could cause disruptions to and create uncertainty surrounding our business in the U.K., including affecting

Legal and Regulatory Risks

If the Court’s order approving the settlement agreement was overturned by an appellate court and not cured in accordance with the terms of the consent orders with the FTC and CFPB, the consent orders with the FTC, CFPB and MSAG Group would remain in place and the Consumer Restitution Fund (as defined below) would be administered by the FTC.

Any future losses we incur as a result of the incident will not be covered by insurance.

In addition, new laws and regulations at the state and federal level are enacted or considered frequently.

The Canadian government has initiated a review of consumer privacy laws, and

Following the 2017 cybersecurity incident, we began undertaking significant remediation efforts and other steps to enhance our data security infrastructure which are ongoing.

In connection with these efforts, we have incurred significant costs and expect to incur additional significant costs as we continue to enhance our data security infrastructure and take further steps to prevent unauthorized access to our systems and the data we maintain.

Despite these efforts, we cannot assure you that all potential causes of this incident have been identified and remediated and that similar cyber incidents will not occur in the future.

We are in the process of transforming our applications and infrastructure technologies, transitioning to cloud-based technologies.

Our increased dependence on third parties to store our cloud-based data systems may also subject us to further cyber threats.

We must continuously plan, develop and monitor our information technology networks and infrastructure to identify, protect, detect, respond to and recover from the risk of unauthorized access, misuse, malware, phishing and other events that could have a security impact.

In addition, our insurance coverage will vary from time to time in both type and amount depending on availability, cost and our decisions with respect to risk retention.

We can provide no assurance that we will be able to comply with these business practice commitments.

The 2017 cybersecurity incident and the adverse publicity that followed have had a negative impact on our reputation and our relationships with our customers, and we cannot assure that it will not have a long-term effect on our relationships with our customers, our revenue and our business.

ISO certifications specify requirements for establishing, implementing, operating, monitoring, reviewing, maintaining and improving a documented information security management system.

operating systems with cloud-based systems.

In addition, as part of our technology transformation, we continue to be intensely focused on enhancing our data security infrastructure and effecting our technology transformation strategy and implementation of those enhancements could result in service interruptions.

Effective September 2018, federal law allows consumers to place freezes on their credit files at all credit bureaus including Equifax.

If a significant number of consumers lock or freeze their file, our population of data is reduced which could affect our product offerings and value to our customers in our other businesses.

We also provide our services to business partners who may combine them with their own or other branded services to be offered as a bundle to consumers, governmental agencies and businesses in support of fraud or credit protection, credit monitoring, identity authentication, insurance or credit underwriting, and collections.

Some of these partners are the largest providers of credit information or identity protection services to the consumer market.

Market competition, business requirements, financial condition and consolidation through mergers or acquisitions, could adversely affect our ability to continue or expand our relationships with our customers and business partners.

Our resources have to be committed to any new

See “Item 1.

As of now, the specifics of such legislation are unclear.

However, legislation in this area could also be introduced in other countries.

Any failure by us to comply with, or remedy any violations of, applicable

Business—Governmental Regulation” and “Item 3.

Legal Proceedings” in this Form 10-K.

As a result, our business is subject to various risks associated with doing business internationally.

Changes in income tax laws can significantly impact our net income.

Federal and state governments in the U.S. as well as a number of other governments around the world are currently facing significant fiscal pressures and have considered or may consider changes to their tax laws for revenue raising or economic competitiveness reasons.

Changes to tax laws can have immediate impacts, either favorable or unfavorable, on our results of operations and cash flows, and may impact our competitive position versus certain competitors who are domiciled in other jurisdictions and subject to different tax laws.

In December 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) which significantly impacted our U.S. and global tax expense and net income and our earnings per share in 2018 and 2019.

The IRS issued clarification notices and the U.S. Treasury issued Proposed Regulation which also provided clarity to the Tax Act.

However, the IRS could issue additional clarification and additional changes could be made to the final issuance of the Regulations.

Following the 2017 cybersecurity incident, our government contracts received enhanced scrutiny and negative media attention that resulted in the suspension of one of our contracts.

Our success increasingly depends on our proprietary technology.

In addition, developments regarding Brexit may also create global economic uncertainty, which may cause our customers, particularly those who do business in the U.K., to closely monitor their costs and reduce their spending on our solutions and services.

We may not be able to borrow under our revolving credit facility and Receivables Facility.

We are party to a $225.0 million receivables funding facility (the “Receivables Facility”) as well as the $1.10 billion unsecured revolving credit facility (the “Revolver”).

Our Revolver and Receivables Facility have representations, covenants, financial covenants and events of default which may limit our ability to borrow under such debt obligations.

Any breach of a representation or failure to comply with any covenant or financial covenant or the occurrence of any event of default under the Revolver or the Receivables Facility could result in a prohibition of further borrowings under the Revolver and Receivables Facility or acceleration of any obligations outstanding thereunder.

Any event of default under the Revolver or Receivables Facility could result in a cross default under our other outstanding debt obligations.

Changes in interest rates could adversely affect our cost of capital and net income.

We also offer Equifax branded credit services in Russia through a joint venture, have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia, Singapore and the United Arab [removed: Emirates,] [added: Emirates and] have an investment in a consumer and commercial credit information company in [removed: Brazil and have an investment in an identity authentication company in Canada.][added: Brazil.]

The remaining product liability balance at December 31, [removed: 2019] [added: 2020] and [removed: 2018] [added: 2019] was not material to the Consolidated Financial Statements.

We recorded expenses, net of insurance recoveries, of $800.9 million in other current liabilities and selling, general, and administrative expenses in our Consolidated Balance Sheets and Statements of [removed: (Loss) Income,] [added: Income (Loss),] respectively, as of and for the twelve months ended December 31, 2019, exclusive of our legal and professional services [removed: expenses.][added: expenses and net of insurance recoveries.]

Future Costs. We are currently executing substantial initiatives in security and consumer support, and a company-wide transformation of our technology infrastructure, which we refer to as our technology transformation, and incurred substantial increased expenses and capital expenditures in [added: 2018,] 2019 [added: and 2020] related to these initiatives.

We expect to continue to incur [removed: significant] [added: additional] expenses and capital expenditures in [removed: 2020] [added: 2021] related to these initiatives, [added: although] at [removed: similar] [added: reduced] levels as those incurred in [removed: 2019.][added: 2020.]

We incurred significant legal and professional services expenses [added: in 2019] related to the lawsuits, claims and government investigations to which we were a party in 2019, and expect to continue to incur these expenses until all matters are fully resolved.

However, [removed: we expect that] [added: as expected,] the level of legal and professional service expenses related to these matters [removed: will be] [added: was] significantly lower in 2020 due to the settlement of all of the significant matters in the U.S.

We also maintained a directors and officers insurance policy of which we have recorded our estimated maximum recoveries as of December 31, [removed: 2019.][added: 2020.]

Segments. The USIS [removed: segment, the largest of our four segments,] [added: segment] consists of three service lines: Online Information Solutions, Mortgage Solutions, and Financial Marketing Services.

Asia Pacific, Europe and Latin America are made up of varying mixes of service lines that are generally [added: consistent with those] in our USIS reportable segment.

Geographic Information. We currently have operations in the following countries: Argentina, Australia, Canada, Chile, Costa Rica, Ecuador, El Salvador, Honduras, India, Mexico, New Zealand, Paraguay, Peru, Portugal, the Republic of Ireland, Spain, the U.K., Uruguay and the U.S. We also offer Equifax branded credit services in Russia through a joint venture, have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia, [added: Singapore and the United Arab Emirates and have an investment in a consumer and commercial credit information company in Brazil.]

Approximately [removed: 73%] [added: 78%] and [removed: 71%] [added: 73%] our revenue was generated in the U.S. during [removed: both of] the twelve months ended December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] respectively.

[removed: Key performance indicators] [added: The following table summarizes our cash flows] for the twelve months ended December 31, [removed: 2019, 2018] [added: 2020, 2019] and [removed: 2017, include the following:][added: 2018:]

| | | | Key Performance Indicators Twelve Months Ended December 31, | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |]

| | | | [removed: 2019 | | | | | | 2018 | | | | | | 2017] [added: 2020] | | | | | | [added: 2019] | | | | | | [added: 2018] | | |

| | | | *(In millions, except per share data)* | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |]

| Operating revenue | | | $ | [removed: 3,507.6] [added: 4,127.5] | | | | | $ | [removed: 3,412.1] [added: 3,507.6] | | | | | $ | [removed: 3,362.2 | | | | | | | | | | | |] [added: 3,412.1] | |

| Operating revenue change | | | [removed: 3] [added: 18] | | % | | | | [removed: 1] [added: 3] | | % | | | | [removed: 7] [added: 1] | | % | [removed: | | | | | | | | | | | |]

| Operating [removed: (loss)] income [added: (loss)] | | | $ | [removed: (335.4)] [added: 676.6] | | | | | $ | [removed: 448.0] [added: (335.4)] | | | | | $ | [removed: 831.7 | | | | | | | | | | | |] [added: 448.0] | |

| Operating margin | | | [removed: (9.6)] [added: 16.4] | | % | | | | [removed: 13.1] [added: (9.6)] | | % | | | | [removed: 24.7] [added: 13.1] | | % | [removed: | | | | | | | | | | | |]

| Net [removed: (loss)] income [added: (loss)] attributable to Equifax | | | $ | [removed: (398.8)] [added: 520.1] | | | | | $ | [removed: 299.8] [added: (384.1)] | | | | | $ | [removed: 587.3 | | | | | | | | | | | |] [added: 310.5] | |

| Diluted earnings per [removed: share] [added: share:] | | | [removed: $] | [removed: (3.27)] | | | | | [removed: $] | [removed: 2.47] | | | | | [removed: $] | [removed: 4.83] | | | | | | | | | | | | | | [added: | | | | | | | | | | | | | | |]

| Cash provided by operating activities | | | $ | [removed: 313.8] [added: 946.2] | | | | | $ | [removed: 672.2] [added: 313.8] | | | | | $ | [removed: 816.0 | | | | | | | | | | | |] [added: 672.2] | |

| Capital expenditures* | | | $ | [removed: (375.9)] [added: (430.7)] | | | | | $ | [removed: (368.1)] [added: (375.9)] | | | | | $ | [removed: (214.0) | | | | | | | | | | | |] [added: (368.1)] | |

[removed: Business Environment] [added: Recent Events] and Company Outlook

We recorded expenses, net of insurance recoveries, of $800.9 million in other current liabilities and selling, general, and administrative expenses in our Consolidated [removed: Balance Sheets and] Statements of [added: Income] (Loss) [removed: Income, respectively, as of and] for the twelve months ended December 31, 2019, exclusive of our legal and professional services expenses.

TWELVE MONTHS ENDED DECEMBER 31, [removed: 2019, 2018] [added: 2020, 2019] AND [removed: 2017][added: 2018]

| | | | | | | Twelve Months Ended December 31, | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |] Change | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

| | | | | | | | | | | | | | | | | | | | | | | | | [removed: 2019] [added: 2020] vs. [removed: 2018 | | | | | |] [added: 2019] | | | | | | | | | | | | [removed: 2018] [added: 2019] vs. [removed: 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |] [added: 2018] | | | | | | | | |

| Operating Revenue | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2017] [added: 2018] | | | | | | $ | | | | | | % | | | | | | $ | | | | | | % | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| | | | | | | *(In millions)* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| U.S. Information Solutions | | | | | | $ | [removed: 1,277.4] [added: 1,482.5] | | | | | $ | [removed: 1,247.3] [added: 1,277.4] | | | | | $ | [removed: 1,262.7] [added: 1,247.3] | | | | | $ | [removed: 30.1] [added: 205.1] | | | | | [removed: 2] [added: 16] | | % | | | | $ | [removed: (15.4)] [added: 30.1] | | | | | [removed: (1)] [added: 2] | | % | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Workforce Solutions | | | | | | [removed: 949.7] [added: 1,437.9] | | | | | | [removed: 826.8] [added: 949.7] | | | | | | [removed: 764.2] [added: 826.8] | | | | | | [removed: 122.9] [added: 488.2] | | | | | | [removed: 15] [added: 51] | | % | | | | [removed: 62.6] [added: 122.9] | | | | | | [removed: 8] [added: 15] | | % | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| International | | | | | | [removed: 920.6] [added: 862.1] | | | | | | [removed: 966.2] [added: 920.6] | | | | | | [removed: 932.3] [added: 966.2] | | | | | | [removed: (45.6)] [added: (58.5)] | | | | | | [removed: (5)] [added: (6)] | | % | | | | [removed: 33.9] [added: (45.6)] | | | | | | [removed: 4] [added: (5)] | | % | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Global Consumer Solutions | | | | | | [removed: 359.9] [added: 345.0] | | | | | | [removed: 371.8] [added: 359.9] | | | | | | [removed: 403.0] [added: 371.8] | | | | | | [removed: (11.9)] [added: (14.9)] | | | | | | [removed: (3)] [added: (4)] | | % | | | | [removed: (31.2)] [added: (11.9)] | | | | | | [removed: (8)] [added: (3)] | | % | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Consolidated operating revenue | | | | | | $ | [removed: 3,507.6] [added: 4,127.5] | | | | | $ | [removed: 3,412.1] [added: 3,507.6] | | | | | $ | [removed: 3,362.2] [added: 3,412.1] | | | | | $ | [removed: 95.5] [added: 619.9] | | | | | [removed: 3] [added: 18] | | % | | | | $ | [removed: 49.9] [added: 95.5] | | | | | [removed: 1] [added: 3] | | % | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

Workforce Solutions [removed: saw] [added: revenue increased by 15% in 2019 compared to 2018 due to] strong growth [removed: driven by] [added: in] Verification Services.

Revenue for [removed: 2018] [added: 2020] increased by [removed: 1%] [added: 18%] compared to [removed: 2017.][added: 2019.]

The effect of foreign exchange rates reduced revenue by [removed: $28.3] [added: $24.5] million, or 1%, in [removed: 2018] [added: 2020] compared to [removed: 2017.][added: 2019.]

| | | | | | | Twelve Months Ended December 31, | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |] Change | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

As further described above, we operate in the United States, which represented 78% of our revenue in 2020, and internationally in 24 countries.

Our products and services span a wide variety of vertical markets including financial services, mortgage, federal, state and local governments, automotive, telecommunications and many others.

On March 11, 2020, the World Health Organization designated the novel coronavirus disease (“COVID-19”) as a global pandemic.

The impact of COVID-19 and related actions to attempt to control its spread began to impact our consolidated operating results in March 2020.

The impact on the operating results in each country in which we operate differed based on the conditions and the vertical markets we serve in that country.

In the United States, consolidated revenue grew in each calendar quarter of 2020, compared to 2019, reflecting very strong mortgage market related revenue in both USIS and Workforce Solutions, and, to a lesser degree, higher revenue growth in our Workforce Solutions unemployment claims management business.

However, in the U.S., we experienced year-over-year revenue declines in most other vertical markets including commercial, financial services and telecommunications.

Internationally, all countries in which we operate experienced revenue declines, across most vertical markets.

The year-over-year reductions in countries and vertical markets referenced were most pronounced in the second quarter and improved during the third and fourth quarters.

Although some countries continue to show year-over-year declines, performance in the fourth quarter of 2020 has improved from the levels seen in the third quarter and several vertical markets and countries have reported year over year growth as market conditions improve.

We are unable to determine the severity or duration of the impact of the COVID-19 pandemic on Equifax or how the impact on the individual markets in the countries we serve will change with time.

Although consolidated revenue has grown during 2020 when compared to 2019, due to the uncertain effects on the global economy caused by the impact of COVID-19, the impact on our future results of operations related to the COVID-19 pandemic are unclear.

We expect that the global COVID-19 pandemic will continue to impact our business and results of operations.

While the COVID-19 pandemic affects the countries in which we operate, our critical priorities are:

(i)the health and safety of our employees and their families;

(ii)providing support to consumers;

(iii)helping our customers execute their changing business plans by providing innovative solutions combining our unique data assets and leading analytical and technology capabilities; and

(iv)executing on our cloud technology, data and security transformation per our previously stated plans.

In the first quarter of 2020, we executed on our business continuity plans and formed a crisis management team to address the challenges related to the ongoing COVID-19 pandemic.

In March and April 2020, our employees worked from home in each country where we operate, with only essential employees in customer support and data center operations working on site at our facilities.

Beginning in May, in jurisdictions where local restrictions implemented to prevent the further spread of the virus were lifted, our employees began to return to their assigned offices, with limits placed on the number of employees on site at one time.

For employees working at our offices and facilities, we have instituted social distancing protocols, increased the level of cleaning and sanitizing in those facilities and undertaken other actions to make these sites safer.

We have also substantially reduced employee travel to only essential business needs.

As part of our business continuity plans, we are generally following the requirements and protocols published by the U.S. Centers for Disease Control and the World Health Organization, and state and local governments.

If public health authorities dictate further measures to limit further spread of the virus, we may need to reinstate our business continuity plans in certain countries or regions in which we operate.

As of the date of this filing, we do not believe our work from home and return to office protocol have materially adversely impacted our internal controls, financial reporting systems or our operations.

Our data and analytics, product and sales teams are focused on how to refine existing products and services, as well as generate new products and services, to meet the changing needs of our customers in this environment.

Our technology teams continue to execute on our cloud technology, data and security transformation, including the continued migration of our technology to cloud native environments.

To date, the change to our working environment has not caused material disruptions in the execution of these plans.

As a response to the ongoing COVID-19 pandemic, we have implemented plans to manage our costs.

We have significantly limited the addition of new employees and third party contracted services, eliminated all travel except where necessary to meet customer or regulatory needs, and acted to limit discretionary spending.

Recovery of the global economy from the COVID-19 induced recession remains uncertain and may require several years to return to economic levels experienced prior to the pandemic and may affect certain markets or regions we serve differently.

Any future asset impairment charges, increase in allowance for doubtful accounts, or restructuring charges could be more likely and will be dependent on the severity and duration of this crisis.

At December 31, 2020, we had approximately $1.7 billion in cash and $1.1 billion available to borrow under our revolving credit facility that matures in September 2023.

In the second quarter of 2020, we amended our revolving credit facility to increase the maximum leverage ratio through 2021 to provide us with additional financial flexibility.

In light of the evolving health, social, economic and business environment, governmental regulations or mandates, and business disruptions that could occur, the potential impact that COVID-19 could have on our financial condition and operating results remains highly uncertain.

For more information, see “Item 1A.

Risk Factors—*Our business has been and will continue to be negatively impacted by the recent COVID-19 outbreak,*” in this Form 10-K.

We did not record any settlement expenses related to the resolution of these proceedings and investigations for the twelve months ended December 31, 2020.

Key performance indicators for the twelve months ended December 31, 2020, 2019 and 2018, which reflect the change in accounting principle related to the change in accounting method for our pension and other benefits plans (see Note 1), include the following:

We continue to cooperate with law enforcement in connection with the criminal investigation into the actors responsible for the 2017 cybersecurity incident.

The amount accrued represents our best estimate of the liability related to these matters.

The Company will continue to evaluate information as it becomes known and adjust accruals for new information and further developments in accordance with ASC 450-20-25.

Due to the 2017 cybersecurity incident, we ceased advertising our consumer business in the U.S. in September 2017.

We resumed advertising our U.S. paid products in the fourth quarter of 2018.

Singapore and the United Arab Emirates, have an investment in a consumer and commercial credit information company in Brazil and have an investment in an identity authentication company in Canada.

Demand for our services tends to be correlated to general levels of economic activity and to consumer credit activity, small commercial credit and marketing activity.

Demand is also enhanced by our initiatives to expand our products, capabilities, and markets served.

In the United States, we expect 2020 economic activity, as measured by GDP, to be down from 2019.

We expect modest growth in consumer credit, excluding mortgage, over the course of 2020.

U.S. mortgage market inquiries are expected to be approximately flat in 2020 versus 2019, with strong growth in inquiries in the first half of 2020, offset by a decline in inquiries in the second half of 2020.

We anticipate 2020 economic activity, as measured by GDP, in Canada to be slightly below 2019.

In Australia, we anticipate 2020 economic activity, as measured by GDP, to be up from 2019.

In the European markets we serve, the U.K., Spain and Portugal, we are expecting 2020 economic activity, as measured by GDP, to be down or slightly below 2019.

In Latin America, our two largest markets are Argentina and Chile.

In Argentina, the market continued to weaken in 2019.

We are expecting continued weakness in 2020 but at lower levels than in 2019.

In Chile, we are expecting economic activity in 2020 to be down slightly compared to 2019.

Additional uncertainty exists in Argentina due to the Argentinean political environment and in the U.K. due to the impact of Brexit in the U.K.

In 2019 and beyond, we have incurred and will continue to incur increased costs and capital expenditures related to our technology transformation, which includes costs for enhanced data security.

In 2019 and beyond, we had and will continue to have increases in the ongoing run-rate of technology and security spending.

We also expect to continue to incur increased expenses for insurance, finance, compliance activities, and to meet increased legal and regulatory requirements.

The ultimate amount of these increases is expected to be significant.

As a result of the 2017 cybersecurity incident, we were subject to a significant number of proceedings and investigations as described in “Item 3.

While it is reasonably possible that losses exceeding the amount accrued may be incurred, it is not possible at this time to estimate the additional possible loss in excess of the amount already accrued that might result from adverse judgments, settlements, penalties or other resolution of the proceedings and investigations described in “Item 3.

Legal Proceedings” in this Form 10-K based on a number of factors, such as the various stages of these proceedings and investigations, including matters on appeal, that alleged damages have not been

specified or are uncertain, the uncertainty as to the certification of a class or classes and the size of any certified class, as applicable, and the lack of resolution on significant factual and legal issues.

As such, as of any given date, we could have exposure to losses as to which no liability has been accrued or as to which the accrued liability is inadequate.

The ultimate amount paid on these actions, claims and investigations in excess of the amount already accrued could be material to the Company’s consolidated financial condition, results of operations, or cash flows in future periods.

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The growth was driven by our Workforce Solutions and International segments which was partially offset by declines in USIS and Global Consumer Solutions which were negatively impacted by the 2017 cybersecurity incident.

International had local currency growth across all regions.

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2019.

These increased technology and security costs predominantly reflect the investments we are making in our technology transformation, which include costs for enhanced data security.

We expect these incremental costs as well as increased ongoing technology and security costs to continue in 2020.

We incurred increased technology and data security costs of $146.5 million in 2018.

The remaining increase is due to increased people and royalty costs.

We manage our exposure to these market risks through our regular operating and financing [removed: activities,] [added: activities] and, when deemed appropriate, through the use of derivative financial instruments, such as interest rate swaps, to hedge certain of these exposures.

Foreign currency transaction gains and losses, which have historically been immaterial, are recorded on our Consolidated Statements of [removed: (Loss) Income.][added: Income (Loss).]

For the year ended December 31, [removed: 2018,] [added: 2020,] a 10% weaker U.S. dollar against the currencies of all foreign countries in which we had operations during [removed: 2018] [added: 2020] would have increased our revenue by [removed: $55.9] [added: $50.7] million and our pre-tax operating profit by [removed: $10.7] [added: $6.2] million.

A 10% stronger U.S. dollar would have resulted in similar decreases to our revenue and pre-tax operating profit for [removed: 2019] [added: 2020] and [removed: 2018.][added: 2019.]

On average across our mix of international businesses, foreign currencies at December 31, [removed: 2019] [added: 2020] were weaker against the U.S. dollar than the average foreign exchange rates that prevailed across the full year 2019.

As foreign exchange rates change daily, there can be no assurance that foreign exchange rates will remain constant throughout [removed: 2020,] [added: 2021,] and rates could go either higher or lower.

At December 31, [removed: 2019,] [added: 2020,] our weighted average cost of debt was [removed: 3.8%] [added: 3.5%] and weighted-average life of debt was [removed: 4.54] [added: 4.5] years.

At December 31, [removed: 2019, 91%] [added: 2020, 93%] of our debt was fixed [removed: rate,] [added: rate] and the remaining [removed: 9%] [added: 7%] was variable rate.

A 100 basis point increase in the weighted-average interest rate on our variable-rate debt would have increased our [removed: 2019] [added: 2020] interest expense by $3.0 million.

We also offer Equifax branded credit services in Russia through a joint venture, have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia, Singapore and the United Arab [removed: Emirates,] [added: Emirates and] have an investment in a consumer and commercial credit information company in [removed: Brazil and have an investment in an identity authentication company in Canada.][added: Brazil.]

Workforce Solutions [removed: has] recently established [removed: Verifications Service] operations in Canada and [removed: is working toward a similar operation in] Australia.

In March 2017, the U.S. Department of Homeland [added: Security distributed a notice concerning the software vulnerability.]

Immediately following the announcement of the 2017 cybersecurity incident, the Company devoted substantial resources to notify people of the incident [removed: and to provide free services to assist people in monitoring their credit and identity information.]

- Lead our industry in data security. We are focused on [removed: becoming] [added: being] a leader in our industry in the effectiveness of our data and technology security practices.

- Transform our technology. We [removed: are rebuilding] [added: have undertaken a cloud data and technology transformation in order to rebuild] our technology infrastructure, [removed: accelerating] [added: accelerate] our migration to a public cloud environment, [removed: employing] [added: employ] virtual private cloud deployment techniques, and [removed: rationalizing] [added: rationalize] and [removed: rebuilding] [added: rebuild] our application portfolio using cloud-native services.

Our goal is to [added: leverage our cloud data and technology transformation to accelerate innovation and new product development;] deliver market-leading capabilities to our [removed: customers in terms of speed of bringing new products and services to market; ease of] [added: customers; facilitate] customer and partner implementation and integration; [added: improve] ease of consumer access to and interaction with Equifax; [added: and strengthen] system resiliency and [removed: uptime; and ultimately cost to serve.][added: uptime.]

[added: As part of our] technology transformation, we are rebuilding our digital and call center technology infrastructure to provide an experience focused on making consumers’ interactions with Equifax as effective and efficient as possible.

We intend to leverage our [added: cloud native technology and] unique data assets and capabilities, as well as customer expertise and customer data and technology assets, to help us jointly create high-value analytical products and services targeted at a broader range of customer needs.

We seek to increase our share of clients’ spend on information-related services through these new products and services, price our products and services in accordance with the value they represent to our customers, increase the [removed: range of current products and services utilized by our clients, and improve the quality and effectiveness of our support for both customers and consumers.]

- Build a world-class Equifax team by investing in talent to drive our strategy and promote a culture of innovation. [removed: We attract top talent] [added: At Equifax, we are focused on nurturing our people] by providing [added: meaningful] opportunities [removed: to grow] [added: for career advancement] and [removed: lead within our company.][added: development, fostering an inclusive and diverse work environment, and promoting employee engagement and recognition.]

We regularly undertake talent initiatives to [removed: engage,] [added: attract,] develop and retain our top talent.

Our products and services serve clients across a wide range of verticals, including financial services, mortgage, [removed: state and] [added: government (state,] federal [removed: government,] [added: and local),] employers, consumer, commercial, telecommunications, retail, automotive, utilities, brokerage, healthcare and [removed: insurance industries.][added: insurance.]

Our revenue streams are highly diversified with our largest client providing [removed: less than] [added: approximately] 3% of total revenue.

[removed: ][added: ]

[removed: (1)Predominantly] [added: (2)Predominantly] sold to companies who serve the direct-to-consumer market and includes other small end user markets.

[removed: (2)Other] [added: (3)Other] includes revenue from other miscellaneous end-user markets.

In addition, we sell through [removed: direct mail and] the internet.

Revenue from international clients, including end users and resellers, amounted to [removed: 27%] [added: 22%] of our total revenue in [removed: 2019, 29%] [added: 2020, 27%] of our total revenue in [removed: 2018] [added: 2019] and 29% of our total revenue in [removed: 2017.][added: 2018.]

| | | | USIS | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |] Workforce Solutions | | | | | | | | | | | | [removed: | | | | | |] International | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | |]

| | | | Online Information Solutions | | | | | | Financial Marketing Services | | | | | | Mortgage Services | | | | | | Verification Services | | | | | | Employer Services | | | | | | Europe | | | | | | Asia Pacific | | | | | | Latin America | | | | | | Canada | | | | | | Global Consumer Solutions | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Online data | | | X | | | | | | | | | | | | X | | | | | | X | | | | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Portfolio management services | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Analytical services | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Technology services | | | X | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Identity management and fraud | | | X | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Marketing [removed: Services] [added: services] | | | | | | | | | X | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Direct-to-consumer credit monitoring | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | X | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Employment and income verification services | | | | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | X | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |] [added: X] | | | | | | | | |

| Business process outsourcing (BPO) | | | | | | | | | | | | | | | | | | | | | X | | | | | | X | | | | | | | | | | | | X | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Debt collection software, services and analytics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

For the operating revenue, operating income and total assets for each segment see Note 13 of the Notes to the Consolidated Financial Statements in [added: Item 8 of] this report.

Online Information Solutions. Online Information Solutions’ products are derived from multiple large and comprehensive databases of consumer and commercial information that we maintain about individual consumers and businesses, including credit history, current credit status, payment [removed: history and] [added: history,] address [added: and other identity] information.

We have also compiled commercial databases regarding businesses in the U.S., which include loan, credit card, public records and leasing history data, trade [removed: accounts receivable performance, and Secretary of State and Securities and Exchange Commission registration information.]

[removed: The Work Number®.] The Work Number® is our key repository of employment and income data serving our Verification Services and Employer Services business units.

We rely on payroll data received from [removed: tens of thousands of] [added: over one million] organizations to regularly update the database.

The Work Number® database is [removed: approaching 380] [added: over 460] million current and historic employment records at December 31, [removed: 2019.][added: 2020.]

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

[removed: Marketing products, which are similar to those offered in our Financial Marketing Services business unit in the U.S.,] [added: Limited marketing products] are [removed: primarily] available in the U.K. and, to a lesser extent, in Spain.

Asia Pacific. Our Asia Pacific operation provides consumer and commercial information solutions products, marketing products, workforce solutions, and [removed: personal solutions] [added: consumer credit protection] products.

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

As a part of the rebuilding of our technology infrastructure, we are also rebuilding our analytical platforms using cloud native services in a public cloud environment.

range of current products and services utilized by our clients, and improve the quality and effectiveness of our support for both customers and consumers.

(1)The Mortgage vertical as a percentage of consolidated revenue increased to 32% in 2020 from 20% in 2019 due to the significant growth in U.S. mortgage volume.

In the U.S., the vertical market sales teams for the Mortgage, Financial, Government and Automotive markets sell products from both the USIS and Workforce Solutions business units.

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accounts receivable performance, and Secretary of State and Securities and Exchange Commission registration information.

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

- FCRA.

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

Additional state legislatures are expected to consider similar legislation in 2021.

In 2018, we entered into a consent order with certain state banking regulators in response to their multi-state review of our information security program.

This consent order obligated us to, among other things, make certain changes to our corporate governance and information security practices.

*Consent Orders with the FTC, CFPB, MSAG Group and NYDFS*

- As part of the Consumer Settlement (as defined below), we entered into consent orders with the FTC, CFPB, MSAG Group (as defined below) and NYDFS pursuant to which we agreed to implement certain business practice commitments related to consumer assistance and our information security program, including third party assessments of our program.

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

These equivalent provisions were adopted into U.K. laws following the end of the transition period that followed the U.K.’s exit from the EU

- In Europe, we are subject to the EU's GDPR, which is an extremely broad and sweeping privacy law.

The OAIC can register codes of practice under the Privacy Act

New Zealand passed a new Privacy Act in 2020 that significantly expanded its privacy law.

Summary of Regulations Affecting our Employer Services Business

The Employer Services business unit within our Workforce Solutions business segment helps employers comply with various regulatory frameworks applicable to employers in the United States.

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 United States.

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

Human Resources

Our People

Our global employee base consisted of approximately 2,100 employees in our USIS business unit, 2,700 employees in our Workforce Solutions business unit, 3,900 employees in our International business unit, 500 employees in our Global Consumer Solutions business unit, and 2,200 employees in our corporate Centers of Excellence.

In 2020, we hired over 2,300 new employees and promoted approximately 1,100 employees as we continue to grow and transform our businesses around the world.

Inclusion and Diversity

We continue to make positive strides in support of our inclusion and diversity strategy.

As a visible commitment to inclusion and diversity, in 2020, we established our first Chief Talent and Diversity Officer title.

This key leadership position reports directly to our Chief Human Resources Officer and is responsible for activating our talent strategy with a focus on furthering an inclusive and diverse workforce and culture.

We are advancing this strategy through deepening our commitment to employee affinity networks around the world, open dialogues to enhance understanding and mutual listening, on-going I&D focused training, and cultural heritage celebrations.

We’ve consistently improved enterprise-wide trends around representation and promotions for both women and employees of diverse ethnic backgrounds, and pride ourselves on promoting and hiring highly-qualified candidates who enhance our culture, add diverse perspectives, and deliver on our business strategy.

Women and leaders of diverse ethnic backgrounds make up over half of Equifax’s senior leadership team, including three of the four business unit leaders.

Consistent with our commitment to diversity, we recently implemented the requirement for diverse candidate slates for all higher level management roles.

Workforce Health and Safety

Security distributed a notice concerning the software vulnerability.

We continue to cooperate with law enforcement in connection with the criminal investigation into the actors responsible for the 2017 cybersecurity incident.

This technology transformation is a significant part of our goal of leading our industry in data and technology security capability.

We are undergoing a multi-year technology transformation which is already broadly impacting our internal and external information technology systems.

As part of our

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This operating segment’s

Our marketing services products also compete with the foregoing companies and others who offer demographic information products, including Acxiom, Harte-Hanks and Infogroup.

CRAs, data furnishers and users of consumer report information.

business.

In 2018, Ecuador amended a 2017 law relating to the collection of credit data and the operation of a credit bureau within the country allowing the existence of private credit bureaus along with the public credit data registry to be established.

Brazil’s General Data Protection Law is scheduled to go into effect in August 2020.

Peru also has a specific law for credit reporting.

Paraguay and Chile have fewer comprehensive data protection laws in place, but do have rules regarding reporting periods, consent and data collection.

The

Tax Management Services

Personnel

None of our U.S. employees are subject to a collective bargaining agreement and no work stoppages have been experienced.

Pursuant to local laws, certain of our employees in Argentina and Spain are covered under government-mandated collective bargaining regulations that govern general salary and compensation matters, basic benefits and hours of work.

In some of our non-U.S. subsidiaries, certain of our employees are represented by workers’ councils or statutory labor unions.

Following the 2017 cybersecurity incident, hundreds of class actions and other lawsuits were filed against us typically alleging harm from the [removed: 2017 cybersecurity] incident and seeking various remedies, including monetary and injunctive relief.

[removed: As described below, most] [added: Most] of these lawsuits and government investigations have concluded or been resolved, including pursuant to the settlement agreements described below, while others remain ongoing.

On July 19, 2019 and July 22, 2019, we entered into multiple agreements that resolve the U.S. consolidated consumer class action cases, captioned [removed: *In] [added: In] re: Equifax, Inc. Customer Data Security Breach Litigation, MDL No. 2800 [removed: (Consumer Cases)*] (the “U.S. Consumer MDL Litigation”), and the investigations of the FTC, the CFPB, the [removed: MSAG Group] [added: Attorneys General of 48 states, the District of Columbia] and [added: Puerto Rico (the "MSAG Group") and] the NYDFS (collectively, the “Consumer Settlement”).

Under the terms of the Consumer Settlement, the Company will contribute $380.5 million to a non-reversionary settlement fund (the “Consumer Restitution Fund”) to provide restitution for U.S. consumers identified by the Company whose personal information was compromised as a result of the 2017 cybersecurity [removed: incident.][added: incident as well as to pay reasonable attorneys’ fees and reasonable costs and expenses for the plaintiffs’ counsel in the U.S. Consumer MDL Litigation (not to exceed $80.5 million), settlement administration costs and notice costs.]

The Company has agreed to contribute up to an additional $125.0 million to the Consumer Restitution Fund to cover [added: certain] unreimbursed costs and expenditures [removed: described in (1) above] [added: incurred by affected U.S. consumers] in the event the $380.5 million in the Consumer Restitution Fund is exhausted.

[removed: As part of the Consumer Settlement, the] [added: The] Company also agreed to [removed: implement certain] [added: various] business practice commitments related to consumer assistance and its information security program, including conducting third party assessments of its information security program.

On January 13, 2020, the Northern District of Georgia, the U.S. District Court overseeing centralized pre-trial proceedings for the U.S. Consumer MDL Litigation and numerous other federal court actions relating to the 2017 cybersecurity incident (the “MDL Court”), entered an order granting final approval of the settlement in connection with the U.S. Consumer MDL [removed: Litigation, from which several objectors have appealed.][added: Litigation.]

Until the appeals are finally adjudicated or [removed: dismissed,] [added: dismissed and the settlement becomes final in accordance with its terms,] we can provide no assurance that the U.S. Consumer MDL Litigation will be resolved as contemplated by the settlement agreement.

[removed: If the MDL Court’s order approving the settlement were reversed by an appellate court,] [added: In that event,] there is a risk that we would not be able to settle the U.S. Consumer MDL Litigation on acceptable terms or at all, which could have a material adverse effect on our financial condition.

*Georgia State Court Consumer Class Actions.* Four putative class actions arising from the 2017 cybersecurity incident were filed against us in Fulton County Superior Court and Fulton County State Court in Georgia based on similar allegations [removed: and theories as alleged in the U.S. Consumer MDL Litigation and seek monetary damages, injunctive relief and other related relief on behalf of Georgia citizens.]

These cases remain stayed pending [added: final] resolution of the U.S. Consumer MDL Litigation.

*Canadian Class Actions.* [removed: Eight] [added: Five putative] Canadian class actions, [removed: six] [added: four] of which are on behalf of a national class of approximately 19,000 Canadian consumers, [removed: have been filed] [added: are pending] against us in Ontario, [removed: Saskatchewan, Quebec,] British Columbia and Alberta.

In [added: addition to seeking class certification on behalf of the approximately 19,000 Canadian consumers whose personal information was allegedly impacted by the 2017 cybersecurity incident, in] some cases, plaintiffs also seek class certification on behalf of a larger group of Canadian consumers who had contracts for subscription products with Equifax around the time of the incident or earlier and were not impacted by the incident.

On December 13, 2019, the court in [removed: the active] Ontario [removed: case] granted certification of a nationwide class that includes [added: all] impacted Canadians as well as Canadians who had subscription products with Equifax between March 7, 2017 and July 30, [removed: 2017.][added: 2017 who were not impacted by the incident.]

All remaining purported class actions are at preliminary [removed: stages.][added: stages or stayed.]

The [removed: FCA] [added: U.K.’s Financial Conduct Authority (“FCA”)] opened an enforcement investigation against our U.K. subsidiary, Equifax Limited, in October 2017.

For information regarding our accounting for legal contingencies, see Note 6 of the Notes to Consolidated Financial Statements in [added: Item 8 of] this [removed: Form 10-K.][added: report.]

In fiscal 2017, we experienced a cybersecurity incident following a criminal attack on our systems that involved the theft of certain personally identifiable information of U.S., Canadian and U.K. consumers.

Consumer Settlement

The MDL Court entered an amended order granting final approval of the settlement on March 17, 2020.

Several objectors have appealed the final approval order.

If the Court’s order approving the settlement agreement was overturned by an appellate court and not cured in accordance with the terms of the consent orders with the FTC and CFPB, the consent orders with the FTC, CFPB and MSAG Group would remain in place and the Consumer Restitution Fund would be administered by the FTC.

Other Settlements

On May 15, 2020, the Company entered into a settlement agreement to resolve the consolidated financial institutions class action cases pending before the MDL Court (the “Financial Institutions MDL Litigation”).

Under the settlement, the Company agreed to pay for valid claims submitted by class members up to a maximum amount, reasonable settlement administration and notice costs, and reasonable attorneys’ fees and expenses.

The Company also agreed to adopt and/or maintain certain business practices related to its information security program.

The court granted final approval of the settlement on October 22, 2020.

Other Matters

and theories as alleged in the U.S. Consumer MDL Litigation and seek monetary damages, injunctive relief and other related relief on behalf of Georgia citizens.

Our motion for leave to appeal this decision was granted in part, and our appeal is now pending.

Except as described below, these investigations have been resolved as discussed in prior filings or there has been no further activity.

Consumer Settlement.

The Consumer Restitution Fund will be used to (1) compensate affected consumers for certain unreimbursed costs or expenditures incurred by affected consumers that are fairly traceable to the 2017 cybersecurity incident, (2) provide affected consumers with an opportunity to enroll in at least four years of credit monitoring services provided by a third party unaffiliated with the Company or alternative compensation for affected consumers who already have other credit monitoring services, (3) provide affected consumers with additional benefits such as identity restoration services and (4) pay reasonable attorneys’ fees and reasonable costs and expenses for the plaintiffs’ counsel in the U.S. Consumer MDL Litigation (not to exceed $80.5 million) and administrative and notice costs.

In accordance with the terms of the Consumer Settlement, in the third quarter of 2019, the Company paid $180.5 million to the MSAG Group and the following monetary penalties: (1) $100.0 million to the CFPB and (2) $10.0 million to the NYDFS.

In the third quarter of 2019, the agreements with the FTC and CFPB were approved by the U.S. District Court for the Northern District of Georgia.

The settlement with the MSAG Group, which consists of substantially similar agreements with each of the participating jurisdictions, was approved by courts in the relevant jurisdiction also in the third quarter of 2019.

Other Settlements.

*Securities Class Action Litigation.* A consolidated putative class action lawsuit alleging violations of certain federal securities laws in connection with statements and alleged omissions regarding our cybersecurity systems and controls was filed against us and our former Chairman and Chief Executive Officer in the U.S. District Court for the Northern District of Georgia.

The consolidated complaint seeks certification of a class of all persons who purchased or otherwise acquired Equifax securities from February 25, 2016 through September 15, 2017 and unspecified monetary damages, costs and attorneys’ fees.

The

Company moved to dismiss the complaint in its entirety.

On January 28, 2019, the court dismissed claims against certain individual defendants and claims challenging certain statements, but allowed other claims against Equifax and our former Chairman and Chief Executive Officer to proceed.

On February 12, 2020, we entered into a settlement agreement to resolve the securities class action lawsuit in which the Company agreed to create a settlement fund for the benefit of class members.

The settlement is subject to a number of conditions, including certification of a settlement class, notice, and preliminary and final court approvals.

We can provide no assurance that all conditions will be satisfied or that the necessary court approvals will be obtained.

*Shareholder Derivative Litigation.* A consolidated putative shareholder derivative action naming certain of our current and former executives, officers and directors as defendants and naming us as a nominal defendant was filed in the U.S. District Court for the Northern District of Georgia.

Among other things, the consolidated complaint alleges claims for breaches of fiduciary duties, unjust enrichment, corporate waste and insider selling by certain defendants, as well as certain claims under the federal securities laws.

The complaint seeks unspecified damages on behalf of the Company, plus certain equitable relief.

We appointed a committee of independent directors (the “Demand Review Committee”) empowered to evaluate and respond in our best interests to the claims and related litigation demands.

On February 12, 2020, the Company, by and through the Demand Review Committee, and individual defendants entered into a settlement agreement with the plaintiffs which, subject to court approval, will resolve the matter by agreeing to adopt certain governance changes and obtaining an insurance recovery for the Company.

We can provide no assurance that the necessary court approvals will be obtained.

*Government Lawsuits*.

Separate civil enforcement actions were filed against us in state court by the respective Attorneys General of Indiana and Massachusetts alleging violations of commonwealth/state consumer protection laws and seeking injunctive relief, civil penalties, restitution, costs and other relief.

The Company filed motions to dismiss the actions which were denied.

On December 26, 2019, we filed a motion asking the court in the Indiana action to certify its order denying our motion to dismiss for interlocutory appeal, and that motion was granted on February 6, 2019.

The Company has reached an agreement in principle with each of the Attorneys General of Massachusetts and Indiana to resolve their actions.

These settlements, in which the Company has agreed to make a monetary payment and to injunctive relief consistent with the MSAG Group settlement, are subject to finalizing definitive settlement agreements and court approval in each respective jurisdiction.

Certain class actions were filed by financial institutions and transferred to the MDL Court (the “Financial Institutions MDL Litigation”).

These class actions allege that the financial institutions’ businesses have been placed at risk due to the 2017 cybersecurity incident, generally assert common law claims such as claims for negligence, as well as, in some cases, statutory claims and seek compensatory damages, injunctive relief and other related relief.

The Company moved to dismiss the financial institutions’ consolidated class action complaint in its entirety, and the MDL Court dismissed certain claims, while allowing other claims to proceed.

The financial institution plaintiffs filed a motion to amend their class action complaint which was granted in part and denied in part on December 18, 2019.

The majority of the claims which the financial institutions sought to revive by amendment, however, remained dismissed.

The Company has reached an agreement in principle to enter into a class-wide settlement of the remaining financial institutions’ claims.

Upon submission of the final settlement documents and necessary court approvals, the settlement will resolve any remaining claims that could be asserted by the financial institutions before the MDL Court.

The settlement contemplates payment for claims up to a maximum amount and certain non-monetary relief.

The settlement is subject to a number of conditions, including notice, and preliminary and final court approvals.

We can provide no assurance that all conditions will be satisfied or that the necessary court approvals will be obtained.

*Pennsylvania State Court Financial Institution Class Action.* One of the initial named plaintiffs in Financial Institutions MDL Litigation filed a purported class action suit against us in the Court of Common Pleas of Lawrence County, Pennsylvania on behalf of financial institutions headquartered in Pennsylvania.

The claims being asserted in this matter are substantially similar to claims that previously were dismissed in the MDL proceeding for lack of standing.

We filed preliminary objections to the complaint on September 5, 2019, and a hearing on the preliminary objections is scheduled for June 29, 2020.

The Company has reached an agreement in principle to resolve this matter.

[added: |] ☒ [added: | | |] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [added: | | |]

For the fiscal year ended December 31, [removed: 2019][added: 2020]

[added: |] ☐ [added: | | |] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [added: | | |]

| 1550 Peachtree Street | | | N.W. | | | Atlanta | | | Georgia | | | | | | 30309 | | | [removed: | | | | | | | | |]

| (Address of principal executive offices) | | | | | | | | | | | | | | | [removed: | | | | | | | | |] (Zip Code) | | |

As of June 30, [removed: 2019,] [added: 2020,] the aggregate market value of Registrant’s common stock held by non-affiliates of Registrant was approximately [removed: $16,348,175,266] [added: $20,875,342,327] based on the closing sale price as reported on the New York Stock Exchange.

At January [removed: 31, 2020,] [added: 29, 2021,] there were [removed: 121,235,722] [added: 121,788,082] shares of Registrant’s common stock outstanding.

Portions of Registrant’s definitive proxy statement for its [removed: 2020] [added: 2021] annual meeting of shareholders are incorporated by reference in Part III of this Form 10-K.

| [PART [removed: I](#i_0_10)] [added: I](#i523af29ce06d4991886e8b12ffaf779b_10)] | | | | | | | | |

| [Item [removed: 1.](#i_0_13)] [added: 1.](#i523af29ce06d4991886e8b12ffaf779b_13)] | | | [removed: [Business](#i_0_13)] [added: [Business](#i523af29ce06d4991886e8b12ffaf779b_13)] | | | [removed: [2](#i_0_13)] [added: [2](#i523af29ce06d4991886e8b12ffaf779b_13)] | | |

| [Item [removed: 1A.](#i_0_49)] [added: 1A.](#i523af29ce06d4991886e8b12ffaf779b_49)] | | | [Risk [removed: Factors](#i_0_49)] [added: Factors](#i523af29ce06d4991886e8b12ffaf779b_49)] | | | [removed: [15](#i_0_49)] [added: [15](#i523af29ce06d4991886e8b12ffaf779b_49)] | | |

| [Item [removed: 1B.](#i_0_52)] [added: 1B.](#i523af29ce06d4991886e8b12ffaf779b_52)] | | | [Unresolved Staff [removed: Comments](#i_0_52)] [added: Comments](#i523af29ce06d4991886e8b12ffaf779b_52)] | | | [removed: [25](#i_0_52)] [added: [26](#i523af29ce06d4991886e8b12ffaf779b_52)] | | |

| [Item [removed: 2.](#i_0_55)] [added: 2.](#i523af29ce06d4991886e8b12ffaf779b_55)] | | | [removed: [Properties](#i_0_55)] [added: [Properties](#i523af29ce06d4991886e8b12ffaf779b_55)] | | | [removed: [25](#i_0_55)] [added: [26](#i523af29ce06d4991886e8b12ffaf779b_55)] | | |

| [Item [removed: 3.](#i_0_58)] [added: 3.](#i523af29ce06d4991886e8b12ffaf779b_58)] | | | [Legal [removed: Proceedings](#i_0_58)] [added: Proceedings](#i523af29ce06d4991886e8b12ffaf779b_58)] | | | [removed: [26](#i_0_58)] [added: [27](#i523af29ce06d4991886e8b12ffaf779b_58)] | | |

| [Item [removed: 4.](#i_0_61)] [added: 4.](#i523af29ce06d4991886e8b12ffaf779b_61)] | | | [Mine Safety [removed: Disclosures](#i_0_61)] [added: Disclosures](#i523af29ce06d4991886e8b12ffaf779b_61)] | | | [removed: [29](#i_0_61)] [added: [28](#i523af29ce06d4991886e8b12ffaf779b_61)] | | |

| [PART [removed: II](#i_0_64)] [added: II](#i523af29ce06d4991886e8b12ffaf779b_64)] | | | | | | | | |

| [Item [removed: 5.](#i_0_67)] [added: 5.](#i523af29ce06d4991886e8b12ffaf779b_67)] | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i_0_67)] [added: Securities](#i523af29ce06d4991886e8b12ffaf779b_67)] | | | [removed: [30](#i_0_67)] [added: [29](#i523af29ce06d4991886e8b12ffaf779b_67)] | | |

| [Item [removed: 6.](#i_0_70)] [added: 6.](#i523af29ce06d4991886e8b12ffaf779b_70)] | | | [Selected Financial [removed: Data](#i_0_70)] [added: Data](#i523af29ce06d4991886e8b12ffaf779b_70)] | | | [removed: [32](#i_0_70)] [added: [31](#i523af29ce06d4991886e8b12ffaf779b_70)] | | |

| [Item [removed: 7.](#i_0_73)] [added: 7.](#i523af29ce06d4991886e8b12ffaf779b_73)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i_0_73)] [added: Operations](#i523af29ce06d4991886e8b12ffaf779b_73)] | | | [removed: [34](#i_0_73)] [added: [33](#i523af29ce06d4991886e8b12ffaf779b_73)] | | |

| [Item [removed: 7A.](#i_0_91)] [added: 7A.](#i523af29ce06d4991886e8b12ffaf779b_91)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i_0_91)] [added: Risk](#i523af29ce06d4991886e8b12ffaf779b_91)] | | | [removed: [57](#i_0_91)] [added: [58](#i523af29ce06d4991886e8b12ffaf779b_91)] | | |

| [Item [removed: 8.](#i_0_94)] [added: 8.](#i523af29ce06d4991886e8b12ffaf779b_94)] | | | [Financial Statements and Supplementary [removed: Data](#i_0_94)] [added: Data](#i523af29ce06d4991886e8b12ffaf779b_94)] | | | [removed: [58](#i_0_94)] [added: [59](#i523af29ce06d4991886e8b12ffaf779b_94)] | | |

| [Item [removed: 9.](#i_0_208)] [added: 9.](#i523af29ce06d4991886e8b12ffaf779b_199)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i_0_208)] [added: Disclosure](#i523af29ce06d4991886e8b12ffaf779b_199)] | | | [removed: [115](#i_0_208)] [added: [116](#i523af29ce06d4991886e8b12ffaf779b_199)] | | |

| [Item [removed: 9A.](#i_0_211)] [added: 9A.](#i523af29ce06d4991886e8b12ffaf779b_202)] | | | [Controls and [removed: Procedures](#i_0_211)] [added: Procedures](#i523af29ce06d4991886e8b12ffaf779b_202)] | | | [removed: [115](#i_0_211)] [added: [116](#i523af29ce06d4991886e8b12ffaf779b_202)] | | |

| [Item [removed: 9B.](#i_0_214)] [added: 9B.](#i523af29ce06d4991886e8b12ffaf779b_205)] | | | [Other [removed: Information](#i_0_214)] [added: Information](#i523af29ce06d4991886e8b12ffaf779b_205)] | | | [removed: [115](#i_0_214)] [added: [116](#i523af29ce06d4991886e8b12ffaf779b_205)] | | |

| [PART [removed: III](#i_0_217)] [added: III](#i523af29ce06d4991886e8b12ffaf779b_208)] | | | | | | | | |

| [Item [removed: 10.](#i_0_220)] [added: 10.](#i523af29ce06d4991886e8b12ffaf779b_211)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i_0_220)] [added: Governance](#i523af29ce06d4991886e8b12ffaf779b_211)] | | | [removed: [116](#i_0_220)] [added: [117](#i523af29ce06d4991886e8b12ffaf779b_211)] | | |

| [Item [removed: 11.](#i_0_223)] [added: 11.](#i523af29ce06d4991886e8b12ffaf779b_214)] | | | [Executive [removed: Compensation](#i_0_223)] [added: Compensation](#i523af29ce06d4991886e8b12ffaf779b_214)] | | | [removed: [117](#i_0_223)] [added: [118](#i523af29ce06d4991886e8b12ffaf779b_214)] | | |

| [Item [removed: 12.](#i_0_226)] [added: 12.](#i523af29ce06d4991886e8b12ffaf779b_217)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i_0_226)] [added: Matters](#i523af29ce06d4991886e8b12ffaf779b_217)] | | | [removed: [117](#i_0_226)] [added: [118](#i523af29ce06d4991886e8b12ffaf779b_217)] | | |

| [Item [removed: 13.](#i_0_229)] [added: 13.](#i523af29ce06d4991886e8b12ffaf779b_220)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i_0_229)] [added: Independence](#i523af29ce06d4991886e8b12ffaf779b_220)] | | | [removed: [117](#i_0_229)] [added: [118](#i523af29ce06d4991886e8b12ffaf779b_220)] | | |

| [Item [removed: 14.](#i_0_232)] [added: 14.](#i523af29ce06d4991886e8b12ffaf779b_223)] | | | [Principal Accountant Fees and [removed: Services](#i_0_232)] [added: Services](#i523af29ce06d4991886e8b12ffaf779b_223)] | | | [removed: [117](#i_0_232)] [added: [118](#i523af29ce06d4991886e8b12ffaf779b_223)] | | |

| [PART [removed: IV.](#i_0_235)] [added: IV.](#i523af29ce06d4991886e8b12ffaf779b_226)] | | | | | | | | |

| [Item [removed: 15.](#i_0_238)] [added: 15.](#i523af29ce06d4991886e8b12ffaf779b_229)] | | | [Exhibits and Financial Statement [removed: Schedules](#i_0_238)] [added: Schedules](#i523af29ce06d4991886e8b12ffaf779b_229)] | | | [removed: [118](#i_0_238)] [added: [119](#i523af29ce06d4991886e8b12ffaf779b_229)] | | |

| [Item [removed: 16.](#i_0_244)] [added: 16.](#i523af29ce06d4991886e8b12ffaf779b_235)] | | | [Form 10-K [removed: Summary](#i_0_244)] [added: Summary](#i523af29ce06d4991886e8b12ffaf779b_235)] | | | [removed: [122](#i_0_244)] [added: [122](#i523af29ce06d4991886e8b12ffaf779b_235)] | | |

| | | | [removed: [Signatures](#i_0_247)] [added: [Signatures](#i523af29ce06d4991886e8b12ffaf779b_238)] | | | [removed: [122](#i_0_247)] [added: [122](#i523af29ce06d4991886e8b12ffaf779b_238)] | | |

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Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

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We ordinarily lease office space for conducting our business and are obligated under approximately [removed: 85] [added: 60] leases and other rental arrangements for our field locations.

We owned [removed: 8] [added: 5] office buildings at December 31, [removed: 2019,] [added: 2020,] including our executive offices, one campus which houses our Alpharetta, Georgia technology center, a building utilized by our Workforce Solutions operations located in St. Louis, Missouri, as well as [removed: three] [added: two] buildings utilized by our Latin America operations.

For additional information regarding our obligations under leases, see Note 6 of the Notes to Consolidated Financial Statements in [added: Item 8 of] this Form 10-K.

Equifax’s common stock is traded on the New York Stock Exchange under the symbol “EFX.” As of January [removed: 31, 2020,] [added: 29, 2021,] Equifax had approximately [removed: 3,121] [added: 2,948] holders of record; however, Equifax believes the number of beneficial owners of common stock exceeds this number.

The graph assumes that the value of the investment in our Common Stock and each index was $100 on the last trading day of [removed: 2014] [added: 2015] and that all quarterly dividends were reinvested without commissions.

[removed: ][added: ]

| | | | Fiscal Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| | | | Initial | | | | | | [removed: 2015 | | | | | |] 2016 | | | | | | 2017 | | | | | | 2018 | | | | | | 2019 | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |] [added: 2020] | | |

The table below contains information with respect to purchases made by or on behalf of Equifax of its common stock during the fourth quarter ended December 31, [removed: 2019:][added: 2020:]

| Period | | | | | | Total Number of Shares Purchased [removed: (1)] [added: (1)] | | | | | | Average Price Paid Per Share [removed: (2)] [added: (2)] | | | | | | Total Number of Shares Purchased as Part of Publicly-Announced Plans or Programs | | | | | | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs [removed: (3)] [added: (3)] | | |

| October 1 - October 31, [removed: 2019] [added: 2020] | | | | | | [removed: 1] [added: 1,261] | | | | | | $ | — | | | | | — | | | | | | $ | 590,092,166 | |

| November 1 - November 30, [removed: 2019] [added: 2020] | | | | | | [removed: 176] [added: 3,659] | | | | | | $ | — | | | | | — | | | | | | $ | 590,092,166 | |

| December 1 - December 31, [removed: 2019] [added: 2020] | | | | | | [removed: 4,970] [added: 7,439] | | | | | | $ | — | | | | | — | | | | | | $ | 590,092,166 | |

| Total | | | | | | [removed: 5,147] [added: 12,359] | | | | | | $ | — | | | | | — | | | | | | $ | 590,092,166 | |

(1) The total number of shares purchased includes, if applicable: (a) shares purchased pursuant to our publicly-announced share repurchase program, or Program; and (b) shares surrendered, or deemed surrendered, in satisfaction of the exercise price and/or to satisfy tax withholding obligations in connection with the exercise of employee stock options and vesting of restricted stock, totaling [removed: 1] [added: 1,261] share for the month of October [removed: 2019, 176] [added: 2020, 3,659] shares for the month of November [removed: 2019] [added: 2020] and [removed: 4,970] [added: 7,439] shares for the month of December [removed: 2019.][added: 2020.]

(3) We did not repurchase any common shares during the twelve months ended December 31, [removed: 2019.][added: 2020.]

At December 31, [removed: 2019,] [added: 2020,] the amount authorized for future share repurchases under the Program was $590.1 million.

Information relating to compensation plans under which the Company’s equity securities are authorized for issuance [removed: is] [added: will be] included in the section captioned “Equity Compensation Plan Information” in our [removed: 2020] [added: 2021] Proxy Statement and is incorporated herein by reference.

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| Equifax Inc. | | | 100.00 | | | | | | 112.99 | | | | | | 114.06 | | | | | | 91.28 | | | | | | 139.04 | | | | | | 193.26 | | |

| S&P 500 Index | | | 100.00 | | | | | | 117.81 | | | | | | 143.52 | | | | | | 137.23 | | | | | | 180.44 | | | | | | 213.64 | | |

| S&P 500 Banks Index (Industry Group) | | | 100.00 | | | | | | 140.74 | | | | | | 172.48 | | | | | | 144.12 | | | | | | 202.69 | | | | | | 174.81 | | |

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| Equifax Inc. | | | 100.00 | | | | | | 214.06 | | | | | | 226.90 | | | | | | 228.22 | | | | | | 143.32 | | | | | | 183.98 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| S&P 500 Index | | | 100.00 | | | | | | 152.59 | | | | | | 169.24 | | | | | | 205.24 | | | | | | 150.33 | | | | | | 173.86 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| S&P 500 Banks Index (Industry Group) | | | 100.00 | | | | | | 148.23 | | | | | | 178.13 | | | | | | 214.75 | | | | | | 148.30 | | | | | | 180.55 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

The summary of operations data for the years ended December 31, [added: 2020,] 2019, [removed: 2018,] and [removed: 2017,] [added: 2018,] and the balance sheet data as of December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] have been derived from our audited Consolidated Financial Statements included in this report.

| | | | Twelve Months Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

| | | | [removed: 2019] [added: 2020] (1) [removed: (2)] [added: (3) (4)] | | | | | | [removed: 2018] [added: 2019 (1)] (2) (3) [added: (4)] | | | | | | [removed: 2017 (2)] [added: 2018 (1) (3)] (4) | | | | | | [removed: 2016] [added: 2017 (1) (3)] (5) | | | | | | [removed: 2015 (3)] [added: 2016 (1)] (6) | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

| | | | *(In millions, except per share data)* | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

| Summary of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

| Operating revenue | | | $ | [removed: 3,507.6] [added: 4,127.5] | | | | | $ | [removed: 3,412.1] [added: 3,507.6] | | | | | $ | [removed: 3,362.2] [added: 3,412.1] | | | | | $ | [removed: 3,144.9] [added: 3,362.2] | | | | | $ | [removed: 2,663.6 | | | | | | | | | | | | | | | | | | | | | | | |] [added: 3,144.9] | |

| Operating expenses | | | [removed: 3,843.0 | | | | | | 2,964.1 | | | | | | 2,530.5 | | | | | | 2,319.8 | | | | | | 1,963.6] [added: 3,450.9] | | | | | | [added: 3,843.0] | | | | | | [added: 2,964.1] | | | | | | [added: 2,530.5] | | | | | | [added: 2,319.8] | | |

| Operating [removed: (loss)] income [removed: | | | (335.4) | | | | | | 448.0 | | | | | | 831.7 | | | | | | 825.1 | | |] [added: (loss)] | | | [removed: 700.0] [added: 676.6] | | | | | | [added: (335.4)] | | | | | | [added: 448.0] | | | | | | [added: 831.7] | | | | | | [added: 825.1] | | |

| Dividends paid to Equifax shareholders | | | $ | [removed: 188.7] [added: 189.5] | | | | | $ | [removed: 187.9] [added: 188.7] | | | | | $ | [removed: 187.4] [added: 187.9] | | | | | $ | [removed: 157.6] [added: 187.4] | | | | | $ | [removed: 137.8 | | | | | | | | | | | | | | | | | | | | | | | |] [added: 157.6] | |

| Diluted earnings per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

| Cash dividends declared per share | | | $ | 1.56 | | | | | $ | 1.56 | | | | | $ | 1.56 | | | | | $ | [removed: 1.32] [added: 1.56] | | | | | $ | [removed: 1.16 | | | | | | | | | | | | | | | | | | | | | | | |] [added: 1.32] | |

| Weighted-average shares outstanding (diluted) | | | [removed: 122.0 | | | | | | 121.4 | | | | | | 121.5 | | | | | | 121.1 | | | | | | 120.9] [added: 122.8] | | | | | | [added: 122.0] | | | | | | [added: 121.4] | | | | | | [added: 121.5] | | | | | | [added: 121.1] | | |

| | | | As of December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

| | | | [removed: 2019] [added: 2020] (1) [removed: (2)] [added: (4)] | | | | | | [removed: 2018] [added: 2019 (1)] (2) [removed: (3)] [added: (4)] | | | | | | [removed: 2017 (2)] [added: 2018 (1)] (4) | | | | | | [removed: 2016] [added: 2017 (1)] (5) | | | | | | [removed: 2015 (3)] [added: 2016 (1)] (6) | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

| | | | *(In millions)* | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

| Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

| Total assets | | | $ | [removed: 7,909.0] [added: 9,611.8] | | | | | $ | [removed: 7,153.2] [added: 7,909.0] | | | | | $ | [removed: 7,233.4] [added: 7,153.2] | | | | | $ | [removed: 6,664.0] [added: 7,233.4] | | | | | $ | [removed: 4,501.5 | | | | | | | | | | | | | | | | | | | | | | | |] [added: 6,664.0] | |

| Short-term debt and current maturities | | | [removed: 3.1 | | | | | | 4.9 | | | | | | 965.3 | | | | | | 585.4 | | | | | | 49.3] [added: 1,101.1] | | | | | | [added: 3.1] | | | | | | [added: 4.9] | | | | | | [added: 965.3] | | | | | | [added: 585.4] | | |

| Long-term debt, net of current portion | | | [removed: 3,379.5 | | | | | | 2,630.6 | | | | | | 1,739.0 | | | | | | 2,086.8 | | | | | | 1,138.4] [added: 3,277.3] | | | | | | [added: 3,379.5] | | | | | | [added: 2,630.6] | | | | | | [added: 1,739.0] | | | | | | [added: 2,086.8] | | |

| Total debt, net | | | [removed: 3,382.6 | | | | | | 2,635.5 | | | | | | 2,704.3 | | | | | | 2,672.2 | | | | | | 1,187.7] [added: 4,378.4] | | | | | | [added: 3,382.6] | | | | | | [added: 2,635.5] | | | | | | [added: 2,704.3] | | | | | | [added: 2,672.2] | | |

| Total equity | | | [removed: 2,622.9 | | | | | | 3,155.7 | | | | | | 3,239.0 | | | | | | 2,721.3 | | | | | | 2,350.4] [added: 3,210.3] | | | | | | [added: 2,622.9] | | | | | | [added: 3,155.7] | | | | | | [added: 3,239.0] | | | | | | [added: 2,721.3] | | |

[removed: (1)During] [added: (2)During] the year ended December 31, 2019, the Company recorded $800.9 million of losses, net of insurance recoveries, associated with certain legal proceedings and government investigations related to the 2017 cybersecurity incident, exclusive of our legal professional services expenses.

[removed: (2)During] [added: (3)During] the years ended December 31, [removed: 2019, 2018] [added: 2020, 2019] and [removed: 2017,] [added: 2018,] the Company recorded [removed: $337.3] [added: $365.0] million, [removed: $326.2] [added: $337.3] million, and [removed: $114.0] [added: $326.2] million, respectively, of pre-tax expenses, net of cybersecurity insurance recoveries, for costs related to the 2017 cybersecurity incident.

Costs related to the 2017 cybersecurity incident are defined as incremental costs to transform our information technology infrastructure and data security; legal fees and professional services costs to investigate the 2017 cybersecurity incident and respond to legal, government and regulatory claims; as well as costs to provide free [added: credit monitoring] product [added: and related support to consumers.]

[removed: (3)During the fourth quarter of 2018 and the first quarter of 2015, we recorded a] [added: All] restructuring [removed: charge of $46.1 million and $20.7 million, respectively, all of which is] [added: charges were] recorded in selling, general, and administrative expenses in our Consolidated Statements of [removed: (Loss) Income.][added: Income (Loss).]

For additional information, see Note [removed: 11] [added: 1] of the Notes to the Consolidated Financial Statements in this report.

[removed: (4)The] [added: (5)The] Tax Cuts and Jobs Act of 2017 (“Tax [removed: Act”), as signed by the President of the United States on December 22, 2017,] [added: Act”)] significantly revised U.S. tax law.

[removed: (5)In] [added: (6)In] the first quarter of 2016, we completed the acquisition of 100% of the ordinary voting shares of Veda Group Limited (“Veda”) for cash consideration plus debt assumed of approximately $1.9 billion.

All periods presented in this table have been revised for the pension accounting change discussed in Note 1 of the Notes to the Consolidated Financial Statements in Item 8 of this report.

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| Consolidated income (loss) from continuing operations | | | 526.2 | | | | | | (378.1) | | | | | | 317.0 | | | | | | 606.8 | | | | | | 475.1 | | |

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| Net income (loss) attributable to Equifax | | | $ | 520.1 | | | | | $ | (384.1) | | | | | $ | 310.5 | | | | | $ | 596.1 | | | | | $ | 468.8 | |

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| Net income (loss) attributable to Equifax | | | $ | 4.24 | | | | | $ | (3.15) | | | | | $ | 2.56 | | | | | $ | 4.90 | | | | | $ | 3.87 | |

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(1)The selected financial data above reflects the change in accounting method for recognizing actuarial gains and losses and expected returns on plan assets for our defined benefit pension and postretirement benefit plans.

Under the accounting method change, remeasurement of projected benefit obligation and plan assets are immediately recognized in earnings through net periodic benefit cost within Other Income (Expense) on the Consolidated Statements of Income (Loss), This change in accounting was applied retrospectively to all of the prior periods.

(4)During the fourth quarter of 2020, first quarter of 2019 and fourth quarter of 2018, we recorded $31.9 million ($24.3 million, net of tax), $11.5 million ($8.8 million, net of tax) and $46.1 million ($35.0 million, net of tax) of restructuring charges, respectively.

For additional information, see Note 11 of the Notes to the Consolidated Financial Statements in Item 8 of this report.

The summary of operations data for the years ended December 31, 2016 and 2015, and the balance sheet data as of December 31, 2017, 2016 and 2015, have been derived from our audited Consolidated Financial Statements not included in this report.

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| Consolidated (loss) income from continuing operations | | | (392.8) | | | | | | 306.3 | | | | | | 598.0 | | | | | | 495.1 | | | | | | 434.8 | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Net (loss) income attributable to Equifax | | | $ | (398.8) | | | | | $ | 299.8 | | | | | $ | 587.3 | | | | | $ | 488.8 | | | | | $ | 429.1 | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Net (loss) income attributable to Equifax | | | $ | (3.27) | | | | | $ | 2.47 | | | | | $ | 4.83 | | | | | $ | 4.04 | | | | | $ | 3.55 | | | | | | | | | | | | | | | | | | | | | | | | | |

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and related support to consumers.

Under previous law, foreign earnings were subject to U.S. tax when repatriated to the U.S. Under the Tax Act, foreign earnings are generally exempt from U.S. tax.

Additionally, there is a one-time deemed repatriation tax on undistributed foreign earnings and profits.

The Tax Act imposes other U.S. taxes on “global intangible low taxed income” and “base erosion anti-abuse transactions.” Other significant changes included limitations on the deductibility of interest expense and executive compensation, and repeal of the deduction for domestic production activities.

Of this amount, $30.1 million relates to transaction and integration costs in operating income, $9.2 million is recorded in other income and is the impact of foreign currency changes on the transaction structure, including economic hedges, $0.2 million is recorded in depreciation and amortization, and $0.7 million is recorded in interest expense.

(6)During the second quarter of 2015, the management of Boa Vista Servicos S.A. (“BVS”), in which we hold a 15% cost method investment, updated the financial projections of BVS.

The updated projections, along with the continued weakness in the Brazilian consumer and small commercial credit markets were considered indicators of impairment.

As a result of these changes, and the associated near-term changes in cash flow expected from the business, we recorded a 46.0 million Brazilian Reais ($14.8 million) impairment of our investment.

| [Report of Independent Registered Public Accounting Firm on Internal Control over Financial [removed: Reporting](#i_0_97)] [added: Reporting](#i523af29ce06d4991886e8b12ffaf779b_97)] | | | [removed: [59](#i_0_97)] [added: [60](#i523af29ce06d4991886e8b12ffaf779b_97)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i_0_100)] [added: Firm](#i523af29ce06d4991886e8b12ffaf779b_100)] | | | [removed: [60](#i_0_100)] [added: [61](#i523af29ce06d4991886e8b12ffaf779b_100)] | | |

| [Consolidated Statements of [removed: (Loss)] Income [added: (Loss)] for each of the three years in the period ended December 31, [removed: 2019](#i_0_103)] [added: 2020](#i523af29ce06d4991886e8b12ffaf779b_103)] | | | [removed: [63](#i_0_103)] [added: [63](#i523af29ce06d4991886e8b12ffaf779b_103)] | | |

| [Consolidated Statements of Comprehensive [removed: (Loss)] Income [added: (Loss)] for each of the three years in the period ended December 31, [removed: 2019](#i_0_106)] [added: 2020](#i523af29ce06d4991886e8b12ffaf779b_106)] | | | [removed: [64](#i_0_106)] [added: [64](#i523af29ce06d4991886e8b12ffaf779b_106)] | | |

| [Consolidated Balance Sheets at December 31, [removed: 2019] [added: 2020] and [removed: 2018](#i_0_109)] [added: 2019](#i523af29ce06d4991886e8b12ffaf779b_109)] | | | [removed: [65](#i_0_109)] [added: [65](#i523af29ce06d4991886e8b12ffaf779b_109)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, [removed: 2019](#i_0_115)] [added: 2020](#i523af29ce06d4991886e8b12ffaf779b_115)] | | | [removed: [66](#i_0_115)] [added: [66](#i523af29ce06d4991886e8b12ffaf779b_115)] | | |

| [Consolidated Statements of Shareholders’ Equity and [added: Accumulated] Other Comprehensive [removed: (Loss) Income] [added: Loss] for each of the three years in the period ended December 31, [removed: 2019](#i_0_118)] [added: 2020](#i523af29ce06d4991886e8b12ffaf779b_118)] | | | [removed: [67](#i_0_118)] [added: [67](#i523af29ce06d4991886e8b12ffaf779b_118)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i_0_130)] [added: Statements](#i523af29ce06d4991886e8b12ffaf779b_130)] | | | [removed: [69](#i_0_130)] [added: [69](#i523af29ce06d4991886e8b12ffaf779b_130)] | | |

We have audited Equifax Inc.’s internal control over financial reporting as of December 31, [removed: 2019,] [added: 2020,] based on criteria established in Internal [removed: Control-Integrated] [added: Control—Integrated] Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“2013 framework”) (the COSO criteria).

In our opinion, Equifax Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2019,] [added: 2020,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] the related consolidated statements of [removed: (loss) income,] [added: income (loss),] comprehensive [removed: (loss) income,] [added: income (loss),] cash flows, and shareholders’ equity and [added: accumulated] other comprehensive [removed: income (loss)] [added: loss] for each of the three years in the period ended December 31, [removed: 2019,] [added: 2020,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”) and our report dated February [removed: 20, 2020] [added: 25, 2021] expressed an unqualified opinion thereon.

We have audited the accompanying consolidated balance sheets of Equifax Inc. (the Company) as of December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] the related consolidated statements of [removed: (loss) income,] [added: income (loss),] comprehensive income (loss), cash flows, and shareholders’ equity and [added: accumulated] other comprehensive [removed: income (loss)] [added: loss] for each of the three years in the period ended December 31, [removed: 2019,] [added: 2020,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2019,] [added: 2020,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: Company’s] [added: Company's] internal control over financial reporting as of December 31, [removed: 2019,] [added: 2020,] based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February [removed: 20, 2020] [added: 25, 2021] expressed an unqualified opinion thereon.

Our audits included performing procedures to assess the [removed: risk] [added: risks] of material [removed: misstatements] [added: misstatement] of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Critical Audit [removed: Matters][added: Matter]

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current period audit of the [removed: consolidated] financial statements that [removed: were] [added: was] communicated or required to be communicated to the audit committee and that: (1) [removed: relate] [added: relates] to accounts or disclosures that are material to the [removed: consolidated] financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of [added: the] critical audit [removed: matters] [added: matter] does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matters] [added: matter] below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit [removed: matters] [added: matter] or on the [removed: accounts] [added: account] or [removed: disclosures] [added: disclosure] to which they relate.

| *Description of the Matter* | | | At December 31, [removed: 2019,] [added: 2020,] the Company’s goodwill was [removed: $4.3] [added: $4.5] billion and the goodwill attributed to the Asia Pacific reporting unit was [removed: $1.39] [added: $1.6] billion. As discussed in Note 4 of the consolidated financial statements, goodwill is tested for impairment at least annually at the reporting unit level. The Company’s goodwill is initially assigned to its reporting units as of the acquisition date. The Company determined that a quantitative impairment test was required for the Asia Pacific reporting unit, therefore the Company determined the relative fair value of this reporting unit as of September 30, [removed: 2019,] [added: 2020,] the annual goodwill impairment testing date. | | |

| *How We Addressed the Matter in Our Audit* | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to quantitatively test the Company’s Asia Pacific reporting unit’s goodwill balance for impairment including among others, controls related to management’s review of the significant assumptions described above and the resulting relative fair value for [added: the] Asia Pacific reporting unit. | | |

CONSOLIDATED STATEMENTS OF [removed: (LOSS) INCOME][added: INCOME (LOSS)]

| | | | Twelve Months Ended December 31, | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |]

| | | | 2019 | | | | | | [removed: 2018] | | | | | | [removed: 2017 | | | | | |] [added: 2018] | | | | | | | | |

| [removed: *(In millions, except per share amounts)*] | | | | | | [removed: | | | | | | | | |] [added: *(In millions, except per share amounts)*] | | | | | | | | | | | | | | |

| Operating revenue | | | $ | [removed: 3,507.6] [added: 4,127.5] | | | | | $ | [removed: 3,412.1] [added: 3,507.6] | | | | | $ | [removed: 3,362.2 | | | | | | | | | | | |] [added: 3,412.1] | |

| Operating expenses: | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |]

| Cost of services (exclusive of depreciation and amortization below) | | | [removed: 1,521.7 | | | | | | 1,440.4 | | | | | | 1,210.7] [added: 1,737.4] | | | | | | [added: 1,521.7] | | | | | | [added: 1,440.4] | | |

| Selling, general and administrative expenses | | | [removed: 1,990.2 | | | | | | 1,213.3 | | | | | | 1,032.0] [added: 1,322.5] | | | | | | [added: 1,990.2] | | | | | | [added: 1,213.3] | | |

| Depreciation and amortization | | | [removed: 331.1 | | | | | | 310.4 | | | | | | 287.8] [added: 391.0] | | | | | | [added: 331.1] | | | | | | [added: 310.4] | | |

| Total operating expenses | | | [removed: 3,843.0 | | | | | | 2,964.1 | | | | | | 2,530.5] [added: 3,450.9] | | | | | | [added: 3,843.0] | | | | | | [added: 2,964.1] | | |

| Operating [removed: (loss)] income [removed: | | | (335.4) | | | | | | 448.0 | | |] [added: (loss)] | | | [removed: 831.7] [added: 676.6] | | | | | | [added: (335.4)] | | | | | | [added: 448.0] | | |

| Interest expense | | | [removed: (111.7) | | | | | | (103.5) | | | | | | (92.8)] [added: (141.6)] | | | | | | [added: (111.7)] | | | | | | [added: (103.5)] | | |

| Other [removed: income,] [added: income (expense),] net | | | [removed: 14.1] | | | [added: $] | [added: 14.1] | | [removed: 11.8] | | | [added: $] | [added: 19.2] | | [removed: 7.7] | | | [added: $] | [added: 33.3] | | | | | [added: $] | [added: 11.8] | | | | | [added: $ | 14.1 | | | | | $ | 25.9 | |]

| Consolidated [removed: (loss)] income before income taxes | | | [removed: (433.0)] | | | [added: (433.0)] | | | [removed: 356.3] | | | [added: 19.2] | | | [removed: 746.6] | | | [added: (413.8)] | | | | | | [added: 356.3] | | | | | | [added: 14.1 | | | | | | 370.4 | | |]

| [removed: Benefit (provision)] [added: Provision] for income taxes | | | [removed: 40.2] | | | [added: 40.2] | | | [removed: (50.0)] | | | [added: (4.5)] | | | [removed: (148.6)] | | | [added: 35.7] | | | | | | [added: (50.0)] | | | | | | [added: (3.4) | | | | | | (53.4) | | |]

| Consolidated net (loss) income | | | [added: | | | $ |] (392.8) | | | | | [added: $] | [removed: 306.3] [added: 14.7] | | | | | [added: $] | [removed: 598.0] [added: (378.1)] | | | | | [added: $] | [added: 306.3] | | | | | [added: $] | [added: 10.7] | | | [added: | | $ | 317.0 | |]

| Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests | | | [removed: (6.0) | | | | | | (6.5) | | | | | | (10.7)] [added: (6.1)] | | | | | | [added: (6.0)] | | | | | | [added: (6.5)] | | |

| Net [removed: (loss)] income attributable to Equifax | | | [removed: $] | [removed: (398.8)] | | [added: $] | [added: (398.8)] | | [added: | | |] $ | [removed: 299.8] [added: 14.7] | | | | | $ | [removed: 587.3] [added: (384.1)] | | | | | [added: $] | [added: 299.8] | | | | | [added: $] | [added: 10.7] | | [added: | | | $ | 310.5 | |]

| Basic earnings per common share: | | | | | | | | | | | | | | | | | | [removed: | | | | | | | | | | | |]

| Net [removed: (loss)] income [added: (loss)] attributable to Equifax | | | $ | [removed: (3.30)] [added: 520.1] | | | | | $ | [removed: 2.49] [added: (384.1)] | | | | | $ | [removed: 4.89 | | | | | | | | | | | |] [added: 310.5] | |

February 25, 2021

Change in Accounting Principle

As discussed in Note 1 to the consolidated financial statements, the Company has elected to change its method of accounting for actuarial gains and losses and the calculation of expected return on plan assets related to all of its pension and other postretirement benefit plans during the year ended December 31, 2020.

The Company adopted this change on a retrospective basis.

February 25, 2021

| *(In millions, except per share amounts)* | | | | | | | | | Revised | | | | | | Revised | | |

| Other income, net | | | 150.2 | | | | | | 33.3 | | | | | | 25.9 | | |

| Consolidated income (loss) before income taxes | | | 685.2 | | | | | | (413.8) | | | | | | 370.4 | | |

| Consolidated net income (loss) | | | 526.2 | | | | | | (378.1) | | | | | | 317.0 | | |

| Net income (loss) attributable to Equifax | | | $ | 4.24 | | | | | $ | (3.15) | | | | | $ | 2.56 | |

| | | | | | | | | | | | | | | | | | | | | | Revised | | | | | | | | | | | | | | | | | | Revised | | | | | | | | | | | | | | |

| Net income (loss) | | | $ | 520.1 | | | | | $ | 6.1 | | | | | $ | 526.2 | | | | | $ | (384.1) | | | | | $ | 6.0 | | | | | $ | (378.1) | | | | | $ | 310.5 | | | | | $ | 6.5 | | | | | $ | 317.0 | |

| Change in unrecognized prior service cost and actuarial (losses) gains related to our pension and other postretirement benefit plans, net | | | (1.1) | | | | | | — | | | | | | (1.1) | | | | | | 4.3 | | | | | | — | | | | | | 4.3 | | | | | | 302.2 | | | | | | — | | | | | | 302.2 | | |

| | | | 2020 | | | | | | 2019 | | |

| | | | | | | | | | | | |

| Retained earnings | | | 4,185.4 | | | | | | 3,854.6 | | |

| Consolidated net income (loss) | | | $ | 526.2 | | | | | $ | (378.1) | | | | | $ | 317.0 | |

| Deferred income taxes | | | 66.5 | | | | | | (82.7) | | | | | | 1.3 | | |

| Gain on fair market value adjustment of equity investments | | | (149.5) | | | | | | — | | | | | | — | | |

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| Current and long-term liabilities, excluding debt | | | 106.9 | | | | | | 527.7 | | | | | | 48.3 | | |

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| Cash provided by operating activities | | | 946.2 | | | | | | 313.8 | | | | | | 672.2 | | |

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February 20, 2020

| | | | | | |

| | | | Loss Contingencies, related to the 2017 cybersecurity incident | | |

| *Description of the Matter* | | | As described in Note 6 to the consolidated financial statements, following the 2017 cybersecurity incident, hundreds of class action and other lawsuits were filed against the Company alleging harm from the 2017 cybersecurity incident. These actions sought various remedies including monetary and injunctive relief. The Company was also subject to investigations and inquiries by federal, state and foreign governmental regulatory agencies and officials. Many of these lawsuits and government investigations have progressed such that they have been settled and paid or settlement agreements have been reached but are subject to finalization or appeal. However, other matters remain unresolved. Based on the progression of these matters, the Company believes it is probable that they will incur losses associated with matters where settlement agreements have been reached but are subject to finalization or appeal and the amounts accrued to date represent management’s best estimate of the liability related to these matters. Management has concluded that it is reasonably possible that losses exceeding the amounts accrued may be incurred but that it is not possible at this time to estimate those amounts. For the other matters that remain unresolved, management has disclosed that a loss is reasonably possible but cannot be estimated at this time. | | |

| | | | | | |

| | | | Auditing management’s accounting for and disclosure of loss contingencies related to the 2017 cybersecurity regulatory and legal matters required significant judgment given the progression of the status of these matters throughout 2019 and management’s use of estimates when recording its best estimate of the related liability and determining the related disclosures. | | |

| | | | | | |

| *How We Addressed the Matter in Our Audit* | | | We identified and tested controls over the identification and evaluation of the Company’s regulatory and legal matters related to the 2017 cybersecurity incident as well as management’s assessment of and evaluation of whether the likelihood of loss relating to those matters was either probable or reasonably possible and whether a loss or range of loss was estimable based on the progression of the matters during 2019. To evaluate the Company’s conclusions, we utilized the involvement of more experienced members of the audit team and attended the Company’s legal meetings with senior management and outside counsel to observe and analyze, among other things, their evaluation of the status of these matters. In order to evaluate management’s accounting evaluation with regard to the status of these matters, we read the minutes of the meetings of the committees of the board of directors, read summaries of the proceedings and related key correspondence with the representatives of the plaintiffs, U.S. federal and state and foreign regulatory agencies, requested and received internal and external legal counsel confirmation letters, and obtained representations from the Company with respect to their conclusions. In order to test the reasonableness of the best estimates recorded by the Company, we performed a search for both corroborating and new or contrary evidence for inputs utilized in the estimates and evaluated the development of the Company’s legal matters through the date of our opinion. We also assessed the disclosures related to these contingencies in Note 6 to the consolidated financial statements. | | |

February 20, 2020

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| Treasury stock purchases | | | — | | | | | | — | | | | | | (77.1) | | | | | | | | | | | | | | |

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| Balance, December 31, 2016 | | | 119.9 | | | | | | $ | 236.6 | | | | | $ | 1,313.3 | | | | | $ | 4,153.2 | | | | | $ | (528.9) | | | | | $ | (2,505.6) | | | | | $ | (5.9) | | | | | $ | 58.6 | | | | | $ | 2,721.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Our management assessed the effectiveness of Equifax’s internal control over financial reporting as of December 31, [removed: 2019] [added: 2020] using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013 Framework).

Based on this assessment using those criteria, our management concluded that, as of December 31, [removed: 2019,] [added: 2020,] Equifax’s internal control over financial reporting was effective.

The effectiveness of Equifax’s internal control over financial reporting as of December 31, [removed: 2019] [added: 2020] has been audited by Ernst & Young LLP, Equifax’s independent registered public accounting firm, as stated in their report, which appears in “Item 8.

Financial Statements and Supplementary Data” of this Form 10-K on page [removed: 59.][added: 60.]

Except for the information about our executive officers shown below, the information required by this Item 10 is incorporated herein by reference from the information contained in our Proxy Statement to be filed with the SEC in connection with the solicitation of proxies for our [removed: 2020] [added: 2021] Annual Meeting of Shareholders (the [removed: “2020] [added: “2021] Proxy Statement”) under the sections entitled “Proposal 1 Election of Directors,” “Section 16(a) Beneficial Ownership Reporting Compliance” and “Board Leadership and Corporate Governance—Committees of the Board of Directors.”

*Beverly Anderson [removed: (56)*] [added: (57)*] has been President, Global Consumer Solutions, since November 2019.

Prior to that, she served in roles of increasing responsibility at American Express from July 2004, ultimately serving as Vice President and General Manager, American Express Business Insights [removed: Americas - Global] [added: Americas—Global] Merchant Services.

*Carla Chaney [removed: (49)*] [added: (50)*] has been Corporate Vice President and Chief Human Resources Officer since April 2019.

[removed: *Prasanna Dhoré (58)*] [added: He] has [removed: been] [added: served as] Chief Data and Analytics Officer since August 2012.