Equifax 2008 Annual Report Download - page 7

2008 ANNUAL REPORT 5
have created 10 new products in the last
12 months, launched new initiatives in
capital markets and we are revitalizing
the core business utilizing new data
sources such as The Work Number®.
Downturns have a way of opening the
window to challenge the status quo and
the culture must be in place to capitalize
in those times.
How do you see your business
environment changing?
Rudy Ploder: The value of a broad
product portfolio has never been more
powerful or needed in this increasingly
connected global economy. By leveraging
expertise across business units and
countries, we are able to more rapidly
deliver the products and services our
customers need for their unique circum-
stances. Today, it’s more about how
quickly we respond to the environment
and help our customers be successful.
Steve Ely: Here in the U.S., consumers
are deleveraging – they’re borrowing less
and reducing debt. In this environment,
they are increasingly aware of the need
to protect their credit information and
identity using our proprietary products.
One of our new products, Equifax ID
Patrol™ addresses this need. ID Patrol
monitors a consumer’s credit file at all
three major reporting agencies, provides
alerts to key changes and offers the
ability to control access to their Equifax
credit file. Our WebDetectTM feature
allows our customers to monitor the
web for inappropriate use of their Social
Security number, as well as monitor
activity on major credit cards.
You talk a lot about the importance
of innovation and funding new ideas.
What are some specific programs and
how have they contributed to growth?
Dann Adams: One of our most successful
innovations occurred in a mature market,
which was under extreme pressure –
mortgage. We knew that the mortgage
business was headed for a downturn so
we built a strategy around offsetting the
eventual mortgage decline by providing
a broader set of products and services.
Our Equifax Settlement Services (ESS)
business delivers critical underwriting
processes quicker and more cost
effectively, enabling our customers to
drive additional revenue growth. ESS
is the centerpiece of the powerful,
one-stop mortgage solution we’ve built
that includes tri-merge credit reports,
flood certifications, employment and
income verifications as well as industry-
leading analytics. Our end-to-end suite
of services and solutions also helps
expedite customers’ loan modification
and refinancing activities including
segmentation and the prioritization of
loans for determining final offers. Our
Mortgage Solutions business successfully
grew 6 percent as the mortgage industry
declined by 23 percent.
Steve Ely: Most recently, we participated
as a founding member of the I-Card
Foundation. Alongside some other well
known industry leaders, we are working
to promote and develop standards that
will become the backbone for e-com-
merce activities in the years to come. We
believe that the technology advanced by
this foundation will become the premier
facilitator of commerce on the Internet,
ensuring that all parties know who they
are dealing with and improving transac-
tional efficiency.
“ Today, it’s more about how quickly
we respond to the environment and
help our customers be successful.”
RUDY PLODER
President
International
“ We are working to promote and
develop standards that will become
the backbone for e-commerce
activities in the years to come.”
STEVE ELY
President
North America Personal Solutions