Equifax 2002 Annual Report Download - page 8

Perhaps most importantly, these businesses demonstrate the entrepreneurial drive that is
still going strong in our 104-year-old company. Following is an overview of these businesses:
CONSUMER DIRECT
Our groundbreaking initiatives in the consumer area have been an unqualified success
in just four years. The consumer product portfolio has grown to encompass six products,
three of which were introduced in 2002. Renewal rates for our credit monitoring service,
Equifax Credit WatchTM, improved by 20 percent. Consumer Direct revenue has doubled
annually to reach $39 million in 2002. And, the business is profitable, posting 10 consecu-
tive quarters in the black. Clearly, our mission to enlighten, enable and empower consumers
concerning their personal credit has hit upon a true need and we are proud to serve it.
NEW COMMERCIAL SERVICES
Small business credit reporting is another example of our ability to take proprietary data-
bases, unmatched in size, and package them into customized solutions for a niche customer
base – those doing business with small businesses. During the past year, these databases
reached an impressive level, with 54 data providers online and information on 16 of the 25
million small businesses in the United States. We also have unique data attributes that
enable our customers to make better decisions. As a result, Equifax is the only information
services provider to produce credit reports (and ultimately scores) on small businesses.
EMERGING FRAUD, SAFETY & SECURITY INITIATIVES
While we have long applied the power of information and technology to yield new risk and
marketing intelligence tools, the war on terrorism and now absolute war make this a busi-
ness priority across the globe. Through our emerging fraud, safety and security offerings,
Equifax is responding to a broad spectrum of challenges, working with governments, finan-
cial institutions and other organizations in their efforts to make the world a safer place.
Even before the events of September 11th, we were working with financial institutions
to develop products that would help them identify and track such activities as money laun-
dering and fraud. The passage of the USA PATRIOT Act has made it essential for financial
institutions to know exactly who their customers are. We have the products and procedures
in place to help them.
Our OFAC AlertTM product is a screening tool for businesses to comply with the Office of
Foreign Assets Control’s requirement to screen accounts against OFAC’s listings of persons
and entities prohibited from certain transactions. Because of our proven track record and
success in managing various databases, a consortium of banks and brokerage firms
selected Equifax to manage the Global Regulatory Information Database (GRID) to detect
money laundering and other illegal financing activities. And, we also are assisting the
British government and the U.S. Transportation Security Administration with screening
activities. The opportunity to repurpose many of our products and to develop new ones
for safety and security applications allows Equifax to serve not just our stakeholders, but
all citizens in this vigilant post-September 11th world.
LETTER TO SHAREHOLDERS
”Through our emerg-
ing fraud, safety and
security offerings,
Equifax is respond-
ing to a broad spec-
trum of challenges
...to make the world
a safer place.”
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