As used herein, the terms Equifax, the Company, we, our and us refer to Equifax
Inc., a Georgia corporation, and its consolidated subsidiaries as a combined
entity, except where it is clear that the terms mean only Equifax Inc.

All references to earnings per share data in Management's Discussion and
Analysis, or MD&A, are to diluted earnings per share, or EPS, unless otherwise
noted. Diluted EPS is calculated to reflect the potential dilution that would
occur if stock options or other contracts to issue common stock were exercised
and resulted in additional common shares outstanding.

BUSINESS OVERVIEW

Equifax Inc. is a global data, analytics and technology company. We provide
information solutions for businesses, governments and consumers, and we provide
human resources business process outsourcing services for employers. We have a
large and diversified group of clients, including financial institutions,
corporations, government agencies and individuals. Our services are based on
comprehensive databases of consumer and business information derived from
numerous sources including credit, financial assets, telecommunications and
utility payments, employment, income, demographic and marketing data. We use
advanced statistical techniques, machine learning and proprietary software tools
to analyze available data to create customized insights, decision-making
solutions and processing services for our clients. We also provide information,
technology and services to support debt collections and recovery management.
Additionally, we are a leading provider of payroll-related and human resource
management business process outsourcing services in the U.S. For consumers, we
provide products and services to help people understand, manage and protect
their personal information and make more informed financial decisions.

We currently operate in four global regions: North America (U.S. and Canada),
Asia Pacific (Australia, New Zealand and India), Europe (the U.K., Spain and
Portugal) and Latin America (Argentina, Chile, Costa Rica, Ecuador, El Salvador,
Honduras, Mexico, Paraguay, Peru and Uruguay). We maintain support operations in
the Republic of Ireland, Chile, Costa Rica and India. We also offer Equifax
branded credit services in Russia through a joint venture, have investments in
consumer and/or commercial credit information companies through joint ventures
in Cambodia, Malaysia and Singapore and have an investment in a consumer and
commercial credit information company in Brazil.

Recent Events and Company Outlook
As further described in our 2020 Form 10-K, we operate in the U.S., which
represented 78% of our revenue in 2020, and internationally in more than 20
countries. Our products and services span a wide variety of vertical markets
including financial services, mortgage, federal, state and local governments,
automotive, telecommunications and many others.
In March 2020, the World Health Organization designated the novel coronavirus
disease ("COVID-19") as a global pandemic. The impact of COVID-19 and related
actions to attempt to control its spread began to impact our consolidated
operating results in the first quarter of 2020. During 2020, the impact on the
operating results in each country in which we operate differed based on the
conditions and the vertical markets we serve in that country with the impact of
the pandemic experienced most severely by our International business. Details of
the impact of COVID-19 to our 2020 results can be found under the heading
"Segment Financial Results" in the Management's Discussion and Analysis of
Financial Condition and Results of Operation section of the 2020 Form 10-K. In
the third quarter and first nine months of 2021, as efforts to minimize the
spread of COVID-19 have been more successful and access to vaccinations has
increased, our consolidated revenue grew when compared to 2020, reflecting the
U.S. mortgage market demand in 2021 compared to 2020, recovering country
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economies, Equifax-initiative growth and, to a lesser extent, revenue from
acquired companies. A more thorough discussion of our business unit results are
included under the heading "Segment Financial Results" in the Management's
Discussion and Analysis of Financial Condition and Results of Operation section
of this Form 10-Q. We are unable to determine the severity or duration of the
impact of the COVID-19 pandemic on the individual markets in the countries we
serve or how this impact will change with time. Although consolidated revenue
has grown during the third quarter and first nine months of 2021 when compared
to 2020, due to the uncertain effects on the global economy caused by the impact
of COVID-19, the impact on our future results of operations related to the
COVID-19 pandemic are unclear.

We expect that the global COVID-19 pandemic will continue to impact our business
and results of operations. While the COVID-19 pandemic affects the countries in
which we operate, our critical priorities remain as follows:

(i)the health and safety of our employees and their families;
(ii)providing support to consumers;
(iii)helping our customers execute their changing business plans by providing
innovative solutions combining our unique data assets and leading analytical and
technology capabilities; and
(iv)executing on our cloud technology, data and security transformation per our
previously stated plans.
We are generally following the requirements and protocols published by the U.S.
Centers for Disease Control and the World Health Organization, and federal,
state and local governments. In jurisdictions where local restrictions have been
lifted, as is the case at our major U.S. locations, our employees are returning
to work to their assigned offices in conjunction with jurisdictional guidance.
In jurisdictions where the local restrictions that were implemented to prevent
the further spread of the virus allow, our employees can work from their
assigned offices or from home. Generally across our facilities, we have
undertaken actions to make these sites safer. We have also substantially reduced
employee travel. If public health authorities dictate further measures to limit
further spread of the virus, we may need to reinstate our business continuity
plans in certain countries or regions in which we operate. As of the date of
this filing, we do not believe our work from home and return to office protocols
have materially adversely impacted our internal controls, financial reporting
systems or our operations.
Our data and analytics, product and sales teams are focused on how to refine
existing products and services, as well as generate new products and services,
to meet the changing needs of our customers in this environment. Our technology
teams continue to execute on our cloud technology, data and security
transformation, including the continued migration of our technology to cloud
native environments. To date, the change to our working environment has not
caused material disruptions in the execution of these plans.
As a response to the ongoing COVID-19 pandemic, we implemented plans to manage
our costs. We limited the addition of new employees and third party contracted
services, limited most travel except where necessary to meet customer or
regulatory needs, and acted to limit discretionary spending. The pace of
recovery of the global economy from the COVID-19 induced recession remains
uncertain and may affect certain markets or regions we serve differently. Any
future asset impairment charges, increase in allowance for doubtful accounts, or
restructuring charges could be more likely and will be dependent on the severity
and duration of the pandemic.
In light of the evolving health, social, economic and business environment,
governmental regulations or mandates, and business disruptions that could occur,
the potential impact that COVID-19 could have on our financial condition and
operating results remains uncertain.
For more information, see "Item 1A. Risk Factors-Our business has been and will
continue to be negatively impacted by the recent COVID-19 outbreak," in our 2020
Form 10-K.
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2017 Cybersecurity Incident
In 2017, we experienced a cybersecurity incident following a criminal attack on
our systems that involved the theft of certain personally identifiable
information of U.S., Canadian and U.K. consumers. Criminals exploited a software
vulnerability in a U.S. website application to gain unauthorized access to our
network. In March 2017, the U.S. Department of Homeland Security distributed a
notice concerning the software vulnerability. We undertook efforts to identify
and remediate vulnerable systems; however, the vulnerability in the website
application that was exploited was not identified by our security processes. We
discovered unusual network activity in late-July 2017 and upon discovery
promptly investigated the activity. Once the activity was identified as
potential unauthorized access, we acted to stop the intrusion and engaged a
leading, independent cybersecurity firm to conduct a forensic investigation to
determine the scope of the unauthorized access, including the specific
information impacted. Based on our forensic investigation, the unauthorized
access occurred from mid-May 2017 through July 2017. No evidence was found that
the Company's core consumer, employment and income, or commercial reporting
databases were accessed. On February 10, 2020, the U.S. Department of Justice
announced that four members of the Chinese People's Liberation Army were
indicted on criminal charges for their involvement in the 2017 cybersecurity
incident.
As a result of the 2017 cybersecurity incident, we were subject to a significant
number of proceedings and investigations as described in Part II, "Item 1. Legal
Proceedings" in this Form 10-Q. We did not record any settlement expenses
related to the resolution of these proceedings and investigations for the three
or nine months ended September 30, 2021 and 2020. To date, we have recorded
legal settlement expenses, net of insurance recoveries, of $800.9 million in
selling, general, and administrative expenses in our Consolidated Statements of
Income (Loss). As of September 30, 2021, $345.0 million is outstanding on the
Consolidated Balance Sheet within other current liabilities related to the U.S.
Consumer MDL Litigation. The amounts accrued represent our best estimate of the
liability related to these matters. The Company will continue to evaluate
information as it becomes known and adjust accruals for new information and
further developments in accordance with ASC 450-20-25.
Future Costs
We are currently executing substantial initiatives in security and consumer
support, and a company-wide transformation of our technology platforms to cloud
based technologies, which we refer to as our technology transformation, and
incurred substantially increased expenses and capital expenditures in 2018, 2019
and 2020 related to these initiatives. We expect to continue to incur additional
expenses and capital expenditures in the remainder of 2021 related to these
initiatives, although at reduced levels compared to those incurred in 2020.

We will recognize the expenses and capital expenditures referenced herein as they are incurred.

Segment and Geographic Information



Segments. The Workforce Solutions segment consists of the Verification Services
and Employer Services business lines. Verification Services revenue is
transaction-based and is derived primarily from employment and income
verification. Employer Services revenue is derived from our provision of certain
human resources business process outsourcing services that include both
transaction and subscription based product offerings. These services include
unemployment claims management, employment-based tax credit services and other
complementary employment-based transaction services.

The USIS segment consists of three service lines: Online Information Solutions,
Mortgage Solutions, and Financial Marketing Services. Online Information
Solutions and Mortgage Solutions revenue is principally transaction-based and is
derived from our sales of products such as consumer and commercial credit
reporting and scoring, identity management, fraud detection and modeling
services. USIS also markets certain decisioning software services that
facilitate and automate a variety of consumer and commercial credit-oriented
decisions. Financial Marketing Services revenue is principally project and
subscription based and is derived from our sales of batch credit and consumer
wealth information such as those that assist clients in acquiring new customers,
cross-selling to existing customers and managing portfolio risk.

The International segment consists of Asia Pacific, Europe, Latin America and
Canada. Canada's services are similar to our USIS offerings. Asia Pacific,
Europe and Latin America are made up of varying mixes of service lines that are
generally consistent with those in our USIS reportable segment. We also provide
information and technology services to support lenders and other creditors in
the collections and recovery management process.

GCS revenue is both transaction and subscription based and is derived from the sale of credit monitoring and identity theft protection products, which we deliver electronically to consumers primarily via the internet in the U.S., Canada, and the


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U.K. We also sell consumer and credit information to resellers who combine our
information with other information to provide direct-to-consumer monitoring,
reports and scores.

Geographic Information.  We currently have operations in the following
countries: Argentina, Australia, Canada, Chile, Costa Rica, Ecuador, El
Salvador, Honduras, India, Mexico, New Zealand, Paraguay, Peru, Portugal, the
Republic of Ireland, Spain, the U.K., Uruguay and the U.S. We also offer Equifax
branded credit services in Russia through a joint venture, have investments in
consumer and/or commercial credit information companies through joint ventures
in Cambodia, Malaysia and Singapore and have an investment in a consumer and
commercial credit information company in Brazil. Approximately 79% and 78% of
our revenue was generated in the U.S. during the three months ended
September 30, 2021 and 2020, respectively. Approximately 79% and 78% of our
revenue was generated in the U.S. during the nine months ended September 30,
2021 and 2020, respectively.

Key Performance Indicators.  Management focuses on a variety of key indicators
to monitor operating and financial performance. These performance indicators
include measurements of operating revenue, change in operating revenue,
operating income, operating margin, net income, diluted earnings per share, cash
provided by operating activities and capital expenditures. The key performance
indicators for the three and nine months ended September 30, 2021 and 2020 were
as follows:
                                                                      Key Performance Indicators
                                            Three Months Ended September 30,               Nine months ended September 30,
                                                2021                   2020                   2021                   2020
                                          (In millions, except per share

data) (In millions, except per share data) Operating revenue

$       1,222.9           $  1,068.3          $       3,670.7           $  3,009.1
Operating revenue change                              14   %               22  %                    22   %               16  %
Operating income                         $         273.2           $    204.4          $         885.8           $    507.2
Operating margin                                    22.3   %             19.1  %                  24.1   %             16.9  %
Net income attributable to Equifax       $         205.4           $    228.5          $         622.1           $    445.7
Diluted earnings per share               $          1.66           $     1.86          $          5.04           $     3.63
Cash provided by operating
activities                               $         398.4           $    367.0          $         949.5           $    649.0
Capital expenditures*                    $         121.0           $   (112.3)         $         345.9           $   (309.6)

*Amounts include accruals for capital expenditures.

Operational and Financial Highlights

•We repurchased 0.4 million shares of our common stock on the open market for $69.9 million during the first nine months of 2021. At September 30, 2021, $520.2 million was available for future purchases of common stock under our share repurchase authorization.

•We paid out $142.6 million or $1.17 per share in dividends to our shareholders during the first nine months of 2021.


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