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Equifax primarily operates in the business-to-business sector, selling consumer credit and insurance reports and related analytics to businesses in a range of industries. [citation needed] Business customers include retailers, insurance firms, healthcare providers, utilities, government agencies, as well as banks, credit unions, personal and specialty finance companies and other financial ...
The Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA, Pub. L. 108–159 (text)) is a U.S. federal law, passed by the United States Congress on November 22, 2003, [1] and signed by President George W. Bush on December 4, 2003, [2] as an amendment to the Fair Credit Reporting Act.
In July 2016, FinCEN enacted new rules regarding beneficial ownership: [2] Financial institutions must collect from the legal entity customer the name, date of birth, address, and social security number or other government identification number (passport number or other similar information in the case of foreign persons) for individuals who own ...
The credit bureau matches the name, address and other identifying information on the credit applicant with information retained by the bureau in its files. The gathered records are then used by lenders to determine an individual's credit worthiness; that is, determining an individual's ability and track record of repaying a debt. The ...
In 2007, TALX was acquired by Equifax, one of the big three credit reporting agencies, in a transaction valued at $1.4 billion. [9] As of 2010, integration was completed and TALX now officially operates as a division of Equifax. [citation needed] In October 2012, Equifax changed the name of the TALX business unit to Equifax Workforce Solutions ...
Credit bureaus had the most complaints of all companies filed with the CFPB by consumers in 2018, with 34% of all complaints directed at TransUnion, Equifax, and Experian that year. [35] In June 2017, a California jury ruled against TransUnion with a $60 million verdict in the largest Fair Credit Reporting Act (FCRA) verdict in history. [36]
The Work Number is an American employment verification database created in 1985 by Talx Corporation. [1] [2] [3] Talx, (now Equifax Workforce Solutions) was acquired by Equifax Inc. in February 2007 for US$1.4 billion.
VantageScore is a consumer credit-scoring system in the United States, created through a joint venture of the three major credit bureaus (Equifax, Experian, and TransUnion). The model is managed and maintained by an independent company, VantageScore Solutions, LLC, that was formed in 2006 and is jointly owned by the three bureaus. [ 1 ]