What the changes say
- New risks emphasize underpricing, U.S. mortgage tri-bureau report changes, ESG commitments, trade restrictions, and international intellectual-property enforcement.
- Licensed partner intellectual property is now a material revenue dependency, with fixed-term agreements requiring periodic renewal.
- AI risk now includes inability to explain model outputs; outsourcing risk includes operations outside the U.S.
- Pandemic language is more general, while COVID-19’s previously reported revenue declines are no longer cited.
What changed since the prior 10-K
New
- NewTechnology and Data Security Risks
this information and/or regulatory changes that impact the use of the tri-bureau credit report in the U.S. mortgage market may affect our revenue or profitability
Competitors could underprice Equifax, while regulatory changes affecting U.S. mortgage tri-bureau reports could reduce revenue or margins.
- NewTechnology and Data Security Risks
Our reputation and/or business could be negatively impacted by stakeholder responses to our responsible business priorities and commitments and our reporting of such matters
Equifax may miss costly greenhouse-gas, data-security, privacy, inclusion, or other responsible-business commitments and face stakeholder backlash.
- NewOperational Risks
The establishment of tariffs, changes in tax policy or other restrictions on commerce or business operations by the U.S. or other countries in which we have operations could increase our costs or limit our access to certain technology or services
Tariffs, tax-policy changes, or trade restrictions could raise costs or limit access to technology and services.
- NewLegal and Regulatory Risks
intellectual property rights. Despite our efforts to protect our intellectual property rights, others may independently develop similar products, duplicate our products or design around our intellectual property rights
Competitors may copy or design around Equifax intellectual property, especially where enforcement is costly or unavailable internationally.
Dropped
- DroppedTechnology and Data Security Risks
Our markets are highly competitive and new product introductions and pricing strategies being offered by our competitors could decrease our sales and market share or require us to enhance our products and services or reduce our prices in a manner that reduces our revenue and operating margins
- DroppedTechnology and Data Security Risks
If we do not introduce successful new products, services and analytical capabilities in a timely manner, or if the market does not adopt our new services, or if new technologies are introduced by competitors that are more effective or at lower costs than ours, our competitiveness and operating results will suffer
- DroppedTechnology and Data Security Risks
Our reputation and/or business could be negatively impacted by ESG matters and/or our reporting of such matters
- DroppedLegal and Regulatory Risks
and new business practice commitments, which, depending on the amount and type, could have a material adverse effect on our financial condition
Reworded
- 75% rewrittenTechnology and Data Security Risks
If our relationships with key customers and business partners are materially diminished or terminated, our business could suffer
Adds that significant revenue depends on products using key partners’ licensed intellectual property, with fixed-term agreements requiring renewal.
- 69% rewrittenTechnology and Data Security Risks
Our business has been and may continue to be negatively impacted by health epidemics, pandemics and similar outbreaks
Removes COVID-19’s specific historical revenue declines and reframes the risk around pandemic-driven economic, consumer-spending, and lending impacts.
- 64% rewrittenLegal and Regulatory Risks
Third parties may misappropriate or infringe our intellectual property and we may suffer competitive injury or expend significant resources enforcing our rights
Changes patent and trademark applications from possibly being rejected to also potentially receiving disadvantageous claims.
- 56% rewrittenTechnology and Data Security Risks
Negative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us
Replaces references to credit information with broader data and related analytical services; the economic drivers are otherwise unchanged.
- 42% rewrittenTechnology and Data Security Risks
The loss of access to credit, employment, financial and other data or intellectual property from external sources could harm our ability to provide our products and services
Adds consumers as a data source, identifies Equifax’s managed NCTUE database, and adds dependence on licensed third-party intellectual property.
Was: The loss of access to credit, employment, financial and other data from external sources could harm our ability to provide our products and services
- 40% rewrittenTechnology and Data Security Risks
If our government contracts are terminated, if we are suspended from government work, or if our ability to compete for new contracts is adversely affected, our business could suffer
Government contracts now may receive enhanced scrutiny, with societal impact added alongside sensitive data and program importance.
- 27% rewrittenOperational Risks
Dependence on outsourcing certain portions of our operations may adversely affect our ability to bring products to market and damage our reputation. Dependence on outsourced information technology and other administrative functions may impair our ability to operate effectively
Adds that some outsourced activities occur outside the U.S., increasing the geographic scope of outsourcing exposure.
- 23% rewrittenTechnology and Data Security Risks
We may face risks associated with our use of certain artificial intelligence and machine learning models and systems
Adds inability to explain artificial-intelligence model outputs as a potential source of product, reputational, or legal harm.
- 22% rewrittenLegal and Regulatory Risks
Third parties may claim that we are infringing on their intellectual property and we could suffer significant litigation or licensing expenses or be prevented from selling products or services
- 21% rewrittenOperational Risks
Economic, political and other risks associated with international sales and operations could adversely affect our results of operations
All 25 risk factors
Headings as the filing states them, in filing order.
Technology and Data Security Risks
- 01If we fail to achieve and maintain key industry or technical certifications, our customers and business partners may stop doing business with us and we may not be able to win new business, which would negatively affect our revenue
- 02The failure to realize the anticipated benefits of our technology transformation could adversely impact our business and financial results
- 03The loss of access to credit, employment, financial and other data or intellectual property from external sources could harm our ability to provide our products and services42% rewritten
- 04Negative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us56% rewritten
- 05this information and/or regulatory changes that impact the use of the tri-bureau credit report in the U.S. mortgage market may affect our revenue or profitabilityNew
- 06If our relationships with key customers and business partners are materially diminished or terminated, our business could suffer75% rewritten
- 07We may face risks associated with our use of certain artificial intelligence and machine learning models and systems23% rewritten
- 08The demand for some of our products and services may be negatively impacted to the extent the availability of free or less expensive consumer information increases
- 09If our government contracts are terminated, if we are suspended from government work, or if our ability to compete for new contracts is adversely affected, our business could suffer40% rewritten
- 10Our business has been and may continue to be negatively impacted by health epidemics, pandemics and similar outbreaks69% rewritten
- 11Our reputation and/or business could be negatively impacted by stakeholder responses to our responsible business priorities and commitments and our reporting of such mattersNew
Operational Risks
- 12Our use of cloud-based and other technologies that are outsourced to third parties could expose us to operational disruptions
- 13Our customers' decisioning may be adversely affected if we provide inaccurate or unreliable data, which could adversely affect our financial condition, cause loss of customer trust and contribute to non-compliance with certain laws and regulations
- 14Dependence on outsourcing certain portions of our operations may adversely affect our ability to bring products to market and damage our reputation. Dependence on outsourced information technology and other administrative functions may impair our ability to operate effectively27% rewritten
- 15Our business will suffer if we are not able to retain and hire key personnel
- 16Economic, political and other risks associated with international sales and operations could adversely affect our results of operations21% rewritten
- 17The establishment of tariffs, changes in tax policy or other restrictions on commerce or business operations by the U.S. or other countries in which we have operations could increase our costs or limit our access to certain technology or servicesNew
Legal and Regulatory Risks
- 18The CFPB has supervisory authority over our U.S. business and supporting operations and may initiate enforcement actions with regard to our compliance with federal consumer financial laws
- 19Regulatory oversight of our contractual relationships with certain of our customers may adversely affect our business
- 20We are regularly involved in claims, suits, government investigations, enforcement actions and other proceedings that may result in adverse outcomes
- 21Third parties may claim that we are infringing on their intellectual property and we could suffer significant litigation or licensing expenses or be prevented from selling products or services22% rewritten
- 22Third parties may misappropriate or infringe our intellectual property and we may suffer competitive injury or expend significant resources enforcing our rights64% rewritten
- 23intellectual property rights. Despite our efforts to protect our intellectual property rights, others may independently develop similar products, duplicate our products or design around our intellectual property rightsNew
Financial Market Risks
- 24A downgrade in our credit ratings could increase our cost of borrowing under our credit facilities and have an adverse effect on our ability to access the capital markets
- 25Our retirement and post-retirement pension plans are subject to financial market risks that could adversely affect our future results of operations and cash flows
Other Equifax 10-Ks
- FY2024 10-K risk factors25 risks
Equifax's risk profile centers on ongoing cloud technology migration and heavy reliance on external credit data sources. Regulatory oversight by the CFPB and banking agencies heavily shapes operational compliance. International markets generate nearly a quarter of total revenue, exposing the firm to cross-border risks.
Filed Feb 20, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.