Equifax 2011 Annual Report Download - page 8

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The Workforce Solutions business unit (formerly TALX)
is comprised of two main divisions: Verification Services
and Employer Services.
Verification Services, which includes The Work Number
®
employment and income data, helps lenders and other
decision-making entities verify employment, income,
identity, deposit and insurance directly from the source
to prevent fraud, ensure compliance, reduce risk, and
increase efficiency.
Employer Services provides industry-leading workforce
solutions in the employment lifecycle for new, current
and former employees using Workforce analytics that are
deployed across human resources services, including
employment verifications, tax management services and
employee-facing services.
Dann Adams, President,
Workforce Solutions
WORKFORCE SOLUTIONS
In Workforce Solutions (formerly TALX), expansion of The Work Number®
income and employment database strengthened our Decision360 value
proposition and further differentiated Equifax solutions with information that is
unmatched in quality as well as coverage. Revenues increased to $404 million
as growth in Verification Services was particularly robust.
In today’s cautious and highly regulated credit climate, lenders must confirm
the ability of borrowers to pay, not just for mortgages but for virtually all forms
of consumer debt. Workforce Solutions expanded its Verification Services for
student loans, auto financing and credit cards, bringing greater transparency to
these consumer segments through employment and income corroboration.
In an example of the synergies we’re generating between business units,
Workforce Solutions leveraged USCIS’s primary data engine to help its clients
find more than $30 million in new tax credits available through the federal
government’s Work Opportunity Tax Credit (WOTC) program.
Our Employer Services were valuable for companies needing to provide
validation for receipt of new hire tax credits and incentives. And with an
estimated 15 million Americans now self-employed, the introduction of Self-
Employed Verification™ was an important addition to The Work Number’s
overall range of solutions.
Two acquisitions that closed late in 2011 will enhance our capabilities by
opening the door to a stream of new solutions for customers in the future.
DataVision Resources has brought highly flexible workflow management
technology that seamlessly integrates with a customer’s business processes,
building out our end-to-end solution from fully automated to manual verification.
eThority, a leader in decisioning analytics, has expanded our ability to deliver
customized, high-value workforce and other solutions that are simple for our
customers to implement and cost-effective to operate. These acquisitions add
more value to our offerings while further differentiating Equifax in the industry.
The year demonstrated our evolving strategy for this business segment,
emphasizing product bundling and greater cross-selling with the USCIS and
North America Commercial units. By facilitating the expansion of consumer
credit markets and the hiring process, Workforce Solutions will be front and
center in several of the major thrusts of the nation’s general economic recovery.
GROWTH YOU CAN COUNT ON
6
47% Employers
19% Mortgage
12% Financial
10% Government
6% Retail
3% Insurance
3% Healthcare
* From continuing operations
REVENUE BY INDUSTRY*
(2011)
EQUIFAX 2011 ANNUAL REPORT