Equifax : 2021 Shareholder Letter

The New

Equifax...

Just Getting Started

Mark W. Begor	Mark L. Feidler
Chief Executive Officer	Independent Chairman of
	the Board of Directors

To Our Shareholders:	2021 was another strong year for Equifax as we
	continue to invest for the future while delivering record
	financial results for our shareholders. We are rapidly
	building a new company - a New Equifax - a faster
	growing, higher margin, diversified data, analytics
	and technology company that has expanded well
	beyond a traditional consumer credit bureau with
	a total addressable market almost three times
	larger than the past. We have delivered 8 consecutive
	quarters of strong double-digit growth and record
	revenue of $4.9B in 2021, which was up an impressive
	19%. We made strong progress on our multi-year $1.5B
	cloud technology and single data fabric investment,
	moving over 50% of our revenue to the new Equifax
	Cloud. We delivered a record 151 new products last
	year leveraging our new Equifax Cloud for a Vitality
	Index of just under 9%. And, we completed a record
	8 acquisitions totaling close to $3B to broaden and
	strengthen Equifax for the future. We have set ourselves
	apart in the industry by maximizing our investments
	leveraging the power of the new Equifax Cloud to drive
	record company growth and unmatched new product
	innovation. We are a New Equifax and we are just
	getting started!
2 EQUIFAX INC ❘ 2021 ANNUAL REPORT

Letter to Shareholders

While COVID-19 continued to impact the communities where we operate, 2021 was another year of tremendous growth for Equifax.

Our revenue of $4.9B was up 19%, well above our new Long Term Financial Framework growth target of 8 to 12%, reflecting the breadth and strength of the New Equifax growth model.

This was a truly outstanding year, substantially stronger than we expected when we entered 2021, despite a U.S. mortgage market that was down 7.5%. We have delivered two years of above market performance with 17% growth in 2020 and 19% growth in 2021.

NEW LONG TERM FINANCIAL FRAMEWORK

19%

17%

In 2021, we drove record growth and unprecedented results:

• Workforce Solutions, our fastest growing, highest margin and most valuable business, delivered another outstanding year, with revenue growing 39% over last year to surpass $2B in annual revenue! This is on top of 51% growth in 2020, demonstrating the power of its unique and fast-growing income and employment data. Workforce Solutions has grown from about 25% of our total revenue 3 years ago to over 40% in 2021 and will likely grow to over 50% of Equifax in the coming years.
• U.S. Information Solutions also had a very strong year with total revenue of $1.8B. Non-mortgage revenue grew 16% and U.S. B2B mortgage revenue grew 19% despite a 7.5% decline in the mortgage market and off of over 80% revenue growth in 2020. The USIS sales team delivered record wins up 25% over last year and the new deal pipeline remains very strong.
• International delivered a milestone in 2021, with their first year of revenues over $1B. As international regions began to recover from COVID lockdowns, we saw five consecutive quarters of revenue growth from Q4 2020 through Q4 2021, with an overall annual growth of 10% in local currency for 2021.

8-12%

7-10%

OLD LTFF

2020

2021 NEW LTFF

Total Revenue Growth

Information regarding our Long Term Financial Framework reflects forward-looking information; actual results may differ materially from our historical experience and our present expectations or projections. See Annex B.

2021 FINANCIAL PERFORMANCE

Overall Revenue

$4.9B

Up 19%, our second year of strong above market performance reflects the strength of the New EFX growth model.

Workforce Solutions

$2B

Up 39%, which is up 2X from 2019 revenue of $971M. Driven by strong performance in Verifications and active record growth of 22M.

USIS

$1.8B

Total revenue up 4% despite the 7.5% decline in the U.S. mortgage market. Team delivered strong non-mortgage organic growth.

International

$1.1B

Milestone year with first year of revenues over $1B. Double digit growth in Asia Pacific, Canada and Latin America.

www.equifax.com

EQUIFAX INC ❘ 2021 ANNUAL REPORT 3

Letter to Shareholders

In addition to this record financial performance, we continued to make tremendous progress executing the Equifax Cloud data and technology transformation. We now have about half of our revenue being delivered from the new Equifax Cloud. This will build meaningfully in 2022 as we expect to substantially complete our North America cloud migrations and move towards 80% of our revenue in the new Equifax Cloud. We have completed almost 112,000 business-to-business migrations, over 10 million consumer migrations and 1 million data contributor migrations. In North America, our principal consumer exchanges are in production on our new cloud-based single data fabric and delivering to customers. Our International transformation is also progressing and is expected to be principally completed by the end of 2023. We remain on track and confident in our plan to become the only cloud native data and analytics company.

The strength of our New Equifax is supported by our 13,000 Equifax employees in 25 countries who have anticipated and responded to changing customer needs in a new global economic normal - helping our customers navigate the evolving pandemic and connect with consumers in increasingly digital ways. A few highlights that the EFX team delivered in 2021:

• We have delivered 8 consecutive quarters of strong, above market double digit growth, reflecting the power of the New vEFX business model and our execution against our EFX2023 strategic priorities.
• We introduced the new Equifax Long Term Financial Framework, with expected total revenue growth of 8 to 12%, up from our prior Framework of 7-10% and expected margin expansion of 50 bps per year up from our prior Framework of 25 bps. This will help us deliver expected Adjusted EPS growth of 12 to 16%, which combined with our 1% dividend yield target will allow us to deliver total return to shareholders of 13 to 18% in the future.
• We delivered a record 151 new products - up from
  134 in 2020 and 70-90 historically - with a Vitality Index of just under 9% - our highest level since 2018.
• We completed 8 strategic and accretive bolt-on acquisitions totaling almost $3B. We substantially strengthened and broadened Workforce Solutions through the acquisition of Appriss Insights, as well as Health e(fx), HIREtech, and i2Verify. We strengthened our Identity and Fraud portfolio through the acquisition of Kount, and our USIS differentiated data assets through both the Teletrack and Kount acquisitions.
• The Work Number® reached 136 million active records, an increase of 19%, or 22 million records, from a year ago, and included 105 million unique individuals, which is almost 70% of U.S. non-farmpayroll. We are now receiving records every pay period

4 EQUIFAX INC ❘ 2021 ANNUAL REPORT

from 2.5 million companies, up from 1 million at the beginning 2021.

• USIS is leading the industry in offering a flexible structure for Buy Now Pay Later companies to report customer credit data onto the Equifax U.S. credit exchange, which will provide Equifax customers and partners the flexibility to include the fast growth BNPL data in credit decisioning or to exclude it, based on their specific needs.
• We announced an expansion of our global footprint for Workforce Solutions with the launch of our new U.K. income and employment verification platform. This adds to our existing Australia, Canada and India WS business launches.

Workforce Solutions: Our fastest growing, highest margin, and most valuable business

Workforce Solutions continues to deliver outstanding performance, and is clearly our strongest, fastest growing, highest margin and most valuable business. It now delivers over 40% of Equifax revenue, up from 25% a short three years ago and will likely grow to over 50% of Equifax in the coming years. 2021 growth of 39% is well above the 13-15%long-term framework for Workforce Solutions and on top of 51% growth in 2020 which is highly accretive

to Equifax's overall revenue growth rate. Workforce Solutions is delivering these strong top-line results with EBITDA margins of 55% which are industry leading and over 2000 bps above Equifax's average margin rate. At the end of 2021, The Work Number reached 136 million active records, an increase of 19%, or 22 million records from

a year ago, and included 105 million unique individuals, which is almost 70% of U.S. non-farm payroll. We are now receiving records every pay period from 2.5 million companies, up from 1 million when we started 2021 and 27,000 contributors a short two-plus years ago. Our lens is expanding beyond U.S. non-farm payroll to include the 40-50 million gig and self-employed workers and 20-30 million pensioners that will allow Workforce Solutions to significantly increase its data set. Beyond the 136 million active records, we have over 535 million total records that give us the ability to deliver historical income and employment data solutions to many markets.

In recent years, the business has expanded its lens beyond verification of income and employment for financial services and FinTech solutions including mortgage,

auto, personal loans, and credit cards into new verticals including Employer Services, Talent Solutions, and Government markets. In 2021, half of Workforce Solutions revenue was in these faster growing verticals outside our traditional financial services markets. We substantially

strengthened and broadened Workforce Solutions in

2021 through the acquisition of Appriss Insights, as well as Health e(fx), HIREtech and i2Verify. The very strong growth of The Work Number and the addition of Appriss Insights and expansion of the Workforce Solutions Data Hub, have dramatically expanded the Workforce Solutions addressable markets across Talent Solutions, Government, and Employee Services including Onboarding, as well as their core Mortgage and Financial Service markets. Our ability to access these markets with our unique and still expanding employment, income and talent based data and services will allow Workforce Solutions to continue to deliver above market core growth and power Equifax in the future.

Global Impact and ESG Priorities

As the needs of customers and consumers have changed worldwide, Equifax remains committed to our Purpose of helping people live their financial best.

In 2021, we introduced innovative solutions around the world to tackle the challenge of financial inclusion and help bring more mainstream financial services opportunities to unbanked and underbanked individuals.

As part of this commitment, we introduced the industry's first and only U.S. credit report in Spanish available online or via mail. This vital service that 'Only Equifax' provides will help 62 million Spanish speakers in the U.S. better understand their credit profiles, so that they are empowered to move forward in all aspects of their financial journey - another step that demonstrates our commitment to financial inclusion and ensuring greater access to credit.

We also have a big commitment to expanding access to credit that aligns with our Purpose of helping people live their financial best. We strive to create economically healthy individuals and communities everywhere we do business and we play a critical role in people's lives by helping them apply for a job or mortgage, finance their education or buy a car. We have invested heavily in

new data sets to enable access to credit for the over

60 million U.S. consumers who are either un- or under- banked and are forced to access higher cost financial products. Utilizing our unique data assets including The Work Number income and employment data, NCTUE cell phone and utility payment data, rental payment data, and our 80 million alternative payment data records from our DataX and Teletrack acquisitions, we can help convert an unbanked or thin credit file consumer to a scorable consumer or help them improve their financial profile to allow them to enter the lower cost formal financial services market.

www.equifax.com

Letter to Shareholders

We are also committed to maintaining and enhancingthe accuracy of our data and credit reports. Wecontinue to invest to make it easier for consumers to access their credit reports including extending free access to creditreports through 2022 as U.S. consumers manage the COVID pandemic. Beyond that, we are investing in new technology to make it easier for consumers to address errors on their credit reports including new on-line processes and alerts.

We also continue to recognize that data, analytics and technology is a powerful force in addressing pressing issues facing the world around us. Last year, we

accelerated our commitment to Environmental, Social and Governance (ESG) priorities, announcing a market-leading sustainability commitment to net- zero greenhouse gas emissions by 2040 enabled by the Equifax Cloud. Our move to the Equifax Cloud is expected to propel the company on its journey to net-zeroby significantly reducing the footprint of on-sitetechnology and data centers and leveraging the enhanced energy efficiency of our cloud service providers.

We further committed to making quantitative ESG diversity disclosures available annually in accordance with the Sustainability Accounting Standards Board (SASB) framework, and we are one of the first in our industry

to publicly disclose our Equal Employment Opportunity (EEO-1) and SASB diversity reports. We are committed to nurturing a culture where diverse talent thrives. In 2021, 77% of the Equifax senior leadership team was diverse, 38% of Equifax global senior leadership identified as female, and women comprised 44% of the Equifax global workforce. During that same time period, 41% of Equifax U.S. employees identified with diverse racial and ethnic groups.

Beginning in 2022, in support of the expansion of these ESG commitments, all members of our Global Leadership Team will include an ESG goal as part of their performance objectives. We recognize that this is just a start. There is more to do and we are committed to transparency in our journey.

WORKFORCE DIVERSITY
77%	38%
Global senior	Global senior
leadership is diverse	leadership are women
44%	41%
Global workforce	U.S. employees are racially
are women	or ethnically diverse

EQUIFAX INC ❘ 2021 ANNUAL REPORT 5

Letter to Shareholders

EFX2023

Leveraging Cloud for Growth

Leverage	Accelerate	Execute	Put
Equifax Cloud	Innovation and	Bolt-on	Customers
Capabilities	New Products	M&A	First

Continue	Expand	Act as
Leadership	Differentiated	One Team,
in Security	Data Assets	One Equifax

EFX2023: Our Foundation

Our compass for the future lies in our EFX2023 strategy, which builds upon our EFX2020 priorities. Executing these priorities, including our industry leading data and technology Cloud transformation, will lead to stronger revenue growth, faster margin expansion and higher cash flow to allow us to continue to invest in Equifax for growth, complete bolt-on acquisitions, and return cash directly to shareholders. Our EFX2023 imperatives reflect our strategic shift from an era of building, investing, and transforming to one of leveraging our massive cloud investments for innovation, new products, and accelerated growth. With our new Equifax Cloud foundation in place, we are Leveraging the Equifax Cloud for Innovation, New Products and Growth through these priorities, which provide a foundation for our ongoing performance.

Accelerate Innovation and New Products

New products are a long-term driver of top-line growth for the New Equifax. In 2021, we delivered a record 151 new products - up from 134 in 2020 and nearly twice the number of solutions developed historically. Not only did we speed our time to market by 45% over the last 24 months, we achieved a Vitality Index - which refers to the revenue that comes from new products introduced in the past 3 years - of just under 9%. This was stronger than our 8% Vitality Index expectations when we started in 2021 and the highest level we have achieved since 2018.

The New Equifax launches products at a volume over 60% higher than in our pre-Transformation era. But, it's not just

about launching new products. We have redesigned how our product teams operate to ideate, develop and bring products to market and to ensure that those new products meet rapidly-evolving market needs. Our enhancements are generating a far more efficient pipeline to convert ideas into products that drive value for customers.

We're focused on ensuring strong revenue growth and strengthening our Vitality Index. And, we'll continue to drive a balance between multi-generational product lines for customers who want evergreen products that grow with them, alongside net-new product launches each year - all leveraging the unified data from the Equifax Cloud. Our

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