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08:30
Jul 21 ◎

EFX FY2026 Q2 Watch

Equifax, Inc. (EFX) FY2026 Q2 Earnings Call

FICO EXPGY TRU ▾

Mark Begor

Equifax dismisses FICO's success fee model, signaling that VantageScore pricing undercuts FICO and that the mortgage industry will likely continue to shift.

"The idea of charging that consumer $66 for a credit score, which is what FICO is proposing with their closed loan pricing, versus a dollar with a Vantage score ... just doesn't make a lot of sense"

FICO WATCH

John Gamble

Equifax sells bureau data to Experian and TransUnion; weakness there may indicate shifting demand from peers.

"The only place we saw some weakness is in our sales where we actually sell to our two competitors, our D2C business"

EXPGY WATCH

John Gamble

Equifax sells bureau data to TransUnion; weakness there may indicate shifting demand from peers.

"The only place we saw some weakness is in our sales where we actually sell to our two competitors, our D2C business"

TRU WATCH

HIGH

08:30
Apr 21 ◎

EFX FY2026 Q1 Watch

Equifax, Inc. (EFX) FY2026 Q1 Earnings Call

EFX FICO ▾

Mark Vigor

Equifax maintained full-year guidance despite a Q1 beat, citing macro uncertainty from the Iran conflict. This cautious stance tempers the strong start, pointing to a neutral near-term outlook.

"Despite our very strong first quarter results and given the significant uncertainty related to the current Iran conflict, we felt it was prudent to maintain our 2026 guidance we put in place in February until there's more clarity on the"

EFX WATCH

Mark Vigor

Equifax lowered its VantageScore mortgage pricing from $4.50 to $1 to accelerate conversion, citing a $1 billion annual savings opportunity for originators and consumers. This aggressive pricing move could compress FICO's market share in mortgage scoring. — A $1 Vantage score vs. ~$10 for FICO creates a massive cost incentive for lenders to switch, which could rapidly erode FICO's near-monopoly in agency mortgage scoring and boost Equifax's margins.

"We make no margin on the sale of FICO scores. FICO mortgage scores revenue is about 50% of the USIS mortgage revenue and 6% of total Equifax revenue, delivering zero margin."

FICO WATCH

HIGH

10:00
Feb 26 ◎

EFX FY2025 Q4 Watch

Equifax, Inc. (EFX) FY2025 Q4 Earnings Call

08:30
Oct 21 ◎

EFX FY2025 Q3 Watch

Equifax, Inc. (EFX) FY2025 Q3 Earnings Call

FICO EFX TRU ▾

Mark Peacore

Equifax's new VantageScore pricing ($4.50/score) vs FICO ($10) creates a $550 savings per pull for customers, and for Equifax a $4.50 incremental profit per VantageScore vs a $10 cost per FICO score – a potential $100-200M annual profit upside at full adoption. — This can structurally shift profit from FICO to Equifax as mortgage lenders adopt VantageScore, and sets up a multi-year competitive dynamic in credit scoring.

"FICO has taken up pricing for mortgage credit scores at a CAGR of over 100% per year over the last four years, including a 2X increase to $10 per score in 2026."

FICO WATCH

Mark Peacore

Equifax raised guidance driven by stronger-than-expected Q3 results (especially USIS mortgage and EWS government), with positive momentum from cloud transformation, AI product launches, and government tailwinds from OB3 legislation.

"We are raising our full-year revenue guidance by $40 million and adjusted EPS by 12 cents per share."

EFX WATCH

Mark Peacore

Equifax's Twin indicator (linking employment data to credit files) is being offered at no cost to differentiate the credit file and drive share gains, with early adoption in mortgage and auto, and planned expansion into all verticals. — This unique data advantage locks in customers and makes Equifax's credit file stickier, potentially taking share from TransUnion and Experian.

"We're delivering the twin indicator alongside our USIS credit file at no incremental cost in all verticals in order to differentiate our credit file and drive incremental growth and share gains."

TRU WATCH

HIGH

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