In October 2010, Equifax announced it was acquiring Anakam, an identity verification software company headquartered in San Diego, California, which invented and pioneered SMS (text-message based) two-factor authentication. [64][65], Also on October 13, 2017, the U.S. Internal Revenue Service was reported to have suspended a $7.2 million contract with Equifax as a result of the attack. [47], According to Bloomberg, a person familiar with the breach believed this early-March intrusion may have been carried out by the same party that breached Equifax's computer systems again in May. cemeteries found within kilometers of your location will be saved to your photo volunteer list. "[80] Equifax selected the law firm DLA Piper to work on the case in D.C. 1898: Equifax's roots begin in this year as a Tennessee-based grocery story. In 1991 Equifax also abandoned a planned joint database project with Lotus Development Corporation that would have made available to small businesses a wide array of demographic information at microneighborhood levels; a consumer outcry and negative media attention led to the project's demise. This beautiful garden underwent major renovations in 1996 and 2017. Cooper Sanchez, an artist, gardener, and designer, has used his magical skills to convert the Cator Woodford Garden to a popular event venue in Atlanta. Despite Equifax's flat earnings, the company moved past its main competitor, TRW, to seize the lead in market share among credit bureaus in the beginning of 1992. Two years later the San Francisco office was entirely destroyed by earthquake and fire. [48] The event was considered "one of the biggest data breaches in history. Expanded into Insurance-Related Business in 1901. Attempts to run facilities in Baltimore, Greensborough, and Philadelphia during this time failed, and the offices were closed. Heres a look at how the Atlanta-based company grew into the credit reporting giant that it is today. All photos uploaded successfully, click on the Done button to see the photos in the gallery. This changed in 1999 when the agency started offering services to credit consumer sectors. Finally, we can read about how these great companies came about with Company Histories.. Guy Woolford was also inclined to make lasting contributions to his community. 1913: Retail Credit Company incorporated in 1913 and continued to grow its insurance-related business. To make amends, Equifax announced in August 1991 that it would cease using credit information to compile lists for the purposes of direct marketing. Cator Woolford (1869-1944), Atlanta businessman, civic leader and philanthropist, founded the Retail Credit Company (the precursor to Equifax) in 1899. There was a consent decree. Leaving the direct-marketing business enhanced Equifax's public image without too much sacrifice; the relinquished activities provided only $12 million, or one percent of Equifax's revenues. Try again later. Equifax Inc (NYSE:EFX) 196.37. To view a photo in more detail or edit captions for photos you added, click the photo to open the photo viewer. Resend Activation Email. The law also restricted the kinds of information credit bureaus could sell. The company planned to handle all phases of the operation, including selection of potential customers, production of mailing brochures, handling of telephone inquiries, verification of credit applications, and property appraisal. [68], The company has been fined by the Federal Trade Commission on two occasions for violating the Fair Credit Reporting Act ("FCRA"). [50] The data from the breach has yet to be seen on black markets or the dark web by security experts, making it difficult to identify the origin of the breach. Over the years the company has produced several profitable data-gathering and transaction-processing progeny, including Certegy, which became a separate entity in 2001, and ChoicePoint, which became a separate entity in 1997. It has employed more than 32,000 workers globally, and it is traded at the New York Stock Exchange under the name EFX. All photos appear on this tab and here you can update the sort order of photos on memorials you manage. Watch Full Video Weddings & Events Photography & Video Are you sure that you want to delete this memorial? Equifax, one of the largest credit-reporting agencies in the country, collects data on more than 400 million credit holders nationwide. 2) S.A.; Equifax Mauritius Private Limited; Equifax Payment Services, Inc.; Equifax Properties, Inc.; Equifax-Rochester, Inc.; Equifax South America, Inc.; Equifax U.K. Finance Ltd.; Equifax U.K. Finance (No. [47], Between May and July 2017, yet-identified hackers were able to use a known exploit on one of Equifax' web servers that had yet to be updated to access the credit records of more than 140 million Americans as well as some British and Canadian citizens before the breach was detected and shut down. Weve updated the security on the site. [27][28], In July 2019, The New York Times, the New York Post and other media reported Equifax had agreed to pay approximately $650 million to settle with the Federal Trade Commission (FTC) to resolve investigations by several state attorneys general, the Consumer Financial Protection Bureau, the FTC, and a consumer class-action lawsuit related to the data breach. [83][84], In January 2020, Equifax agreed to a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 U.S. states and territories. [16] Certegy effectively became a subsidiary of Fidelity National Financial as a result of this reverse acquisition merger (See Certegy and Fidelity National Information Services for further information).[16]. Son of John Stevens Brohawn and Mary Ellen Rees Woolford. After a decade-long court battle, Retail Credit was allowed to retain the purchases. Late in 1991, the company bought out its British partner to form Equifax Europe. Cator actually got the idea from his grocery business, where they collected customers' names and evidence of creditworthiness. Equifax disclosed the breach on September 7, 2017, after determining the means and scope of the breach. In addition to consumer and commercial credit information services, Equifax has a diversified array of operations including payment services, software, modeling, analytics, consulting, and direct-to-consumer services. Share this memorial using social media sites or email. You can always change this later in your Account settings. Cator Woolford got his start in the credit bureau business as a grocer in Chattanooga, Tennessee. The company posted a loss of $2,242. Please complete the captcha to let us know you are a real person. In April 1988 the company established a marketing services division, whose first project was to develop a direct-mail program to sell home mortgages for a Midwestern insurance company. By 1920, it has 37 branches throughout North America. The change symbolized the company's growing capabilities and prepared the way for further diversification of its activities, from operations centered in the insurance industry to wider marketing functions. ). The sponsor of a memorial may add an additional. Where would you like to work? Insurance companies paid much more highly for the information they needed; Retail Credit quickly expanded operations into this lucrative area. Failed to delete memorial. 1899: The Woolfords moved to Atlanta with the goal of making credit reporting their new career. Cator Woolford got his start in the credit bureau business as a grocer in Chattanooga, Tennessee. In New Georgia Encyclopedia. Equifax was widely criticized for the hack and for how it responded after the matter. Delayed Data. Equifax purchased eThority, a business intelligence (BI) company headquartered in Charleston, South Carolina, in October 2011. eThority is partnering with TALX, a St. Louis-based business unit of Equifax, and remained in Charleston. Found more than one record for entered Email, You need to confirm this account before you can sign in. Equifax also confirmed at least 209,000 consumers' credit card credentials were taken in the attack. Terms of the deal were not disclosed. In the late 1920s Cator Woolford befriended Franklin D. Roosevelt when the future president began visiting Warm Springs, seeking a cure for his polio. Please enter your email and password to sign in. St. James Press, 1999. There he supervised the compilation of a list of customers, with indications of their creditworthiness, for the local Retail Grocer's Association." This episode of our daily podcast, The Outline World Dispatch was all about the Equifax breach. Woolford's former estate in Druid Hills is now the site of the Frazer Center and the Cator Woolford Gardens" -- New . cemeteries found in Woolford, Dorchester County, Maryland, USA will be saved to your photo volunteer list. The company would also no longer keep tabs on customers' buying histories for the purpose of placing shoppers in a range of categories from "luxury buyers" to "coupon clippers." Gilbert. Equifax was forced to confront growing consumer hostility in the early 1990s, as watchdog groups contended that credit bureaus' files were often inaccurate and were used in inappropriate ways. In 2015, Equifax was ranked number 13 on the American Banker FinTech Forward list. Equifax has an annual revenue of over $3.1 billion. Equifax Courtesy of Equifax Beginnings In 1899 Cator and Guy Woolford, two brothers from Woolford, Maryland, began operations as the Retail Credit Company in Atlanta. Despite this setback, geographical expansion continued and New York premises were opened in 1907. In addition to formation of a technology division, brought about by the consolidation of the company's activities in that field, Equifax also acquired Telecredit, Inc., a Los Angeles credit bureau that provided check and credit card authorization services, for $457 million in 1990. It has been recognized in the Top 100 list of the Worlds Most Innovative Companies by Forbes. By 1986 the company's files covered 150 million people in 28 states. [62], On October 13, 2017, the attack was revealed to have been performed by hijacking third-party analytics JavaScript from Digital River brand FireClick. We Have Some Questions", "Equifax, Inc. (EFX) Income Statement - Yahoo Finance", "Equifax Inc. 2022 Annual Report (Form 10-K)", "How to protect yourself against the theft of your identity", "All Products and Solutions | Business | Equifax", "All Credit Score, Credit Report & Identity Theft Products | Equifax", "Equifax breach just another page in the sordid history of credit bureaus", "A Summary of Your Rights Under the Fair Credit Reporting Act", "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001", "GeoTrust acquires Equifax's digital certificate business", "DEFINITIVE PROXY STATEMENTS RELATING TO MERGER OR ACQUISITION", "Equifax buys local eThority: Company to stay, grow in Charleston, founder says", "Who controls opinion polling in Australia, what else we need to know about the polls, and why it matters", "The Dizzying Number Of CFPB Complaints Against Equifax Since 2012 Should Infuriate You", "Equifax just discovered 2.4M more account breaches", "Equifax, Apache Struts, and CVE-2017-5638 vulnerability | Synopsys", "Equifax CIO Put '2 and 2 Together' Then Sold Stock, SEC Says", "Former Equifax employee sentenced for insider trading", "Former Equifax Executive Gets 4 Months for Insider Trading | SecurityWeek.Com", "Former Equifax manager sentenced to 8 months home confinement for insider trading", "Ex-Equifax Manager Gets Home Confinement for Insider Trading | SecurityWeek.Com", "Equifax Is Said to Be Near $650 Million Settlement for Data Breach", "Equifax agrees to pay $700M after massive data breach", "Report: Equifax to pay $700 million in breach settlement", "Opinion | Equifax Doesn't Want You to Get Your $125. Please try again later. In the ensuing years, the volume of requests for this new service increased dramatically. In the late 1920s Woolford befriended Franklin D. Roosevelt and was one of the founders of the Roosevelt Warm Springs Institute. [25][26] An Equifax manager, Sudhakar Reddy Bonthu, also pleaded guilty to insider trading and received a sentence of 8 months of home confinement. An email has been sent to the person who requested the photo informing them that you have fulfilled their request, There is an open photo request for this memorial. Equifax Inc. is the largest consumer credit bureau in the United States, providing information about consumers to clients in several industries, including insurance, finance, credit card, banking, retail, and telecommunications. By 1920, it had numerous branch offices throughout the United States and Canada, and became a publicly owned corporation in 1965. Retail Credit set a pattern of aggressive development in the life insurance-related business that would later be applied when entering other fields. Along withTransUnionand Experian, Equifax helps make up the big three of the credit reporting bureaus. [36], On 2 August 2022, a week after its CEO Mark Begor was deemed "uniquely qualified to lead the Company" and was granted a $25 million bonus package by Equifax's board, the Wall Street Journal reported that Equifax had sent millions of incorrectly calculated credit scores to lenders. Equifax, one of the nations top three credit-reporting agencies, along with Experian and TransUnion, holds information on more than 400 million credit holders across the country. Equifax (EFX) has a Smart Score of 9 based on an analysis of 8 unique data sets, including Analyst Recommendations, Crowd Wisdom, and Hedge Fund Activity. Eventually the Frazers and Lanes acquired the former estate of Cator Woolford (founder of the Retail Credit Company, now Equifax), 39 acres located in Lake Claire/Druid Hills. Guy Woolford and his brother, Cator, founded Retail Credit Company, which became Equifax in the 1970s. There he supervised the compilation of a list of customers, with indications of their creditworthiness, for the local Retail Grocer's Association. In June 1996 the company gained full ownership of Transax plc, the largest check guarantee company in the United Kingdom, while in March 1998 it acquired a leading U.K. risk and credit management firm, CCI Group Plc. In the following year, however, the number of customers increased and the company also branched out to other small, fast-growing commercial centers in Georgia. [17], In February 2016, Equifax acquired the Australasian company Veda, the largest credit reference agency in Australia at the time. By the end of the company's second decade of existence, Retail Credit was thoroughly established as a significant partner in the life insurance business. 1989: Equifax forms an alliance with CSC Credit Services. This oasis has remained practically untouched by today's urban sprawl. 20042023 Georgia Humanities, University of Georgia Press. This legislation gave consumers rights regarding information stored about them in corporate databanks. You are only allowed to leave one flower per day for any given memorial. In 1923 Retail Credit spun off local consumer credit rating operations and formed a new corporation, Credit Service Exchange. [82], Equifax software engineer Sudhakar Reddy was charged with insider trading for purchasing options prior to the disclosure of the 2017 data breach. Again, charges were droppedby that time (1982), national computer databases made information that was once available only regionally accessible nationwide. Today, in addition to its credit-reporting and risk-management businesses, Equifax markets credit cards and provides fraud-detection services, database marketing, and risk consulting. The company has been in existence for over a decade, and it has stood the test of time to be among the largest consumer credit reporting agency of all time. If you have questions, please contact [emailprotected]. Learn more about managing a memorial . With his brother Guy, Cator Woolford started the Retail Credit Company, the precursor to Equifax. One of the country's top credit-reporting agencies, Equifax is one of Georgia's most profitable companies. In 1904 a fourth office was opened in Kansas City, Missouri. They were originally founded in 1898, 70 years before the creation of the Trans Union. There was an error deleting this problem. [74] An Equifax spokesperson said that Equifax is considering appealing the jury's verdict. In 1994 the company also greatly expanded its international operations through acquisitions and joint ventures, gaining a presence in 12 countries, including Argentina, Chile, Spain, the United Kingdom, and Australia. With the 1993 acquisition of Integratec Inc., Equifax gained a leading provider of debt collection and other back-office services for credit card issuers and other lenders. The company's operations had already been divided into four divisions: insurance information services, its traditional strength; credit services; marketing services, the newest division; and Canadian operations, which were consolidated into one company, Equifax Canada Inc., in June 1989. Using the ledger books of Atlanta's food retailers, the Woolford's copied out credit information on their customers on individual slips on paper, then arranged them into a book. Woolford's former estate in Druid Hills is now the site of the Frazer Center and the Cator Woolford Gardens. Another achievement is being named a Top Technology Provider, Top Workplace, and it was the winner of the InformationWeek Elite 100, among many others. As of April 2023, The net worth of Equifax is estimated to be $5 billion. Equifax is headed by Mark L. Feidler as the chairman of the board, Mark W. Begor, as the CEO, and John W. as the vice president as well as the CFC. The companys name was changed to Equifax in 1976, perhaps, some thought, to counter the lingering memory of the companys brushes with government regulators. Practically untouched by today & # x27 ; s urban sprawl 1989: Equifax forms an alliance with CSC services. Click on the < b > Done button < /b > to see the photos in the.! The founders of the country 's Top credit-reporting agencies in the life insurance-related business droppedby! Expanded operations into this lucrative area databases made information that was once available only regionally accessible.! 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