Equifax (EFX) 10-K risk factor changes: FY2024 vs FY2023

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, [removed: reasonable,] [added: reasonable] and/or comply with applicable legal requirements.

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

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

The failure to realize the anticipated benefits of our technology transformation [removed: strategy] could adversely impact our business and financial results.

We expect [added: that] our [added: cloud] technology transformation [removed: strategy, including our transition to cloud-based technologies,] will significantly increase our [removed: efficiency, our productivity,] [added: efficiency] and [added: productivity, improve] the stability and functionality of our products and services, [removed: as well as] [added: and] decrease the cost of our overall systems infrastructure, all of which we expect will drive growth and have a positive effect on our business, competitive position and results of operations.

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

This complex, multifaceted and extensive initiative [removed: is] [added: has been] expensive and has caused, and may cause in the future, unanticipated problems and expenses.

If [added: we are unable to complete] the [removed: transition causes errors or adversely impacts system processes,] [added: remaining migrations or, if] our new [added: cloud-based] systems do not operate as expected, [removed: or the data] we [removed: transition to the cloud changes in a material way, we] may have to incur significant additional costs to make modifications and could lose customers and we may suffer reputational harm as a result.

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

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

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

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

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

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

[removed: Since a significant portion of our operating expenses is relatively fixed in nature due to sales, information technology and development and other costs, if] [added: If] we were unable to respond quickly enough to changes in competition or customer [removed: demand,] [added: demand] we could experience [removed: further] reductions in our operating margins.

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

We have long-standing relationships with a number of our [removed: customers,] [added: customers and business partners,] many of whom could unilaterally terminate their relationship with us or materially reduce the amount of business they conduct with us at any time.

The success of our new products and services will depend on several factors, including our ability [removed: to] [added: to: (i)] properly identify customer needs; [added: (ii)] innovate and develop new technologies, services and applications; [added: (iii)] successfully commercialize new technologies in a timely manner; [added: (iv)] produce and deliver our products in sufficient volumes on time; [added: (v)] differentiate our offerings from competitor offerings; [added: (vi)] price our products competitively; [added: (vii)] anticipate our competitors’ development of new products, services or technological innovations; and [added: (viii)] control [added: product quality in our product development process.]

We may face risks associated with our use of certain artificial intelligence and machine learning [removed: models.][added: models and systems.]

We use artificial intelligence and machine learning models in the development of some of our [removed: products.][added: products and artificial intelligence systems to support the deployment of new applications and to improve the efficiency of our business operations.]

[removed: The] [added: For new products, the] models that we use are developed or trained using various data sets.

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

[removed: In addition, these risks include the possibility] [added: Our use] of [added: artificial intelligence could lead to] new or enhanced governmental or regulatory scrutiny, [removed: litigation,] [added: litigation] or other legal liability, ethical concerns, negative consumer [added: and customer impacts, and negative] perceptions [removed: as to] [added: of] artificial [removed: intelligence, or other complications that] [added: intelligence generally, all of which] could adversely affect our business, [removed: reputation,] [added: reputation] or financial results.

Further, our competitors or other third parties may incorporate artificial intelligence into their products [added: and business operations] more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations.

Public or commercial sources of free or relatively inexpensive consumer credit, credit score and other information have become increasingly available, [added: including sources that utilize artificial intelligence or machine learning,] and this trend is expected to continue.

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

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

In addition, our focus on data security and our [removed: technology transformation strategy, including our migration] [added: transition] to cloud-based [removed: technologies,] [added: technologies] may limit our ability to identify and complete acquisitions as our stringent technological criteria and standards for acquisition candidates may continue to increase.

We derive a [added: meaningful] portion of our revenue from direct and indirect sales to U.S. federal, state and local [removed: governments] [added: governments, as well as foreign governments,] and their respective agencies.

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

A number of our [removed: U.S. federal and state] government contracts receive enhanced scrutiny and media attention due to the sensitive nature of the data we handle and due to the importance of the government programs we support.

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

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

[removed: We] [added: In response to stakeholder feedback, we] communicate certain [removed: ESG-related] [added: information regarding our responsible business priorities, including] initiatives, goals and commitments [removed: regarding] [added: related to] climate, [added: inclusion and] diversity, responsible sourcing and social investments, [removed: and other matters, on our website,] in [removed: our filings with the SEC and elsewhere.][added: public disclosures.]

We could fail to achieve, or be perceived to fail to achieve, our greenhouse gas reduction commitments or other [removed: ESG-related] [added: responsible business] initiatives, goals and commitments.

Our actual or perceived failure to achieve our [removed: ESG-related] [added: responsible business-related] initiatives, goals and commitments could negatively impact our reputation or otherwise materially harm our business.

Our [removed: transition to] [added: use of] cloud-based [added: and other] technologies [added: that are outsourced to third parties] could expose us to operational disruptions.

As part of our technology [removed: transformation strategy,] [added: transformation,] we [removed: are upgrading] [added: upgraded] a significant portion of the information technology systems used to operate our business and [removed: replacing] [added: replaced] them with cloud-based solutions.

[removed: Upon implementation of the new cloud-based solutions, much of our] [added: Our] information technology [added: applications and] systems [removed: will] consist [added: primarily] of outsourced, cloud-based infrastructure, [removed: platform] [added: platforms] and software-as-a-service solutions not under our direct management or control.

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

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

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

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

We expect U.S. mortgage credit activity in 2025 to be below the levels of activity seen in 2024.

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

We continuously invest in new technologies.

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

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

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

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

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

More recently, an “anti-ESG” sentiment has developed in the U.S. among certain activists, institutions and governments, and we may face scrutiny, reputational risk, lawsuits or market access restrictions from these parties regarding our responsible business priorities, initiatives, goals and commitments.

To the extent that we continue to make disclosures about responsible business priorities, initiatives, goals and commitments, we could be criticized for such matters, which could negatively impact our reputation or otherwise materially harm our business.

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

There are laws and regulatory requirements in the U.S. and abroad that govern the operations of consumer reporting agencies and the collection, use, accuracy, correction and sharing of personal data.

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

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

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

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

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

In addition, there are laws and legislative proposals in the U.S. and abroad concerning privacy and cybersecurity that have implications for our business.

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

Multiple jurisdictions, including the EU and at least one U.S. state, have adopted laws related to the development and use of artificial intelligence.

It

The CFPB has in the past, and may in the future, initiate enforcement actions against us with regard to our compliance with federal consumer financial protection laws.

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

new debt.

Moreover, we have experienced issues with customer migration, as some 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, which could negatively impact our revenue.

all.

Our transition and migration to cloud-based technologies may increase our risk of liability and cause us to incur significant technical, legal, regulatory or other costs.

In 2024, we expect the U.S. mortgage market, as measured by credit inquiries, to decline by approximately 16% compared to 2023.

product quality in our product development process.

We also derive a portion of our revenue from sales to foreign governments and related agencies.

To the extent that our required and voluntary disclosures about ESG matters increase, we could be criticized for the accuracy, adequacy or completeness of such disclosures.

Our technology transformation strategy places a significant strain on our management, operational, financial and other resources.

As part of our technology transformation strategy, we are transitioning and migrating our data systems from traditional, on premises data centers to cloud-based platforms.

This initiative places significant strain on our management, personnel, operations, systems, technical performance, financial resources, internal financial controls and reporting function.

Our technology transformation strategy requires management time and resources to educate employees and implement new ways of conducting business.

The dedication of resources to our technology transformation strategy and cloud-based technologies limits the resources we have available to devote to other initiatives or growth opportunities, or to invest in the maintenance of our existing internal systems.

We cannot guarantee that our strategy is the right one or that investments in alternative technologies or other initiatives would not be a better use of our resources.

Additionally, as a result of our cloud migration efforts in connection with our technology transformation strategy, we may experience a loss of continuity, loss of accumulated knowledge or loss of efficiency during transitional periods.

Reorganization and transition can require a significant amount of management and other employees’ time and focus, which may

divert attention from operating activities and growing our business.

If we fail to achieve some or all of the expected benefits of these activities, it could have a material adverse effect on our competitive position, business, financial condition, results of operations and cash flows.

This transition will continue to require substantial changes to our software and network infrastructure, which could lead to system interruptions, affect our data systems and further expose us to 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.

Some 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, response time and performance issues.

As part of our technology transformation strategy, we have hired or contracted with a significant number of new employees and contract workers.

We expect there to be a continued focus on laws and regulations related to our business, because of policy concerns in the U.S. with regard to the operation of consumer reporting agencies, the collection, use, accuracy, correction and sharing of personal information, and the use of algorithms, artificial intelligence and machine learning in business processes.

For example, in September 2023, the CFPB issued an outline of proposed changes to the FCRA which would expand the application of the FCRA to certain business practices not currently subject to the FCRA and would require the removal of medical collection debt from consumer credit reports.

Further, in October 2023, California passed the DELETE Act, a first-in-the-nation data broker deletion tool which creates a centralized mechanism to allow consumers to request brokers to delete their personal information, rather than submitting individual requests to brokers registered in the state.

There are a number of legislative proposals pending before the U.S. Congress, various state legislative bodies and foreign governments concerning privacy or cybersecurity that could affect us.

A dispute or

This section discusses the results of our operations for the year ended December 31, [removed: 2023] [added: 2024] compared to the year ended December 31, [removed: 2022] [added: 2023] and the year ended December 31, [removed: 2022] [added: 2023] compared to the year ended December 31, [removed: 2021.][added: 2022.]

We are a leading provider of information and solutions used in payroll-related and human resource management business process services in the [removed: U.S.] [added: U.S.,] as well as e-commerce fraud and charge back protection services in North America.

We also have investments in consumer and/or commercial credit information companies through joint ventures in [added: Brazil,] Cambodia, [removed: Malaysia, Singapore] [added: Malaysia] and [removed: Brazil.][added: Singapore.]

As further described above, we operate in the U.S., which represented [removed: 77%] [added: 76%] of our revenue in [removed: 2023,] [added: 2024,] and internationally in 20 countries.

For [removed: 2024,] [added: 2025,] our planning assumes that U.S. economic activity, as measured by GDP, is expected to grow [removed: but] at a [removed: slower] [added: similar] rate [removed: of growth than] [added: as] experienced in [removed: 2023.][added: 2024.]

In the international markets in which we operate, in particular in Australia, the [removed: U.K.] [added: U.K.,] and Canada, our planning also assumes economic activity, as measured by GDP, to grow in [removed: 2024 but] [added: 2025] at [removed: slower] [added: similar] rates [removed: than] [added: as experienced] in [removed: 2023.][added: 2024.]

Verification Services revenue is transaction-based and is derived primarily from employment and income verification, as well as criminal justice [added: data and educational background] data.

Workforce Solutions [removed: has] [added: revenue is predominantly in the U.S., and they have also] established operations in Canada, Australia and the U.K.

The USIS segment consists of three service lines: Online Information Solutions, Mortgage [removed: Solutions,] [added: Solutions] and Financial Marketing Services.

The International segment consists of [removed: Asia Pacific,] [added: Latin America,] Europe, [removed: Canada] [added: Asia Pacific] and [removed: Latin America.][added: Canada.]

Geographic Information. We currently have operations in the following countries: Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K., Uruguay and the U.S. We also have investments in consumer and/or commercial credit information companies through joint ventures in [added: Brazil,] Cambodia, [removed: Malaysia, Singapore] [added: Malaysia] and [removed: Brazil.][added: Singapore.]

Approximately [removed: 77%] [added: 76%] and [removed: 78%] [added: 77%] of our revenue was generated in the U.S. during the twelve months ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

Revenue generated from the Employer Services business unit within the Workforce Solutions operating segment is generally higher in the first quarter due primarily to the provision of [removed: Form W-2 and] 1095-C services that occur in the first quarter each year.

The key performance indicators for the twelve months ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] were as follows:

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Operating revenue | | | $ | [removed: 5,265.2] [added: 5,681.1] | | | | | $ | [removed: 5,122.2] [added: 5,265.2] | | | | | $ | [removed: 4,923.9] [added: 5,122.2] | |

| Operating revenue change | | | [removed: 3] [added: 8] | | % | | | | [removed: 4] [added: 3] | | % | | | | [removed: 19] [added: 4] | | % |

| Operating income | | | $ | [removed: 933.6] [added: 1,042.1] | | | | | $ | [removed: 1,056.0] [added: 933.6] | | | | | $ | [removed: 1,138.0] [added: 1,056.0] | |

| Operating margin | | | [removed: 17.7] [added: 18.3] | | % | | | | [removed: 20.6] [added: 17.7] | | % | | | | [removed: 23.1] [added: 20.6] | | % |

| Net income attributable to Equifax | | | $ | [removed: 545.3] [added: 604.1] | | | | | $ | [removed: 696.2] [added: 545.3] | | | | | $ | [removed: 744.2] [added: 696.2] | |

| Diluted earnings per share | | | $ | [removed: 4.40] [added: 4.84] | | | | | $ | [removed: 5.65] [added: 4.40] | | | | | $ | [removed: 6.02] [added: 5.65] | |

| Cash provided by operating activities | | | $ | [removed: 1,116.8] [added: 1,324.5] | | | | | $ | [removed: 757.1] [added: 1,116.8] | | | | | $ | [removed: 1,334.8] [added: 757.1] | |

| Capital expenditures* | | | $ | [removed: (585.8)] [added: (495.9)] | | | | | $ | [removed: (617.4)] [added: (585.8)] | | | | | $ | [removed: (490.5)] [added: (617.4)] | |

TWELVE MONTHS ENDED DECEMBER 31, [removed: 2023, 2022] [added: 2024, 2023] AND [removed: 2021][added: 2022]

| | | | | | | | | | | | | | | | | | | | | | | | | [removed: 2023] [added: 2024] vs. [removed: 2022] [added: 2023] | | | | | | | | | | | | [removed: 2022] [added: 2023] vs. [removed: 2021] [added: 2022] | | | | | | | | |

| Operating Revenue | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | $ | | | | | | % | | | | | | $ | | | | | | % | | |

| Workforce Solutions | | | | | | $ | [removed: 2,315.8] [added: 2,433.8] | | | | | $ | [removed: 2,325.4] [added: 2,315.8] | | | | | $ | [removed: 2,035.4] [added: 2,325.4] | | | | | $ | [removed: (9.6)] [added: 118.0] | | | | | [removed: —] [added: 5] | | % | | | | $ | [removed: 290.0] [added: (9.6)] | | | | | [removed: 14] [added: —] | | % |

| U.S. Information Solutions | | | | | | [removed: 1,720.4] [added: 1,893.0] | | | | | | [removed: 1,657.7] [added: 1,720.4] | | | | | | [removed: 1,786.7] [added: 1,657.7] | | | | | | [removed: 62.7] [added: 172.6] | | | | | | [removed: 4] [added: 10] | | % | | | | [removed: (129.0)] [added: 62.7] | | | | | | [removed: (7)] [added: 4] | | % |

| International | | | | | | [removed: 1,229.0] [added: 1,354.3] | | | | | | [removed: 1,139.1] [added: 1,229.0] | | | | | | [removed: 1,101.8] [added: 1,139.1] | | | | | | [removed: 89.9] [added: 125.3] | | | | | | [removed: 8] [added: 10] | | % | | | | [removed: 37.3] [added: 89.9] | | | | | | [removed: 3] [added: 8] | | % |

| Consolidated operating revenue | | | | | | $ | [removed: 5,265.2] [added: 5,681.1] | | | | | $ | [removed: 5,122.2] [added: 5,265.2] | | | | | $ | [removed: 4,923.9] [added: 5,122.2] | | | | | $ | [removed: 143.0] [added: 415.9] | | | | | [removed: 3] [added: 8] | | % | | | | $ | [removed: 198.3] [added: 143.0] | | | | | [removed: 4] [added: 3] | | % |

Revenue for 2023 increased [removed: by] 3% compared to [removed: 2022,] [added: 2022] due to revenue growth in International and USIS.

International revenue growth was driven by growth in Latin America primarily from the [removed: Boa Vista Serviços S.A. ("BVS")] [added: BVS] acquisition, as well as growth in Canada, Europe and Asia Pacific.

The increase [removed: was] [added: in revenue is] primarily due to growth in [removed: Workforce Solutions] [added: the government] and [removed: International,] [added: talent solutions verticals,] partially offset by [removed: a decline] [added: declines] in [removed: USIS.][added: the mortgage vertical.]

The effect of foreign exchange rates decreased revenue by [removed: $94.9] [added: $105.5] million, or 2%, in [removed: 2022] [added: 2024] compared to [removed: 2021.][added: 2023.]

| Operating Expenses | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | $ | | | | | | % | | | | | | $ | | | | | | % | | |

| Consolidated cost of services | | | | | | $ | [removed: 2,335.1] [added: 2,518.7] | | | | | $ | [removed: 2,177.2] [added: 2,335.1] | | | | | $ | [removed: 1,980.9] [added: 2,177.2] | | | | | $ | [removed: 157.9] [added: 183.6] | | | | | [removed: 7] [added: 8] | | % | | | | $ | [removed: 196.3] [added: 157.9] | | | | | [removed: 10] [added: 7] | | % |

| Consolidated selling, general and administrative expenses | | | | | | [removed: 1,385.7] [added: 1,450.5] | | | | | | [removed: 1,328.9] [added: 1,385.7] | | | | | | [removed: 1,324.6] [added: 1,328.9] | | | | | | [removed: 56.8] [added: 64.8] | | | | | | [removed: 4] [added: 5] | | % | | | | [removed: 4.3] [added: 56.8] | | | | | | [removed: —] [added: 4] | | % |

| Consolidated depreciation and amortization expense | | | | | | [removed: 610.8] [added: 669.8] | | | | | | [removed: 560.1] [added: 610.8] | | | | | | [removed: 480.4] [added: 560.1] | | | | | | [removed: 50.7] [added: 59.0] | | | | | | [removed: 9] [added: 10] | | % | | | | [removed: 79.7] [added: 50.7] | | | | | | [removed: 17] [added: 9] | | % |

| Consolidated operating expenses | | | | | | $ | [removed: 4,331.6] [added: 4,639.0] | | | | | $ | [removed: 4,066.2] [added: 4,331.6] | | | | | $ | [removed: 3,785.9] [added: 4,066.2] | | | | | $ | [removed: 265.4] [added: 307.4] | | | | | 7 | | % | | | | $ | [removed: 280.3] [added: 265.4] | | | | | 7 | | % |

[removed: Cost of Services.] Cost of services increased $157.9 million in 2023 compared to 2022.

We expect U.S. mortgage credit activity in 2025 to be below the levels of activity seen in 2024.

Revenue for 2024 increased 8% compared to 2023 due to revenue growth in USIS, International and Workforce Solutions.

USIS revenue growth is primarily due to growth in mortgage related online services.

International revenue growth is driven by growth in Latin America from the Boa Vista Serviços S.A. ("BVS") acquisition, completed in the third quarter of 2023, as well as local currency growth in Latin America, Europe and Canada.

Workforce Solutions revenue growth is primarily due to growth in Verification Services, partially offset by declines in Employer Services.

| | | | | | | | | | | | | | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | | | | | 2023 vs. 2022 | | | | | | | | |

The increase is primarily due to higher royalty and revenue share costs, costs of purchased data and information, and costs from BVS, which was acquired in the third quarter of 2023.

The increase is primarily due to increased people costs and costs from BVS, which was acquired in the third quarter of 2023, partially offset by a decrease in professional fees.

The increased people costs, excluding the impact of costs from BVS, is primarily due to higher incentive plan costs.

| Consolidated operating revenue | | | | | | $ | 5,681.1 | | | | | $ | 5,265.2 | | | | | $ | 5,122.2 | | | | | $ | 415.9 | | | | | 8 | | % | | | | $ | 143.0 | | | | | 3 | | % |

The margin increase in 2024 is due to the aforementioned higher reported revenue, partially offset by increased operating expenses and depreciation and amortization expenses during the period.

| | | | | | | | | | | | | | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | | | | | 2023 vs. 2022 | | | | | | | | |

Interest expense decreased in 2024, when compared to 2023, due to lower overall debt balances and a lower weighted average cost of debt when compared to 2023.

The decrease in other (expense) income, net in 2024 is primarily due to the gain on fair market value adjustment of our investment in BVS due to our acquisition of BVS in the third quarter of 2023 that did not recur in the same period of 2024, as well as a gain on the sale of an investment in 2023 that did not recur in 2024.

We also incurred higher pension expense in 2024 as compared to 2023.

| | | | | | | | | | | | | | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | | | | | 2023 vs. 2022 | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | | | | | 2023 vs. 2022 | | | | | | | | |

| Consolidated operating income | | | | | | $ | 1,042.1 | | | | | $ | 933.6 | | | | | $ | 1,056.0 | | | | | $ | 108.5 | | | | | 12 | | % | | | | $ | (122.4) | | | | | (12) | | % |

| | | | | | | | | | | | | | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | | | | | 2023 vs. 2022 | | | | | | | | |

Verification Services. Revenue increased 10% in 2024 compared to 2023.

Employer Services. Revenue decreased 12% in 2024, compared to 2023 primarily due to lower Employee Retention Credit ("ERC") revenue and declines in I-9 and onboarding services.

The ERC revenue decrease is driven by the wind down of this U.S. Federal government program, accelerated by the IRS pausing new ERC claims processing during the third quarter of 2023.

Workforce Solutions Operating Margin. Operating margin increased to 43.3% in 2024 compared to 41.9% in 2023 due to the aforementioned increase in revenue.

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | $ | | | | | | % | | | | | | $ | | | | | | % | | | | | |

U.S. Information Solutions revenue increased 10% in 2024 compared to 2023 due to growth in Online Information Solutions due to an increase in mortgage related and consumer solutions online services, as well as growth in Mortgage Solutions and Financial Marketing Services.

Growth in mortgage related online services and Mortgage Solutions is due to both product pricing, as well as new products.

Online Information Solutions. Revenue for 2024 increased 9% compared to 2023, driven by higher mortgage related online services due to product pricing and new products, as well as continued growth of consumer solutions revenue.

Mortgage Solutions. Revenue increased 31% in 2024 compared to 2023 due to both product pricing and new products.

Financial Marketing Services. Revenue increased 5% in 2024 compared to 2023 driven by growth in credit marketing services.

U.S. Information Solutions Operating Margin. USIS operating margin increased to 21.4% in 2024 compared to 21.2% in 2023 due to the aforementioned increase in revenue.

| | | | | | | | | | | | | | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | | | | | 2023 vs. 2022 | | | | | | | | |

Local currency revenue increased 19% in 2024, driven by growth in Latin America from the BVS acquisition, completed in the third quarter of 2023, as well as local currency growth in Latin America, Europe and Canada.

Latin America. Local currency revenue increased 69% in 2024 as compared to 2023.

The increase is primarily due to revenue from the BVS acquisition, which occurred in the third quarter of 2023, as well as local currency growth in Argentina.

Revenue from the BVS acquisition was $159.3 million in 2024, compared to $64.8 million in 2023.

Europe. Local currency revenue increased 8% in 2024 as compared to 2023, primarily due to growth in the debt services and credit reporting businesses.

Reported revenue increased 11% in 2024 as compared to 2023.

Asia Pacific. Local currency revenue decreased 2% in 2024 as compared to 2023, primarily driven by Australia due to declines in the commercial and direct to consumer businesses in the first half of the year.

Canada. Local currency revenue increased 4% in 2024 as compared to 2023.

Revenue growth in 2024 is driven by growth in the direct to consumer and commercial businesses.

Our plan assumes the U.S. mortgage market, as measured by credit inquiries, is expected to decline by about 16% in 2024 versus 2023.

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

Revenue for 2022 increased by 4% compared to 2021.

A significant decline in U.S. mortgage activity negatively impacted the growth in Workforce Solutions and caused the decline in USIS revenue.

The increase in 2022 is primarily driven by companies acquired in 2022 and 2021, with the total increase in expenses partially offset by a decrease in incentive plan costs.

Interest expense increased in 2022, when compared to 2021, due to a higher weighted average outstanding amount of debt and higher interest costs attributable to debt agreements entered into during 2022.

The increase in other income (expense), net in 2022 is driven by changes in our fair value adjustments of our investments, gains on the sale of multiple equity investments and mark-to-market adjustments for our pension assets.

We recorded a $13.3 million gain on the fair value adjustment of our investment in BVS in 2022, compared to a $64.0 million loss in 2021.

During 2022, we recorded a gain of $19.1 million as a result of the sale of multiple equity investments, including the sale of our equity method investment in Russia during the third quarter of 2022.

Employer Services also grew in 2022 compared to 2021, due to revenue from acquired companies and growth in I-9 and onboarding services.

Revenue increased 16% in 2022 compared to 2021.

The increase in revenue was due to growth in government, talent solutions and consumer finance verticals, along with growth from the full year impact of Insights, which was acquired in the fourth quarter of 2021, offset by a decline in the mortgage vertical due to significantly slower U.S. mortgage activity in 2022.

Verification Services benefited across all verticals from the continued growth of employment and income records in The Work Number database.

Revenue increased 7% in 2022 compared to 2021 due to growth in employee services, partially offset by a decrease in unemployment claims management revenue as the number of unemployment claims returned to pre-COVID-19 levels in 2022 after having been significantly higher in 2021 due to the economic impact of COVID-19 on the U.S. economy.

Employer Services also benefited from acquisition revenue in 2022.

Operating margin decreased to 43.3% in 2022 compared to 49.2% in 2021 due to increased royalty costs, people costs, purchased intangible asset amortization and costs of purchased data or information, which altogether grew faster than the increase in revenue.

U.S. Information Solutions revenue decreased 7% in 2022 compared to 2021 due to the negative impact of declining mortgage inquiry volumes on both online services and Mortgage Solutions, as well as a decline in marketing solutions, partially offset by growth in non-mortgage online services and acquisition-related revenue.

The decline in mortgage related online revenue and Mortgage Solutions revenue in 2022 was due to declining mortgage credit inquiry volumes.

Revenue for 2022 decreased 4% compared to 2021, due to declining mortgage inquiry volumes compared to the prior year, partially offset by growth of non-mortgage online services and revenue from acquisitions.

Revenue decreased 27% in 2022 compared to 2021, due to declining mortgage inquiry volumes, as compared to the prior year.

Revenue decreased 9% in 2022 compared to 2021, driven by lower fraud, risk management and other data services revenue.

The increase in operating expenses is due to increased incentive and salary expenses, royalty expenses, third party cloud usage fees and software costs, and amortization expenses.

USIS operating margin decreased to 24.3% in 2022 compared to 30.9% in 2021, due to the decrease in revenue and increases in depreciation expense related to increased capitalized software development spending and third party cloud usage fees and software costs, partially offset by lower costs of purchased data or information.

Local currency revenue increased 12% in 2022, driven by increases in Latin America, Europe, Canada and Asia Pacific.

Local currency revenue increased 6% in 2022 as compared to 2021, driven by stronger volumes within Australia due to growth in credit reporting, commercial and identity and fraud, partially offset by consumer direct.

India revenue also grew due to higher credit reporting volumes.

Local currency revenue increased 14% in 2022 as compared to 2021, driven principally by growth in the debt services business.

The European credit reporting business grew slightly as growth in core credit decisioning and identity and fraud were partially offset by a decline in the consumer direct business.

Local currency revenue increased 29% in 2022 as compared to 2021 reflecting local currency growth across most countries driven by price increases mainly in Argentina and Chile, stronger online consumer growth, as well as growth due to acquisition revenue.

Local currency revenue increased 6% in 2022 as compared to 2021 primarily driven by strong identity and fraud revenue and higher commercial online volumes, partially offset by declines in the consumer credit reporting business due to direct services volumes and mortgage related products due to interest rate increases.

Operating margin was 12.9% in both 2022 and 2021.

The 2022 margin was driven by higher revenue, lower purchased intangible asset amortization costs, and lower incentives, partially offset by higher third party cloud usage fees and software costs, fees paid to third parties, and depreciation expense related to technology transformation project spending.

General corporate expense decreased $57.3 million in 2022 as compared to 2021.

The decrease in 2022 as compared to 2021 is due to reduced people costs, primarily incentive plans and professional fees.

During the first quarter of 2023, we borrowed $175.0 million on our Revolver to pay down CP.

We subsequently repaid the Revolver in full during the second quarter of 2023.

Cash provided by operating activities for 2022 decreased by $577.7 million compared to 2021 due to decreased net income and the $345.0 million consumer class action settlement payment that was made in January 2022 related to the U.S. Consumer MDL Litigation settlement that became effective on January 11, 2022.

Capital expenditures increased in 2022 from 2021 as we continued to invest in enhanced technology systems and infrastructure as part of our technology transformation in 2022.

| Cash received from sale of asset | | | | | | $ | — | | | | | $ | — | | | | | $ | 4.9 | | | | | $ | — | | | | | $ | (4.9) | |

2021 Acquisitions and Investments. During 2021, we acquired Appriss Insights, HIREtech, i2Verify and Health e(fx) within the Workforce Solutions operating segment.

For the year ended December 31, [removed: 2022,] [added: 2024,] a 10% weaker U.S. dollar against the currencies of all foreign countries in which we had operations during [removed: 2022] [added: 2024] would have increased our revenue by [removed: $105.8] [added: $134.4] million and our pre-tax operating profit by [removed: $8.2] [added: $13.3] million.

A 10% stronger U.S. dollar would have resulted in similar decreases to our revenue and pre-tax operating profit for [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

On average across our mix of international businesses, foreign currencies at December 31, [removed: 2023] [added: 2024] were weaker against the U.S. dollar than the average foreign exchange rates that prevailed across the full year [removed: 2022.][added: 2023.]

As a result, if foreign exchange rates were unchanged throughout [removed: 2023,] [added: 2024,] foreign exchange translation would increase growth as reported in U.S. dollars.

As foreign exchange rates change daily, there can be no assurance that foreign exchange rates will remain constant throughout [removed: 2024,] [added: 2025,] and rates could go either higher or lower.

Our exposure to market risk for changes in interest rates relates to our variable-rate commercial [removed: paper, Revolver] [added: paper] and [removed: term loan] [added: Revolver] borrowings.

At December 31, [removed: 2023,] [added: 2024,] our weighted average cost of debt was [removed: 4.2%] [added: 4.1%] and weighted-average life of debt was [removed: 4.9] [added: 4.36] years.

At December 31, [removed: 2023, 84%] [added: 2024, 94%] of our debt was [removed: fixed rate] [added: fixed-rate] and the remaining [removed: 16%] [added: 6%] was [removed: variable rate.][added: variable-rate.]

A 100 basis point increase in the weighted-average interest rate on our variable-rate debt would have increased our [removed: 2023] [added: 2024] interest expense by [removed: $8.9] [added: $2.9] million.

We are a leading provider of information and solutions used in payroll-related and human resource management business process services in the United States of America [removed: (“U.S.”)] [added: (“U.S.”),] as well as e-commerce fraud and charge back protection services in North America.

We also have investments in consumer and/or commercial credit information companies through joint ventures in [added: Brazil,] Cambodia, [removed: Malaysia, Singapore] [added: Malaysia] and [removed: Brazil.][added: Singapore.]

Workforce Solutions [removed: has] [added: revenue is predominantly in the U.S., and they have also] established operations in Canada, Australia and the U.K.

It also includes our joint ventures in [added: Brazil,] Cambodia, [removed: Malaysia, Singapore] [added: Malaysia] and [removed: Brazil.][added: Singapore.]

- Leverage our Equifax [removed: cloud] [added: Cloud] capabilities [removed: and technology investment] to accelerate innovation, new products and growth. [removed: We are executing a] [added: Our] cloud data and technology transformation [removed: that is rebuilding] [added: has changed nearly every facet of] our [added: global] technology infrastructure, including a migration to a public cloud environment that employs virtual private cloud deployment techniques.

[removed: Our] [added: Central to our] move to cloud-native technology is [removed: enabling the continued development of] our [added: custom] single data fabric, which is a cloud native platform that enables Equifax to build, manage and deploy data products, as well as implementation of best-in-class cloud-based tools and capabilities.

Our growth strategy [removed: is to leverage] [added: includes leveraging] our cloud data and technology transformation to accelerate innovation and new product [removed: development;] [added: development,] deliver market-leading capabilities to our [removed: customers;] [added: customers,] facilitate customer and partner implementation and [removed: integration;] [added: integration,] improve ease of consumer access to and interaction with [removed: Equifax;] [added: Equifax,] and strengthen system resiliency and uptime.

[removed: Based on our cloud native data and] [added: Our cloud-native] technology [removed: transformation, we are investing to simplify] [added: simplifies] our customers’ access to our leading analytical and decisioning platforms, [removed: in order] [added: allowing us] to [removed: speed] [added: accelerate] the development of unique insights and the conversion of these insights into innovative new products and services consumable by our customers through our delivery platforms.

- Build a world-class Equifax team by investing in talent to drive our strategy and promote a culture of innovation. At Equifax, we are committed to nurturing a culture where [removed: diverse] talent thrives.

We are focused on providing meaningful opportunities for career advancement and development, fostering an inclusive work [added: environment, and promoting employee engagement and recognition.]

[removed: We leverage our enterprise-wide talent] initiatives to develop, retain and attract a highly-qualified workforce in order to promote our culture of innovation, add diverse perspectives and deliver on our business strategy.

Our revenue streams are highly diversified with our largest client providing approximately [removed: 2%] [added: 3%] of total revenue.

[removed: ][added: ]

Revenue from international clients, including end users and resellers, amounted to [removed: 23%] [added: 24%] of our total revenue in [removed: 2023, 22%] [added: 2024, 23%] of our total revenue in [removed: 2022] [added: 2023] and 22% of our total revenue in [removed: 2021.][added: 2022.]

The Work Number® is our key [removed: repository of] employment and income data [removed: serving] [added: platform providing a service on behalf of] our [added: employer customers to the lenders, government agencies and other customers of our] Verification Services business unit.

We rely on payroll data received from over [removed: three] [added: four] million organizations to [removed: regularly update the database.][added: provide up-to-date verifications.]

We use this data to provide automated employment and income verification services to [removed: verifiers,] [added: verifiers] who are lenders, employers/background screeners and government agencies.

We have not experienced significant turnover in the employer contributors to the [removed: database] [added: platform] because we generally do not charge them to add their employment data to The Work [removed: Number® database,] [added: Number®,] and the verification service we offer relieves them of the administrative burden and expense of responding to third-party employment verification requests while providing them with the assurance that [added: the]

[removed: the] process is automated and not subject to human interpretation.

The Work Number® [removed: database] held about [removed: 168] [added: 188] million [removed: current] [added: active] and [removed: 657] [added: 734] million total [removed: (current] [added: (active] and historic) employment records at December 31, [removed: 2023.][added: 2024.]

Clients for these products primarily include institutions in the banking, brokerage, retail, insurance and mortgage [removed: industries] [added: industries,] as well as companies primarily focused on digital and interactive marketing.

The International operating segment includes our [removed: Asia Pacific, Europe,] Latin [removed: America] [added: America, Europe, Asia Pacific] and Canada business units.

We have investments in consumer and/or commercial credit information companies through joint ventures in [added: Brazil,] Cambodia, [removed: Malaysia, Singapore] [added: Malaysia] and [removed: Brazil.][added: Singapore.]

We also provide information, technology and services to support debt collections and recovery management in Asia Pacific, Europe, [removed: Canada] and Latin America.

Europe. Our Europe operation provides information solutions, fraud detection services, debt collection [removed: services and] [added: services,] marketing [removed: products.][added: products, and credit monitoring products to resellers or directly to consumers.]

We also offer [added: credit monitoring products to resellers or directly to consumers, as well as] commercial credit solutions, which help businesses manage financial and credit risk and gain insights on customers, markets and industry groups using our commercial data assets.

- Competition in the Verification Services [removed: market,] [added: business,] for both the U.S. and key International segments of Australia, Canada and the U.K., [added: is highly competitive with low barriers to entry and] includes employers who manage verifications in-house, lenders who obtain verifications directly from employers, and [removed: other] [added: numerous] online and offline [added: firms that provide] verification [removed: companies, such as Experian, Thomas & Company and niche providers.][added: services.]

Competition in the U.S. Employer Services [removed: market] [added: business] is [removed: diverse] [added: also highly competitive with low barriers to entry] and includes in-house management of such services or the outsourcing of one or more of such services to [removed: other] [added: numerous online and offline] third-party outsourced [removed: providers like Experian and Thomas & Company;] [added: providers;] human resources consulting [removed: firms such as Mercer and Towers Watson;] [added: firms;] human resources management services [removed: providers such as Workday, Oracle and SAP;] [added: providers;] payroll [removed: processors such as ADP, Paychex and Ceridian;] [added: processors;] accounting [removed: firms such as PwC and EY;] [added: firms;] and hundreds of smaller companies that provide one or multiple offerings that compete with our Employer Services business.

- Competition for our credit information solutions and direct-to-consumer solutions products varies by both application and industry, but generally includes [removed: two] global consumer credit reporting [removed: companies, Experian and TransUnion, both of which] [added: companies that] offer a product suite similar to our credit information [removed: solutions.][added: solutions, providers of personal identity theft protection services and providers offering free credit scores.]

[removed: Our differentiators include] [added: We believe] our [removed: unique data assets,] [added: product provides the greatest value for customers given our] decisioning technology and the features and functionality of our analytical capabilities.

- Competition for our commercial solutions products primarily includes [removed: Experian, Dun & Bradstreet] [added: companies providing commercial credit reports, credit marketing] and [removed: Moody's,] [added: other business insights] and [added: analytics, including] providers of these services in the international markets we serve.

We believe that the breadth and depth of our [removed: data assets enable] [added: offering enables] our clients to develop a more current and comprehensive view of consumers.

In the category of platforms and analytics, we compete [removed: to some extent] with entities that deploy collections platforms, account management systems or recovery solutions.

While we believe that none of our competitors offers the same mix of products and services as we do, [added: we have strong competition in every category and] certain competitors may have a larger share of particular geographic or product markets or operate in geographic areas where we do not currently have a presence.

We assess the principal competitive factors affecting our markets to include: our ability to protect information and systems; product attributes such as quality, depth, coverage, adaptability, scalability, interoperability, functionality and ease of use; product price; technical performance including system response time and availability; access to unique proprietary [removed: databases;] [added: data tools;] quickness of response, flexibility and client services and support; effectiveness of sales and marketing efforts; existing market penetration; proprietary technology; and new product innovation.

Our intellectual property rights are generally important to our operations and competitive position, but no single intellectual property right or [added: group of intellectual property rights is solely responsible for protecting our businesses.]

[added: The CFPB may pursue administrative] proceedings or litigation to enforce the laws and rules subject to its jurisdiction.

In these proceedings, the CFPB can obtain cease and desist orders, which can include orders for restitution to consumers or rescission of contracts, as well as other types of affirmative relief and monetary penalties ranging from $5,000 per day for ordinary [removed: violations and up to $1 million per day for known violations.]

[added: We may also become subject to and affected by newly enacted state privacy laws] similar to the [removed: CCPA and CPRA,] [added: CCPA,] such as [removed: the Virginia Consumer Data Protection Act (“VCDPA”) (effective January 1, 2023), the Colorado Privacy Act (effective July 1, 2023), the Connecticut Data Privacy Act (effective July 1, 2023), and the Utah Consumer Privacy Act (effective December 31, 2023), as well as enacted] laws in [added: effect in Colorado, Connecticut,] Delaware, [removed: Indiana,] [added: Florida,] Iowa, Montana, [added: Nebraska,] New [added: Hampshire, New] Jersey, Oregon, [removed: Tennessee] [added: Texas, Utah] and [removed: Texas] [added: Virginia, as well as enacted laws in states such as Indiana, Kentucky, Maryland, Minnesota, Rhode Island and Tennessee] that become effective throughout [removed: 2024,] 2025 and 2026.

A number of other state legislatures, including New [removed: York, Florida] [added: York] and Washington, have introduced comprehensive data privacy legislation modeled after, and which contain certain elements of, the CCPA, [removed: VCDPA] [added: other state consumer privacy laws,] or the European Union's General Data Protection Regulation (“GDPR”), which is an extremely broad privacy law.

We leverage our enterprise-wide talent

violations and up to $1 million per day for known violations.

The CCPA, as amended by the California Privacy Rights Act, imposes additional data privacy requirements on many businesses operating in the state.

Generally

The ACCC also administers Consumer Data Right legislation, which mandates the supply by banks of comprehensive credit information to credit reporting bodies, including Equifax.

In January 2025, the Central Government published draft Digital Personal Data Protection Rules, 2025, which would supplement the DPDP Act.

In addition, if the federal government changes the employer mandate or tax form requirements of the Affordable Care Act, our Affordable Care Act Management Service may be impacted.

We are rationalizing and rebuilding our application portfolio using cloud-native services.

environment, and promoting employee engagement and recognition.

In the U.S., LifeLock is a national provider of personal identity theft protection service.

Also, there are competitors offering free credit scores including Credit Karma in the U.S., Canada and the U.K., ClearScore in the U.K., and Credit Simple and Credit Savvy in Australia.

We also compete with Fair Isaac Corporation with respect to certain of our analytical tools and solutions and LexisNexis in identity and fraud and other solutions.

group of intellectual property rights is solely responsible for protecting our businesses.

The CFPB may pursue administrative

The CCPA became effective in January 2020 and imposes additional data privacy requirements on many businesses operating in the state, including, potentially, with respect to employee data in addition to consumer data.

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

We may also become subject to and affected by new and proposed state privacy laws

*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.

New federal legislation came into effect in February 2021 mandating the supply by banks of comprehensive credit information to credit reporting bodies, including Equifax, imposing certain disclosure, storage and reporting obligations on the credit reporting bodies, requiring the provision by credit reporting bodies of free credit reports to consumers up to four times per year, permitting the reporting of financial hardship information within the credit reporting system and requiring the Attorney-General to review and report on the credit reporting system before October 1, 2024.

association which addresses reciprocity of data issues relating to comprehensive credit reporting and data standards.

The Central Government is also expected to supplement the DPDP Act with rules, which are yet to be issued.

Inclusion and Diversity

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

Our Chief Talent and Diversity Officer occupies a key leadership position, reporting 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 networks around the world, open dialogues to enhance understanding, ongoing inclusion and diversity-focused training and cultural heritage celebrations.

We have 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 approximately half of Equifax’s senior leadership team.

Consistent with our commitment to diversity, we have expanded the requirements for diverse candidate interview slates for all professional and management roles.

changes in U.S. and worldwide economic conditions, such as changes in interest rates and inflation, that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax's products and services, our culture, our ability to innovate, the market acceptance of new products and services and similar statements about our business plans are forward-looking statements.

In December 2021, we received a Civil Investigative Demand (a “CID”) from the CFPB as part of its investigation into our consumer disputes process [added: at our USIS business unit] in order to determine whether we have followed [removed: the FCRA's] [added: FCRA] requirements for the proper handling of consumer disputes.

The CID [removed: requests] [added: requested] the production of documents and answers to written questions.

In January 2023, the CFPB informed us that its enforcement division [removed: will] [added: would] be investigating our previously-disclosed coding issue identified within a legacy server environment in the U.S. that impacted how some credit scores were calculated during a three-week period in 2022.

At this time, we are unable to predict the outcome of [removed: these] [added: this] CFPB [removed: investigations,] [added: investigation,] including whether the [removed: investigations] [added: investigation] will result in any actions or proceedings against us.

In January 2025, we entered into a consent order with the CFPB to settle the investigation into our consumer disputes process at our USIS business unit and the investigation into our previously-disclosed coding issue.

The consent order resolves these investigations and requires the payment of a civil money penalty of $15 million.

As part of the settlement, the Company has agreed to modify certain business practices.

We received a second CID from the CFPB in March 2024 and a third CID from the CFPB in August 2024 as part of the same investigation.

The CIDs request the production of documents and answers to written questions.

*FCA Investigation.* The U.K.’s Financial Conduct Authority (“FCA”) opened an enforcement investigation against our U.K. subsidiary, Equifax Limited, in October 2017 in connection with the 2017 cybersecurity incident.

We received a notice with the FCA's findings on October 13, 2023, and paid a penalty of $13.5 million to resolve the matter.

We are cooperating with the CFPB in its investigation and providing responses and information on an ongoing basis.

We are cooperating with the CFPB in its investigation.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

As of June 30, [removed: 2023,] [added: 2024,] the aggregate market value of Registrant’s common stock held by non-affiliates of Registrant was approximately [removed: $28,876,038,118] [added: $30,001,128,029] based on the closing sale price as reported on the New York Stock Exchange.

At January 31, [removed: 2024,] [added: 2025,] there were [removed: 123,956,391] [added: 124,023,838] shares of Registrant’s common stock outstanding.

Portions of Registrant’s definitive proxy statement for its [removed: 2024] [added: 2025] annual meeting of shareholders are incorporated by reference in Part III of this Form 10-K.

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| [Item [removed: 16.](#i31ce341e7898426aadad767cb27271e1_220)] [added: 16.](#i563540ecdc0b416a8c449e6534c15a46_226)] | | | [Form 10-K [removed: Summary](#i31ce341e7898426aadad767cb27271e1_220)] [added: Summary](#i563540ecdc0b416a8c449e6534c15a46_226)] | | | [removed: [112](#i31ce341e7898426aadad767cb27271e1_220)] [added: [111](#i563540ecdc0b416a8c449e6534c15a46_226)] | | |

| [PART I](#i563540ecdc0b416a8c449e6534c15a46_10) | | | | | | | | |

| [Item 1C.](#i563540ecdc0b416a8c449e6534c15a46_55) | | | [Cybersecurity](#i563540ecdc0b416a8c449e6534c15a46_55) | | | [25](#i563540ecdc0b416a8c449e6534c15a46_55) | | |

| [PART II](#i563540ecdc0b416a8c449e6534c15a46_67) | | | | | | | | |

| [PART III](#i563540ecdc0b416a8c449e6534c15a46_202) | | | | | | | | |

| [PART IV.](#i563540ecdc0b416a8c449e6534c15a46_220) | | | | | | | | |

| | | | [Signatures](#i563540ecdc0b416a8c449e6534c15a46_229) | | | [111](#i563540ecdc0b416a8c449e6534c15a46_229) | | |

| [PART I](#i31ce341e7898426aadad767cb27271e1_10) | | | | | | | | |

| [I](#i31ce341e7898426aadad767cb27271e1_2194)[tem 1C](#i31ce341e7898426aadad767cb27271e1_2194)[.](#i31ce341e7898426aadad767cb27271e1_2194) | | | [C](#i31ce341e7898426aadad767cb27271e1_2194)[yber](#i31ce341e7898426aadad767cb27271e1_2194)[s](#i31ce341e7898426aadad767cb27271e1_2194)[ecurity](#i31ce341e7898426aadad767cb27271e1_2194) | | | [26](#i31ce341e7898426aadad767cb27271e1_2194) | | |

| [PART II](#i31ce341e7898426aadad767cb27271e1_64) | | | | | | | | |

| [PART III](#i31ce341e7898426aadad767cb27271e1_196) | | | | | | | | |

| [PART IV.](#i31ce341e7898426aadad767cb27271e1_214) | | | | | | | | |

| | | | [Signatures](#i31ce341e7898426aadad767cb27271e1_223) | | | [113](#i31ce341e7898426aadad767cb27271e1_223) | | |

Under the oversight of the Technology Committee of the Board of Directors, Equifax engages a third party research and advisory firm to conduct an annual analysis of the maturity of our security program and identify potential [removed: initiatives to enhance maturity.]

On a quarterly basis, our head of Internal Audit provides an update to management and the Audit and Technology Committees of the Board on audit activities pursuant to the IT and security portions of the [added: internal audit plan.]

Our CISO is responsible for [added: the assessment and management of material risks from cybersecurity threats, including] oversight of the global Security team and the implementation and execution of the information security program.

initiatives to enhance maturity.

internal audit plan.

We ordinarily lease office space for conducting our business and are obligated under approximately [removed: 55] [added: 57] leases and other rental arrangements for our field locations.

We owned 5 office buildings at December 31, [removed: 2023,] [added: 2024,] 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 two buildings utilized by our Latin America operations.

Equifax’s common stock is traded on the New York Stock Exchange under the symbol “EFX.” As of January 31, [removed: 2024,] [added: 2025,] Equifax had approximately [removed: 2,494] [added: 2,324] 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: 2018] [added: 2019] and that all quarterly dividends were reinvested without commissions.

[removed: ][added: ]

| | | | Initial | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | |

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: 2023:][added: 2024:]

| October 1 - October 31, [removed: 2023] [added: 2024] | | | | | | [removed: 914] [added: 5,987] | | | | | | $ | — | | | | | — | | | | | | $ | 520,168,924 | |

| November 1 - November 30, [removed: 2023] [added: 2024] | | | | | | [removed: 18,716] [added: 33] | | | | | | $ | — | | | | | — | | | | | | $ | 520,168,924 | |

| December 1 - December 31, [removed: 2023] [added: 2024] | | | | | | [removed: 8,763] [added: 1,766] | | | | | | $ | — | | | | | — | | | | | | $ | 520,168,924 | |

| Total | | | | | | [removed: 28,393] [added: 7,786] | | | | | | $ | — | | | | | — | | | | | | $ | 520,168,924 | |

(1) The total number of shares purchased includes, if applicable: (a) shares purchased pursuant to our publicly-announced share repurchase program (the "Repurchase 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: 914] [added: 5,987] shares for the month of October [removed: 2023, 18,716] [added: 2024, 33] shares for the month of November [removed: 2023] [added: 2024] and [removed: 8,763] [added: 1,766] shares for the month of December [removed: 2023.][added: 2024.]

(3) We purchased no common shares during the twelve months ended December 31, [removed: 2023.][added: 2024.]

At December 31, [removed: 2023,] [added: 2024,] the amount authorized for future share repurchases under the Repurchase Program was $520.2 million.

Information relating to compensation plans under which the Company’s equity securities are authorized for issuance will be included in the section captioned “Equity Compensation Plan Information” in our [removed: 2024] [added: 2025] Proxy Statement and is incorporated herein by reference.

| Equifax Inc. | | | 100.00 | | | | | | 137.62 | | | | | | 208.96 | | | | | | 138.71 | | | | | | 176.48 | | | | | | 181.88 | | |

| S&P 500 Index | | | 100.00 | | | | | | 116.26 | | | | | | 147.52 | | | | | | 118.84 | | | | | | 147.64 | | | | | | 182.05 | | |

| S&P 500 Banks Index (Industry Group) | | | 100.00 | | | | | | 88.19 | | | | | | 115.44 | | | | | | 96.11 | | | | | | 97.78 | | | | | | 117.82 | | |

| Equifax Inc. | | | 100.00 | | | | | | 150.46 | | | | | | 207.07 | | | | | | 314.39 | | | | | | 208.70 | | | | | | 265.53 | | |

| S&P 500 Index | | | 100.00 | | | | | | 128.88 | | | | | | 149.83 | | | | | | 190.13 | | | | | | 153.16 | | | | | | 190.27 | | |

| S&P 500 Banks Index (Industry Group) | | | 100.00 | | | | | | 126.77 | | | | | | 111.79 | | | | | | 146.34 | | | | | | 121.83 | | | | | | 123.96 | | |

| [Report of Independent Registered Public Accounting Firm on Internal Control over Financial [removed: Reporting](#i31ce341e7898426aadad767cb27271e1_97)] [added: Reporting](#i563540ecdc0b416a8c449e6534c15a46_100)] | | | [removed: [56](#i31ce341e7898426aadad767cb27271e1_97)] [added: [55](#i563540ecdc0b416a8c449e6534c15a46_100)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i31ce341e7898426aadad767cb27271e1_100)] [added: Firm](#i563540ecdc0b416a8c449e6534c15a46_103)] (PCAOB ID: 42) | | | [removed: [57](#i31ce341e7898426aadad767cb27271e1_100)] [added: [56](#i563540ecdc0b416a8c449e6534c15a46_103)] | | |

| [Consolidated Statements of Income for each of the three years in the period ended December 31, [removed: 202](#i31ce341e7898426aadad767cb27271e1_103)[3](#i31ce341e7898426aadad767cb27271e1_103)] [added: 202](#i563540ecdc0b416a8c449e6534c15a46_106)[4](#i563540ecdc0b416a8c449e6534c15a46_106)] | | | [removed: [59](#i31ce341e7898426aadad767cb27271e1_103)] [added: [58](#i563540ecdc0b416a8c449e6534c15a46_106)] | | |

| [Consolidated Statements of Comprehensive [removed: Income for] [added: Income](#i563540ecdc0b416a8c449e6534c15a46_109) [(Loss)](#i563540ecdc0b416a8c449e6534c15a46_109) [for] each of the three years in the period ended December 31, [removed: 202](#i31ce341e7898426aadad767cb27271e1_106)[3](#i31ce341e7898426aadad767cb27271e1_106)] [added: 202](#i563540ecdc0b416a8c449e6534c15a46_109)[4](#i563540ecdc0b416a8c449e6534c15a46_109)] | | | [removed: [60](#i31ce341e7898426aadad767cb27271e1_106)] [added: [59](#i563540ecdc0b416a8c449e6534c15a46_109)] | | |

| [Consolidated Balance Sheets at December 31, [removed: 202](#i31ce341e7898426aadad767cb27271e1_109)[3](#i31ce341e7898426aadad767cb27271e1_109) [a](#i31ce341e7898426aadad767cb27271e1_109)[nd 2022](#i31ce341e7898426aadad767cb27271e1_109)] [added: 202](#i563540ecdc0b416a8c449e6534c15a46_112)[4](#i563540ecdc0b416a8c449e6534c15a46_112) [and 202](#i563540ecdc0b416a8c449e6534c15a46_112)[3](#i563540ecdc0b416a8c449e6534c15a46_112)] | | | [removed: [61](#i31ce341e7898426aadad767cb27271e1_109)] [added: [60](#i563540ecdc0b416a8c449e6534c15a46_112)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, [removed: 202](#i31ce341e7898426aadad767cb27271e1_112)[3](#i31ce341e7898426aadad767cb27271e1_112)] [added: 202](#i563540ecdc0b416a8c449e6534c15a46_115)[4](#i563540ecdc0b416a8c449e6534c15a46_115)] | | | [removed: [62](#i31ce341e7898426aadad767cb27271e1_112)] [added: [61](#i563540ecdc0b416a8c449e6534c15a46_115)] | | |

| [Consolidated Statements of Shareholders’ Equity and Accumulated Other Comprehensive Loss for each of the three years in the period ended December 31, [removed: 202](#i31ce341e7898426aadad767cb27271e1_115)[3](#i31ce341e7898426aadad767cb27271e1_115)] [added: 202](#i563540ecdc0b416a8c449e6534c15a46_118)[4](#i563540ecdc0b416a8c449e6534c15a46_118)] | | | [removed: [63](#i31ce341e7898426aadad767cb27271e1_115)] [added: [62](#i563540ecdc0b416a8c449e6534c15a46_118)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i31ce341e7898426aadad767cb27271e1_121)] [added: Statements](#i563540ecdc0b416a8c449e6534c15a46_124)] | | | [removed: [65](#i31ce341e7898426aadad767cb27271e1_121)] [added: [64](#i563540ecdc0b416a8c449e6534c15a46_124)] | | |

We have audited Equifax Inc.’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission [removed: (“2013 framework”)] [added: (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: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of income, comprehensive [removed: income,] [added: income (loss),] cash flows and shareholders’ equity and accumulated other comprehensive loss for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February [removed: 22, 2024] [added: 20, 2025] expressed an unqualified opinion thereon.

Opinion on the [removed: Consolidated] Financial Statements

We have audited the accompanying consolidated balance sheets of Equifax Inc. (the Company) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of income, comprehensive [removed: income,] [added: income (loss),] cash [removed: flows,] [added: flows] and shareholders’ equity and accumulated other comprehensive loss for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] 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 Company's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] 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: 22, 2024] [added: 20, 2025] expressed an unqualified opinion thereon.

These [removed: consolidated] financial statements are the responsibility of the Company's management.

Our responsibility is to express an opinion on the Company’s [removed: consolidated] financial statements based on our audits.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the [removed: consolidated] financial statements are free of material misstatement, whether due to error or fraud.

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

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the [removed: consolidated] financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the [removed: consolidated] financial statements.

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

| *Description of the Matter* | | | At December 31, [removed: 2023,] [added: 2024,] the Company’s goodwill was [removed: $6.8] [added: $6.5] billion and the goodwill attributed to the Asia Pacific reporting unit was [removed: $1.4] [added: $1.3] 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 fair value of this reporting unit as of the annual goodwill impairment testing date. | | |

| | | | In relation to the limited excess fair value of the Asia Pacific reporting unit over the carrying value of the net assets of the reporting unit, auditing management’s annual goodwill impairment test for the Asia Pacific reporting unit required judgement due to the estimation required in determining the fair value of the reporting unit. In particular, the fair value estimate was sensitive to significant assumptions such as the revenue growth [removed: rate and the] [added: rate,] projected EBITDA [removed: margins for certain businesses,] [added: margins,] long-term growth rate, and weighted average cost of capital, which are affected by expectations about future market or economic conditions and the economic performance of the Asia Pacific reporting unit. | | |

| *(In millions, except per share amounts)* | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Operating revenue | | | $ | [removed: 5,265.2] [added: 5,681.1] | | | | | $ | [removed: 5,122.2] [added: 5,265.2] | | | | | $ | [removed: 4,923.9] [added: 5,122.2] | |

| Cost of services (exclusive of depreciation and amortization below) | | | [removed: 2,335.1] [added: 2,518.7] | | | | | | [removed: 2,177.2] [added: 2,335.1] | | | | | | [removed: 1,980.9] [added: 2,177.2] | | |

| Selling, general and administrative expenses | | | [removed: 1,385.7] [added: 1,450.5] | | | | | | [removed: 1,328.9] [added: 1,385.7] | | | | | | [removed: 1,324.6] [added: 1,328.9] | | |

| Depreciation and amortization | | | [removed: 610.8] [added: 669.8] | | | | | | [removed: 560.1] [added: 610.8] | | | | | | [removed: 480.4] [added: 560.1] | | |

| Total operating expenses | | | [removed: 4,331.6] [added: 4,639.0] | | | | | | [removed: 4,066.2] [added: 4,331.6] | | | | | | [removed: 3,785.9] [added: 4,066.2] | | |

| Operating income | | | [removed: 933.6] [added: 1,042.1] | | | | | | [removed: 1,056.0] [added: 933.6] | | | | | | [removed: 1,138.0] [added: 1,056.0] | | |

| Interest expense | | | [removed: (241.4)] [added: (229.1)] | | | | | | [removed: (183.0)] [added: (241.4)] | | | | | | [removed: (145.6)] [added: (183.0)] | | |

| Other [removed: income (expense),] [added: (expense) income,] net | | | [removed: 25.7] [added: (2.5)] | | | | | | [removed: 56.7] [added: 25.7] | | | | | | [removed: (43.2)] [added: 56.7] | | |

| Consolidated income before income taxes | | | [removed: 717.9] [added: 810.5] | | | | | | [removed: 929.7] [added: 717.9] | | | | | | [removed: 949.2] [added: 929.7] | | |

| Provision for income taxes | | | [removed: (166.2)] [added: (203.2)] | | | | | | [removed: (229.5)] [added: (166.2)] | | | | | | [removed: (200.7)] [added: (229.5)] | | |

| Consolidated net income | | | [removed: 551.7] [added: 607.3] | | | | | | [removed: 700.2] [added: 551.7] | | | | | | [removed: 748.5] [added: 700.2] | | |

| Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests | | | [removed: (6.4)] [added: (3.2)] | | | | | | [removed: (4.0)] [added: (6.4)] | | | | | | [removed: (4.3)] [added: (4.0)] | | |

| Net income attributable to Equifax | | | $ | [removed: 545.3] [added: 604.1] | | | | | $ | [removed: 696.2] [added: 545.3] | | | | | $ | [removed: 744.2] [added: 696.2] | |

| Net income attributable to Equifax | | | $ | [removed: 4.44] [added: 4.88] | | | | | $ | [removed: 5.69] [added: 4.44] | | | | | $ | [removed: 6.11] [added: 5.69] | |

| Weighted-average shares used in computing basic earnings per share | | | [removed: 122.9] [added: 123.8] | | | | | | [removed: 122.4] [added: 122.9] | | | | | | [removed: 121.9] [added: 122.4] | | |

February 20, 2025

February 20, 2025

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 604.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.7 | | | | | | 608.8 | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (291.5) | | | | | | — | | | | | | — | | | | | | (0.9) | | | | | | (292.4) | | |

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

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

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

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

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

| Balance, December 31, 2024 | | | 124.0 | | | | | | $ | 236.6 | | | | | $ | 1,915.2 | | | | | $ | 6,018.6 | | | | | $ | (722.7) | | | | | $ | (2,644.9) | | | | | $ | (5.9) | | | | | $ | 17.5 | | | | | $ | 4,814.4 | |

transferring a promised good or service to a customer and the customer obtains control of the good or service.

Revenue for these arrangements is recognized based on the achievement of milestones, upon

| 1 to 3 years | | | | | | 36.4 | | |

| 3 to 5 years | | | | | | 19.3 | | |

| Thereafter | | | | | | 13.4 | | |

Deferred income tax assets and liabilities are

Our accounting policy election with respect to Global Intangible Low-Taxed Income (“GILTI”) is to account for the tax in the period the tax is incurred.

$6.2 million in Other Income (Expense), Net within the Consolidated Statements of Income.

We use a mark-to-market approach to recognize actuarial gains and losses and expected return on plan assets for our defined benefit pension and other postretirement benefit plans.

| | | | | | | 2024 | | | | | | 2023 | | |

| Effect of foreign currency translation attributable to redeemable noncontrolling interest | | | | | | (28.4) | | | | | | — | | |

We have updated our financial statement disclosures in Note 13 to conform with the standard.

In November 2024, the FASB issued ASU No. 2024-03 "Disaggregation of Income Statement Expenses." The update requires public business entities to disclose in a tabular format, on an annual and interim basis, purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses.

Specified expenses, gains and losses that are already disclosed under existing US GAAP are also required to be included in the disaggregated income statement expense line-item disclosures, and any remaining amounts need to be described qualitatively.

Separate disclosures of total selling expenses and an entity’s definition of those expenses are also required.

The ASU is effective for public entities for annual periods with fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after 15 December 2027.

*Stock Compensation.* In March 2024, the FASB issued ASU No. 2024-01 "Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards." The amendments in this update clarify how an entity determines whether a profits interest or similar award (“profits interest award”) is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and should be accounted for in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics.

The amendments specifically add an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718.

The fact patterns in the illustrative example focus on the scope conditions in paragraph 718-10-15-3.

The illustrative example is intended to reduce (1) complexity in determining whether a profits interest award is subject to the guidance in Topic 718 and (2) existing diversity in practice.

The amendments in this update are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods.

*Income Taxes*.

We are still evaluating the impact on our financial statement disclosures.

Additionally, we previously owned a 10% investment in BVS with a fair value of approximately $89 million.

We have completed the allocation of the purchase prices for the 2023 acquisitions.

| Goodwill (2) | | | | | | | | | 335.3 | | |

We perform our annual goodwill impairment tests as of December 1 each year.

| Foreign currency translation | | | | | | (0.4) | | | | | | — | | | | | | (213.0) | | | | | | (213.4) | | |

| Balance, December 31, 2024 | | | | | | $ | 2,519.8 | | | | | $ | 2,006.2 | | | | | $ | 2,021.8 | | | | | $ | 6,547.8 | |

We perform our annual indefinite-lived intangible asset impairment test as of December 1.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

February 22, 2024

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | December 31, | | | | | | | | |

| (Gain) on sale of asset | | | — | | | | | | — | | | | | | (4.6) | | |

| (Gain) on divestiture | | | — | | | | | | — | | | | | | (0.2) | | |

| Cash received from sale of asset | | | — | | | | | | — | | | | | | 4.9 | | |

| Treasury stock purchases | | | — | | | | | | — | | | | | | (69.9) | | |

| Balance, December 31, 2020 | | | 121.8 | | | | | | $ | 236.6 | | | | | $ | 1,470.7 | | | | | $ | 4,185.4 | | | | | $ | (171.4) | | | | | $ | (2,547.0) | | | | | $ | (5.9) | | | | | $ | 41.9 | | | | | $ | 3,210.3 | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 744.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.3 | | | | | | 748.5 | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (124.0) | | | | | | — | | | | | | — | | | | | | (0.6) | | | | | | (124.6) | | |

| Treasury stock purchased under share repurchase program ($197.52 per share) | | | (0.4) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (69.9) | | | | | | — | | | | | | — | | | | | | (69.9) | | |

| Redeemable noncontrolling interest adjustment | | | — | | | | | | — | | | | | | — | | | | | | 13.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | (13.2) | | | | | | — | | |

| Purchases of noncontrolling and redeemable noncontrolling interests | | | — | | | | | | — | | | | | | (1.8) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9.4) | | | | | | (11.2) | | |

| Other | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.1) | | | | | | (0.1) | | |

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

On August 7, 2023, we purchased the remaining interest in our equity investment in a consumer and commercial credit information company in Brazil.

credit delivered to our clients.

| 1 to 3 years | | | | | | 33.2 | | |

| 3 to 5 years | | | | | | 15.0 | | |

| Thereafter | | | | | | 20.1 | | |

For the twelve months ended December 31, 2021, stock options with an anti-dilutive effect were not material.

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

During the fourth quarter of 2023, the Company voluntarily changed its goodwill and indefinite-lived intangible asset annual impairment test date from September 30 to December 1.

Refer to Note 4 for further information.

The carrying value of the investment was $56.4 million as of December 31, 2021, resulting in an unrealized loss of $64.0 million for the twelve months ended December 31, 2021.

For the years ended December 31, 2022 and 2021, we recorded foreign currency transaction losses of $1.8 million and foreign currency transaction gains of $2.6 million, respectively, in our Consolidated Statements of Income.

This evaluation considers all relevant factors of the entity’s design,

These shares were issued with specific rights allowing the holders to sell the shares back to Equifax, at fair value during specified future time periods starting at the fifth anniversary and only when certain conditions exist.

| Fair value of the redeemable noncontrolling interest at the acquisition date | | | | | | 176.4 | | | | | | | | |

operations before income taxes and the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile using specific categories and separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold.

*Segment Reporting*.

If a public entity does not disclose any significant segment expenses for a reportable segment, it is required to disclose narratively the nature of the expenses used by the chief operating decision maker to manage the segment's operations.

In August 2023, the FASB issued ASU No. 2023-05 "Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." The amendments in this update address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements.

The update requires that a joint venture apply a new basis of accounting upon formation.

By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance).

The amendments in this update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025.

This update will impact us if we enter into any joint venture agreements after January 1, 2025 and we will evaluate the impact accordingly.

disaggregate revenue as follows:

Our management assessed the effectiveness of Equifax’s internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] 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: 2023,] [added: 2024,] Equifax’s internal control over financial reporting was effective.

The effectiveness of Equifax’s internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] 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: 56.][added: 55.]

The following table describes any contracts, instructions or written plans for the sale or purchase of Equifax securities and intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act that were adopted by our directors and executive officers during the quarter ended December 31, [removed: 2023:][added: 2024:]

| Mark [added: W.] Begor, Chief Executive Officer | | | | | | [removed: 11/06/23] [added: 11/14/2024] | | | | | | [removed: 11/18/24] [added: 10/28/2025] | | | | | | Sale of up to [removed: 233,204] [added: 181,105] shares of common stock in multiple transactions | | |

During the quarter ended December 31, [removed: 2023,] [added: 2024,] none of our directors or executive officers terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

| Sunil Bindal, Executive Vice President, Chief Corporate Development Officer | | | | | | 11/7/2024 | | | | | | 11/28/2025 | | | | | | Sale of up to 5,233 shares of common stock in multiple transactions | | |

| Julia A. Houston, Executive Vice President, Chief Strategy and Marketing Officer | | | | | | 11/13/2024 | | | | | | 5/30/2025 | | | | | | Sale of up to 5,000 shares of common stock in multiple transactions | | |

| John W. Gamble, Jr., Executive Vice President, Chief Financial Officer and Chief Operations Officer | | | | | | 11/25/2024 | | | | | | 5/7/2025 | | | | | | Sale of up to 5,500 shares of common stock in multiple transactions | | |

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: 2024] [added: 2025] Annual Meeting of Shareholders (the [removed: “2024] [added: “2025] Proxy Statement”) under the sections entitled “Proposal [removed: 1] [added: 1,] Election of Directors,” “Section 16(a) Beneficial Ownership Reporting [removed: Compliance” and] [added: Compliance,”] “Board Leadership and Corporate Governance—Committees of the Board of [removed: Directors.”][added: Directors” and “Insider Trading Policy.”]

Begor [removed: (65)*] [added: (66)*] has been our Chief Executive Officer and a member of the Board of Directors since April 2018.

*Sunil Bindal [removed: (49)*] [added: (50)*] has been our Executive Vice President, Chief Corporate Development Officer since October 2020.

*Carla Chaney [removed: (53)*] [added: (54)*] has been our Executive Vice President, Chief Human Resources Officer since April 2019.

*Jamil Farshchi [removed: (46)*] [added: (47)*] has been our Executive Vice President, Chief Information Security Officer [removed: since February 2018] and [removed: our acting] Chief Technology Officer since [removed: February] [added: December] 2024.

[removed: He] [added: Mr. Kelley] currently serves on the board of directors of [removed: UKG] [added: Beazer Homes USA,] Inc.

Gamble, Jr. [removed: (61)*] [added: (62)*] has been our Executive Vice President, Chief Financial Officer and Chief Operations Officer since February 2021.

Prior to that, Mr. Gamble was Executive Vice President and Chief Financial Officer of Lexmark International, Inc., a global provider of [removed: document solutions, enterprise content management software and services, printers and multifunction printers, from September 2005 until May 2014.]

*Todd Horvath [removed: (50)*] [added: (51)*] has been our Executive Vice President, President, U.S. Information Solutions since March 2023.

Houston [removed: (53)*] [added: (54)*] has been our Executive Vice President, Chief Strategy and Marketing Officer since March 2021.

Kelley III [removed: (63)*] [added: (64)*] has been our Executive Vice President, Chief Legal Officer and Corporate Secretary since January 2013.

[removed: *Cecilia] Mao [removed: (49)*] [added: (50)*] has been our [removed: Chief Product Officer since May 2020 and was appointed as] Executive Vice President, Chief Product Officer [removed: in] [added: since] February 2024.

Prior thereto, she held various product management roles on decision and analytics for over a decade at FICO and Verisk Analytics, Inc. [added: Ms. Mao currently serves on the board of directors of Cboe Global Markets, Inc.]

[removed: *Lisa] Nelson [removed: (60)*] [added: (61)*] has been our Executive Vice President, President, International since June 2021.

[removed: Ploder (63)*] [added: Borton (54)*] has been our Executive Vice President, President, Workforce Solutions since [removed: November 2015.][added: May 2024.]

*Harald Schneider [removed: (50)*] [added: (51)*] has been our [removed: Chief Data & Analytics Officer since May 2022 and was appointed as] Executive Vice President, Chief Data & Analytics Officer [removed: in] [added: since] February 2024.

*Chad M.

Prior to joining Equifax, Mr. Borton served as President of SoFi Bank at SoFi Technologies, Inc. from September 2021 to April 2024.

Prior thereto, he was President of USAA Bank and Vice Chairman of USAA Federal Savings Bank Board of Directors, from May 2017 to March 2021.

Prior thereto, he held a variety of leadership roles with Fifth Third Bank, JPMorgan Chase and Wachovia Corporation, since 2001.

He is also an active duty U.S. army veteran.

Prior thereto, he was our Executive Vice President, Chief Information Security Officer since February 2018.

He currently serves on the board of directors of UKG Inc., is a strategic advisor for the FBI and serves on the board of directors for the National Technology Security Coalition.

document solutions, enterprise content management software and services, printers and multifunction printers, from September 2005 until May 2014.

*Cecilia H.

Prior thereto, she was our Chief Product Officer since May 2020.

*Lisa M.

Ms. Nelson currently serves on the board of directors of Jack Henry & Associates, Inc.

Prior thereto, he was our Chief Data & Analytics Officer since May 2022.

*Rodolfo O.

Prior thereto, he served as President, U.S. Information Solutions, since April 2010.

Prior thereto, he served as President, International, from January 2007 to April 2010.

Prior thereto, he was Group Executive, Latin America from February 2004 to January 2007.

The information required by this Item 11 is incorporated herein by reference from the information [added: that will be] contained in our [removed: 2024] [added: 2025] Proxy Statement under the sections entitled “Executive Compensation” and “Director Compensation.”

The information required by this Item 12 is incorporated herein by reference from the information [added: that will be] contained in our [removed: 2024] [added: 2025] Proxy Statement under the sections entitled “Security Ownership of Management and Certain Beneficial Owners” and “Executive Compensation Equity Compensation Plan Information.”

The information required by this Item 13 is incorporated herein by reference from the information [added: that will be] contained in our [removed: 2024] [added: 2025] Proxy Statement under the sections entitled “Board Leadership [removed: and] [added: &] Corporate [removed: Governance Director Independence, ” “Related Person Transaction Policy” and “Certain Relationships and Related Person Transactions of Directors, Executive Officers, and 5 Percent Shareholders.”][added: Governance—Director]

Independence, ” “Related Person Transaction Policy” and “Certain Relationships and Related Person Transactions of Directors, Executive Officers, and 5 Percent Shareholders.”

The information required by this Item 14 is incorporated herein by reference from the information [added: that will be] contained in our [removed: 2024] [added: 2025] Proxy Statement under the section entitled “Proposal [removed: 3] [added: 3,] Ratification of Appointment of Ernst & Young LLP as Independent Registered Public Accounting Firm for [removed: 2024.”][added: 2025.”]

- Consolidated Balance Sheets — December 31, [removed: 2023] [added: 2024] and [removed: 2022;][added: 2023;]

- Consolidated Statements of Income for the Years Ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021;][added: 2022;]

- Consolidated Statements of Comprehensive Income [added: (Loss)] for the Years Ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021;][added: 2022;]

- Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021;][added: 2022;]

- Consolidated Statements of Shareholders’ Equity and Accumulated Other Comprehensive Loss for the Years Ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021;] [added: 2022;] and

| 3.1 | | | | | | [Amended and Restated Articles of Incorporation of Equifax Inc. (incorporated by reference to Exhibit 3.1 to Equifax’s Form 8-K filed May 14, [removed: 2009).](http://www.sec.gov/Archives/edgar/data/33185/000110465909032557/a09-13450_1ex3d1.htm)] [added: 2009).](https://www.sec.gov/Archives/edgar/data/33185/000110465909032557/a09-13450_1ex3d1.htm)] | | |

| 3.2 | | | | | | [Amended and Restated Bylaws of Equifax Inc. (incorporated by reference to Exhibit 3.2 to Equifax’s Form 8-K filed February 9, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000119312521034362/d330076dex32.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000119312521034362/d330076dex32.htm)] | | |

| 4.1 | | | | | | [Indenture dated as of June 29, 1998, between Equifax Inc. and The First National Bank of Chicago, Trustee (the “1998 [removed: Indenture”)(under] [added: Indenture”)](https://www.sec.gov/Archives/edgar/data/33185/0000931763-99-000970.txt) [](https://www.sec.gov/Archives/edgar/data/33185/0000931763-99-000970.txt)[(under] which Equifax’s 6.9% Debentures due 2028 were issued) (incorporated by reference to Exhibit 4.4 to Equifax’s Form 10-K filed March 31, [removed: 1999).](http://www.sec.gov/Archives/edgar/data/33185/0000931763-99-000970.txt)] [added: 1999).](https://www.sec.gov/Archives/edgar/data/33185/0000931763-99-000970.txt)] | | |

| 4.2 | | | | | | [Second Supplemental Indenture dated as of June 28, 2007, between Equifax Inc. and The Bank of New York Trust Company, N.A. (under which Equifax’s 7.00% Senior Notes due 2037 were issued), to the 1998 Indenture (incorporated by reference to Exhibit 4.3 to Equifax’s Form 8-K filed June 29, [removed: 2007).](http://www.sec.gov/Archives/edgar/data/33185/000110465907051403/a07-17861_1ex4d3.htm)] [added: 2007).](https://www.sec.gov/Archives/edgar/data/33185/000110465907051403/a07-17861_1ex4d3.htm)] | | |

| 4.3 | | | | | | [Indenture, dated as of May 12, 2016, between Equifax Inc. and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Equifax’s Form 8-K filed May 12, [removed: 2016).](http://www.sec.gov/Archives/edgar/data/33185/000119312516588951/d165110dex41.htm)] [added: 2016).](https://www.sec.gov/Archives/edgar/data/33185/000119312516588951/d165110dex41.htm)] | | |

| 4.4 | | | | | | [Second Supplemental Indenture, dated as of May 12, 2016, between Equifax Inc. and U.S. Bank National Association, as Trustee, including the form of 2026 Note as Exhibit A (incorporated by reference to Exhibit 4.3 to Equifax’s Form 8-K filed May 12, [removed: 2016).](http://www.sec.gov/Archives/edgar/data/33185/000119312516588951/d165110dex43.htm)] [added: 2016).](https://www.sec.gov/Archives/edgar/data/33185/000119312516588951/d165110dex43.htm)] | | |

| 4.5 | | | | | | [Sixth Supplemental Indenture, dated as of November 19, 2019, between Equifax Inc. and the Trustee, including the form of 2024 Note as Exhibit A (incorporated by reference to Exhibit 4.1 to Equifax’s Form 8-K filed November 19, [removed: 2019).](http://www.sec.gov/Archives/edgar/data/33185/000119312519295622/d822940dex41.htm)] [added: 2019).](https://www.sec.gov/Archives/edgar/data/33185/000119312519295622/d822940dex41.htm)] | | |

| 4.6 | | | | | | [Seventh Supplemental Indenture, dated as of April 27, 2020, between Equifax Inc. and the Trustee, including the form of 2025 Note as Exhibit A (incorporated by reference to Exhibit 4.1 to Equifax's Form 8-K filed April 27, [removed: 2020).](http://www.sec.gov/Archives/edgar/data/33185/000119312520120937/d923316dex41.htm)] [added: 2020).](https://www.sec.gov/Archives/edgar/data/33185/000119312520120937/d923316dex41.htm)] | | |

| 4.7 | | | | | | [Eighth Supplemental Indenture, dated as of April 27, 2020, between Equifax Inc. and the Trustee, including the form of 2030 Note as Exhibit A (incorporated by reference to Exhibit 4.2 to Equifax's Form 8-K filed April 27, [removed: 2020).](http://www.sec.gov/Archives/edgar/data/33185/000119312520120937/d923316dex42.htm)] [added: 2020).](https://www.sec.gov/Archives/edgar/data/33185/000119312520120937/d923316dex42.htm)] | | |

| 4.8 | | | | | | [Ninth Supplemental Indenture, dated as of August 13, 2021, between Equifax Inc. and the Trustee, including the form of Note as Exhibit A (incorporated by reference to Exhibit 4.1 to Equifax’s Form 8-K filed August 16, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000119312521247741/d218347dex41.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000119312521247741/d218347dex41.htm)] | | |

| 4.9 | | | | | | [removed: [T](https://www.sec.gov/Archives/edgar/data/33185/000119312522242936/d386586dex41.htm)[enth] [added: [Tenth] Supplemental Indenture, dated as of September 12, 2022, between Equifax Inc. and the Trustee, including the form of Note as Exhibit A (incorporated by reference to Exhibit 4.1 to Equifax's Form 8-K filed September 12, 2022)](https://www.sec.gov/Archives/edgar/data/33185/000119312522242936/d386586dex41.htm). | | |

| 4.10 | | | | | | [removed: [E](https://www.sec.gov/Archives/edgar/data/33185/000119312523146116/d485505dex41.htm)[leventh] [added: [Eleventh] Supplemental Indenture, dated as of May 16, 2023, between Equifax Inc. and the Trustee, including the form of Note as Exhibit A (incorporated by reference to Exhibit 4.1 to [removed: Equifax's](https://www.sec.gov/Archives/edgar/data/33185/000119312523146116/d485505dex41.htm) [Form] [added: Equifax's Form] 8-K filed May 16, 2023)](https://www.sec.gov/Archives/edgar/data/33185/000119312523146116/d485505dex41.htm). | | |

| [removed: 4.11] [added: 4.12] | | | | | | [Credit Agreement, dated as of August 25, 2021, by and among Equifax Inc., Equifax Limited, Equifax Canada Co., Equifax International Treasury Services Unlimited Company and Equifax Australia Holdings Pty Limited, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to Equifax’s Form 8-K filed August 31, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000119312521262096/d220137dex101.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000119312521262096/d220137dex101.htm)] | | |

| [removed: 4.12] [added: 4.13] | | | | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm)[irst] [added: [First] Amendment to Credit Agreement, dated as of March 21, 2023, by and among Equifax Inc., Equifax Limited, [removed: Equi](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm)[fax] [added: Equifax] Canada [removed: Co.](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm)[,] [added: Co.,] Equifax International Treasury Services Unlimited Company and Equifax Australia Holdings Pty Limited, JPMorgan Chase [removed: B](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm)[ank,] [added: Bank,] N.A., as administrative agent, and [removed: the](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm) [lenders] [added: the lenders] party thereto (incorporated by [removed: re](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm)[ference] [added: reference] to [removed: Exh](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm)[ibit] [added: Exhibit] 10.1 [removed: to](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm) [Equifax's](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm) [Form 1](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm)[0-Q] [added: to Equifax's Form 10-Q] filed [removed: April](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm) [20,] [added: April 20,] 2023)](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm). | | |

| [removed: 4.13] [added: 4.14] | | | | | | [removed: [Term Loan] [added: [Second Amendment to] Credit Agreement, dated as of [removed: August 25, 2021,] [added: May 24, 2024,] by and between Equifax [removed: Inc.,] [added: Inc. and] JPMorgan Chase Bank, N.A., as administrative [removed: agent, and the lenders party thereto] [added: agent] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] to [removed: Equifax’s] [added: Equifax's] Form [removed: 8-K] [added: 10-Q] filed [removed: August 31, 2021).](http://www.sec.gov/Archives/edgar/data/33185/000119312521262096/d220137dex102.htm)] [added: July 22, 2024)](https://www.sec.gov/ix?doc=/Archives/edgar/data/33185/000003318524000049/efx-20240630.htm)[.](https://www.sec.gov/ix?doc=/Archives/edgar/data/33185/000003318524000049/efx-20240630.htm)] | | |

| 4.15 | | | | | | [Description of the Company’s Securities Registered under Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.14 to Equifax's Form 10-K filed February 20, [removed: 2020).](http://www.sec.gov/Archives/edgar/data/33185/000003318520000011/exhibit414-12312019.htm)] [added: 2020).](https://www.sec.gov/Archives/edgar/data/33185/000003318520000011/exhibit414-12312019.htm)] | | |

| 10.1 | | | | | | [Form of Director/Executive Officer Indemnification Agreement (incorporated by reference to Exhibit 10.1 to Equifax’s Form 8-K filed May 14, [removed: 2009).](http://www.sec.gov/Archives/edgar/data/33185/000110465909032557/a09-13450_1ex10d1.htm)] [added: 2009).](https://www.sec.gov/Archives/edgar/data/33185/000110465909032557/a09-13450_1ex10d1.htm)] | | |

| 10.2 | | | | | | [Supplemental Retirement Plan for Executives of Equifax Inc. (incorporated by reference to Exhibit 10.6(a) to Equifax’s Form 10-K filed February 24, [removed: 2016).](http://www.sec.gov/Archives/edgar/data/33185/000003318516000037/a2015exhibit106a.htm)] [added: 2016).](https://www.sec.gov/Archives/edgar/data/33185/000003318516000037/a2015exhibit106a.htm)] | | |

| 10.3 | | | | | | [Amendment No. 1 to Supplemental Retirement Plan for Executives of Equifax Inc., effective January 1, 2020 (incorporated by reference to Exhibit 10.3 to Equifax’s Form 10-K filed February 25, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit103-12312020.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit103-12312020.htm)] | | |

| 10.4 | | | | | | [Amendment No. 2 to Supplemental Retirement Plan for Executives of Equifax Inc., effective November 4, 2020 (incorporated by reference to Exhibit 10.4 to Equifax’s Form 10-K filed February 25, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit104-12312020.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit104-12312020.htm)] | | |

| 10.5 | | | | | | [Trust Agreement for Supplemental Retirement Plan for Executives of Equifax Inc. dated as of September 16, 2011, between Equifax Inc. and Wells Fargo Bank, N.A. (incorporated by reference to Exhibit 10.6(b) to Equifax’s Form 10-K filed February 23, [removed: 2012).](http://www.sec.gov/Archives/edgar/data/33185/000114420412010639/v244511_ex10-6b.htm)] [added: 2012).](https://www.sec.gov/Archives/edgar/data/33185/000114420412010639/v244511_ex10-6b.htm)] | | |

| 10.6 | | | | | | [Equifax Inc. Executive Life and Supplemental Retirement Benefit Plan (incorporated by reference to Exhibit 10.8 to Equifax’s Form 10-K filed March 29, [removed: 2001).](http://www.sec.gov/Archives/edgar/data/33185/000093176301000610/0000931763-01-000610-0004.txt)] [added: 2001).](https://www.sec.gov/Archives/edgar/data/33185/000093176301000610/0000931763-01-000610-0004.txt)] | | |

| 10.7 | | | | | | [Equifax Inc. 2008 Omnibus Incentive Plan, as amended and restated effective May 2, 2013 (incorporated by reference to Appendix C to Equifax’s definitive proxy statement on Schedule 14A filed March 20, [removed: 2013).](http://www.sec.gov/Archives/edgar/data/33185/000119312513117398/d466797ddef14a.htm#toc466797_23)] [added: 2013).](https://www.sec.gov/Archives/edgar/data/33185/000119312513117398/d466797ddef14a.htm#toc466797_23)] | | |

| 10.8 | | | | | | [Amendment No. 1 to Equifax Inc. 2008 Omnibus Incentive Plan, effective February 6, 2017 (incorporated by reference to Exhibit 10.8 to Equifax’s Form 10-K filed February 25, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit108-12312020.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit108-12312020.htm)] | | |

| 10.9 | | | | | | [Amendment No. 2 to Equifax Inc. 2008 Omnibus Incentive Plan, effective November 4, 2020 (incorporated by reference to Exhibit 10.9 to Equifax’s Form 10-K filed February 25, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit109-12312020.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit109-12312020.htm)] | | |

| 10.10 | | | | | | [removed: [E](https://www.sec.gov/Archives/edgar/data/33185/000130817923000314/lefx2023_def14a.htm#lefx012a068)[quifax](https://www.sec.gov/Archives/edgar/data/33185/000130817923000314/lefx2023_def14a.htm#lefx012a068) [Inc.] [added: [Equifax Inc.] 2023 [removed: Omnibus](https://www.sec.gov/Archives/edgar/data/33185/000130817923000314/lefx2023_def14a.htm#lefx012a068) [Incentive] [added: Omnibus Incentive] Plan (incorporated by reference to Annex C to Equifax's definitive proxy statement on Schedule 14A filed March 23, 2023)](https://www.sec.gov/Archives/edgar/data/33185/000130817923000314/lefx2023_def14a.htm#lefx012a068). | | |

| [removed: 10.11] [added: 10.12] | | | | | | [Form of Non-Qualified Stock Option Agreement (Senior Leadership Team) under the Equifax Inc. Amended and Restated 2008 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.9 to Equifax’s form 10-K filed February 22, [removed: 2013).](http://www.sec.gov/Archives/edgar/data/33185/000114420413010696/v332542_ex10-9.htm)] [added: 2013).](https://www.sec.gov/Archives/edgar/data/33185/000114420413010696/v332542_ex10-9.htm)] | | |

| [removed: 10.12] [added: 10.13] | | | | | | [Form of Non-Employee Director Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.11 to Equifax’s Form 10-K filed February 25, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit1011-12312020.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit1011-12312020.htm)] | | |

| [removed: 10.13] [added: 10.14] | | | | | | [Equifax Inc. Director Deferred Compensation Plan, as amended through November 5, 2020. (incorporated by reference to Exhibit 10.12 to Equifax’s Form 10-K filed February 25, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit1012-12312020.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit1012-12312020.htm)] | | |

| [removed: 10.14] [added: 10.15] | | | | | | [Equifax Grantor Trust dated as of January 23, 2014, between Equifax Inc. and Principal Trust Company, Trustee, relating to supplemental deferred compensation and phantom stock benefits (incorporated by reference to Exhibit 10.13 to Equifax’s Form 10-K filed February 25, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit1013-12312020.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit1013-12312020.htm)] | | |

| [removed: 10.15] [added: 10.16] | | | | | | [Equifax Inc. Director and Executive Stock Deferral Plan, as amended and restated effective January 1, 2019 (incorporated by reference to Exhibit 10.14 to Equifax’s Form 10-K filed February 25, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit1014-12312020.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit1014-12312020.htm)] | | |

| [removed: 10.16] [added: 10.17] | | | | | | [Amendment No. 1 to Equifax Inc. Director and Executive Stock Deferral Plan, effective as of November 4, 2020 (incorporated by reference to Exhibit 10.15 to Equifax’s Form 10-K filed February 25, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit1015-12312020.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000003318521000025/exhibit1015-12312020.htm)] | | |

| [removed: 10.17] [added: 10.18] | | | | | | [Amendment No. 2 to Equifax Inc. Director and Executive Stock Deferral Plan, effective as of December 2, 2021 (incorporated by reference to Exhibit 10.16 to Equifax's Form 10-K filed February 24, 2022).](https://www.sec.gov/Archives/edgar/data/33185/000003318522000014/exhibit1016-12312021.htm) | | |