Q3 2025 Equifax Inc Earnings Call

Q3, 2025 earnings conference call and webcast at this time, all participants are in a listen only mode.

Question and answer session will follow the formal presentation.

Placed in the question queue at any time by pressing star one on your telephone keypad and we ask you. Please ask one question one follow up then return to the queue.

If anyone should require operator assistance. Please press star zero on your telephone keypad.

As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Trevor Burns Senior Vice President head of corporate Investor Relations. Trevor. Please go ahead.

Thanks, and good morning.

Today's conference call I'm Trevor Burns with me today are Mark Peek or Chief Executive Officer, and John Gamble, Chief Financial Officer.

Speaker #3: Greetings, and welcome to the Equifax Inc. Q3 2025 earnings conference call and webcast. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation.

Today's call is being recorded and.

Trevor Burns: Greetings and welcome to the Equifax Inc. Q3 2025 Earnings Conference Call and Webcast. At this time, all participants are in a listener-only mode. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star one on your telephone keypad, and we ask that you please ask one question, one follow-up, then return to the queue. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Trevor Burns, Senior Vice President, Head of Corporate Investor Relations. Trevor, please go ahead.

An archive recording will be available later today in the IR calendar section of the news and events tab.

At our Investor Relations website.

Speaker #3: You may be placed into the question queue at any time by pressing *1 on your telephone keypad, and we ask that you please ask one question, one follow-up, and return to the queue.

During the call.

You can reference to certain materials that can be found in the presentation section of the news and events tab at our IR website.

Speaker #3: If anyone should require operator assistance, please press *0 on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Trevor Burns, Senior Vice President, Head of Corporate Investment Relations.

Also we will be making certain forward looking statements, including fourth quarter and full year of 2025 guidance as well as our long term financial framework.

To help you understand equifax and its business environment. These.

Speaker #3: Trevor, please go ahead.

Statements involve a number of risks uncertainties and other factors that could cause actual results to differ materially from our expectations.

Speaker #4: Thanks and good morning. Welcome to today's conference call. I'm Trevor Burns, with me today are Mark Begor, Q2 Executive Officer, and John Gamble, Chief Financial Officer.

[Analyst 1]: Thanks, and good morning. Welcome to today's conference call. I'm Trevor Burns. With me today are Mark Begor, Chief Executive Officer, and John Gamble, Chief Financial Officer. Today's call is being recorded. An archive of the recording will be available later today in the IR Calendar section of the News and Events tab at our Investor Relations website. During the call, we'll be making reference to certain materials that can be found in the Presentation section of the News and Events tab at our IR website. Also, we'll be making certain forward-looking statements, including fourth quarter and full year 2025 guidance, as well as our long-term financial framework to help you understand Equifax Inc. and its business environment. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations.

Certain risk factors that may impact our business are set forth in filings with the SEC, including our 2020 or 10-K and subsequent months.

Speaker #4: Today's call is being recorded. An archive of the recording will be available later today in the IR calendar section of the News and Events tab at our Investor Relations website.

In the third quarter and went back some further restructuring charge for cost reduction actions as we continue to streamline our operations globally.

Speaker #4: During the call, we'll be making reference to the presentation section of the News and Events tab at our IR website. Also, we'll be making certain forward-looking statements, including fourth quarter and full year 2025 guidance, as well as our long-term financial framework.

Complete the new Echo Pat's cloud.

That's our global data and application cloud infrastructure and deploy <unk> AG capabilities across the organization to drive cost savings. These charges totaled about $44 million and are expected to deliver ongoing savings when completed by late 2026.

Speaker #4: To help you understand EQUIFAX and its business environment, these statements involve a number of risks, uncertainties, and other factors that could cause actual results that differ materially from our expectations.

$30 million per year.

We will also be referring to certain non-GAAP financial measures, including adjusted EPS, adjusted EBITDA and cash conversion, which will be adjusted for certain items that affect the comparability of our underlying operational performance. These non-GAAP measures are detailed in reconciliation tables, which are included.

Speaker #4: Certain risk factors that may impact our business are set forth in filings with the SEC, including our 2024 10-K and subsequent filings. In the third quarter, Equifax reported further restructuring charges for cost reduction actions as we continue to streamline our operations globally. We are completing the new Equifax cloud, advancing our global data and application cloud infrastructure, and deploying EFX.AA capabilities across the organization to drive cost savings.

[Analyst 1]: Certain risk factors that may impact our business are set forth in filings with the SEC, including our 2024 10-K and subsequent filings. In the third quarter, Equifax Inc. incurred a restructuring charge for cost reduction actions as we continue to streamline our operations globally, as we complete the new Equifax Cloud™, advance our global data and application cloud infrastructure, and deploy EFX.AI™ capabilities across the organization to drive cost savings. These charges totaled about $44 million and are expected to deliver ongoing savings when completed by late 2026 of about $30 million per year. We will also be referring to certain non-GAAP financial measures, including adjusted EPS, adjusted EBITDA, and cash conversion, which will be adjusted for certain items that affect the comparability of our underlying operational performance.

Our earnings release and can be found in the financial results section of the financials.

Now I'd like to turn it over to Mark.

Thanks Trevor.

For Equifax had a strong third quarter with revenue up 1.54 billion up over 7% in constant currency and reported dollars.

Speaker #4: These charges totaled about $44 million and are expected to deliver ongoing savings when completed by late 2026 of about $30 million per year. We will also be referring to certain non-GAAP financial measures including adjusted EPS, adjusted EBITDA, and cash conversion, which will be adjusted for certain items that affect the comparability of our underlying operational performance. These non-GAAP measures are detailed in reconciliation tables that are included with our earnings release and can be found in the Financial Results section of the Financial Info tab at our IR website.

Revenue was $25 million above the midpoint of our July guidance, driven by outperformance in U S mortgage at AWS and U S. I S non mortgage.

About two thirds of the revenue outperformance was in U S. I S mortgage from stronger market volumes later in the quarter off lower mortgage rates.

Mortgage hard credit inquiries were down about 7%, but better than our expectations of down over 12% with a 30 year mortgage rate just below six 5% in September.

[Analyst 1]: These non-GAAP measures are detailed in reconciliation tables, which are included with our earnings release and can be found in the Financial Results section of the Financial Info tab at our IR website. Now, I'd like to turn it over to Mark.

Total U S mortgage revenue was up a strong 13% in the quarter in September we saw modest mortgage inquiry activity.

Speaker #4: Now, I'd like to turn it over to Mark.

We believe this improvement was likely led by mortgage refi activity off the lower rates.

Speaker #5: Thanks, Trevor. Turning to slide 4, Equifax had a strong third quarter with revenue of $1.54 billion, up over 7% in constant currency and reported dollars.

[Analyst 2]: Thanks, Trevor. Turning to slide four, Equifax had a strong third quarter with revenue of $1.54 billion, up over 7% in constant currency and reported dollars. Revenue was $25 million above the midpoint of our July guidance, driven by outperformance in U.S. mortgage and EWS and USIS non-mortgage. About two-thirds of the revenue outperformance was in USIS mortgage from stronger market volumes later in the quarter off lower mortgage rates. Mortgage hard credit inquiries were down about 7%, but better than our expectations of down over 12%, with the 30-year mortgage rate dropping just below 6.5% in September. Total U.S. mortgage revenue was up a strong 13% in the quarter. In September, we saw modest mortgage inquiry activity increases. We believe this improvement was likely led by mortgage re-buy activity off the lower rates.

New home purchase activity appears to be remain at the lower levels. We've seen throughout 2025, reflecting continued low home inventory levels elevated home prices impacting affordability and prospective homebuyers waiting for further mortgage rate reductions.

Speaker #5: Revenue was $25 million above the midpoint of our July guidance, driven by outperformance in US mortgage and EWS and USIS non-mortgage. About two-thirds of the revenue outperformance was in USIS mortgage from stronger market volumes later in the quarter, off lower mortgage rates.

U S mortgage revenue was 21% of Equifax revenue in the quarter, John will cover our expectations for mortgage activity in the fourth quarter shortly.

But we continue to believe that mortgage activity will improve over the long term towards the 2015 to 19 levels as inflation comes under control and rates come down.

Speaker #5: Mortgage hard credit inquiries were down about 7%, but better than our expectations of down over 12% with the 30-year mortgage rate dropping just below 6.5% in September.

UWS non mortgage revenue was better than expected principally from strong high single digit revenue growth at AWS government driven by state penetration.

Speaker #5: Total U.S. mortgage revenue was up a strong 13% in the quarter. In September, we saw modest mortgage inquiry activity increases. We believe this improvement was likely led by mortgage refinance activity, off the lower rates.

We've seen a meaningful acceleration of post Ob three discussions as both federal and state agencies moved towards implementation of new solutions to comply with the more stringent income and work requirements will be three.

Speaker #5: New home purchase activity appears to be remaining at the lower levels we've seen throughout 2025, reflecting continued low home inventory levels, elevated home prices impacting affordability, and prospective home buyers waiting for further mortgage rate reductions.

[Analyst 2]: New home purchase activity appears to be remaining at the lower levels we've seen throughout 2025, reflecting continued low home inventory levels, elevated home prices impacting affordability, and prospective home buyers waiting for further mortgage rate reductions. U.S. mortgage revenue was 21% of Equifax revenue in the quarter. John will cover our expectations for mortgage activity in the fourth quarter shortly. We continue to believe that mortgage activity will improve over the long term towards the 2015 to 2019 levels as inflation comes under control and rates come down. EWS non-mortgage revenue was better than expected, principally from strong high single-digit revenue growth in EWS government driven by state penetration. We've seen a meaningful acceleration of post-OB3 discussions as both federal and state agencies move towards implementation of new solutions to comply with the more stringent income and work requirements in OB3.

This is a very encouraging sign for 'twenty six 'twenty seven UWS government growth.

<unk> had another good quarter of beta be non mortgage revenue growth up about 150 basis points sequentially as they are focused on customers and growth in a post cloud mode.

Speaker #5: U.S. mortgage revenue was 21% of Equifax revenue in the quarter. John will cover our expectations for mortgage activity in the fourth quarter shortly. But we continue to believe that mortgage activity will improve over the long term towards the 2015 to 2019 levels as inflation comes under control and rates come down.

FX had an immaterial impact on revenue in the quarter and was consistent with our July guidance.

Adjusted EPS of $2 <unk> per share was <unk> 12 cents above the midpoint of our July guidance, reflecting stronger revenue growth and solid operating leverage.

Speaker #5: EWS non-mortgage revenue was better than expected, principally from strong high single-digit revenue growth in EWS government driven by state penetration. We've seen a meaningful acceleration of post-OB3 discussions as both federal and state agencies move towards implementation of new solutions to comply with the more stringent income and work requirements in OB3, and this is a very encouraging sign for 2026 and 2027 EWS government growth.

EBITDA margins of 32, 7% were up 20 basis points sequentially.

Our business units continue to execute very well during the third quarter dws saw revenue growth of 5% better than our expectations driven by the above expectation high single digit growth in government and 20% growth in consumer lending.

[Analyst 2]: This is a very encouraging sign for 2026 and 2027 EWS government growth. USIS had another good quarter of B2B non-mortgage revenue growth, up about 150 basis points sequentially, as they are focused on customers and growth in a post-cloud mode. FX had an immaterial impact on revenue in the quarter and was consistent with our July guidance. Adjusted EPS of $2.04 per share was $0.12 above the midpoint of our July guidance, reflecting stronger revenue growth and solid operating leverage. Adjusted EBITDA margins of 32.7% were up 20 basis points sequentially. Our business units continue to execute very well. During the third quarter, EWS saw revenue growth of 5%, better than our expectations, driven by the above-expectation high single-digit growth in government and 20% growth in consumer lending. EWS also continues to see strong growth with active records, which were up 9% versus last year.

UWS also continues to see strong growth with active records, which were up 9% versus last year.

Speaker #5: USIS had another good quarter of B2B non-mortgage revenue growth, up about 150 basis points sequentially, as they are focused on customers and growth in a post-cloud mode.

U S revenue growth of 11% was also stronger than expected and well above the 6% to 8% long term framework USDA is gaining momentum post cloud transformation, driving new product innovation and customer growth.

Speaker #5: FX had an immaterial impact on revenue in the quarter and was consistent with our July guidance. Adjusted EPS of $2.04 per share was $0.12 above the midpoint of our July guidance, reflecting stronger revenue growth in solid operating leverage.

In the quarter U S. <unk> launched their new audit credit file with the twin indicator to differentiate our credit file and drive share gains.

International constant dollar revenue was up 7% consistent with their long term framework.

Speaker #5: Adjusted EBITDA margins of 32.7% were up 20 basis points sequentially. Our business units continue to execute very well. During the third quarter, EWS saw revenue growth of 5%, better than our expectations, driven by the above expectation high single-digit growth in government and 20% growth in consumer lending.

The international team continued strong progress towards cloud completion, which delivers margin expansion from legacy infrastructure decommissioning and which is a tailwind took their margin expansion.

International adjusted EBITDA margins were up a strong 360 basis points versus last year.

We made strong progress in enterprise in the quarter with a vitality index of 16%, which was a quarterly record with strong new product rollouts like <unk> virtual that we are selling direct and through background screeners and payroll processors.

Speaker #5: EWS also continues to see strong growth, with active records up 9% versus last year. USIS revenue growth of 11% was also stronger than expected and well above their 6% to 8% long-term framework.

[Analyst 2]: USIS revenue growth of 11% was also stronger than expected and well above their 6% to 8% long-term framework. USIS is gaining momentum post-cloud transformation, driving new product innovation and customer growth. In the quarter, USIS launched their new audit credit file with a twin indicator to differentiate our credit file and drive share gains. International constant dollar revenue was up 7%, consistent with their long-term framework. The international team continued strong progress towards cloud completion, which delivers margin expansion from legacy infrastructure decommissioning, which is a tailwind to their margin expansion. International adjusted EBITDA margins were up a strong 360 basis points versus last year. We made strong progress in NPIs in the quarter with a vitality index of 16%, which was a quarterly record, with strong new product rollouts like i9 Virtual that we are selling direct and through background screeners and payroll processors.

Raising our 2025 vitality guidance for the third time this year from 12% to 13% given our continued strong performance in NPI NPI pipeline.

Speaker #5: USIS is gaining momentum post-cloud transformation, driving new product innovation and customer growth. In the quarter, USIS launched their new audit credit file with a twin indicator to differentiate our credit file and drive share gains.

With our strong free cash flow, we returned about $360 million to shareholders, including repurchasing one 2 million shares for $300 million or about 1% of our shares outstanding.

Speaker #5: International constant dollar revenue was up 7%, consistent with their long-term framework. The international team continued strong progress towards cloud completion, which delivers margin expansion from legacy infrastructure decommissioning, which is a tailwind to their margin expansion.

Given our strong third quarter.

We are raising our full year guidance revenue guidance by $40 million and adjusted EPS by <unk> 12 per share.

Speaker #5: International adjusted EBITDA margins were up a strong 360 basis points versus last year. We made strong progress in NPIs in the quarter with a vitality index of 16%, which was a quarterly record, with strong new product rollouts like I9 Virtual that we are selling direct and through background screeners, and payroll processors.

Our strong operating performance, we're also increasing our fleet, our free cash flow guidance to $950 million to $975 million up from the 900 million. We provided in July with a cash conversion in excess of 100% up from the 95% framework, we had for the year.

We have positive momentum from the strong third quarter as we move into the fourth quarter and head towards 2026 <unk>.

[Analyst 2]: We are raising our 2025 vitality guidance for the third time this year from 12% to 13%, given our continued strong performance in NPI pipeline. With our strong free cash flow, we returned about $360 million to shareholders, including repurchasing 1.2 million shares for $300 million, or about 1% of our shares outstanding. Given our strong three-quarter results, we are raising our full-year revenue guidance by $40 million and adjusted EPS by $0.12 per share. With our strong operating performance, we're also increasing our free cash flow guidance to $950 million to $975 million, up from the $900 million we provided in July, with a cash conversion in excess of 100%, up from the 95% framework we had for the year. We have positive momentum from the strong third quarter as we move into the fourth quarter and head towards 2026.

Speaker #5: Raising our 2025 vitality guidance for the third time this year from 12% to 13%, given our continued strong performance and NPI pipeline. And with our strong free cash flow, we returned about $360,000,000 to shareholders, including repurchasing $1.2 million shares for $300 million or about 1% of our shares outstanding.

John will share more details on our fourth quarter and full guidance shortly.

Turning to slide five workforce solutions revenue was up 5% and stronger than expected driven principally by government performance.

Verifier revenue was up over 5% in the quarter with non mortgage verifier growth about 7%.

Speaker #5: Given our strong third quarter results, we are raising our full year guidance revenue guidance by $40 million, and adjusted EPS by $0.12 per share.

Government revenue grew high single digits in the quarter and better than our expectations of mid single digit growth from state penetration in <unk> three momentum, which is positive as we move past the impact from 2020 for CMS funding changes.

Speaker #5: With our strong operating performance, we are also increasing our free cash flow guidance to $950 million to $975 million, up from the $900 million we provided in July with a cash conversion in excess of 100%, up from the 95% framework we had for the year.

Talent solutions revenue was up low single digits in the quarter and below our expectations for weaker hiring.

Overall U S hiring, particularly white collar collar hiring continues to be relatively weak in the third quarter with overall BLS data down about 4% in July and August compared to last year.

Speaker #5: We have positive momentum from the strong third quarter as we move into the fourth quarter and head towards 2026. John will share more details on our fourth quarter and full-year guidance shortly.

[Analyst 2]: John will share more details on our fourth quarter and full guidance shortly. Turning to slide five, Workforce Solutions revenue was up 5% and stronger than expected, driven principally by government performance. Verifier revenue was up over 5% in the quarter, with non-mortgage verifier growth of about 7%. Government revenue grew high single digits in the quarter and better than our expectations of mid-single-digit growth from state penetration and OB3 momentum, which is positive as we move past the impact from 2024 CMS funding changes. Talent Solutions revenue was up low single digits in the quarter and below our expectations from weaker hiring. Overall, U.S. hiring, particularly white-collar hiring, continued to be relatively weak in the third quarter, with overall BLS data down about 4% in July and August compared to last year.

Underlying talent employment verification revenue continued to perform well in the third quarter, driven by new products penetration pricing and records growth.

Speaker #5: Turning to slide 5, workforce solutions revenue was up 5% and stronger than expected, driven principally by government performance. Verifier revenue was up over 5% in the quarter, with non-mortgage verifier growth of about 7%.

Dws mortgage revenue was up 2% against the market as measured by U S Heart inquiries. It was down about 7% and was also slightly better than our expectations. As a reminder, AWS mortgage inquiry volumes lag Usia's credit credit inquiry volumes as credit has pulled earlier in the mortgage application cycle than income and employment.

Speaker #5: Government revenue grew high single digits in the quarter and better than our expectations of mid-single-digit growth, from state penetration and OB3 momentum, which is positive as we move past the impact from 2024 CMS funding changes.

David.

USAA is typically see the benefits of mortgage shopping behavior earlier and to a greater extent than AWS AWS mortgage revenue continues to benefit from record growth and pricing.

Speaker #5: Talent solutions revenue was up low single digits in the quarter and below our expectations from weaker hiring. Overall US hiring, particularly white-collar hiring, continued to be relatively weak in the third quarter, with overall BLS data down about 4% in July and August compared to last year.

Consumer lending continues to perform very well with revenue up a strong 20% in the quarter from broad based double digit growth in P loans auto and card.

Speaker #5: Underlying talent employment verification revenue continued to perform well in the third quarter, driven by new products, penetration, pricing, and records growth. EWS mortgage revenue was up 2% against a market as measured by US Hard Inquiries that was down about 7%, and was also slightly better than our expectations.

[Analyst 2]: Underlying talent employment verification revenue continued to perform well in the third quarter, driven by new products, penetration, pricing, and records growth. EWS mortgage revenue was up 2% against a market, as measured by U.S. hard inquiries, that was down about 7% and was also slightly better than our expectations. As a reminder, EWS mortgage inquiry volumes lag USIS credit inquiry volumes as credit is pulled earlier in the mortgage application cycle than income and employment data. USIS typically sees the benefits of mortgage shopping behavior earlier and to a greater extent than EWS. EWS mortgage revenue continues to benefit from record growth and pricing. Consumer lending continues to perform very well, with revenue up a strong 20% in the quarter from broad-based double-digit growth in P loans, auto, and card. Employer services revenue returned to positive growth in the quarter, up 1% and up over 250 basis points sequentially.

Employer services revenue returned to positive growth in the quarter up 1% and up over 250 basis points sequentially.

We continue.

And on boarding revenue from the hiring market across both blue collar and white collar segments.

Speaker #5: As a reminder, EWS mortgage inquiry volumes lag USIS credit inquiry volumes as credit is pulled earlier in the mortgage application cycle than income and employment data.

Workforce solutions, adjusted EBITDA margins of 51, 2%, where strong and slightly better than expected driven by both higher than expected revenue growth and strong operating leverage.

Speaker #5: USIS typically sees the benefits Employer services revenue returned to positive growth in the quarter, up 1%, and up over $250 basis points sequentially. We continue to see some weakness in I9 and onboarding revenue from the weaker hiring market across both blue-collar and white-collar segments.

Queen record additions were strong again in the third quarter was 299 million active records up 9% and 113 million current records, which were up 6%.

Speaker #5: of mortgage shopping behavior earlier, and to a greater extent than EWS. EWS mortgage revenue continues to benefit from record growth and pricing. Consumer lending continues to perform very well with revenue up a strong 20% in the quarter from broad-based double-digit growth in P loans, auto, and card.

Twin database growth continues to add significant value for verifiers and contributors from the higher hit rates and delivers.

We added five new partnerships this year on top of the 10, we added in the second half of last year expect those new twin relationships to contribute to record growth in the fourth quarter and in 2026.

[Analyst 2]: We continue to see some weakness in i9 and onboarding revenue from the weaker hiring market across both blue-collar and white-collar segments. Workforce Solutions adjusted EBITDA margins at 51.2% were strong and slightly better than expected, driven by both higher than expected revenue growth and strong operating leverage. Twin record additions were strong again in the third quarter, with 199 million active records up 9% and 113 million current records, which were up 6%. Twin database growth continues to add significant value for verifiers and contributors from the higher hit rates twin delivers. We added five new partnerships this year on top of the 10 we added in the second half of last year and expect those new twin relationships to contribute to record growth in the fourth quarter and in 2026.

As a reminder, our 100 million current SSN are a great indicator of the long runway for twin growth towards the 250 million income producing Americans.

Speaker #5: Workforce solutions adjusted EBITDA margins of 51.2% were strong and slightly better than expected, driven by both higher-than-expected revenue growth and strong operating leverage. Twin record additions were strong again in the third quarter with 199 million active records, up 9%, and 113 million current records, which were up 6%.

Turning to slide six we continue to engage in Washington, and at the state level around the big focus on the estimated 160 billion of improper social service and tax payments, which is we believe is a positive medium and long term macro for workforce solutions.

In the second quarter, the President signed the Ob three legislation that provides strong future growth opportunities for our AWS government business from the increased focus on program integrity and the new requirements from Ob three.

Speaker #5: Twin database growth continues to add significant value for verifiers and contributors from the higher hit rates twin delivers. We added five new partnerships this year on top of the ten we added in the second half of last year, and expect those new twin relationships to contribute to record growth in the fourth quarter and in 2026.

Our discussions in Washington, and with the state agencies are ramping rapidly post Ob three given the strong value proposition from twin on speeds, social service delivery case worker productivity and accuracy of income verification.

Speaker #5: And as a reminder, our $100 million current SSNs are a great indicator of the long runway for twin growth, towards the $250 million income-producing Americans.

[Analyst 2]: As a reminder, our 100 million current SSNs are a great indicator of the long runway for twin growth towards the 250 million income-producing Americans. Turning to slide six, we continue to engage in Washington and at the state level around the big focus on the estimated $160 billion of improper social service and tax payments, which we believe is a positive medium and long-term macro for Workforce Solutions. In the second quarter, the president signed the OB3 legislation that provides strong future growth opportunities for our EWS government business from the increased focus on program integrity and the new requirements from OB3. Our discussions in Washington and with the state agencies are ramping rapidly post-OB3, given the strong value proposition from twin on speed of social service delivery, caseworker productivity, and accuracy of income verifications, which drives a reduction in improper payments.

Reduction in proper payments.

The new Ob three bill tightened verifications in several areas first in snap paying federal funding levels to error rates and enforcing work requirements.

Speaker #5: Turning to slide 6, we continue to engage in Washington and at the state level around the big focus on the estimated $160 billion of improper social service and tax payments, which we believe is a positive medium- and long-term macro for workforce solutions.

Today over 80% of the states and territories do not meet the new Ob three 6% income verification error rate for snap with about 40% of states with error rate over 10%.

Speaker #5: In the second quarter, the president signed the OB3 legislation that provides strong future growth opportunities for our EWS government business from the increased focus on program integrity and the new requirements from OB3.

At current error rates nearly $12 billion in snap benefit costs, which shipped from the federal government to the states, making our twin solutions, even more attractive to drive those rates down.

Speaker #5: Our discussions in Washington and with the state agencies are ramping rapidly post-OB3, given the strong value proposition from twin on speed of social service delivery, caseworker productivity, and accuracy of income verifications, which drives a reduction in improper payments.

Second by adding community engagement or work requirements for certain Medicaid recipients, which we can verify with the hours work that are included in the twin dataset.

Third by increasing the frequency of CMS redetermination for certain populations from 12 months to every six months and.

Speaker #5: The new OB3 bill heightened verifications in several areas. First, in SNAP, tying federal funding levels to error rates and enforcing work requirements. Today, over 80% of the states and territories do not meet the new OB3 6% income verification error rate for SNAP, with about 40% of states with an error rate over 10%.

[Analyst 2]: The new OB3 bill tightened verifications in several areas, first in SNAP, tying federal funding levels to error rates and enforcing work requirements. Today, over 80% of the states and territories do not meet the new OB3 6% income verification error rate for SNAP, with about 40% of states with an error rate over 10%. At current error rates, nearly $12 billion in SNAP benefit costs would shift from the federal government to the states, making our twin solutions even more attractive to drive those error rates down. Second, by adding community engagement or work requirements for certain Medicaid recipients, which we can verify with the hours worked that are included in the twin data set. Third, by increasing the frequency of CMS redeterminations for certain populations from 12 months to every six months. Last, by a broader tightening of income verification requirements that twin delivers.

And last by broader tightening of income verification verification requirements that twin delivers.

As I mentioned, we've seen a meaningful increase in commercial discussions at the federal and state level post Ob three signing in July.

We're uniquely positioned with our differentiated twin data assets to help support state agencies meet these new requirements, which we expect to be a big positive for either of our AWS government business in 'twenty, six 'twenty seven and beyond.

Speaker #5: At current error rates nearly $12 billion in SNAP benefit costs, which shift from the federal government to the states, making our twin solutions even more attractive to drive those error rates down.

While the Ob three revenue opportunities will likely be in the second half of 'twenty six 'twenty seven the increase engagement at the state level presents opportunities in the near term to penetrate the approximately 50% of states not using twin for CMS or snap verifications today.

Speaker #5: Second, by adding community engagement or work requirements for certain Medicaid recipients, which we can verify with the hours worked that are included in the twin dataset.

Speaker #5: Third, by increasing the frequency of CMS redeterminations for certain populations, from 12 months to every six months, and last, by a broader tightening of income verification requirements that twin delivers.

We are also continuing to ramp our engagement in Washington in order to support the administration's broader focus on program integrity and improper payments.

On new programs at twin has historically not supported including the IRS earned income tax credit over time data for the new IRS overtime requirements and unemployment insurance. These are large potential new programs that will be positive growth drivers for AWS in the future.

Speaker #5: As I mentioned, we've seen a meaningful increase in commercial discussions at the federal and state level post-OB3 signing in July. We're uniquely positioned with our differentiated twin data assets to help support state agencies meet these new requirements, which we expect to be a big positive for our EWS government business in '26, '27, and beyond.

[Analyst 2]: As I mentioned, we've seen a meaningful increase in commercial discussions at the federal and state level post-OB3 signing in July. We're uniquely positioned with our differentiated twin data assets to help support state agencies meet these new requirements, which we expect to be a big positive for our EWS government business in 2026, 2027, and beyond. While the OB3 revenue opportunities will likely be in the second half of 2026 and 2027, the increased engagement at the state level presents opportunities in the near term to penetrate the approximately 50% of states not using twin for CMS or SNAP verifications today.

Dws government team is also bringing innovative solutions to federal and state agencies supporting the government's goal of reducing fraud waste and abuse.

Speaker #5: While the OB3 revenue opportunities will likely be in the second half of '26 and '27, the increased engagement at the state level presents opportunities in the near term to penetrate the approximately 50% of states not using twin for CMS or SNAP verifications today.

New products, including continuous evaluation of states snap participant income data to verify changes and recipient incomes above program levels and reduced snap error rates will be available this quarter from AWS.

Continuous evaluation of state Medicaid hours work data will be available in mid 26 is a new solution from workforce solutions to meet the Ob three where acquirements and.

Speaker #5: We are also continuing to ramp our engagement in Washington in order to support the administration's broader focus on program integrity and improper payments. This includes new programs that Twin has historically not supported, such as the IRS Earned Income Tax Credit, overtime data for the new IRS, overtime requirements, and unemployment insurance.

[Analyst 2]: We are also continuing to ramp our engagement in Washington in order to support the administration's broader focus on program integrity and improper payments, on new programs that The Work Number has historically not supported, including the IRS earned income tax credit, overtime data for the new IRS overtime requirements, and unemployment insurance. These are large potential new programs that will be positive growth drivers for EWS in the future. The EWS government team is also bringing new innovative solutions to federal and state agencies supporting the government's goal of reducing fraud, waste, and abuse. New products, including continuous evaluation of state SNAP participant income data to verify changes in recipient incomes above program levels and reduce SNAP error rates, will be available this quarter from EWS.

<unk> complete income solution, which was launched in the third quarter and supports states' ability to validate income through the work number include other sources of income such as gig work self employed wages and <unk> income permission services. We've already signed one state for this new solution and have several other states in our pipeline.

Speaker #5: These are large, potential new programs that would be positive growth drivers for EWS in the future. The EWS government team is also bringing new innovative solutions to federal and state agencies supporting the government's goal of reducing fraud, waste, and abuse.

This is a unique window of opportunity for our government vertical, but the big focus on improper payments in the new Ob three bill <unk>.

Speaker #5: New products, including continuous evaluation of state SNAP participant income data to verify changes in recipient incomes above program levels and reduce SNAP error rates, will be available this quarter from EWS.

Dws has significant opportunities for the medium and long term revenue growth supporting government programs and we remain confident in our medium and long term government vertical revenue growth framework at above the AWS long term revenue growth framework of 13% to 15% as we grow into the large $5 billion government Tam.

Speaker #5: Continuous evaluation of state Medicaid hours work data will be available in mid '26 as a new solution from workforce solutions to meet the OB3 work requirements, and EWS complete income solution, which was launched in the third quarter and supports states' ability to validate income through the work number, include other sources of income such as gig work, self-employed wages, and non-earned income through permissioned services.

[Analyst 2]: Continuous evaluation of state Medicaid hours work data will be available in mid-2026 as a new solution from Workforce Solutions to meet the OB3 work requirements. EWS Complete Income Solution, which was launched in the third quarter and supports states' ability to validate income through The Work Number, includes other sources of income such as gig work, self-employed wages, and non-earned income through permission services. We've already signed one state for this new solution and have several other states in our pipeline. This is a unique window of opportunity for our government vertical with the big focus on improper payments and the new OB3 bill. EWS has significant opportunities for the medium and long-term revenue growth supporting government programs.

Turning to slide seven <unk> had a very strong quarter with revenue up 11% and much better than our expectations principally led by mortgage revenue.

Non mortgage revenue was up 5% in the quarter and better than our expectations, a very positive sign as we look to the fourth quarter and 2026.

Speaker #5: We've already signed one state for this new solution, and have several other states in our pipeline. This is a unique window of opportunity for our government vertical, with the big focus on improper payments and the new OB3 bill.

<unk> non mortgage revenue was up about 5% in the quarter and up over 150 basis points sequentially. As we continue to see a stable lending environment, although continuing at levels below longer term north norms.

Speaker #5: EWS has significant opportunities for the medium and long-term revenue growth, supporting government programs and remaining confident in our medium and long-term government vertical revenue growth framework at above the EWS long-term revenue growth framework of 13 to 15%.

We saw low double digit revenue growth in auto and mid single digit revenue growth and if our Fi and all other <unk> verticals in the aggregate were up low single digits.

[Analyst 2]: We remain confident in our medium and long-term government vertical revenue growth framework at above the EWS long-term revenue growth framework of 13% to 15% as we grow into the large $5 billion government TAM. Turning to slide seven, USIS had a very strong quarter with revenue up 11% and much better than our expectations, principally led by mortgage revenue. Non-mortgage revenue was up 5% in the quarter and better than our expectations, a very positive sign as we look to the fourth quarter in 2026. B2B non-mortgage revenue was up about 5% in the quarter and up over 150 basis points sequentially as we continue to see a stable lending environment, although continuing at levels below longer-term norms. We saw low double-digit revenue growth in auto and mid-single-digit revenue growth in FI, and all other B2B verticals in the aggregate were up low single digits.

Financial marketing services, our BTB offline business was up a strong 9% in the quarter from very strong revenue growth in our identity and fraud solutions enabled by the new Equifax cloud.

Speaker #5: As we grow into the large $5 billion government TAM, turning to slide 7, USIS had a very strong quarter with revenue up 11% and much better than our expectations, principally led by mortgage revenue.

We have not seen an increase in portfolio review spending that would be indicative of increased risk management activity in a weaker economic environment.

Speaker #5: Non-mortgage revenue was up 5% in the quarter and better than our expectations, a very positive sign as we look to the fourth quarter and 2026.

Consumer solutions revenue continued to perform well and up 6%.

Speaker #5: B2B non-mortgage revenue was up about 5% in the quarter and up over 150 basis points sequentially, as we continue to see a stable lending environment, although continuing at levels below longer-term norms.

And mortgage revenue in the quarter was a very strong 26% and above our expectations.

This strong growth was driven by mortgage volumes later in the quarter from a small decrease in rates the benefit of FICO pass through and the performance of our new mortgage preapproval products. We continue to see strong interest in our preapproval products with the twin indicator.

Speaker #5: We saw low double-digit revenue growth in auto and mid-single-digit revenue growth in FI, and all other B2B verticals in the aggregate were up low single digits.

<unk> adjusted EBITDA margin at 35, 2% was up 130 basis points compared to last year.

Speaker #5: Financial marketing services are B2B offline businesses up a strong 9% in the quarter, from very strong revenue growth in our identity and fraud solutions enabled by the new EQUIFAX cloud.

[Analyst 2]: Financial marketing services, our B2B offline business, was up a strong 9% in the quarter from very strong revenue growth in our identity and fraud solutions enabled by the new Equifax Cloud™. We have not seen an increase in portfolio review spending that would be indicative of increased risk management activity in a weaker economic environment. Consumer solutions revenue continued to perform well at up 6%. Mortgage revenue in the quarter was up a very strong 26% and above our expectations. This strong growth was driven by mortgage volumes later in the quarter from a small decrease in rates, the benefit of FICO pass-through, and the performance of our new mortgage pre-approval products. We continue to see strong interest in our pre-approval products with the twin indicator. USIS adjusted EBITDA margin at 35.2% was up 130 basis points compared to last year.

We're seeing the benefits of cost savings from our cloud migration, which we completed in the second half of last year as well as operating leverage from revenue growth in the quarter.

Speaker #5: We have not seen an increase in portfolio review spending that would be indicative of increased risk management activity in a weaker economic environment. Consumer solutions revenue continued to perform well at up 6%.

Turning to slide eight two weeks ago, Equifax announced we are expanding our vantage for mortgage credit score offerings in response to FICO is aggressive price actions.

FICO has taken up pricing for mortgage credit scores with a CAGR of over 100% per year over the last four years, including a two X increase to $10 per score in 2026, even after losing their 30 year monopoly position with a federally guaranteed mortgages in July.

Speaker #5: In mortgage revenue for the quarter, we saw a very strong increase of 26%, which was above our expectations. This strong growth was driven by mortgage volumes later in the quarter, stemming from a small decrease in rates, the benefit of FICO pass-through, and the performance of our new mortgage pre-approval products.

Importantly, we detailed steps to drive competition to mortgage credit, scoring market drive conversion to vantage score of 4.0 and deliver over a $100 million to $200 million of savings to our mortgage customers and consumers.

Speaker #5: We continue to see strong interest in our pre-approval products with the twin indicator. USIS adjusted EBITDA margin at 35.2% was up 130 basis points compared to last year.

Specifically managed 4.0 for mortgage will be priced at $4 50, a score to accelerate conversions to the higher performing lower cost vantage score of 4.0. We also hold the $4 50 price through the end of 2027 to give customers confidence in the conversion.

Speaker #5: We are seeing the benefits of cost savings from our cloud migration, which we completed in the second half of last year, as well as operating leverage from revenue growth in the quarter.

[Analyst 2]: We are seeing the benefits of cost savings from our cloud migration, which we completed in the second half of last year, as well as operating leverage from revenue growth in the quarter. Turning to slide eight, two weeks ago, Equifax Inc. announced we are expanding our VantageScore 4.0 mortgage credit score offerings in response to FICO's aggressive price actions. 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, even after losing their 30-year monopoly position with the federally guaranteed mortgages in July. Importantly, we detailed steps to drive competition in the mortgage credit scoring market, drive conversion to VantageScore 4.0, and deliver over $100 million to $200 million of savings to our mortgage customers and consumers.

Speaker #5: Turning to slide 8, two weeks ago, EQUIFAX announced we are expanding our Vantage 4.0 mortgage credit score offerings in response to FICO's aggressive price actions.

In 2026, the trended score.

Credit file with advantage 4.0, using a mortgage hard inquiry is expected to be priced in line with the 2025 Equifax trended credit file with a FICO score.

Speaker #5: FICO has taken up pricing for mortgage credit scores at the CAGR of over 100% per year over the last four years, including a 2X increase to $10.00 per score in 2026, even after losing their 30-year monopoly position with the federally guaranteed mortgages in July.

We are also going to deliver free vintage scores through the end of 2026 to all mortgage auto card and consumer for consumer finance customers, who purchase FICO scores to drive customer acceptance and conversion.

Speaker #5: Importantly, we detailed steps to drive competition in the mortgage credit scoring market, drive conversion to Vantage score 4.0, and deliver over 100 to 200 million dollars of savings to our mortgage customers and consumers.

And as you know we've added a new twin indicator and key employment indicators, which are available on our mortgage credit mortgage pre qual and preapproval products at no cost to expand the value of the equifax credit files and by share gains.

Speaker #5: Specifically, Vantage 4.0 for mortgage will be priced at 450 a score to accelerate conversions to the higher-performing, lower-cost Vantage score 4.0. We'll also hold the 450 price through the end of 2027 to give customers confidence in the conversion.

[Analyst 2]: Specifically, VantageScore 4.0 for mortgage will be priced at $4.50 per score to accelerate conversions to the higher performing, lower cost VantageScore 4.0. We'll also hold the $4.50 price through the end of 2027 to give customers confidence in the conversion. In 2026, the trended credit file with the VantageScore 4.0 used in a mortgage hard inquiry is expected to be priced in line with the 2025 Equifax trended credit file with a FICO score. We are also going to deliver free VantageScores through the end of 2026 to all mortgage, auto, card, and consumer finance customers who purchase FICO scores to drive customer acceptance and conversion. As you know, we've added the new twin indicator and key employment indicators, which are available on our mortgage pre-qual and pre-approval products at no cost to expand the value of the Equifax credit file and drive share gains.

We're adding telco and utility attributes available on our trended mortgage pre qual preapproval and harder poor credit files also at no cost in 2026 to enhance the value of the Equifax credit file.

Speaker #5: In 2026, the trended score the trended credit file with the Vantage 4.0 used in a mortgage hard inquiry is expected to be priced in line with the 2025 EQUIFAX trended credit file with a FICO score.

We plan to incentivize our commercial teams to drive conversion to the vantage score for <unk>. So.

So we can deliver the performance and cost savings to our customers.

We believe these are significant steps to drive competition and the scores market. While also differentiating the equifax mortgage credit products.

Speaker #5: We are also going to deliver free Vantage scores through the end of 2026 to all mortgage, auto, card, and consumer finance customers who purchase FICO scores to drive customer acceptance and conversion.

Following FICO is doubling of their score pricing and Equifax has moved to deliver 50% cost savings we've seen a groundswell of interest from the industry and for mortgage resellers on using vantage corridor Plano and have many direct mortgage customers either in production with anti itch score in the contracting stage or expressing <unk>.

Speaker #5: And as you know, we've added the new twin indicator and key employment indicators which are available on our mortgage credit mortgage pre-qual and pre-approval products at no cost to expand the value of the EQUIFAX credit file and drive share gains.

Very strong interest in converting to vantage.

Speaker #5: We're adding telco and utility attributes available on our trended mortgage pre-qual, pre-approval, and hard pull credit files, also at no cost in 2026, to enhance the value of the EQUIFAX credit file.

[Analyst 2]: We're adding telco and utility attributes available on our trended mortgage pre-qual, pre-approval, and hard pull credit files also at no cost in 2026 to enhance the value of the Equifax credit file. We plan to incentivize our commercial teams to drive conversion to the VantageScore 4.0 so we can deliver the performance and cost savings to our customers. We believe these are significant steps to drive competition in the scores market while also differentiating the Equifax mortgage credit products. Following FICO's doubling of their score pricing and Equifax's move to deliver 50% cost savings, we've seen a groundswell of interest from the industry and from mortgage resellers on using VantageScore 4.0 and have many direct mortgage customers either in production with VantageScore, in the contracting stage, or expressing very strong interest in converting to Vantage.

As you can see on the left side of this slide vintage score pointed out was expected to deliver an incremental $4 50 per ore and profit the equifax, which we would expect to generate at full adoption and incremental annual over $100 million of profit at current mortgage levels. In addition, additional 100 over $100 million of <unk>.

Speaker #5: We plan to incentivize our commercial teams to drive conversion to the Vantage score 4.0, so we can deliver the performance and cost savings to our customers.

As the mortgage market recovers for a total of $200 million.

Speaker #5: We believe these are significant steps to drive competition in the scores market, while also differentiating the EQUIFAX mortgage credit products. Following FICO's doubling of their score pricing and EQUIFAX's move to deliver 50% cost savings, we've seen a groundswell of interest from the industry and from mortgage resellers on using Vantage score 4.0 and have many direct mortgage customers either in production with Vantage score in the contracting stage or expressing very strong interest in converting to Vantage.

The incremental $200 million of annual profit would be additive to the over $700 million of Equifax EBITDA growth. We've discussed previously as the mortgage market mortgage market fully recovers to normal 2015 to 19 levels in the future.

Conversions like we're driving from FICO to vantage score not easy given FICO 30 year monopoly in federally guaranteed mortgages, but we believe FICO 16 X price increase over the past four years and unprecedented <unk> price increased to $10. In 2026 provides a catalyst to accelerate vantage conversion in the mortgage market.

Speaker #5: As you can see from the left side of the slide, VantageScore 4.0 is expected to deliver an incremental $450 per score in profit to Equifax. We would expect to generate, at full adoption and at current mortgage levels, an incremental annual profit of over $100 million. As the mortgage market recovers, this could lead to an additional $100 million of profit for a total of $200 million.

[Analyst 2]: As you can see from the left side of the slide, VantageScore 4.0 is expected to deliver an incremental $4.50 per score in profit to Equifax, which we would expect to generate at full adoption an incremental annual over $100 million of profit at current mortgage levels, an additional over $100 million of profit as the mortgage market recovers for a total of $200 million. The incremental $200 million of annual profit would be additive to the over $700 million of Equifax EBITDA growth we've discussed previously as the mortgage market fully recovers to normal 2015 to 2019 levels in the future. Conversions like we're driving from FICO to VantageScore are not easy given FICO's 30-year monopoly in federally guaranteed mortgages.

Equifax is focused on delivering savings to our mortgage customers and consumers and margin expansion to equifax and this new scores environment.

We are not expecting to change our 2026 financial framework that we will share with you in February for mortgage profit in our 2026 guidance as a result of the FICO increase or the new vintage pricing, but we do expect the conversion to vantage to be a positive for equifax over the medium and longer term as those conversions unfold.

Speaker #5: The incremental $200 million of annual profit would be additive to the over $700 million of Equifax EBITDA growth we've discussed previously, as the mortgage market fully recovers to normal 2015 to 2019 levels in the future.

Turning to slide nine international revenue was up 7% in constant currency with broad based revenue growth across all regions.

Speaker #5: Conversions, like transitioning from FICO to VantageScore, are not easy, given FICO's 30-year monopoly in federally guaranteed mortgages. However, we believe FICO's 16x price increase over the past four years and unprecedented 2x price increase to $10.00 in 2026 provide the catalyst to accelerate VantageScore conversion in the mortgage market.

Canada revenue was up 11% in the quarter, which is very strong sequential growth as the team is leveraging their cloud transformation to drive innovation and customer growth.

[Analyst 2]: We believe FICO's 16X price increase over the past four years and unprecedented 2X price increase to $10 in 2026 provides the catalyst to accelerate Vantage conversion in the mortgage market. Equifax is focused on delivering savings to our mortgage customers and consumers and margin expansion to Equifax in this new scores environment. We are not expecting to change our 2026 financial framework that we'll share with you in February for mortgage profit in our 2026 guidance as a result of the FICO increase or the new Vantage pricing. We do expect the conversion to VantageScore to be a positive for Equifax Inc. over the medium and longer term as those conversions unfold. Turning to slide nine, international revenue was up 7% in constant currency with broad-based revenue growth across all regions.

Latin America revenue was up 9% double digit growth in Argentina and in Brazil.

Speaker #5: Equifax is focused on delivering savings to our mortgage customers and consumers, and margin expansion to Equifax in this new scores environment. We are not expecting to change our 2026 financial framework that we'll share with you in February for mortgage profit in our 2026 guidance, as a result of the FICO increase or the new Vantage pricing.

The Boa Vista business is performing very well up 12% in the quarter versus last year as we bring new multi data equifax solutions to the Brazil market and we gained share.

Europe and Asia Pacific both had nice performance is up 4% in the quarter.

In international adjusted EBITDA margins of 31, 3% was up a very strong 360 basis points versus last year from revenue growth operating leverage and cost improvements from our cloud migrations.

Speaker #5: But we do expect the conversion to Vantage to be a positive for EQUIFAX over the medium and longer term, as those conversions unfold. Turning to slide 9, international revenue was up 7% in constant currency with broad-based revenue growth across all regions.

Turning to slide 10 in the third quarter, we delivered a vitality index of 16%, which was 600 basis points above our 10% long term goal and a quarterly record.

Speaker #5: Canada revenue was up 11% in the quarter, which is very strong sequential growth, as the team is leveraging their cloud transformation to drive innovation and customer growth.

[Analyst 2]: Canada revenue was up 11% in the quarter, which is very strong sequential growth as the team is leveraging their cloud transformation to drive innovation and customer growth. Latin America revenue was up 9% led by double-digit growth in Argentina and in Brazil. The Boa Vista business is performing very well, up 12% in the quarter versus last year as we bring new multi-data Equifax solutions to the Brazil market and we gain share. Europe and Asia-Pacific both had nice performances, up 4% in the quarter. An international adjusted EBITDA margin of 31.3% was up a very strong 360 basis points versus last year from revenue growth, operating leverage, and cost improvements from our cloud migrations. Turning to slide 10, in the third quarter, we delivered a vitality index of 16%, which was 600 basis points above our 10% long-term goal and a quarterly record.

We saw strong double digit vitality across all business units as we leverage our differentiated data <unk> AI and new technology stack in a post cloud environment.

Speaker #5: Latin America revenue was up 9%, led by double-digit growth in Argentina and in Brazil. For both, as the business is performing very well, up 12% in the quarter versus last year, as we bring new multi-data EQUIFAX solutions to the Brazil market and we gain share.

To date, we've launched over 150 NPI as in 2025, which is the most product launches ever through the third quarter and a very positive sign for the future and in 2026.

Speaker #5: Europe and Asia Pacific both had nice performances, up 4% in the quarter. The international adjusted EBITDA margins of 31.3% were up a very strong 360 basis points versus last year, driven by revenue growth, operating leverage, and cost improvements from our cloud migrations.

Given our strong NPI performance, we're raising our full year vitality index guidance by another 100 basis points to 13% and this is our third vitality raise in 2025.

We're energized by our post cloud completion momentum in innovation and new products.

Speaker #5: Turning to slide 10, in the third quarter, we delivered a vitality index of 16%, which was 600 basis points above our 10% long-term goal and a quarterly record.

The next chapter of product innovation is deploying <unk> dot AI, along with our cloud native technology our ignite.

Analytics platform and proprietary data to deliver higher performing <unk> dot AI powered scores models and products to our customers.

Speaker #5: We saw strong double-digit vitality across all business units as we leveraged our differentiated data EFX.ai and new technology stack in a post-cloud environment. To date, we've launched over 150 NPIs in 2025, which is the most product launches ever through the third quarter, and a very positive sign for the future and in 2026.

[Analyst 2]: We saw strong double-digit vitality across all business units as we leverage our differentiated data, EFX.AI™, and new technology stack in a post-cloud environment. To date, we've launched over 150 NPIs in 2025, which is the most product launches ever through the third quarter and a very positive sign for the future and in 2026. Given our strong NPI performance, we're raising our full-year vitality index guidance by another 100 basis points to 13%. This is our third vitality raise in 2025. We're energized by our post-cloud completion momentum in innovation and new products. The next chapter of product innovation is deploying EFX.AI™ along with our cloud-native technology, our Ignite analytics platform, and proprietary data to deliver higher performing EFX.AI™-powered scores, models, and products to our customers. Our strategy is to expand from being a provider of data in analytics to also being an essential partner with AI-powered decision intelligence.

Our strategy is to expand from being a provider of data and analytics to also being an essential partner with AI powered decision intelligence.

We are realizing this vision with our recently announced ignite AI advisor solution.

Part of a growing suite of FX by AI enabled solutions and new to the Equifax ignite ecosystem.

Speaker #5: Given our strong NPI performance, we are raising our full year vitality index guidance by another 100 basis points to 13%, and this is our third vitality raise in 2025.

AI advisor uses of lenders one data alongside Equifax data to create clear actionable insights that drive more informed decision making for our customers.

Speaker #5: We're energized by our post-cloud completion momentum in innovation and new products. The next chapter of product innovation is deploying EFX.ai along with our cloud-native technology, our Ignite analytics platform, and proprietary data to deliver higher-performing EFX.ai-powered scores, models, and products to our customers.

Lenders can ask questions through a generative AI chat with complementary visual dashboard illustrations dynamic charts and graphs. This enables lenders, particularly those from smaller organizations that may not have large in house data and analytics staff to easily compare information discover new trends and create new offers for their consume.

Speaker #5: Our strategies to expand from being a provider of data and analytics to also being an essential partner with AI-powered decision intelligence. We are realizing this vision with our recently announced Ignite AI Advisor solution.

<unk> and small businesses.

We will formally launch additional FX that AI powered innovations in the first quarter of 2026, including our powerful new FX IQ capability, which is currently in pilots across a number of organizations in the us in several global markets.

[Analyst 2]: We are realizing this vision with our recently announced Ignite AI Advisor solution. Part of a growing suite of EFX.AI™-enabled solutions and new to the Equifax Ignite ecosystem, Ignite AI Advisor uses a lender's own data alongside Equifax data to create clear, actionable insights that drive more informed decision-making for our customers. Lenders can ask questions through a generative AI chat with complementary visual dashboard illustrations, dynamic charts, and graphs. This enables lenders, particularly those from smaller organizations that may not have large in-house data and analytics staff, to easily compare information, discover new trends, and create new offers for their consumers and small businesses. We'll formally launch additional EFX.AI™-powered innovations in the first quarter of 2026, including our powerful new EFX IQ capability, which is currently in pilots across a number of organizations in the U.S. and several global markets.

Speaker #5: Part of a growing suite of EFX.ai-enabled solutions, and new to the EQUIFAX Ignite ecosystem, Ignite AI Advisor uses a lender's own data alongside EQUIFAX data to create clear, actionable insights that drive more informed decision-making for our customers.

<unk> is designed to help our customers make fundamentally better and faster decisions across every stage of their business from marketing to originations to account management using our FX dot a AI capabilities.

Speaker #5: Lenders can ask questions through a generative AI chat with complementary visual dashboard illustrations, dynamic charts, and graphs. This enables lenders, particularly those from smaller organizations that may not have large in-house data and analytics staff, to easily compare information, discover new trends, and create new offers for their consumers and small businesses.

One element of Equifax IQ is our new affordability model, which goes beyond predicting risk to predicting a consumer's actual capacity to take on new debt.

This allows for more precise and responsible lending that will drive customer approval rates and lower losses.

<unk> also includes unique decision optimization model, which allows clients to simulate the impact of different lending policies on their business outcomes before it's implemented.

Speaker #5: We'll formally launch additional EFX.ai-powered innovations in the first quarter of 2026, including our powerful new EFXIQ capability, which is currently in pilots across a number of organizations in the U.S. and several global markets.

We are seeing strong market validation for these offerings and our FX IQ strategy.

Broader means one of the most significant and rapidly evolving threats our customers face.

Speaker #5: EFXIQ is designed to help our customers make fundamentally better and faster decisions across every stage of their business, from marketing to originations to account management, using our EFX.ai capabilities.

[Analyst 2]: EFX IQ is designed to help our customers make fundamentally better and faster decisions across every stage of their business, from marketing to originations to account management, using our EFX.AI™ capabilities. One element of EFX IQ is our new affordability model, which moves beyond predicting risk to predicting a consumer's actual capacity to take on new debt. This allows for more precise and responsible lending that will drive customer approval rates and lower losses. EFX IQ also includes a unique decision optimization model, which allows clients to simulate the impact of different lending policies on their business outcomes before they implement them. We are seeing strong market validation for these offerings and our EFX IQ strategy. Fraud remains one of the most significant and rapidly evolving threats our customers face.

We are leveraging.

Our capabilities and unique data assets to deliver a new generation of fraud prevention tools that can identify risks that are invisible to traditional methods.

We're launching two powerful new solutions this quarter to address distinct high cost fraud challenges for our customers.

Speaker #5: One element of EQUIFAX IQ is our new affordability model, which moves beyond predicting risk to predicting a consumer's actual capacity to take on new debt.

First our next generation synthetic identity model is designed to combat one of the fastest growing types of fraud, where criminals fabricate new identities.

Speaker #5: This allows for more precise and responsible lending that will drive customer approval rates and lower losses. EFXIQ also includes a unique decision optimization model, which allows clients to simulate the impact of different lending policies on their business outcomes before they implement them.

Our AI models, our AI model analyzes billions of non traditional data points to detect a subtle patterns of the ghost identities.

Second our new first party party fraud model.

Speaker #5: We are seeing strong market validation for these offerings and our EFXIQ strategy. Fraud remains one of the most significant and rapidly evolving threats our customers face.

Yes.

No attention of pay it back.

This behavior is difficult to distinguish from a normal consumer and FX.

<unk> is highly effective at identifying the behavioral patterns that predict this Friday landed 10.

Speaker #5: We are leveraging our new advanced AI capabilities and unique data assets to deliver a new generation of fraud prevention tools that can identify risks that are invisible to traditional methods.

[Analyst 2]: We are leveraging our new advanced AI capabilities and unique data assets to deliver a new generation of fraud prevention tools that can identify risks that are invisible to traditional methods. We're launching two powerful new solutions this quarter to address distinct high-cost fraud challenges for our customers. First, our next-generation synthetic identity model is designed to combat one of the fastest growing types of fraud where criminals fabricate new identities. Our AI model analyzes billions of non-traditional data points to detect the subtle patterns of these ghost identities. Second, our new first-party fraud model targets credit abuse where an individual takes out credit with no intention of paying it back. This behavior is difficult to distinguish from a normal consumer, and EFX.AI™ is highly effective at identifying the behavioral patterns that predict this fraudulent intent. We are also accelerating development and implementation of EFX.AI™ systems in our internal operations.

We are also accelerating development implementation of <unk>.

<unk> AI systems in our internal operations.

Speaker #5: We're launching two powerful new solutions this quarter to address distinct, high-cost fraud challenges for our customers. First, our next generation synthetic identity model is designed to combat one of the fastest-growing types of fraud where criminals fabricate new identities.

This will allow us to generate meaningful opportunities to improve customer service accuracy and accuracy, while driving revenue growth and cost savings.

A powerful example of its inside Equifax is our AI agent for model performance monitoring monitoring, which automates the critical and labor intensive work of ensuring our models are performing accurately and fairly while reducing the time required for monitoring investigation by the vaccine.

Speaker #5: Our AI models our AI model analyzes billions of non-traditional data points to detect the subtle patterns of these ghost identities. Second, our new first-party party fraud model targets credit abuse where an individual takes out credit with no attention of paying it back.

This frees up our data scientists to focus on innovation allows us to more easily identify opportunities to improve our models.

Speaker #5: This behavior is difficult to distinguish from a normal consumer, and EFX.ai is highly effective at identifying the behavioral patterns that predict this fraudulent intent.

We're also expanding our use of ngetich AI capabilities to improve the efficiency of our internal processes, including in our customer and customer support operations finance and other support functions.

Speaker #5: We are also accelerating development and implementation of ingetic AI systems in our internal operations. This will allow us to generate meaningful opportunities to improve customer service, accuracy, and accuracy while driving revenue growth and cost savings.

These are some of the meaningful steps, we're taking as we rapidly build out our global AI capabilities and deploy AI agents and capabilities across our entire enterprise.

[Analyst 2]: This will allow us to generate meaningful opportunities to improve customer service and accuracy while driving revenue growth and cost savings. A powerful example of this inside Equifax is our AI agent for model performance monitoring, which automates the critical and labor-intensive work of ensuring our models are performing accurately and fairly, while reducing the time required for monitoring and investigation by the Equifax team. This frees up our data scientists to focus on innovation and allows us to more easily identify opportunities to improve our models. We're also expanding our use of EFX.AI™ capabilities to improve the efficiency of internal processes, including in our customer and customer support, operations, finance, and other support functions. These are some of the meaningful steps we're taking as we rapidly build out our global AI capabilities and deploy AI agents and capabilities across our entire enterprise.

These capabilities will be a key driver of future operational efficiency and margin expansion and we will accelerate our ability to embed intelligent automation into our products and services.

Speaker #5: A powerful example of this inside EQUIFAX is our AI agent for model performance monitoring which automates the critical and labor-intensive work of ensuring our models are performing accurately and fairly while reducing the time required for monitoring investigation by the EQUIFAX team.

Driving <unk> dot AI with customers and inside E. FX is a big priority for 2026 and beyond in.

In 2025, the number of new products launched using <unk> AI is up <unk> since 2023, all new models that we developed have been built using <unk> dot AI this year.

Speaker #5: This frees up our data scientists to focus on innovation and allows us to more easily identify opportunities to improve our models. We're also expanding our use of ingetic AI capabilities to improve the efficiency of internal processes including in our customer and customer support operations finance and other support functions.

In our <unk> models maintain an over 30% performance increase of our customers over legacy models.

In 2026, we plan to share more metrics on how we're delivering higher revenue and greater cost efficiency through the use of VX FX dot AI both in the scores models and products, we delivered to our customers and across Equifax in our back office to drive speed accuracy productivity and cost savings.

Speaker #5: These are some of the meaningful steps we're taking as we rapidly build out our global AI capabilities and deploy AI agents and capabilities across our entire enterprise.

Speaker #5: These capabilities will be a key driver of future operational efficiency and margin expansion, and will accelerate our ability to embed intelligent automation into our products and services.

[Analyst 2]: These capabilities will be a key driver of future operational efficiency and margin expansion and will accelerate our ability to embed intelligent automation into our products and services. Driving EFX.AI™ with customers and inside Equifax is a big priority for 2026 and beyond. In 2025, the number of new products launched using EFX.AI™ is up 3X since 2023. All new models that we've developed have been built using EFX.AI™ this year, and our EFX.AI™ models maintain an over 30% performance increase for our customers over legacy models. In 2026, we plan to share more metrics on how we're delivering higher revenue and greater cost efficiency through the use of EFX.AI™, both in the scores, models, and products we deliver to our customers and across Equifax in our back office to drive speed, accuracy, productivity, and cost savings.

Turning to slide 11, we are seeing very positive customer response to our twin indicator rollouts that we expect to drive share gains for the U S. I S credit file.

Speaker #5: Driving EFX.ai with customers and inside EFX is a big priority for 2026 and beyond. In 2025, the number of new products launched using EFX.ai is up 3X since 2023.

Our ability to deliver information to our customers from the work number alongside a credit report provide value only equifax can deliver to our customers.

Understanding a consumer's employment status along with their credit file adds valuable information in the marketing process to tailor application strategy that drive higher approval rates and speed and efficiencies for our customers.

Speaker #5: All new models that we've developed have been built using EFX.ai this year, and our EFX.ai models maintain an over 30% performance increase for our customers over legacy models.

Speaker #5: In 2026, we plan to share more metrics on how we're delivering higher revenue and greater cost efficiency through the use of EFX.ai, both in the scores models and products we deliver to our customers and across EQUIFAX and our back office to drive speed, accuracy, productivity, and cost savings.

As a reminder, we're delivering the twin indicator alongside our U S credit file at no incremental cost in all verticals in order to differentiate our credit file and drive incremental growth and share gains.

Our new mortgage pre qual credit file solution with a twin indicator differentiates our credit file with incremental data, including work status employer name and potentially some levels of historic income.

Speaker #5: Turning to slide 11, we are seeing very positive customer response to our twin indicator rollouts that we expect to drive share gains for the USIS credit file.

[Analyst 2]: Turning to slide 11, we are seeing very positive customer response to our twin indicator rollouts that we expect to drive share gains for the USIS credit file. Our ability to deliver information to our customers from The Work Number alongside a credit report provides value only Equifax can deliver to our customers. Understanding a consumer's employment status along with their credit file adds valuable information in the marketing process to tailor application strategies that drive higher approval rates and speed and efficiencies for our customers. As a reminder, 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. Our new mortgage pre-qual credit file solution with a twin indicator differentiates our credit file with incremental data, including work status, employer name, and potentially some levels of historic income.

This unique solution is helping mortgage lenders optimize their marketing processes and delivering more certainty for an applicant to accelerate the underwriting process.

Speaker #5: Our ability to deliver information to our customers from The Work Number alongside a credit report provides value only Equifax can deliver to our customers.

This is in addition to our unique telco utility in pay television attributes that will also be delivered alongside our traditional mortgage credit file at no charge.

Speaker #5: Understanding a consumer's employment status along with their credit file adds valuable information in the marketing process to tailor application strategies that drive higher approval rates and speed and efficiencies for our customers.

The use of these expanded data insight provides expanded trade lines and visibility to millions of credit invisible consumers those without traditional credit files.

Speaker #5: As a reminder, 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.

And enhanced the financial profiles of thin young in its global consumers as the complete first mortgage applications.

<unk> has seen very strong interest in this new solution with several customers in production.

Speaker #5: Our new mortgage pre-qual credit file solution with a twin indicator differentiates our credit file with incremental data including work status, employer name, and potentially some levels of historic income.

Recently, we also launched a twin indicators solution for auto dealers in the auto industry.

Like mortgage we've seen strong interest from auto dealers, who are looking to strengthen in identity verification.

[Analyst 2]: This unique solution is helping mortgage lenders optimize their marketing processes and delivering more certainty for an applicant to accelerate the underwriting process. This is in addition to our unique telco, utility, and pay TV attributes that will also be delivered alongside our traditional mortgage credit file at no charge. The use of these expanded data insights provides expanded trade lines and visibility to millions of credit invisible consumers, those without traditional credit files, and enhance the financial profiles of thin, young, and unscorable consumers as they complete first mortgage applications. USIS has seen very strong interest in this new solution with several customers in production. Recently, we also launched a twin indicator solution for auto dealers in the auto industry.

Prove customer segmentation streamlined workflows and support better credit decisions with the addition of the twin employment status at no charge with their Equifax credit files.

We expect to launch similar twin indicator solutions in Pilon and card in the first half of 2026.

Now I'd like to turn it over to Jon to provide more detail on our 2025 guidance in our fourth quarter framework John Thanks.

Thanks, Marc turning to slide 12, as Mark mentioned, we are increasing the midpoint of our full year revenue guidance by $40 million, given our strong third quarter performance.

Total Equifax reported revenue is expected to be up six 1% to six 7% versus the prior year with non mortgage constant dollar revenue growth over five 5% FX.

[Analyst 2]: Like mortgage, we've seen strong interest from auto dealers who are looking to strengthen identity verification, improve customer segmentation, streamline workflows, and support better credit decisions with the addition of the twin employment status at no charge with their Equifax credit file. We expect to launch similar twin indicator solutions in P loan and card in the first half of 2026. Now, I'd like to turn it over to John to provide more detail on our 2025 guidance and our fourth quarter framework. John?

FX is about 40 basis points negative to revenue growth as a reminder, the mortgage market decline as measured by hard credit inquiries. In 2025 is almost 150 basis point drag on our revenue growth rate.

Midpoint of our full year adjusted EPS is also increasing by <unk> 12 per share with year to year growth expected to be three 6% to 5%.

Full year free cash flow is expected to be between $950 million and $975 million up from our July guidance with a cash conversion of over 100%.

[Analyst 3]: Thanks, Mark. Turning to slide 12, as Mark mentioned, we are increasing the midpoint of our full-year revenue guidance by $40 million, given our strong third-quarter performance. Total Equifax reported revenue is expected to be up 6.1% to 6.7% versus the prior year, with non-mortgage constant dollar revenue growth over 5.5%. FX is about 40 basis points negative to revenue growth. As a reminder, the mortgage market decline, as measured by hard credit inquiries in 2025, is almost 150 basis point drag on our revenue growth rate. The midpoint of our full-year adjusted EPS is also increasing by $0.12 per share, with year-to-year growth expected to be 3.6% to 5%. Full-year free cash flow is expected to be between $950 million and $975 million, up from our July guidance, with a cash conversion of over 100%.

Our accelerating free cash flow gives us confidence in our ability to execute our capital allocation plans of investing in new products and M&A as well as returning cash to shareholders through increasing dividends and share repurchases at the business unit level. We continue to expect workforce solutions revenue to be up mid single digits with continued strong adjusted.

EBITDA margins from 51% to 51, 3%, we expect both non mortgage and mortgage revenue to be up mid single digits for the year. We are raising our full year <unk> revenue estimate to increase high single digits year to year, principally from stronger mortgage revenue based on run rates for mortgage hard credit.

Inquiries over the latter part of the third quarter and early fourth quarter, our mortgage hard credit inquiry expectations included in guidance for the full year and fourth quarter are both down high single digits, a slight improvement from our July guidance full.

[Analyst 3]: Our accelerating free cash flow gives us confidence in our ability to execute our capital allocation plans of investing in new products and M&A as well as returning cash to shareholders through increasing dividends and share repurchases. At the business unit level, we continue to expect Workforce Solutions revenue to be up mid-single digits with continued strong adjusted EBITDA margins from 51% to 51.3%. We expect both non-mortgage and mortgage revenue to be up mid-single digits for the year. We are raising our full-year USIS revenue estimate to increase high single digits year to year, principally from stronger mortgage revenue. Based on run rates for mortgage hard credit inquiries over the latter part of the third quarter and early fourth quarter, our mortgage hard credit inquiry expectations included in guidance for the full year and fourth quarter are both down high single digits, a slight improvement from our July guidance.

Full year mortgage revenue is expected to be up approaching 20%.

Our full year non mortgage revenue growth expectations of mid single digits growth are consistent with our July guidance full year, adjusted EBITDA margin to be 34, 9% to 35, 2%.

And our full year international revenue and adjusted EBITDA growth expectations are consistent with our July guidance.

Equifax adjusted EBITDA margins are expected to be about 32%. This is down slightly from the levels. We discussed in July principally principally due to higher mix of mortgage revenue and higher variable compensation, reflecting stronger revenue and operating earnings.

Slide 13 provides the details of our <unk> 25 guidance and <unk> 25, we expect total equifax revenue to be up about six 5% on a constant dollar basis year to year at the midpoint with FX favorable to reported revenue growth by about 60 basis points adjusted EPS in <unk>.

[Analyst 3]: Full-year mortgage revenue is expected to be up approaching 20%. Our full-year non-mortgage revenue growth expectations of mid-single digits growth are consistent with our July guidance. Full-year adjusted EBITDA margin is expected to be 34.9% to 35.2%. Our full-year international revenue and adjusted EBITDA growth expectations are consistent with our July guidance. Equifax adjusted EBITDA margins are expected to be about 32%. This is down slightly from the levels we discussed in July, principally due to a higher mix of mortgage revenue and higher variable compensation reflecting stronger revenue and operating earnings. Slide 13 provides the details of our 4Q25 guidance. In Q4 2025, we expect total Equifax revenue to be up about 6.5% on a constant dollar basis year to year at the midpoint, with FX favorable to reported revenue growth by about 60 basis points.

Based on run rates for mortgage hard credit inquiries over the latter part of the third quarter and early fourth quarter, our mortgage hard credit inquiry expectations included in guidance for the full year and fourth quarter are both down high single digits. A slight improvement from our July guidance,

Full year, mortgage revenue is expected to be up approaching 20%.

25 is expected to be $1 98 to $2 per share a year to year decline in adjusted EPS was driven principally by higher depreciation and amortization and higher variable compensation and <unk> 25 variable compensation was at low levels and <unk> 24, as the mortgage market and related mortgage revenue and profitability declines.

Our full year non-mortgage Revenue, growth, expectations of mid mid, single digits. Growth are consistent with our July Guidance, full year. Adjusted IBA margin is expected to be 34.9% to 35.2%.

And our full year International Revenue and adjusted IBA growth. Expectations are consistent with our July guidance.

Stanley.

Equifax <unk> 25, adjusted EBITDA margins are expected to be from 33% to 33, 3% up slightly from <unk> 25 at.

At the business unit level, we expect workforce solutions revenue to be up mid single digits with continued strong adjusted EBITDA margins from 50% to 53%, we expect verify our non mortgage revenue growth to be up high single digits with improving sequential trends mortgage revenue was expected to be up low single digits.

Equifax, adjusted ebata margins are expected to be about 32%. This is down slightly from the levels. We discussed in July principal principally due to higher mix of mortgage revenue. And higher variable compensation, reflecting, stronger revenue, and operating earnings

[Analyst 3]: Adjusted EPS in Q4 2025 is expected to be $1.98 to $2.08 per share. The year-to-year decline in adjusted EPS is driven principally by higher depreciation and amortization and higher variable compensation in Q4 2025. Variable compensation was at low levels in Q4 2024 as the mortgage market and related mortgage revenue and profitability declined substantially. Equifax Q4 2025 adjusted EBITDA margins are expected to be from 33% to 33.3%, up slightly from Q3 2025. At the business unit level, we expect Workforce Solutions revenue to be up mid-single digits with continued strong adjusted EBITDA margins from 50% to 50.3%. We expect verifier non-mortgage revenue growth to be up high single digits with improving sequential trends. Mortgage revenue is expected to be up low single digits, consistent with the third quarter, and employer revenue is expected to be up low single digits.

Consistent with the third quarter and employer revenue is expected to be up low single digits. We.

Slide 13 provides the details of our 4q 255 guidance. In 4q 255, we expect total Equifax Revenue to be up about 6 and a half percent. On a constant dollar basis year-to-year at the midpoint with FX favorable to reported Revenue growth by about 60 basis points, adjusted EPs, and 4 q25 is expected to be a 1.98 to 208 per share.

We expect <unk> revenue to be up high single digits with adjusted EBITA margins from 35, 8% to 36, 1%. We expect non mortgage revenue growth to be mid single digits mortgage revenue is expected to be up over 20% International.

International revenue growth is expected to be up at the high end of mid single digits consistent with the third quarter with adjusted EBITDA margins from 31, 2% to 31, 5%.

The year-to-year decline in adjusted DPS is driven principally by higher depreciation and amortization and higher variable compensation. In 4q, 25 variable compensation was at low levels in 4q. 24 is the mortgage market and related, mortgage revenue and profitability declined substantially

Equifax Q4 2025 adjusted EPA margins are expected to be from 33% to 33.3%, slightly down from Q3 2025.

We have seen a limited negative impact from the U S. Federal government shutdown to date, specifically in transaction volumes with some federal agencies, our guidance does not assume that the federal shutdown extends materially to the extent that you shutdown extends materially we would likely see an impact on our government business principally from delayed.

<unk> activity.

Overall, our guidance assumes economic and market conditions do not change meaningfully from the levels. We saw in September and does not assume a broader economic slowdown driven by an extended federal government shutdown we.

[Analyst 3]: We expect USIS revenue to be up high single digits with adjusted EBITDA margins from 35.8% to 36.1%. We expect non-mortgage revenue growth to be mid-single digits. Mortgage revenue is expected to be up over 20%. International revenue growth is expected to be up at the high end of mid-single digits, consistent with the third quarter, with adjusted EBITDA margins from 31.2% to 31.5%. We have seen a limited negative impact from the U.S. federal government shutdown to date, specifically in transaction volumes with some federal agencies. Our guidance does not assume that the federal shutdown extends materially. To the extent that the shutdown extends materially, we would likely see an impact on our government business, principally from delayed verification activity.

At the business unit level we expect or work force solutions, Revenue to be up mid single digits with continued strong adjusted. EBA margins from 50. To 50.3% we expect verifier non- mortgage Revenue growth to be up high single digits with improving sequential Trends. Mortgage revenue is expected to be up low. Single digits consistent with the third quarter and employer revenue is expected to be up low single digits.

We are we are centered in the guidance ranges we provided.

Our current 2025 guidance compares very favorably to the initial guidance we provided back in February revenue and adjusted EPS growth at the midpoint of our current guidance are up about 150 basis points from what we provided in February. This was a strong performance by the team given the continued mortgage and hiring headwinds as well as periods of <unk>.

We expect us if Revenue to be up high single digits with adjusted ebata margins from 35.8% to 36.1%. We expect non- mortgage Revenue growth to be mid single digits, mortgage revenues. Expected to be up over 20%.

Macro uncertainty EBITDA margins are slightly below our February guidance, principally reflecting higher mix of mortgage revenue.

International revenue growth is expected to be at the high end of mid-single digits, consistent with the third quarter, with adjusted EBITDA margins increasing from 31.2% to 31.5%. We have seen a limited negative impact from the U.S. federal government shutdown to date, specifically in transaction volumes with some federal agencies.

As Mark discussed we believe that the equifax mortgage pricing structure for 2026 will result in lower combined cost of credit data and scores for customers that elect to use the vantage score.

[Analyst 3]: Overall, our guidance assumes economic and market conditions do not change meaningfully from the levels we saw in September and does not assume a broader economic slowdown driven by an extended federal government shutdown. We are centered in the guidance ranges we provided. Our current 2025 guidance compares very favorably to the initial guidance we provided back in February. Revenue and adjusted EPS growth at the midpoint of our current guidance are up about 150 basis points from what we provided in February. This is a strong performance by the team, given the continued mortgage and hiring headwinds as well as periods of macro uncertainty. EBITDA margins are slightly below our February guidance, principally reflecting a higher mix of mortgage revenue.

Our guidance does not assume that the federal shutdown, extends, materially to the extent that the shutdown extends materially. We would likely see an impact on our government business. Principally from delayed verification activity,

We also believe this pricing structure will result in improved dollar profitability for Equifax should customers elect to use a FICO score purchasing either from equifax or a mortgage tri merge reseller.

Overall, our guidance assumes economic and market conditions do not change meaningfully from the levels we saw in September and does not assume a broader economic slowdown driven by an extended federal government shutdown.

And for customers that choose the higher performing lower cost vantage score Equifax dollar profitability is further enhanced as we have no cogs on the vantage score.

We are, we are centered in the guidance ranges we provided.

In terms of 2026 revenue the peso vantage score adoption in FICO calculation by mortgage resellers is difficult to predict and although these shifts could negatively impact revenue growth in 2026, as I and Mark referenced they will actually enhance dollar profitability relative to 25, and our long term financial framework.

[Analyst 3]: As Mark discussed, we believe that the Equifax mortgage pricing structure for 2026 will result in lower combined cost of credit data and scores for customers that elect to use the VantageScore. We also believe this pricing structure will result in improved dollar profitability for Equifax should customers elect to use a FICO score, purchasing either from Equifax or a mortgage tri-merge reseller. For customers that choose the higher performing, lower cost VantageScore, Equifax dollar profitability is further enhanced as we have no COGS on a VantageScore. In terms of 2026 revenue, the pace of VantageScore adoption and FICO calculation by mortgage resellers is difficult to predict. Although these shifts could negatively impact revenue growth in 2026, as I and Mark referenced, they will actually enhance dollar profitability relative to 2025 and our long-term financial framework.

our current 2025 guidance Compares very favorably to the initial guidance. We provided back in February revenue and adjusted EPS growth at the, midpoint of our current guidance are up about 150 basis points for what we provided in February. This is a strong performance by the team, given the continued mortgage and hiring headwinds as well as periods of macro uncertainty ebata. Margins are slightly below our February guidance principally reflecting higher mix of mortgage Revenue.

As we look forward and consistent with our discussions at our Investor Day in June and in our July earnings outlook, we expect to deliver financial results consistent with our long term financial framework of 7% to 10% organic revenue growth and 50 basis points of EBITDA margin expansion under normal market conditions as a reminder, our long term financial frame.

As Mark discussed, we believe that the Equifax mortgage pricing structure for 2026 will result in lower combined, cost of credit data and scores for customers that elect to use the Vantage score.

<unk> assumes overall economic growth, including growth in the U S mortgage market at about 2% to 3% per year.

We also believe this pricing structure will result in improved dollar. Profitability for Equifax should customers elect to use a FICO score, purchasing either from Equifax or a mortgage. Try merge reseller

For perspective at current run rates and using mortgage hard inquiries as a proxy in 2026, the U S mortgage market would be up low single digits versus 2025.

We will provide 2026 guidance, including our assumptions regarding mortgage industry volumes and the pace of shift to vantage score in mortgage reseller direct score generation at our earnings call in early February now I'd like to turn it back over to Mark.

And for customers that choose the higher performing lower cost Advantage score. Equifax dollar profitability is further enhanced as we have no cogs on a vantage score. In terms of 2026 Revenue, the pace of Vantage score adoption and FICO calculation of by mortgage resellers is difficult to predict.

[Analyst 3]: As we look forward and consistent with our discussions at our Investor Day in June and in our July earnings outlook, we expect to deliver financial results consistent with our long-term financial framework of 7% to 10% organic revenue growth and 50 basis points of EBITDA margin expansion under normal market conditions. As a reminder, our long-term financial framework assumes overall economic growth and cooling growth in the U.S. mortgage market at about 2% to 3% per year. For perspective, at current run rates and using mortgage hard inquiries as a proxy, in 2026, the U.S. mortgage market would be up low single digits versus 2025. We will provide 2026 guidance, including our assumptions regarding mortgage industry volumes and the pace of shift to VantageScore and mortgage reseller direct score generation at our earnings call in early February. Now, I'd like to turn it back over to Mark.

And, although, these shifts could negatively impact Revenue growth in 2026 as I and Mark referenced. They will actually enhance dollar profitability relative to 25 and our long-term Financial framework.

Thanks, John wrapping up on slide 14.

We had a strong third quarter with constant dollar revenue growth of 7% within our long term organic revenue growth framework against a mortgage market that was down 7%.

Led by strong, 26% Usia's mortgage revenue growth and stronger than expected U S. <unk> non mortgage revenue growth in AWS not mortgage growth driven by stronger growth in government.

Financial results. Consistent with our long-term Financial framework of 7 to 10% organic Revenue growth in 50 basis points of ebata margin expansion, under normal market conditions,

As a reminder, our long-term financial framework assumes overall economic growth and cooling growth in the U.S. mortgage market at about 2% to 3% per year.

As we outlined we are raising our full year guidance at the midpoint by $40 million of revenue adjusted EPS by <unk> 12 per share and full year free cash flow outlook for $900 million to $950 million to $975 million.

For perspective at current run rates and using mortgage hard inquiries. As a proxy in 2026, the US mortgage Market would be up low single digits for 2025

Based on our strong third quarter results and momentum in the fourth quarter.

Our free cash flow generation and the strength of our balance sheet positioned us well to return cash to shareholders in the quarter.

We will, we will provide 2026 guidance, including our assumptions regarding the mortgage industry, volumes, and the pace of shift to VantageScore and mortgage reseller. Direct score generation at our earnings call in early February.

Now, I'd like to turn it back over to Mark.

Trevor Burns: Thanks, John. Wrapping up on slide 14, we had a strong third quarter with constant dollar revenue growth of 7% within our long-term organic revenue growth framework against a mortgage market that was down 7%, led by strong 26% USIS mortgage revenue growth and stronger than expected USIS non-mortgage revenue growth and EWS non-mortgage growth driven by stronger growth in government. As we outlined, we are raising our full-year guidance at the midpoint by $40 million of revenue, adjusted EPS by $0.12 per share, and full-year free cash flow outlook from $900 million to $950 million to $975 million based on our strong third quarter results and momentum in the fourth quarter. Our free cash flow generation and the strength of our balance sheet positioned us well to return cash to shareholders in the quarter.

Third quarter, we returned about.

Thanks John wrapping up on slide. 14.

$360 million to shareholders through share repurchases and dividends, we expect to continue to repurchase shares in the fourth quarter against our $3 billion share repurchase program.

In the quarter, we also outlined our new vantage mortgage mortgage pricing structure, which we believe will deliver higher profits for equifax and shareholders as well as lower the cost of lending for our customers and consumers a win win for everyone.

We had a strong third quarter with constant dollar Revenue growth of 7% within our long-term, organic Revenue growth framework against the mortgage Market, that was down 7%.

Led by strong, 26% USIS, mortgage Revenue growth and stronger than expected, USIS, non-mortgage, Revenue growth and ews not mortgage. Growth driven by stronger growth in government.

We are entering the next chapter of the new Equifax with our cloud transformation substantially behind us as we pivot our entire team to leveraging the new Equifax cloud for innovation, new products and growth.

We are using our new cloud capabilities single data fabric.

FX dot and ignite our analytics platform to develop new credit solutions, leveraging our scale and unique data assets.

As we outlined, we are raising our full-year guidance at the midpoint by $40 million of revenue, adjusted EPS by $0.12 per share, and full-year free cash flow outlook from $900 million to $950 million, with a potential increase to $975 million based on our strong third quarter results and momentum in the fourth quarter.

Trevor Burns: In the third quarter, we returned about $360 million to shareholders through share repurchases and dividends, and we expect to continue to repurchase shares in the fourth quarter against our $3 billion share repurchase program. In the quarter, we also outlined our new VantageScore mortgage pricing structure, which we believe will deliver higher profits for Equifax and shareholders as well as lower the cost of lending for our customers and consumers, a win-win for everyone. We are entering the next chapter of the new Equifax with our cloud transformation substantially behind us as we pivot our entire team to leveraging the new Equifax Cloud™ for innovation, new products, and growth. We're using our new cloud capabilities, Single Data Fabric, EFX.AI™, and Ignite analytics platform to develop new credit solutions leveraging our scale and unique data assets.

Our free cash flow generation and the strength of our balance sheet positioned us well to return cash to shareholders in the quarter.

We're accelerating multi data asset solutions, including those that combined traditional credit alternative credit assets in twin income and employment indicators in verticals like mortgage auto card and pilon that only equifax can deliver that will drive share gains and growth.

and the third quarter, we returned about

360 million is shareholders through, share repurchases and dividends and we expect to continue to repurchase shares in the fourth quarter against our 3 billion dollar share purchase program.

Energized by our strong third quarter performance, but even more energized about the next chapter of the new Equifax. This is an exciting time to be at the new Equifax and with that operator, let me open it up for questions.

In the quarter, we also outlined our new Vantage mortgage mortgage pricing structure, which we believe will deliver higher profits for Equifax and shareholders as well as lower. The cost of lending for our customers and consumers, a win-win for everyone.

Certainly we will now be conducting a question and answer session if you'd like to be placed in the question queue. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May press star two if you'd like to move your question from the queue and as a reminder, we ask you. Please ask one question and one follow up there rich.

We are entering the next chapter of the new Equifax with our Cloud transformation substantially behind us as we pivot, our entire team to leveraging the new Equifax Cloud for Innovation, new products and growth.

Turn to the Q.

Trevor Burns: We're accelerating multi-data asset solutions, including those that combine traditional credit, alternative credit assets, and twin income and employment indicators in verticals like mortgage, auto, card, and P loan that OnlyEquifax™ can deliver that will drive share gains and growth. I'm energized by our strong third quarter performance, but even more energized about the next chapter of the new Equifax. This is an exciting time to be at the new Equifax. With that, operator, let me open it up for questions.

we are using our new Cloud capabilities, single day data fabric, EFX Ai and ignite our analytics platform to develop, new credit solutions, leveraging, our scale and unique data assets,

Once again Thats star one to be placed in the question Hugh.

Our first question today is coming from Jeff Mueller from Baird. Your line is now live.

Yes. Thank you. Good morning can you go into more detail on what you're hearing on the mortgage pricing changes, including anything coming out of the MBA Conference I hear you that the conversions not easy and will take time, but I thought you also said you have some clients in production with vantage score. So just I guess, how active are the conversations are true.

And we're accelerating multi-data asset Solutions, including those that combine traditional credit, alternative credit assets and twin income and employment indicators in verticals, like mortgage Auto card and P loan that only Equifax can deliver that will drive share, gains and growth.

Session.

Yes, Jeff.

A energized by our strong third quarter performance. But even more energized about the next chapter of the new Equifax. This is an exciting time to be at the new Equifax. And with that operator, let me open it up for questions.

Operator: Certainly. We'll now be conducting a question and answer session. If you'd like to be placed in the question queue, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. As a reminder, we ask that you please ask one question and one follow-up, then return to the queue. Once again, that's star one to be placed in the question queue. Our first question today is coming from Jeff Mueller from Bear. Your line is now live.

MBA is taking place it started on Sunday and we've got a team down there John and I aren't there, but we're getting.

A lot of feedback and really before that I used the phrase earlier in my comments, there's been a groundswell of.

Attention obviously to the.

The huge FICO price increase the doubling to 10 Bucks in 2026, and then the response from Equifax.

A very competitive offer on the table. So it's it's incredibly active.

Certainly, we're now be conducting a question and answer session. If you'd like, to be placed into question queue, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to move your question from the queue. And as a reminder, we ask you, please ask 1 question and 1, follow-up and return to the queue.

Once again, that star 1 to be placed in the question queue.

There is.

There's a lot of energy around the vantage opportunity.

Our first question today is coming from Jeff Mueller from beard. Your line is now live.

[Analyst 4]: Thank you. Good morning. Can you go into more detail on what you're hearing on the mortgage pricing changes, including anything coming out of the MBA conference? I hear you that the conversion's not easy and will take time, but I thought you also said you have some clients in production with VantageScore. Just, I guess, how active are the conversations or transition?

It's going to take time to do it but.

Got customers that are already engaging around it and I would say every customer whether its a reseller or a end user of it is well aware of the massive savings opportunity.

Yeah, thank you. Good morning. Uh, can you go into more detail on what you're hearing on the mortgage pricing changes, including anything coming out of the MBA conference? I hear you that the conversions.

Versus FICO that comes from conversion of vantage. So there's just a lot of a lot of momentum there.

Trevor Burns: Yeah, Jeff. As you know, MBA is taking place. It started on Sunday. We've got a team down there. John and I aren't there, but we're getting a lot of feedback. Really, before that, I used that phrase earlier in my comments. There's been a groundswell of attention, obviously, to the huge FICO price increase, the doubling to $10 in 2026, and then the response from Equifax Inc. to put a very competitive offer on the table. It's incredibly active. There's a lot of energy around the VantageScore opportunity. It's going to take time to do it, but we've got customers that are already engaging around it. I would say every customer, whether it's a reseller or an end user of it, is well aware of the massive savings opportunity versus FICO that comes from a conversion to VantageScore. There's just a lot of momentum there.

Not easy and we'll take time but I thought you also said you have some clients and production with Vantage score so just I guess how active are the conversations or transition?

Okay, and then you can go into more detail on the margin guidance, including the reduction in usage margin guidance I'm, just not understanding the message because I.

I thought that you were going to flow through mortgage driven upside and I think non mortgage is also somewhat better than expected and the incremental margins on mortgage market driven upside should be higher than your reported margins.

I heard a bit about incentive comp.

Not adding up to me with kind of the prior commentary that you would flow through the mortgage market you have an upside.

<unk>.

Absolutely right and we tried to cover this in our in our commentary right. So what we're seeing both on a total equifax level and and also for <unk>, specifically and again, what we've indicated is we intend to flow through the profitability related to higher mortgage revenue when you actually saw in our improved performance this quarter.

Yeah. Jeff, uh, and as you know, MBA is taking place it started on Sunday. We've got a team down there John and I aren't there but we're getting uh, a lot of feedback and really before that, uh, I used the phrase earlier in my comments, there's been a ground swell, you know, of attention, obviously to the, uh, huge FICO price, increase the doubling to 10 bucks in 2026 and then the response from Equifax, uh, you know, to put a very competitive offer on the table. So it's, uh, it's incredibly active. Um, there's a, there's a lot of energy, you know around, um, the Vantage opportunity. Um, it's going to take time to do it, but uh, you know, we've got customers that are already uh, engaging around it. And uh, I would say every customer whether it's a reseller or a uh end user of it is well aware of the massive savings opportunity, you know, versus FICO that comes from conversion of Vantage. So there's just a lot of a lot of momentum there.

[Analyst 4]: Okay. Can you go into more detail on the margin guidance, including the reduction in USIS margin guidance? I'm just not understanding the message because I thought that you were going to flow through mortgage-driven upside, and I think non-mortgage is also somewhat better than expected. The incremental margins on mortgage-driven upside should be higher than your reported margins. I heard a bit about incentive comp, but it's not adding up to me with the prior commentary that you'd flow through the mortgage market-driven upside. That's it. Thanks.

And the guidance, we gave for the full year right, but in terms of what changed specifically in the very near term, we're seeing some negative impact related to near term Usia's margins and also equifax margins one of the bigger drivers are specifically related to two to variable compensation. Obviously the performance that we've that we've announced today is substantially better.

And then you go to emergency on the the margin guidance, including the reduction and uses margin guidance. I'm just not understanding the message because

In the second half of 2025 than we had previously guided in July and that increase was variable comp that impacts both equifax, but it also directly impacts us and then there also are some near term impacts around the fact that we that our mix is somewhat higher towards mortgage and therefore that does impact.

I thought that you were going to flow through, mortgage driven upside, and I think non-mortgage, um, is also somewhat better than expected and the incremental Mar, uh, margins, on mortgage mortgage driven upside should be higher than your reported margins. Um, I Heard a bit about incentive comp, but it's not adding up to me with kind of the prior commentary that you flow through the mortgage Market driven upside. That's it. Thanks,

Trevor Burns: Absolutely, right. We tried to cover this in our commentary, right? What we're seeing both on a total Equifax Inc. level and also for USIS specifically, and again, long and what we've indicated is we intend to flow through the profitability related to higher mortgage revenue, and you actually saw it in our improved performance in the third quarter and in the guidance we gave for the full year, right? In terms of what we're seeing specifically in the very near term, we're seeing some negative impact related to near-term USIS margins and also Equifax Inc. margins. One of the bigger drivers is specifically related to variable compensation. Obviously, the performance that we've announced today is substantially better in the second half of 2025 than we had previously guided in July, and that increases variable comp. That impacts both Equifax Inc., but it also directly impacts USIS.

Our gross margins negatively in period, but as we indicated over time, we intend to flow for 100% of that variable profit to shareholders and again I think you did see that both from the increased profitability in the quarter the higher guidance and also quite honestly from a much stronger cash flow performance in the third quarter and the much.

Higher cash flow guidance that we provided for the full year.

Thank you. Your next question today is coming from Toni Kaplan from Morgan Stanley. Your line is now.

Thanks, so much.

To start on government very helpful commentary about the error rates in the ramp up that you're seeing in discussions with the states.

I guess do you expect that this will really start to ramp after the end of the government fiscal yearend.

Trevor Burns: There also are some near-term impacts around the fact that our mix is somewhat higher toward mortgage, and therefore that does impact our gross margins negatively in period. As we indicated over time, we intend to flow through 100% of that variable profit to shareholders. I think you did see that both from the increased profitability in the quarter, the higher guidance, and also quite honestly from the much stronger cash flow performance in the third quarter and the much higher cash flow guidance that we provided for the full year.

Absolutely. Right. And we we tried to cover this in our in our commentary, right? So what what what we're seeing both on a total Equifax level and uh, and also for USIS specifically, and again long, and what we've indicated is we intend to flow through the profitability related to higher mortgage revenue and you actually saw it in our improved performance in the third quarter and in the guidance we gave for the full year, right? But in terms of what we're seeing specifically in the very near term, we're seeing some negative impact related to near-term USIS margins. And also Equifax margins 1 of the bigger drivers of specifically related to to um to variable compensation, obviously the performance that we've that we've announced today is substantially better in the second half of 2025 than we had previously guided in July and that increases variable comp that impacts both Equifax but it also directly impacts USIS and

Or well states really preemptively start using your solutions ahead of time I know you talked about second half 'twenty six 'twenty seven is really where our sweet spot will be but just wanted to understand the process a little bit better.

Yes, I think it's a mix of both Tony we've been really pleasantly surprised with the.

Rapid increase in conversations at the federal level, and we talked about some of the new programs, we're working on but at the state level.

And then there also are some near-term impacts around. Um, the fact that we, that our mix is somewhat higher toward mortgage and therefore, that does impact our gross margins, um, negatively in period. But as we indicated over time, we, we we intend to flow through 100% of that variable profit to shareholders. And again, we think we, you did see that both from The increased profitability in the quarter, the higher guidance and also quite honestly from the much stronger cash flow performance in the third quarter and the much higher cash flow guidance that we provided for the full year.

[Analyst 4]: Thank you. Next question today is coming from Tony Kaplan from Morgan Stanley. Your line is now live.

After the <unk> signing on July 4th by the President.

[Analyst 5]: Thanks so much. I wanted to start on government, a very helpful commentary about the error rates and the ramp-up that you're seeing in discussions with the states. Do you expect that this will really start to ramp after the end of the government fiscal year end, or will states really preemptively start using your solutions ahead of time? I know you talked about second half 2026, 2027 as really where the sweet spot will be, but just wanted to understand the process a little bit better.

Thank you. Next question comes from Tony Kaplan from Mortgage Selling. Your line is now live.

Last the 90 days, there's just been a real uptick in conversations and what we're seeing is as you point out the Ob three.

Most of the Ob three impacts happened late next year, so that revenue from new solutions like our continuous monitoring or the.

The hours worked are solutions those will likely be late in 2006, and then really take hold in 2027, but what we are seeing and I mentioned it in my comments earlier is just the engagement with states.

Around our solution because remember the error rates.

Trevor Burns: Yeah, I think it's a mix of both, Tony. We've been really pleasantly surprised with the rapid increase in conversations at the federal level, and we talked about some of the new programs we're working on. At the state level, after the OB3 signing on July 4th by the President, in the last 90 days, there's just been a real uptick in conversations. What we're seeing is, as you point out, the OB3, most of the OB3 impacts happen late next year. That revenue from new solutions like our continuous monitoring or the hours worked solutions will likely be late in 2026 and then really take hold in 2027.

Thanks so much. Uh, wanted to start on government. Uh, very helpful commentary about the error rates and the ramp-up that you're seeing in discussions with the states. Um, you know, I guess. Do you expect that this will really start to ramp after the end of the government fiscal year, or will states really preemptively start using your solutions ahead of time? I know you talked about the second half of '26 and '27 as really where the sweet spot will be, but just wanted to understand the process a little bit better.

Talked about are really in current period meeting 'twenty five 'twenty six really set those error rates. So if states want to bend the curve on those error rates and really get ahead of potentially paying for a bigger piece of those benefits that are in the <unk> three build they've got to address integrity now so we're seeing an uptick in those conversations quite.

<unk> and then lastly, I think as you know wouldn't really impacted the business in 2025 was kind of air pocket from the change in the prior administration around CMS cost sharing around data costs and just the state's challenge to absorb that we see that kind of behind us now and the states really focusing on the more stringent requirements of Ob three.

Yeah, I think it's a mix of both. Um, Tony. We we've been really pleasantly surprised with the, uh, you know, rapid increase in conversations at the federal level and we talked about some of the new programs we're working on, but at the state level, um, after the ob3 signing on July 4th by the president, you know, in the last 90 days, there's just been a real uptick in conversations and what we're seeing is as you point out, the ob3, um, most of the ob3 um, impacts happen late next year. Um, so that Revenue um, from new Solutions like our continuous monitoring or the uh, um,

<unk> that we think will be a positive kind of sequentially as we go into 2026, but then will really take hold when the the more the new requirements really go into effect late next year.

Trevor Burns: What we are seeing, and I mentioned it in my comments earlier, is just the engagement with states around our solution because remember, the error rates that I talked about are really in current period, meaning 2025 and 2026 really set those error rates. If states want to bend the curve on those error rates and really get ahead of potentially paying for a bigger piece of those benefits that are in the OB3 bill, they've got to address integrity now. We're seeing an uptick in those conversations quite positively. Lastly, I think, as you know, what really impacted the business in 2025 was kind of that air pocket from the change in the prior administration around CMS cost sharing around data costs and just the state's challenge to absorb that.

Thank you. The next question is coming from Andrew Steinman from Jpmorgan. Your line is now live.

Hi, John could you just go over a little bit more of the general corporate expense line in the third quarter and what's what's driving that.

Sure.

The increase in general corporate expense really specifically is driven by what I referenced in terms of the answer to Jeff's question is really around an increase in variable compensation.

The Hours worked Solutions, you know, those will likely be, you know, late in 26 and then really take hold in 2027. But what we are seeing and I mentioned it in my comments earlier is just the engagement with States, um, around our solution because remember, the error rates that I talked about, you know, are really in current period, meaning 25, to 26, really set those error rates. So, if States want to bend the curve on those error rates, and really get ahead of potentially paying for a bigger piece of those benefits that are in the ob3 Bill, they've got to address Integrity now. So we're seeing an uptick in those conversations, quite positively and then, you know, lastly, I think as you know what, what really impacted the business in 2025 was kind of that air pocket from the change in the prior Administration around CMS, cost sharing around data costs and just the states,

Trevor Burns: We see that kind of behind us now, and the states really focusing on the more stringent requirements of OB3 that we think will be a positive kind of sequentially as we go into 2026, but then will really take hold when the new requirements really go into effect late next year.

Between the July guidance, we provided and what we're seeing now based on a much stronger performance rights on the higher revenue and higher revenue.

Principally operating income rate so what youre seeing is obviously much stronger overall performance higher revenue and operating income and that's resulting in a higher level of variable compensation and a significant portion of that impacts general corporate expense.

Challenge to absorb that. We're we see that kind of behind us now. And the state's really focusing on the more stringent requirements of ob3 that, you know, we think will be a positive kind of sequentially as we go into 2026, but then we'll really take hold, uh, when the, uh, the more, uh, the new requirements really, uh, going to affect uh, late next year.

Okay. Thank you.

Thank you. Your next question is coming from Manav and I am from Barclays. Your line is now live.

[Analyst 4]: Thank you. Next question is coming from Andrew Steinerman from JPMorgan. Your line is now live.

Thank you and good morning. The first question if you could just remind us the different.

Thank you. Next question, is coming from Andrew Steinman, from JP Morgan. Your line is now live?

[Unknown Speaker]: Hi, John. Could you just go over a little bit more of the general corporate expense line in the third quarter and what's driving that? Sure.

Moving pieces I guess on the mortgage side and I'm, referring to U S. Sales grew 26% that AWS was only 2% can you just remind us of the different factors I know, there's always a difference.

Mark Begor: The increase in general corporate expense specifically is driven by what I referenced in terms of the answer to Jeff's question. It is really around an increase in variable compensation between the July guidance we provided and what we're seeing now based on the much stronger performance, right?

Just maybe in this quarter.

Well you could start with the FICO price increase in U S. S. Obviously is quite substantial in the year and we have to pass through benefits. There. So I think that.

[Company Representative]: Based on the higher revenue.

Mark Begor: You are seeing obviously much stronger overall performance, higher revenue and operating income, and that's resulting in a higher level of variable compensation. A significant portion of that impacts general corporate expense.

Explains a big piece of that high double digit number in <unk> and then as we mentioned and you saw it I think manav when rates came down kind of in September we saw an uptick in mortgage activity.

John Gamble: Okay, thank you.

That usually benefits are always benefits us <unk> first in the pre qual shopping stage.

Sure. And um uh the the the increase in General Corporate expense really specifically is driven by what I referenced in terms of the answer to Jeff's. Question is really around an increase in variable compensation. Uh between the July guidance we provided and what we're seeing now based on the much stronger performance, right? So our it's on the higher revenue and higher revenue and and principally operating income, right? So what you're seeing is obviously much stronger overall performance, higher revenue and operating income. And that's resulting in a higher level of variable compensation, and a significant portion of that impacts General, Corporate expense,

Okay, thank you.

Trevor Burns: The next question is coming from an analyst from Barclays. Your line is now live.

The polls earlier.

And then then AWS does.

Thank you. Next question, is coming from an from barklay. Your line is now live.

[Analyst 1]: Thank you. Good morning. The first question, if you could just remind us, you know, the different moving pieces, I guess, on the mortgage side. What I'm referring to is USIS grew 26%, but EWS was only 2%. Can you just remind us of the different factors? I know there's always a difference, but just maybe in this quarter?

The AWS, obviously mortgage market based on our inquiries was down.

7% in the quarter.

That 2% increase in AWS, just really reflects their pricing product and records outperformance against that negative market and as John mentioned I think in his comments we expect.

Mark Begor: You could start with the FICO price increase in USIS. Obviously, it was quite substantial in the year, and we had the pass-through benefits there. I think that explains a big piece of that high double-digit number in USIS. As we mentioned, and you saw it, I think, Manav, when rates came down kind of in September, we saw an uptick in mortgage activity. That usually benefits or always benefits USIS first in the pre-qual shopping stage. They see the pulls earlier than EWS does. EWS, obviously, the mortgage market, based on our inquiries, was down 7% in the quarter. That 2% increase in EWS just really reflects their pricing, product, and records outperformance against that negative market.

Thank you. Good morning. Um, the first question, if you could just remind us, you know, the different moving pieces, I guess, on the mortgage side. What I'm referring to is USIS grew 26%, but EWS was only up 2%. Can you please remind us of the different factors? I know there's always a difference, but just maybe in this quarter.

To see some improved performance in AWS because they typically are in the closing stage of those mortgages that likely were started in September. So we would expect to see that pick up as we go through.

Into the fourth quarter and that's in our guide for the fourth quarter.

But again as Mark if you take a look at AWS outperformance over the first nine months and in the <unk>.

Or you can start with the FICO price. Increase in US is the is quite substantial in the year and we have the pass through benefits there. So I think that um, you know, explains a big piece of that high double digit number in USIS. And then as we mentioned and you saw it, I think manav, you know, when rates came down kind of uh, in September. We saw an uptick in mortgage activity, um, that usually benefits or

And in the third quarter, obviously, we don't give that number specifically anymore, but we've indicated we expect them to run high single digit percentage growth.

Are always benefits USIS first in the prequel shopping stage. You know, they see the polls earlier

Our performance and that's kind of where they are running.

Thank you.

The feedback on the on this call pricing I think that makes sense I was just curious if you had received any feedback from your I.

then uh then uh ews does um ews obviously the mortgage Market based on our inquiries was down

I guess customers on the.

I guess your credit file cost increases that you made is that even something to say about it about.

Mark Begor: As John mentioned, I think in his comments, we expect to see some improved performance in EWS because they typically are in the closing stage of those mortgages that likely were started in September. We would expect to see that pick up as we go through the end of the fourth quarter, and that's in our guide for the fourth quarter.

Yes, those discussions are happening as we speak and MBA I would think that they are.

Viewed as well.

We're not getting a lot of feedback I think all of the attention is on the FICO increase for next year with a doubling of up to $10. So that seems to be taking all of the air and the MBA meeting. So our conversations are taking place as we speak.

John Gamble: As Mark said, if you take a look at EWS outperformance over the first nine months and in the third quarter, obviously, we don't give that number specifically anymore, but we've indicated we expect them to run high single-digit % growth outperformance, and that's kind of where they're running.

7% in the quarter, you know, in that 2% uh increase in in ews just really reflects their pricing product and Records, you know, outperformance against that negative market. And as John mentioned, I think in his comments, you know, we expect, um, to see, uh, some improved performance in ews because they typically are in the closing stage of those mortgages. That likely were started, you know, in September. So we would expect to see that pickup as we go through, uh, you know, the into the fourth quarter and that's in our, our guide for the fourth quarter.

Alright, thank you.

Thank you next question is coming from Shlomo Rosenbaum from Stifel. Your line is now live.

Hi, and thank you very much for taking my question, Hey, Mark given the focus on generating more vantage score traction can you talk about what it is that you guys can do to kind of drive the adoption in the marketplace. I mean, there could be a step up materially in your sales and marketing budgets in the area are you guys going to provide some help.

But again, it's Mark. If you take a look at ews outperformance, over the first 9 months and in the. And in the third quarter, obviously we don't give that number specifically anymore but we've indicated. We expect them to run High single digit, percentage growth of performance and that's kind of where they're running.

[Analyst 1]: Got it. Thank you. The feedback on the score pricing, I think that makes sense. I was just curious if you had received any feedback from your customers on your credit file cost increases that you made. Is that even something that they're bothered about?

Up to the customers in terms of.

Thank you and you know the the feedback on the on the school pricing. I think I think that makes sense. So I was just curious. If you had received any feedback on from your uh, I guess customers on the, you know I guess your credit file costs in places that you made is that isn't something that bothered about

Mark Begor: Those discussions are happening as we speak at MBA. I would think that, you know, they're viewed as we're not getting a lot of feedback. I think all the attention is on the FICO increase for next year with the doubling of it to $10. That seems to be taking, you know, all of the air in the MBA meeting. Our conversations are taking place as we speak.

Back testing it versus FICO like how should we be thinking about this operationally and then where the efforts you guys are going to put in obviously I understand it's a multiyear effort and it seems like it's kind of an uphill effort, but the cost advantages over the long term make sense, but you got to get these big Bang.

Yeah, those discussions are happening as we speak at NBA. I I would think that that, you know, they're viewed as

we're not getting a lot of feedback. I think all the attention is on the FICO increase for next year with the doubling of it, to ten dollars. So, you know, that seems to be taking, you know, all of the air in the NBA meeting. Um, so our conversations are taking place as we speak.

[Analyst 1]: All right, thank you.

Behemoths moving on that.

All right, thank you.

Yes, I would actually call it a downhill effort, meaning that a lot of momentum with it with the pricing action that FICO put in place a few weeks ago for 2026, the doubling of the price increase.

Trevor Burns: Thank you. The next question is coming from Schleman Rosenbaum from Stifel. Your line is now live.

Thank you. Next question is coming from someone Rosen, from steeple. Your line is now live.

[Analyst 2]: Hi. Thank you very much for taking my question. Hey, Mark, given the focus on generating more VantageScore traction, can you talk about what it is that you guys can do to kind of drive the adoption in the marketplace? I mean, is there going to be a step up materially in your sales and marketing budgets in the area? Are you guys going to provide some help to the customers in terms of, you know, back testing it versus FICO? How should we be thinking about this operationally? Where are the efforts you guys are going to put in? Obviously, I understand it's a multi-year effort, and it seems like it's kind of an uphill effort, but you know, the cost advantages over the long term might make sense, but you know, you got to get these big bank behemoths moving on that.

At $5 or $4 95 in 2025 to $10 in 2026 is going to add <unk> 5 billion of cost for the mortgage industry and consumers roughly the way we calculate it.

And that is really creating in our view a real catalyst around this and actions. We took first was obviously pricing, 50% plus below the FICO pricing that got the attention of the industry. That's a big cost savings for them basically the score pricing being flat year over year.

Holding that price flat, meaning we're going to freeze that price for two years, they will give the industry some visibility around driving that conversion and then we really think the.

Offering the free vantage score not only in mortgage but in every vertical is also going to drive adoption and understanding on it and as I said earlier there is already a lot of momentum. This is not new theres been a lot of vantage focus.

Mark Begor: Yeah. I would actually call it a downhill effort, meaning a lot of momentum with it, with the pricing action that FICO put in place a few weeks ago for 2026, the doubling of the price increase. That $5 or $4.95 in 2025 to $10 in 2026 is going to add half a billion dollars of cost to the mortgage industry and consumers, roughly the way we calculate it. That is really creating, in our view, a real catalyst around this. Actions we took, first was obviously pricing 50%+ below the FICO pricing. That got the attention of the industry. That's a big cost savings for them. Basically, the score pricing being flat year over year, holding that price flat, meaning we're going to freeze that price for two years, gives the industry some visibility around driving the conversion.

Hi, thank you very much for taking my question. Hey Mark, given the focus on generating more Vantage, score traction. Can you talk about what it is that you guys can do to kind of Drive the adoption in the marketplace? I mean, is there going to be a step up material in your sales and marketing budgets in the area? Are you guys going to provide some help to the customers in terms of um, you know, back testing it versus FICO like how should we be thinking about this operationally? And then where the efforts you guys are going to put in, uh, obviously I understand it's a multi-year effort and it seems like it's kind of an uphill effort, but, you know, the the the cost advantages over the long term might make sense but, you know, you got to get these big Bank. Behemoths moving on that.

With the increase in 2025 that FICO, Chuck taking it up to 495. So it's not like it's just started yesterday, there's been dialogues going for a long time. So actions, we're going to take I think we were very proactive.

A sponsor to our customers to drive to deliver cost savings for a score that performed at or better than the FICO score with the actions we announced two weeks ago and then as you point out we're going to use our commercial leverage we've got a lot of commercial resources in the marketplace, we're going to incent them, meaning part of their incentive compensation will be.

Around vantage conversions and supporting our customers and really understanding it we're going to provide analytics to our customers, we're going to try to help them really understand it we're working with the agencies on it.

Mark Begor: We really think the offering, the free VantageScore, not only in mortgage but in every vertical, is also going to drive adoption and understanding on it. As I said earlier, there's already a lot of momentum. This is not new. There's been a lot of Vantage focus with the increase in 2025 that FICO took, taking it up to $4.95. It's not like it just started yesterday. There have been dialogues going for a long time. Actions we're going to take, I think we are very proactive and responsive to our customers to try to deliver cost savings for a score that performs at or better than the FICO score, with the actions we announced two weeks ago. As you point out, we're going to use our commercial leverage. We've got a lot of commercial resources in the marketplace.

From my perspective, this isn't a matter of if it's only when and as I said earlier, we already have customers that are engaging around using it in the very near term.

Production, so it's coming and as a reminder, I think you know this if you look at other verticals outside of mortgage mortgage had a 30 year monopoly. We're the only score you could use with FICO. If you go into other verticals like auto card and P. Loans. There are large financial institutions that have been using vintage for a long time, they securitize the loans very.

Fully a sell them into the marketplace and they operate very effectively with vantage. So.

While it will take time.

Mark Begor: We're going to incent them, meaning part of their incentive compensation will be around Vantage conversions and supporting our customers and really understanding it. We're going to provide analytics to our customers. We're going to try to help them really understand it. We're working with the agencies on it. From my perspective, this isn't a matter of if, it's only when. As I said earlier, we already have customers that are engaging around using it in the very near term, in production. It's coming. As a reminder, I think you know this, if you look at other verticals outside of mortgage, mortgage had a 30-year monopoly where the only score you could use was FICO. If you go into other verticals like auto, card, and P loan, there are large financial institutions that have been using Vantage for a long time.

In my perspective, and unprecedented momentum on it and yes, we're going to put the power of equifax behind it because we want to support our customers. Our customers are really looking for the kind of value and performance that vantage will deliver.

Meaning, uh, we're going to freeze that price for 2 years, so give the industry some visibility around, driving the conversion. And then we really think the, uh, offering the free Vantage score, not only in mortgage, but in every vertical is also going to drive adoption. And, uh, understanding on it and as I said earlier, there's already a lot of momentum, you know, this is not new, there's been a lot of vintage Focus, you know, with the increase in 2025 that FICO took, you know, taking it up to 495. So it's not like it just started yesterday, you know, there's been dialogues going for a long time. So actions, we're going to take, I think we were very proactive, you know, and responsive to our customers, to try to deliver cost savings for a score that performs at or better than the FICO score. You know, with the actions we announced 2 weeks ago, and then, as you point out, you know, we're going to use our commercial leverage. You know, we've got a lot of commercial resources in the marketplace, um, we're going to incent them. You mean, part of their incentive compensation will be around Vantage, conversions and supporting our customers and really understand.

Thank you.

Thank you next question is coming from Kyle Peterson from Needham <unk> Company. Your line is now live.

Great. Thanks, guys. Good morning, appreciate you taking the questions.

I wanted to see if you could help us unpack some of the moving pieces in government.

Understanding it, we're going to provide analytics to our customers. We're going to try to help them really understand it. We're working with the agencies on it, you know, from my perspective, this isn't a matter of if it's only when, and, as I said earlier we already have customers that are engaging around using it in the very near term, you know, in production, you know. So it's coming and as a reminder I think you know this if you look at other verticals outside of mortgage, you know, mortgage had a 30-year Monopoly. Where the only score you could use was FICO if you go into other verticals.

Overall looks.

The guide looks pretty solid for the fourth quarter, but understand there is a little bit of noise with some of the federal business shut down but that is some of these other state and local opportunities that are are ramping. So just want to see if you guys can you give us any more color on like the net effect and particularly some of the ramp pace.

Mark Begor: They securitize the loans very successfully, sell them into the marketplace, and operate very effectively with Vantage. While it will take time, there's, in my perspective, an unprecedented momentum on it. We're going to put the power of Equifax behind it because we want to support our customers. Our customers are really looking for the kind of value and performance that Vantage will deliver.

The state and local business that'd be really helpful.

Yes. So we were pleased with the government performance in the in the third quarter as you saw it was above our expectations and probably yours, which we're pleased with the.

Like Auto card and P loan. You know, there are large financial institutions that have been using Vantage for a long time. They securitize the loans, very successfully. They sell them into the marketplace and they operate, you know, very effectively with Vantage. So, you know, while it will take time, um, there's a in my perspective, an unprecedented momentum on it. And yeah, we're going to put the power of Equifax behind it because we want to support our customers. You know, our customers are really looking for, you know, the kind of value and performance that Vantage will deliver

John Gamble: Thank you.

Thank you.

Trevor Burns: Thank you. The next question is coming from Kyle Peterson from Needham & Company. Your line is now live.

Air Pocket, we had from last year's funding changes that CMS seems to be behind us which is good news.

Thank you. Next question is coming from Kyle Peterson from any company or Line is now live.

[Analyst 3]: Great. Thanks, guys. Good morning. Appreciate you taking the questions. Wanted to see if you could help us unpack some of the moving pieces in government. You know, saw overall, looked, you know, the guide looks pretty solid for the fourth quarter, but understand there's a little bit of noise with some of the federal business, the shutdown, but then some of these other state and local opportunities that are ramping. I just wanted to see if you guys could give us any more color on the net effect and particularly some of the ramp pace of some of the state and local business. That would be really helpful.

And as I said earlier Theres, just a lot of momentum <unk> free and with the focus at the federal and state level around the $160 billion of improper payments and really addressing them. So that that momentum is a positive you saw you saw we guided that we expect.

Government to grow sequentially in the fourth quarter and exit kind of at high single digits. That's just from core growth I think Jon mentioned as far as the government shutdown, we haven't seen an impact yet.

No. We don't know how long this is going to go on but.

<unk> shutdown would likely more be a deferral of revenue as opposed to a loss of revenue. If it was going on for an extended period of time, but again, we haven't seen an impact in that and that's kind of what we put in our guidance was that this will be resolved and won't have an impact on us in the in the fourth quarter and that fourth quarter exit rate for government.

Mark Begor: Yeah, we were pleased with the government performance in the third quarter. As you saw, it was above our expectations and probably yours, which we're pleased with. The kind of air pocket we had from last year's funding changes at CMS seems to be behind us, which is good news. As I said earlier, there's just a lot of momentum post OB3 and with the focus at the federal and state level around the $160 billion of improper payments and really addressing them. That momentum is a positive. You saw we guided that we expect government to grow sequentially in the fourth quarter and exit at high single digits. That's just from core growth. I think John mentioned, as far as the government shutdown, we haven't seen an impact yet.

Great. Thanks guys. Good morning. I appreciate you taking the questions. Um, wanted to see if you could help us unpack some of the, the moving pieces in government. Um, you know, saw overall looked, you know, um, the guy looks pretty solid for the fourth quarter, but understand there's a little bit of Noise with some of the Federal Business to shut down. But then some of these other state and local opportunities that are are ramping. So, just wanted to see if you guys could give us any more color on like the net effect and particularly some of the ramp Pace uh of some of the state and local business, uh, that would be really helpful.

With the momentum we have.

With the states and the federal government around kind of conversion.

You have to remember that were dealing with a big 5 billion am here and when you think about states less.

Less than half of the states across the U S use our solution.

That's always a new business opportunity for us, where we deliver integrity and with its new error rate.

Requirement that's in place that's really the clock is running as we speak in 2020 six.

Mark Begor: We don't know how long this is going to go on, but a government shutdown would likely more be a deferral of revenue as opposed to a loss of revenue if it was going on for an extended period of time. Again, we haven't seen an impact in that, and that's what we put in our guidance was that this will be resolved and won't have an impact on us in the fourth quarter. That fourth quarter exit rate for government with the momentum we have with the states and the federal government around conversion, you have to remember that we're dealing with a big $5 billion PAM here. When you think about states, less than half of the states across the U.S. use our solution, so that's always a new business opportunity for us where we deliver integrity.

States are focused on we've got to take action now in order to get in front of that error rates. So we don't end up having to pay a merely massive amount of share of the benefit costs. So there's just a lot of positives. There I think we talked about some of the new programs in Washington that that momentum continues Chad board and myself are kind of in Washington.

Yeah. Um so you know, we were pleased with the government performance in the uh, in the third quarter. As you saw it was above our expectations and probably yours which were pleased with, you know, the kind of air pocket we had from last year's funding changes at CMS. You know, seems to be behind us, which is good news. Um, and as I said earlier, there's just a lot of momentum post ob3 and with the focus at the federal and state level, you know, around uh, the 160 billion of improper payments and really addressing them. So, you know, that that momentum is a positive. You saw, you saw, you know, we got it that we expect, uh, you know, government to gross sequentially in the uh, fourth quarter and exit, you know, kind of at high single digits. You know, that's just from core growth. I think John mentioned, you know, as far as the government shutdown. We haven't seen an impact yet. Um, you know, we don't know how long this is going to go on. But uh, you know, a government shutdown would likely more be a deferral of Revenue as opposed to a loss of Revenue if it was going on for an extended period of time. But again, we haven't seen an impact.

Couple of weeks.

Meeting on things like the earned income tax credit with the IRS and Treasury.

Some of the other opportunities that are really new new business for us, but really addressed that a $160 billion of improper payments. So it's a good time for AWS government and we continue to be optimistic going forward as I said in my comments when you look over the long term, we continue to believe government will be our fast.

In that. And that's kind of what we put in our guidance, was that this will be resolved and, you know, it won't have an impact on us in the, in the fourth quarter and that fourth quarter exit, rate for government with the momentum, we have, you know, with the states and the federal government, you know, around kind of, you know, conversion. You know, you have to remember that we're dealing with a Big 5 billion dollar cam here, and when you think about States, you know, less than half of the states across the US, use our solution

Mark Begor: With this new error rate requirement that's in place, the clock is running as we speak in 2025 and 2026. States are focused on, we've got to take action now in order to get in front of that error rate so we don't end up having to pay a merely massive amount of share of the benefit cost. There's just a lot of positives there. I think we talked about some of the new programs in Washington that momentum continues. Chad Borton and myself are kind of in Washington every couple of weeks, meeting on things like the earned income tax credit with the IRS and Treasury and some of the other opportunities that are really new business for us, but really address that $160 billion of improper payments. It's a good time for EWS government, and we continue to be optimistic going forward.

Just growing vertical in workforce solutions and it will outgrow the underlying business really because of the value proposition the market opportunity that $5 billion Tam and you can add to it Obi three just the requirements to tighten up those income verification requirements.

Really.

Positive catalyst for the value that the twin solution delivers in social service delivery.

That's really helpful. Thank you very much nice results.

Thank you next question is coming from Kevin Mcveigh from UBS. Your line is now live.

Great. Thanks, so much hey, I wonder if you could give us a sense of it.

So if you said this or not jump but.

For 2006.

Mark Begor: As I said in my comments, when you look over the long term, we continue to believe government will be our fastest growing vertical in Workforce Solutions, and it'll outgrow the underlying business really because of the value proposition, the market opportunity, that $5 billion TAM, and you can add to it OB3. Just the requirements to tighten up those income verification requirements are really a very positive catalyst for the value that the twin solution delivers in social service delivery.

The revenue could it be in the range of 7% to 10% on the organic framework or did you not say that I just want to make sure I didn't I didn't confuse your comments.

We did not help John would that he can jump in too, but no. We did not give guidance for 2026 today, we'll do that in February as we typically do what we did say is we wanted to clarify because we've got a bunch of questions about.

The FICO announcement, and then equifax as announcement on what those.

Two announcements might have with regards to mortgage on our 2026 guidance and what we intended to say a few minutes ago and we also said.

Meeting on things like the earned income tax credit with the IRS and Treasury and you know, some of the other opportunities that are really new new business for us but really address that uh 160 billion of improper payments. So you know, it's a good time for, uh, ews government and uh you know, we continue to be optimistic. Going forward is I said in my comments, when you look over the long term, we continue to believe government will be our fastest growing vertical in Workforce Solutions. And it'll outgrow the underlying business. Um, really because of the value, proposition, the uh, Market opportunity that 5 billion dollar Tam and you can add to it. Uh, ob3, you know, just the requirements to tighten up those income bare for equation requirements. Uh, you know, I really, you know, a good, very positive Catalyst, uh, for the value that the twin um, solution delivers in, uh, Social Service delivery,

Earlier, and kind of investor meetings over the last couple of weeks.

[Analyst 3]: Okay, that's really helpful. Thank you very much. Nice results.

Is that the FICO announcement and the Equifax announcement doesn't change how we think about 2026.

Okay. Uh, that's really helpful. Thank you very much. Nice results.

Trevor Burns: Thank you. The next question is coming from Kevin McVey from UBS. Your line is now live.

Thank you. Next question, is coming from Kevin McVay from UBS. Your line is now live.

[Analyst 2]: Great. Thanks so much. Hey, I wonder if you could give us a sense of, I don't know if you said this or not, John, but for 2026, the revenue, could it be in the range of the 7% to 10% on the organic framework, or did you not say that? I just want to make sure I didn't confuse your comments.

We had a view of it when we had our Investor day back in June as you know in the Investor day, we laid out an outlook through 2030.

Great. Thanks so much. Um hey I wonder if you could give us a sense of, I don't know if you said this or not John, but

In that longer term outlook, we think the the.

For 26.

Home mortgage opportunity with vantage is a net upside.

But with regards to 'twenty six we intended today to say that.

Mark Begor: We did, and I'll help John with that. He can jump in too. No, we did not give guidance for 2026 today. We'll do that in February as we typically do. What we did say is we wanted to clarify because we've gotten a bunch of questions about the FICO announcement and then Equifax Inc.'s announcement on what those two announcements might have with regards to mortgage on our 2026 guidance. What we intended to say a few minutes ago, and we also said it earlier in investor meetings over the last couple of weeks, is that the FICO announcement and the Equifax Inc. announcement doesn't change how we think about 2026. We had a view of it when we had our investor day back in June. As you know, in the investor day, we laid out an outlook through 2030.

The mortgage change we've made around the discounted vantage pricing to drive adoption.

We think will take time, but it hasnt changed how we think about our outlook of 26, and we'll share that with you.

And fed.

That's very helpful and then mark or John I don't know this may be tough question, but.

Any thoughts on what you would define success from a market share perspective on vantage corn longer term given the shift in obviously to your point. It was a 30 year monopoly, but is that share shifts.

It would be a reasonable proxy in does it go to market motion factoring your partners.

On vantage or is it independent.

Mark Begor: In that longer-term outlook, we think the whole mortgage opportunity with VantageScore is a net upside. With regards to 2026, we intended today to say that the mortgage change we've made around the discounted VantageScore pricing to drive adoption, we think will take time, but it hasn't changed how we think about our outlook for 2026, and we'll share that with you in February.

Yes. The partners one I think partners are aligned to when you think about it I think when we say partners, you're referring to the Tri merge resellers. We've had conversations I had personally with all of them over the last couple of weeks all the big ones.

The revenue. Could it be in the range of the 7 to 10% on the organic framework? It did you not say that? I just want to make sure I didn't. I didn't confuse your comments. We we, we we did not help John with that. He can jump in too, but no, we did not give guidance for 2026 today. We'll do that in February. As we typically do, what we did say is we wanted to clarify because we've gotten a bunch of questions about, you know, the FICO announcement and then equifax's announcement on what those, um, 2 announcement might have with regards to mortgage on our 2026 guidance and what we intended to say a few minutes ago and we also said it. Um, you know, earlier in kind of investor meetings, over the last couple weeks, um, is that, uh, the FICO announcement and the Equifax announcement, doesn't change how we think about 2026. Um, you know, that we had a view of it when we had our investor day, um, back in June, um, as you know, in the investor day, we laid out an Outlook through 2030. Um, you know, in that longer term Outlook. We think the uh, the whole mortgage opportunity with Vantage is a net upside, um,

There as challenged as the whole industry is around the FICO price increase and I think your question on success is a good one obviously share gains.

We believe there is real momentum now because of the pricing umbrella. If you want to call. It that that FICO created by doubling the price for 2026 allowed us to really create some really.

But with regards to 2026, we intended today to say that, uh, the mortgage, um, change we've made around the discounted, um, Vantage pricing to drive adoption. Um, you know, we think it'll take time, but it hasn't changed how we think about our outlook for 2026, and we'll share that with you, uh, you know, in FEHB.

[Analyst 2]: It's very helpful. Mark or John, I don't know, this may be a tough question, but any thoughts on what you would define as success from a market share perspective on VantageScore longer term, given, you know, the shift in, obviously, to your point, it was a 30-year monopoly. As that share shifts, what would be a reasonable proxy in, you know, does a go-to-market motion factor in your partners on VantageScore, or is it independent?

It's very helpful and then Mark or John. I don't know, this may be a tough question, but

Really massive value for the mortgage industry with our solution at $4 50.

We believe that's going to drive real conversion. So what success is obviously is going to be share gains I think to be fair, it's going to take time.

Any thoughts on what you would define as success from a market share perspective on Bandit score longer term? Given, you know, the shift in—obviously, to your point—it was a 30-year monopoly, but as that share shifts.

Very complex industry, but you could add to it what spike we're going to do in 27, what do they can do in 28 are they going to be discounting their price or are they going to be increasing it again.

It would be a reasonable proxy. And, you know, does it go to market motion factor in your partners, uh, on Vantage or is it independent?

Mark Begor: Yeah, the partners one, I think partners are aligned too. When you think about, I think when we say partners, you're referring to the TriMerge resellers. We've had conversations, I have personally with all of them over the last couple of weeks, all the big ones. They're as challenged as the whole industry is around the FICO price increase. I think your question on success is a good one. Obviously, share gains. We believe there's real momentum now because of the pricing umbrella, if you want to call it that, that FICO created by doubling the price for 2026 allowed us to really create some really massive value for the mortgage industry with our solution at $4.50. We believe that's going to drive real conversion. What success is obviously going to be is share gains. I think to be fair, it's going to take time.

The increase it again in 2007 and that creates a bigger pricing umbrella an envelope for value to drive share gains. So I think we're in the right place to really drive that and as we pointed out.

Our press release, a couple of weeks ago and on the call. This morning.

The new profit pool for Equifax, that's quite substantial for equifax and our shareholders. When we sell a FICO score next year, it's going to cost us $10. When we sell a vantage score we make $4 50.

And our customers save $5 50.

A win win across the board. So I think it's just a matter of time and as I said earlier, we're going to put the weight of equifax behind it to really support our customers and consumers around getting a mortgage score that provides are equal or better value. The vantage score we believe.

Mark Begor: This is a very complex industry, but you could add to it, what's FICO going to do in 2027? What are they going to do in 2028? Are they going to be discounting their price, or are they going to be increasing it again? If they increase it again in 2027, that creates a bigger pricing umbrella and envelope for value to drive share gains. I think we're in the right place to really drive that. As we pointed out in our press release a couple of weeks ago and on the call this morning, there's a new profit pool for Equifax Inc. that's quite substantial for Equifax Inc. and our shareholders. When we sell a FICO score next year, it's going to cost us $10. When we sell a VantageScore, we make $4.50. Our customers save $5.50. It's kind of a win-win across the board.

And it.

We're really a massive amount of economic value.

And it's across mortgages, but also across auto P loans really really across the entire footprint.

And I think partners are aligned too. When you think about, I think when we say partners, you're referring to the, uh, tri-merge resellers. You know, I've had conversations, I have personally with all of them over the last couple of weeks, all the big ones. Um, you know, they're as challenged as the whole industry is around the FICO price increase. I think your question on success is a good one. Um, obviously, share gains, you know, we believe there's real momentum now because of the pricing umbrella, if you want to call it that, that FICO created by doubling the price for 2026. It allowed us to really create some massive value for the mortgage industry, you know, with our solution at $450, and we believe that's going to drive real conversions. So what success is going to be? Shared gains, I think to be fair, it's going to take time. You know, this is a very complex industry, but you know, you could add to it, you know, what FICO is going to do in '27, what are they going to do in '28? You know, are they going to be discounting their price? Or are they going to be increasing it again? You know, and if they increase it again in...

We will be making the same push broadly.

Thank you.

Thank you next question is coming from Surinder <unk> from Jefferies. Your line is now live.

Yeah.

Hi, Mark.

Just a question on the bigger picture of vantage score in the adoption curve here.

A lot of the conversation seems to be focused on <unk> four versus classic FICO.

7 that creates a bigger pricing umbrella and envelope for value to drive share gains. So, I think we're in the right place, you know, to really drive that. And as we pointed out, you know, in our press release a couple of weeks ago and on the call this morning, you know, there's a new profit pool for Equifax that's quite substantial for Equifax and our shareholders. You know, when we sell a FICO score next year, it's going to cost us $10; when we sell a Vantage score, we make $450.

Mark Begor: I think it's just a matter of time. As I said earlier, we're going to put the weight of Equifax Inc. behind it to really support our customers and consumers around getting a mortgage score that provides equal or better value, the VantageScore, we believe, and at really a massive amount of economic value.

Can you have any thoughts in turnkey entering into that equation, because when I think about it from the perspective of a lender.

Wouldn't the lender first wanted to make the decision of whether they are going to stick with classic FICO or upgrade.

And if they choose to upgrade and it's actually UBS for versus not.

Not <unk> four versus classic FICO decision.

John Gamble: It is across mortgage, but also across auto, P loans, really, really across the entire footprint. We will be making the same push broadly.

And our customers save 550. You know, it's kind of a win-win across the board. So I think it's just a matter of time. And as I said earlier, we're going to put the weight of Equifax behind it to really support our customers and consumers, you know, around getting a mortgage score, that provides, uh, you know, equal or better value the Vantage score we believe. And at, uh, you know, a really a massive amount of economic value.

Yes, I think Thats fair <unk> still being introduced in the marketplace, that's going to take time I think it's a well.

Push broadly.

What we understand it's a higher performing score than FICO classic, which is good but its double the price.

[Analyst 2]: Thank you.

Thank you.

Trevor Burns: Thank you. Next question is coming from Surinder Thind from Jefferies. Your line is now live.

And we believe and vantage as a lot of data out there now that the vantage 4.0, outperforms FICO classic and is on par or better than <unk>.

Thank you. Next question is coming from Surrender To from Jeffrey. Your line is now live.

[Analyst 2]: Hi, Mark. Just a question on the bigger picture of VantageScore and the adoption curve here. A lot of the conversation seems to be focused on VantageScore 4.0 versus classic FICO. Do you have any thoughts on 10T entering into that equation? Because when I think about it from the perspective of a lender, wouldn't the lender first want to make the decision of whether they're going to stick with classic FICO or upgrade? If they choose to upgrade, then it's actually VantageScore 4.0 versus 10T, not VantageScore 4.0 versus classic FICO in the decision.

Um, hi Mark. Um, just a question on on the bigger picture Advantage score and, and the adoption curve here.

Either way when you.

Have a score that is in the same zip code or performance, but it's half the price.

It creates a real incentive for change and the numbers are so large.

A lot of the conversations seem to be focused on VS4 versus Classic FICO. Um, can you have any thoughts on 10T entering into that equation? Because when I think about it from the perspective of a lender,

When you think about the impact for the industry, if they stick with FICO classic or stick with <unk> in 2026, that's $500 million roughly of.

Neighborhood of increased cost to the industry.

Wouldn't the lender first want to make the decision of whether they're going to stick with classic FICO or upgrade? And if they choose to upgrade, then it's actually vs4 versus 10t, not vs4 versus classic FICO in the decision.

Mark Begor: Yeah, I think that's fair. You know, 10T is still being introduced in the marketplace. That's going to take time. I think it's a, what we understand, it's a higher performing score than FICO classic, which is good, but it's double the price. We believe, and Vantage has a lot of data out there now, that the VantageScore 4.0 outperforms FICO classic and is on par or better than 10T. Either way, when you have a score that is in the same zip code of performance, but it's half the price, that creates a real incentive for change. The numbers are so large. When you think about the impact for the industry, if they stick with FICO classic or stick with FICO in 2026, that's $500 million roughly of increased cost to the industry.

There's a lot of catalysts to take a hard look at our advantage and we think theres going to be real adoption. As we said earlier there already is like there's already momentum to do it we've got customers in production, we've got lots of conversations happening and remember. This is this is not three weeks old the $10 is but the <unk>.

Focus on FICO pricing has been going on for a couple of years. So this is something that the industry has been thinking about for a long time. So we think there's a real opportunity to bring.

Both performance with.

With 4.0 as well as the.

Value.

With where FICO took pricing.

That's helpful and then.

Yeah, I think that's fair. You know, 10T is still being introduced in the marketplace. Uh, you know, that's going to take time. I think it's a, what we understand, it's a higher performing score than FICO Classic, which is, uh, you know, good. But it's double the price. Um, and, uh, we believe, um, and Vantage has a lot of data, you know, out there now that the Vantage 4.0, um, outperforms FICO Classic and, you know, is on par or better than, uh, 10T. Um, but either way, you know, when you have a score that is in the same zip code to performance, but it's half the price, um, that creates a real incentive for change, you know, in the numbers are so large. Um, you know, when you think about the impact.

In one of your other comments.

I think you talked about just being more than a data provider.

Yes are we shifting more of our platform and analytics approach here at this point, how should we think about that part of that transition.

Mark Begor: There's a lot of catalysts to take a hard look at Vantage, and we think there's going to be real adoption. As we said earlier, there already is. There's already momentum to do it. We've got customers in production. We've got lots of conversations happening. Remember, this is not three weeks old. The $10 is, but the focus on FICO pricing has been going on for a couple of years. This is something that the industry has been thinking about for a long time. We think there's a real opportunity to bring both performance with 4.0 as well as value with where FICO took pricing.

For the industry, if they stick with FICO Classic or stick with FICO in 2026, that's roughly $500 million of increased cost to the industry.

Yeah. So we're investing heavily in FX dot AI for our scores models and products and we've got great performance, there and seeing big lifts in and really the scoring model performance and product performance by the addition of AI. We also talked about deploying AI inside of Equifax, and we'll talk more about that.

And 26% in February, but we see big opportunities from.

From an operations productivity speed and accuracy standpoint, with AI inside of Equifax and then on the call. This morning, we also talked about really enhancing our ignite platform that as you point out as an analytics engine.

There's a lot of catalysts to take a hard look at the advantage. And we think there's going to be real adoption. We said earlier there already is, you know, like there's already momentum to do it. We've got customers in production; you know we've got lots of conversations happening. And remember this is, uh, this is not three weeks old. The $10 is, but the focus on FICO pricing has been going on for a couple of years. So this is something that the industry has been thinking about for a long time. So, you know, we think there's a real opportunity to bring, uh, you know, both performance with 4.0 as well as.

Value, um, you know, with where FICO took pricing.

[Analyst 2]: That's helpful. In one of your other comments, I think you talked about just being more than a data provider.

By using AI capabilities to make it easier.

Um, that's helpful and then in 1 of your other comments. Um,

For.

Mid sized or.

Mark Begor: Yeah.

[Analyst 2]: Are we shifting to more of a platform and an analytics approach here at this point? How should we think about that part of the transition?

I think you talked about just being more than a data provider.

<unk> that have a smaller.

Data analytics teams to really more easily use the solution and we've seen some real estate. There. So that's what we talked about some of the new products or new enhancements is probably a better term to our existing platforms to make them more usable and deliver.

Mark Begor: Yeah. Yeah. You know, we're investing heavily in EFX.AI™ for our scores, models, and products. We've had great performance there and seen big lifts in the score and model performance and product performance by the addition of AI. We also talked about deploying AI inside of Equifax Inc., and we'll talk more about that in 2026 and in February. We see big opportunities from an operations, productivity, speed, and accuracy standpoint with AI inside of Equifax Inc. On the call this morning, we also talked about really enhancing our Ignite analytics platform that, as you point out, is an analytics engine, by using AI capabilities to make it easier for mid-sized or FIs that have smaller data analytics teams to really more easily use the solution. We've just seen some real lifts there.

Yeah. Are we shifting more or the platform and an analytics approach here at this point? Like how should we think about that part of the transition? Yeah.

Quicker and higher performing analytics for our customers.

Which we are quite energized about.

Thank you.

Thank you. Your next question is coming from Andrew Nicholas from William Blair. Your line is now live.

Hi, Thank you and good morning.

I wanted to first ask about just overall consumer credit trends or conditions.

Seen some.

Headlines and bankruptcies lately in the auto space in particular, just kind of curious what youre seeing in terms of scores or credit conditions and ability to pay within your different markets.

I think we said in the comments earlier that fairly stable.

Mark Begor: That's what we talked about—some of the new products or new enhancements is probably a better term—to our existing platforms to make them more usable and deliver quicker and higher performing analytics for our customers, which we are quite energized about.

I think it's a it's still a good environment our customers broadly are strong.

Yeah, so, you know, we're investing heavily in, uh, EFX for our scores models and products. You know, we've had great performance there. And seeing big lifts in, uh, in really the score and model performance and product performance. By the addition of AI, we also talked about, uh, deploying AI inside of Equifax. And we'll talk more about that, uh, you know, in 26 and in February. But, you know, we see big opportunities, you know, from an operations productivity speed and accuracy standpoint with AI inside of Equifax. And then on the call this morning, we also talked about really enhancing our ignite platform that is you point out as an analytics engine, um, by using AI capabilities to make it easier, you know, for, um, midsized or, you know, uh, uh, fees that have, uh, you know, smaller, um, data analytics teams, you know, to really more easily use the solution and we've just seen some realists there. So that's what we're we talked about some of the new products or new enhancements that is probably a better term.

And the consumers are working.

So I think that is fairly stable activity is.

Lower than I'd call it peak levels, but.

Very stable.

You know, to our existing platforms, to make them more usable. And, uh, you know, deliver, you know quicker and, uh, you know, higher performing analytics for our customers, um, which we are quite energized about

Bankruptcies, you've highlighted really or not from what we understand I think you've read the same stuff. We do are not credit driven bankruptcies there it sounds like theres like fraud involved and things like that so it's not really from an underlying consumer problem that these are couple of auto companies had some struggles.

[Analyst 2]: Thank you.

Thank you.

Trevor Burns: Thank you. The next question is coming from Andrew Nicholas from William Blair. Your line is now live.

Thank you. Next question, is coming from Andrew, Nicholas from William. Blair, your line is now live?

[Analyst 1]: Hi. Thank you, and good morning. I wanted to first ask about just overall consumer credit trends or conditions. I've seen some headlines and bankruptcies lately in the auto space in particular. Just kind of curious what you're seeing, in terms of scores or credit conditions and ability to pay within your different markets.

It's just how they went to market and perhaps how they were operating in the in the marketplace. So when we look forward to the fourth quarter and into 26 at least the early parts of 26.

Mark Begor: I think we said in the comments earlier that, you know, fairly stable. I think it's still a good environment. Our customers broadly are strong, and the consumers are working. I think that is fairly stable. Activity is lower than I would call it peak levels, but very stable. The bankruptcies you've highlighted really are not, from what we understand, I think you read the same stuff we do, are not credit-driven bankruptcies. It sounds like there's fraud involved and things like that. It's not really from an underlying consumer problem that these couple of auto companies had some struggle. It's just how they went to market and perhaps how they were operating in the marketplace. When we look forward to the fourth quarter and into 2026, at least the early parts of 2026, it feels like a quite stable environment. As you know, GDP is growing.

Feels like a quite stable environment as you know GDP is growing.

Unemployment is still.

Fairly low although there isn't a lot of job creation, which is a problem that I know the fed.

Read that the feds watching.

The job creation, so we see it as a fairly balanced.

<unk> going forward.

As Mark said, if you look auto card F. I really youre seeing slow growth, probably it's below what we'd call a trend, but it's been fairly consistent right.

It's local folks slow growth kind of flat overall market, but but weaker than long term trends, but very consistent.

Got it. Thank you and then maybe just one clarification.

I think with.

Within AWS non mortgage.

Tumor lending was up 20% I think in absolute dollars far and away the best quarter that lines had an and.

Mark Begor: Unemployment is still fairly low, although there isn't a lot of job creation, which is a problem that the Fed, we read that the Fed's watching, around job creation. We see it as a fairly balanced environment going forward.

In my model, just curious what what's driving that.

And maybe the sustainability of that level of growth.

Well, that's a high growth rate.

You wouldn't think I wouldn't think about that as a long term trend for that part of AWS, but it's really just the deployment of the value of twin and some of those verticals is very powerful.

John Gamble: As Mark said, if you look at auto, card, FI, really, you're seeing slow growth, probably below what we've called trend, but it's been fairly consistent, right? Slow growth, slow growth to kind of flat overall market, but certain weaker than long-term trends, but very consistent.

We are not credit driven bankruptcies. They're, you know, it sounds like there's like fraud involved and things like that, um, so it's not really a from an underlying consumer problem that, uh, these, uh, couple of auto companies had some, uh, struggle. It's just how they went to Market and, you know, perhaps how they were operating in the in the marketplace. So, you know, when we look forward to the fourth quarter and into 26, at least the early parts of 26. Uh, you know, it feels like a quite stable environment as you know, GDP is growing. Um, you know, unemployment, you know, is still, you know, fairly low. Although there isn't a lot of job creation, you know, which is a problem that the I know the FED we read that the Feds Watching, You know, around, uh, you know, job creation. So, you know, we see it as a, you know, a fairly balanced, uh, you know, environment going forward.

Combination of our credit score with someone's income and employment is really quite positive and we just had some success with new customers remember.

As Mark said, if you look at Auto card fee, really, you're seeing slow growth, probably below what we call Trend, but it's been fairly consistent, right?

We don't have full penetration in those verticals.

Using twin we think every lender should use it in some way, which is why we're offering it as a twin indicator.

Slow go slow, slow growth kind of flat overall Market but but certain weaker than long-term trends but very consistent.

[Analyst 1]: Got it. Thank you. Maybe just a point of clarification. I think within EWS non-mortgage, consumer lending was up 20%. I think in absolute dollars, far and away the best quarter that line has had. In my model, just curious what's driving that, and maybe the sustainability of that level of growth.

We're gonna be rolling it out with our credit file for all verticals because it provides so much visibility about not only someone's credit score, which is their propensity to repay a loan but also their ability to repay because theyre working meaning they have a job. So we're energized about the future of AWS.

Got it. Thank you. And then maybe just a point of clarification. Um, I think within ews non-mortgage, um, consumer lending was a 20% I think in absolute dollars far in a way that the best part of that lines had and

Mark Begor: That is a high growth rate. I wouldn't think about that as a long-term trend for that part of EWS, but it's really just the deployment of the value of twin in some of those verticals, which is very powerful. The combination of a credit score with someone's income and employment is really quite positive. We just had some success with new customers. Remember, we don't have full penetration in those verticals of using twin. We think every lender should use it in some way, which is why we're offering it as a twin indicator, as we're going to be rolling it out with our credit file for all verticals because it provides so much visibility about not only someone's credit score, which is their propensity to repay a loan, but also their ability to repay because they're working, meaning they have a job.

In in my model, just curious what what's driving that uh and maybe this is sustainability of that level of growth.

In that space.

A minder that business for AWS is just much smaller than <unk>. So the growth rates tend to bounce around a little more so as Mark said, yes, you ran a couple of orders within a couple of customers. It's much stronger. So you shouldn't take that as a longer term rate. The other thing thats in there just to remind everyone is that management and you really haven't seen a lot of activity at around student loans. So given that that's the key.

So that's an opportunity as we get into 2026, but not something that's really been beneficial yet.

Well, that that's a high growth rate, you wouldn't think about, I wouldn't think about that as a long-term trend for that part of ews. But you know, it's really just, uh, the deployment of the, the value of twin. In some of those, uh, verticals. You know, is very powerful. You know, the combination of a credit score with someone's income and employment, you know, is really uh, quite positive and we just had some, you know, success with new customers. Remember.

Thank you next question today is coming from Ashish <unk> from RBC capital markets. Your line is now live.

Hi, This is David page on for Ashish I was just wondering maybe you could touch on international.

You know maybe double click on what you saw in the quarter and then how you're thinking about it for the rest of the year. Thank you.

Mark Begor: We're energized about the future of EWS in that space.

Yes, good performance, we're pleased with.

John Gamble: As a reminder, that business for EWS is just much smaller than USIS. The growth rates tend to bounce around a little more, right? As Mark said, yeah, it was very good for customers. When a couple of customers, it's much stronger. You shouldn't take that as a longer-term rate. The other thing that's in there, just to remind everyone, is debt management, and you really haven't seen a lot of activity yet around student loans. Given that that's the case, that's an opportunity as we get into 2026, but not something that's really been beneficial yet.

The team's performance I think we talked about.

Very strong performance in Canada kind of post cloud, where they finished the cloud last summer and they are really deploying some new solutions and driving some share gains Latam was very strong we talked about Brazil with are not new but two two years now.

Having boa Vista, performing really well and had a very very strong quarter as we rollout new solutions in Brazil.

You know, we don't have full penetration in those verticals, you know of using twin. You know, we think every lender should use it in some way which is why you know we're offering it as a twin indicator you know as we're going to be rolling it out with our credit file for all verticals because it provides you know so much visibility about not only someone's credit score which is their propensity to repay a loan but also their ability to repay because they're working, meaning they have a job. So you know we're energized about the the, you know, the future of ews. You know, in that in that space, as a reminder that business for ews is just much smaller than us. Is so the growth rates tend to bounce around a little more, right? So as Mark said yeah, it was very difficult when a couple customers. It's it's much stronger. So you shouldn't take that as a longer term rate. The other thing that's in there just to remind, everyone is debt management and you really haven't seen a lot of activity yet around student loans. So given that that's the case. That's an opportunity as we get into 2026. But not something that's really been beneficial yet.

We're seeing some share gains.

There and in.

Trevor Burns: Thank you. Next question today is coming from Ashish Sabadra from RBC Capital Markets. Your line is now live.

The other markets are solid performance in Australia U K, Spain.

We're solid performance.

Thank you. Next question. Today, is coming from Ashish sabadra from RBC Capital markets. Your line is now live.

<unk> just completed their transformation really late in the second quarter and so they are there to say, let's call. It six to nine months behind where Canada was so we're we feel very good about them being able to drive improving performance again as we get into 2026 based on utilizing the new infrastructure. They have which we think is much stronger than what our competitors in the.

[Analyst 1]: Hi, this is David Page on for Ashish. I was just wondering, maybe you could touch on international, what you know, maybe double-click on what you saw in the quarter, and then how you're thinking about it for the rest of the year. Thank you.

Mark Begor: Yeah. Good performance. We're pleased with the team's performance. I think we talked about very strong performance in Canada, kind of post-cloud. They finished the cloud last summer, and they're really deploying some new solutions and driving some share gains. Latin America was very strong. We talked about Brazil with our not new, but two years now, having Boa Vista performing really well. Had a very, very strong quarter as we roll out new solutions in Brazil, and we think we're seeing some share gains there. In the other markets, solid performance in Australia, UK, Spain, were solid performers.

Hi, this is David Paige on for a shish. I was just wondering, maybe you could touch on International, what um, what you know, maybe double-click on what you saw in the quarter and then how you're thinking about it for the rest of the year. Thank you.

Yeah, good performance. We're pleased with, uh,

Okay.

Great. Thank you.

The next question is coming from renal Kumar from Oppenheimer. Your line is now live.

Hi, Good morning for taking my question I know you mentioned narrowing of that hiring, particularly young white collar hiring timeline crop.

Can you give us some detail on what Youre hearing from your conversation.

My background screeners, and what is the expected impact of pollen Hum on the fourth quarter.

John Gamble: UK just completed their transformation really late in the second quarter. They're, let's call it six to nine months behind where Canada was. We feel very good about them being able to drive improving performance again as we get into 2026 based on utilizing the new infrastructure they have, which we think is much stronger than what our competitors in the UK have.

Yeah.

The team's performance I think we talked about uh you know very strong performance in Canada kind of post Cloud but they finish the cloud last summer and they're really um deploying uh you know some new Solutions and driving some share gains latam was very strong. We talked about Brazil, with our, not new, but 2 2 years now, um, having Boa Vista, performing really well. Um, had a very, very strong quarter, you know, as we roll out new Solutions, in Brazil and uh, we we think we're seeing some share gains um there and uh you know, in the other markets you know solid performance in Australia, UK Spain. Um you know, we're solid performers.

Yes, I think pretty consistent.

Sluggish market and we all read about that as far as job creation employment broadly is fairly high unemployment is fairly low, but there isn't a lot of as much new job creation I think as.

Everyone would like to see.

I think you still have and we talked about it on the last call what we hear from our background screening customers as they're hearing from their clients, which is the HR managers of.

UK just completed their transformation, really late in the second quarter. And so they're they're saying, let's call it 6 to 9 months behind where Canada was. So we're we feel very good about them being able to drive, improving performance, again, as we get into 2026 based on utilizing the new infrastructure, they have, which we think is much stronger than what our competitors in in in the UK have.

[Analyst 1]: Great, thank you.

Great. Thank you.

Trevor Burns: Thank you. The next question is coming from Reina Kumar from Oppenheimer. Your line is now live.

Corporations across the U S is still a lot of cautiousness around hiring because kind of the broader outlook about.

Operator: Hi. Good morning. Thanks for taking my question. I know you mentioned earlier that hiring, particularly white-collar hiring, continues to remain stressed. Can you give us some detail on what you're hearing from your conversations with customers and background screeners, and what is the expected impact of talent in the fourth quarter? Thank you.

Thank you. The next question is coming from Reno Kumar from Oppenheimer. Your line is now live.

Tariffs are going to be resolved and where are those going there's still quite a bit of uncertainty on that and I think to me. That's one of the catalysts that has to get sorted out and it feels like the administration is getting closer on that.

They are making progress, but its just taking quite some time.

Appreciate the color.

Mark Begor: Yeah. I think pretty consistent. You know, it's a sluggish market, and we all read about that as far as job creation. You know, employment broadly is fairly high. Unemployment is fairly low, but there isn't as much new job creation, I think, as everyone would like to see. I think you still have, and we talked about it on the last call, what we hear from our background screening customers as they're hearing from their clients, which is the HR managers of corporations across the U.S. There's still a lot of cautiousness around hiring because, you know, kind of the broader outlook about, you know, are tariffs going to be resolved and, you know, where are those going? There's still quite a bit of uncertainty on that. I think, to me, that's one of the catalysts that has to get sorted out.

Thank you next question is coming from Jason Haas from Wells Fargo. Your line is now live.

Good morning, this is Jamie on for Jason Haas.

Your U S highest mortgage outperformance was 33% in the quarter, which was a step up sequentially is that driven from the new mortgage preapproval products or what else drove that incremental outperformance.

I don't think it was 33 it was 33.

The outperformance is really being driven by the same thing thats been driven by all year right. So we had obviously the very large FICO price increase that occurred last year, which is flowing through in our revenue and yes. There is some growth in the pre qual and pre approval products.

Probably the driver is the cycle of price increase that happened last year.

Mark Begor: It feels like the administration is getting closer on that, that they're making progress, but it's just taking quite some time.

Alright, the 33% I meant was like.

Yeah, I think pretty consistent you know it's a sluggish market and we all read about that as far as job creation. You know, employment broadly is fairly high, unemployment is fairly low, but there isn't a lot of as much new job creation. I think is the uh, you know, everyone would like to see. Um, I think you still have, uh, and we talked about it on the last call. You know what? We hear from our background. Screening customers is, they're hearing from their clients which is the HR managers of, you know, corporations across the US. There's still a lot of cautiousness around hiring because, you know, kind of the broader Outlook about, you know, our tariffs going to be resolved and, you know where those going. There's still quite a bit of uncertainty on that. And I think, to me, that's 1 of the catalysts that has to get sorted out and it feels like the administration is getting closer on that. You know, that, you know, they're making progress but it's just taking quite some time.

26% revenue growth and then inquiries were down 7%. So you've got 33 got it.

Operator: Appreciate the color.

Appreciate the color.

Got it understood.

Trevor Burns: Thank you. Next question is coming from Jason Haas from Wells Fargo. Your line is now live.

Yes very much.

Your appointment.

Sorry, My second question. So one major adoption hurdle for vantage score is often cited.

Thank you. Next question is coming from Jason hos from Wells. Fargo, your line is now live.

[Analyst 4]: Good morning. This is Jimmy on for Jason Haas. Your USIS mortgage outperformance was 33% in the quarter, which was a step up sequentially. Is that driven from the new mortgage pre-approval products, or what else drove that incremental outperformance?

As its acceptance within the securitization market, so giving out for Ya vantage scores along with each purchase of a FICO score helps you get visibility among lenders, but I don't think I don't think the securitization market will end up seeing it correct me, if I'm wrong, but plan to navigate the adoption calendar.

Good morning. This is Jenny on for Jason Host. Um, your USIS mortgage outperformance was 33% in the quarter, which was a step up sequentially. Is that driven from the new mortgage pre-approval products, or what else drove that incremental outperformance?

Mark Begor: Yeah, I don't think it was 33.

John Gamble: I don't think it was 33, but the.

Mark Begor: It was 26.

John Gamble: The outperformance is really being driven by the same thing that's been driven by all year, right? We had obviously the very large FICO price increase that occurred last year, which is flowing through in our revenue. Yes, there is some growth in the pre-qual and pre-approval products, but probably the larger driver is the FICO price increase that happened last year.

Yes, so we already we already sell vantage into the securitization market really that they use today they've been using it for quite some time in the mortgage industry.

And the origination side, because there was a 30 year monopoly, but in kind of post loan.

I don't think it was 33, I don't think it was 33 but the um, but 26 but the outperformance is really being driven by the same thing. It's been driven by all year, right? So we we had obviously the very large FICO price increase. That occurred last year which is flowing through in our revenue. And yes, there is some growth in in the prequel and pre-approval products. Um, but but probably the larger driver is the is the psycho price increase that happened last year.

[Analyst 4]: Sorry. The 33% I meant was, like, you know, you did 26% revenue growth, and then increase were down 7, so you get 33%.

Post.

Closing in <unk>.

Alex this around the mortgages and mortgage portfolios, we've been using it for quite some time. So I think as you point out that's going to take time I would point also to other verticals like auto and cards, where it's widely accepted meaning large lenders.

John Gamble: Got it. Yeah, well done. Understood. Thank you.

[Analyst 4]: Very nice point. I get your point, sir. Sorry. My second question. One major adoption hurdle for VantageScore is often cited as its acceptance within the securitization market. Giving out free VantageScore along with each purchase of a FICO score helps you get visibility among lenders, but I don't think the securitization market will end up seeing it. Correct me if I'm wrong, but how do you plan to navigate these adoption challenges?

So packages of loans with vantage and securitize.

Loans with the vantage. So it's a it's definitely something that happens broadly and it will definitely take some time.

And we're continuing to expand the number of tools through ignite and then data through very long term data panels that we're making available to those to the securitization market to rating agencies and others. So that they can more rapidly.

Mark Begor: Yeah. We already sell Vantage into the securitization market. They use it today. They've been using it for quite some time in the mortgage industry. Not from the origination side because there was a 30-year monopoly, but in post-loan or post-closing analysis around mortgages and mortgage portfolios, we've been using it for quite some time. I think, as you point out, that's going to take time. I would point also to other verticals like auto and cards where it's widely accepted, meaning large lenders sell packages of loans with Vantage and securitize loans with Vantage. It's definitely something that happens broadly, and it'll definitely take some time.

Sorry, the 33% I meant was like, you know, you did 26% Revenue growth and then inquiries were down 7, so you get 33%, got it. Yeah, well done understood, thank you. Yep, I got your point soon. Um yeah, sorry my second question. So 1 major adoption hurdle for Vantage. Score is often cited. Um, is its acceptance, within the security market. So giving out free Vantage scores along with each purchase of a FICO score helps you get visibility on Long lenders, but I don't think it. I don't think the securitization Market will end up seeing it. Correct me if I'm wrong. But how do you plan to navigate these adoption challenges?

Their analytics and and we can accelerate adoption.

Thanks, Thats good color.

Thank you next question today is coming from Faiza <unk> from Deutsche Bank. Your line is now live.

Yes, hi, Thank you and good morning.

Mark I wanted to ask about a significant push about the MTA seems to be making around.

Yeah, so we already, we already sell Vantage into the securitization Market. You know, really that they use today. They've been using it for quite some time and the mortgage industry. I'm not, you know, for the origination side because there was a, you know, a 30-year Monopoly, but in kind of post loan or or post, you know, closing uh, analysis around, uh, mortgages and mortgage portfolios. We've been using it for quite some time. So, I think as you point out that's going to take time, I would point also to

Leave from the timeline to report.

<unk> been discussing a couple of years ago, when combined modulus, let's first.

Introduced the idea was first introduced.

But it just seemed like the voices are getting a bit louder. So would just love to hear how you would respond to that and.

John Gamble: We are continuing to expand the number of tools through Ignite analytics platform and then data through very long-term data panels that we are making available to the securitization market, to rating agencies, to others, so that they can more rapidly complete their analytics and we can accelerate adoption.

Other verticals, you know, like Auto and cards where it's widely accepted, meaning, uh, you know, large lenders, um, sell packages of loans with Vantage and uh, securitize, you know, uh, loans with Vantage. So it's, uh, it's definitely, uh, something that happens broadly. And, uh, you know, it'll definitely take some time.

How that might impact you and what youre doing to sort of counter that.

Yes.

Theres some voice on that we don't think its a real drum beat I think theres more focus on score pricing certainly currently and there is around try emerging we've been quite consistent with.

And and we're, we're continuing to expand the number of tools through ignite, and then data through very long-term data panels that we're making available to those to, to the security Market, to rating agencies to others, so that they can more rapidly, um, complete their analytics and, and we can accelerate adoption.

[Analyst 4]: Thanks. That's great color.

Thanks. That's a great color.

Trevor Burns: Thank you. Next question today is coming from Faiza Ali from Deutsche Bank. Your line is now live.

With the regulators with the agencies and with our customers that there is a lot of value in the prime merge because theres. So many differences between the three credit bureaus as far as the credit data that we have.

Thank you. Next question today is coming from fisa. Ally from Georgia Bank. Your line is now live.

Operator: Yes. Hi. Thank you. Good morning. Mark, I wanted to ask about a significant push that the MBA seems to be making around a shift away from the TriMerge report. I know we had this discussion a couple of years ago when the BiMerge was first introduced. The idea was first introduced, but it just seems like the voices are getting a bit louder. We'd just love to hear how you would respond to that and how that might impact you and what you're doing to sort of counter that.

And there is just for example, there's $10 million roughly 10 million consumers that are only on one credit file of the three so if you only pulled one or two that individual wouldn't have access to a mortgage.

There is a 40 plus million consumers that have a.

At 30% to 40 point score difference between the three credit bureaus, youre pulling one or two you obviously either improve or.

Or have a negative impact on our consumer and then you also have the whole integrity. So in our perspective Theres a lot of.

Hi, thank you. Good morning. Um, Mark I wanted to ask about, uh, significant push that the MBA seems to be making around a shift away from the triage report. I know we had this discussion a couple of years ago when the buy merge was was first. Um you know in introduced the idea was first introduced uh but it just seems like the voices are getting a bit louder. So we just love to hear how you would respond to that and uh what what what how that might impact you and what you're doing to sort of counter that

Mark Begor: Yeah. You know, there's some voice on that. We don't think it's a real drumbeat. I think there's more focus on score pricing, certainly currently than there is around TriMerge. We've been quite consistent with the regulators, with the agencies, and with our customers that there's a lot of value in the TriMerge because there's so many differences between the three credit bureaus as far as the credit data that we have. For example, there's roughly 10 million consumers that are only on one credit file of the three. If you only pulled one or two, that individual wouldn't have access to a mortgage. There's 40+ million consumers that have a 30 to 40-point score difference between the three credit bureaus. If you're pulling one or two, you obviously either improve or have a negative impact on a consumer, and then you also have the whole integrity.

Broad focus on that I think the MBA focus is more around the cost that's been driven by the FICO score increase.

Really impacted the industry and hopefully the the discussion is happening at the MBA meeting this week.

It was around the actions that we're taking and I think our competitors did too.

Round.

Trying to offer an alternative to bring score pricing down.

For the mortgage originators and for consumers.

Alright.

To follow up on double lung I know you're looking for.

We launched a complete very quickly.

Product.

Hum.

Robot products for Tomorrow.

Right.

And from a local to a game.

On the competitive environment.

Mark Begor: In our perspective, there's a lot of broad focus on that. I think the MBA's focus is more around the cost that's been driven by the FICO score increase, which has really impacted the industry. Hopefully, the discussions happening at the MBA meeting this week are around the actions that we're taking, and I think our competitors did too, around trying to offer an alternative to bring score pricing down for the mortgage originators and for consumers.

Then I'll conclude my permission side with them.

Yes, and yes.

You May remember our solution is integrated with the twin instance solution. So.

If you're a state or an agency that's using it we rolled this out as you know last quarter, we already had one customer signed up to use it and we've got an attractive.

Active pipeline forward, but the intention is as to the.

The vast majority of social service recipients have W. Two income, which is where we have the data on it. So they will access in the workflow our twin solution first and then if the applicant or is.

The 3 credit bureaus. If you're pulling 1 or 2, you obviously, either improve or or or or or have a negative impact on a consumer and then you also have the whole Integrity. So, in our perspective, um, there's a lot of, uh, you know, broad focus on that. I think the NBA's focus is more around. The costs that's been driven by the FICO score increase. You know, is really impacted the industry. And, you know, hopefully the, the, the discussions happening at the NBA meeting this week, you know, is around the actions that, you know, we're taking and I think our competitors did too, you know around uh, you know, trying to offer an alternative to bring, uh, score pricing down, you know, for the mortgage Originators and for consumers.

Operator: All right. Understood. Just to follow up on government, I know you recently launched your complete verification product. I'm just curious how much traction you're seeing with that product versus more of an instant verification. I'm curious if you can comment on the competitive environment on the consumer permission side within government.

Also has some gig income than they would integrate right through to our total income solution with the consumer permission data and we deliver a report back with.

Both sets of income it's very common.

For many of the social service recipients to have a W. Two job either a restaurant or a warehouse or a retail operation, but then they might be have a gig income on the weekends or at night for.

Mark Begor: Yeah. You may remember our solution is integrated with the twin indicator solution. If you're a state or an agency that's using it, we rolled this out, as you know, last quarter. We already have one customer signed up to use it, and we've got an attractive pipeline for it. The intention is that the vast majority of social service recipients have W2 income, which is where we have the data on it. They'll access in the workflow our twin indicator solution first, and then if the applicant also has some gig income, they would integrate right through to our total income solution with the consumer-permissioned data, and we deliver a report back with both sets of income.

All right, understood and, and then just to follow up on government. I know you recently launched your complete verification, uh, product. Just curious. Um, you know, how much traction you're seeing with that product versus more of an instant verification and, and curious if you can comment on the, you know, competitive environment, um, on on the, you know, consumer permissions side within government,

Her door dash or Uber or whatever that are self employed income would be in our solution.

Provides kind of a complete picture there and we believe that integrated solution is quite important for the case workers in order to provide productivity.

Yeah. And and you you may remember our solution is integrated with the uh, twin instance Solutions. So, you know, if you're a state or an agency, that's using it. Um, and we roll this out, as, you know, last quarter, we already have 1 customer signed up to use it and we've got a an attractive pipeline for it. But the intention is, is to, um, the vast majority of social

And also the speed of the social service delivery, so we're quite optimistic about.

About deploying that further in the marketplace to really help provide access to that non traditional income.

Thank you Mark.

Thank you next question is coming from Craig Huber from Huber Research partners. Your line is on that.

Mark Begor: It's very common for many of the social service recipients to have a W2 job, either a restaurant or a warehouse or a retail operation, but then they might have a gig income on the weekends or at night for DoorDash or Uber or whatever that self-employed income would be. Our solution provides a complete picture there. We believe that integrated solution is quite important for the caseworkers in order to provide productivity, and also the speed of the social service delivery. We're quite optimistic about deploying that further in the marketplace to really help provide access to that non-traditional income.

Great. Thank you.

Hey, Mark or John.

What do you say to investors out there that point out that vantage score in the marketplace has roughly 5% market share versus.

Autos credit card P loans out there.

They basically negligible market share in nonconforming mortgages out there what's going to change going forward in your mind in those markets.

Materially move your market share often vantage score.

<unk> been out there for 1920 years so far.

Yes, but remember that.

Service. Recipients, you know, have W2 income, which is where we have the data on it? So, you know, they'll assess in the uh, workflow, our twin solution first. And then if the applicant or the is, uh, also has some gig income, then they would, uh, integrate right through to our total income solution with the consumer permission data. And we deliver a report back with, you know, both sets of income. It's very common. You know, for many of the Social Service, recipients to have a W2 job either at a restaurant or a warehouse, or a retail operation, but then they might be, uh, have gig income on the weekends, or at night, you know, for door Dash or Uber, or, you know, whatever that, uh, self-employed income would be and our solution provides, you know, kind of a complete picture there and we believe that integrated solution, you know, is quite important for the case workers in order to provide um productivity um and also uh you know, the speed of the Social Service delivery. So we're quite optimistic, you know about deploying

I think youre talking principally in mortgage and the.

The difference in mortgages that it wasn't allowed in mortgage until July.

That, you know, further in uh, in the marketplace um to really help provide access to that uh non-traditional income.

Operator: Great. Thank you, Mark.

It just wasn't permissible and then.

Great. Thank you, Mark.

When you have the.

Trevor Burns: Thank you. Next question is coming from Craig Huber from Huber Research Partners. Your line is now live.

<unk> primary score provider FICO driving price up the way they have from 495% to $10. In 2026, we think that provides a catalyst and what we're seeing in the last number of weeks is a real.

Thank you. The next question is coming from Craig Huber from Huber Research Partners. Your line is now live.

[Analyst 2]: Oh, great. Thank you. Hey, Mark or John, what do you say to investors out there that point out that VantageScore in the marketplace has, you know, roughly 5% market share versus, you know, autos, credit card, P loans out there, and maybe basically negligible market share in non-conforming mortgages out there? What's going to change going forward in your mind in those markets to materially move your market share up in VantageScore, given that VantageScore has been out there for 19, 20 years so far?

Uh, great, thank you. Um,

A lot of momentum around lenders.

Hey, Mark. John, what do you say to investors out there that point out that the VantageScore in the marketplace has, you know, roughly 5% market share versus uh,

Wanting to drive towards that alternative because of the.

Challenging cost of the FICO score and so clearly it's going to take time I think we tried to point out also on the call that we have.

The FICO score increase it where the vantage option that we announced it doesn't change our long term outlook for the company. It just provides a new.

Mark Begor: Yeah. Remember that, and I think you're talking principally in mortgage, the difference in mortgage is that it wasn't allowed in mortgage until July. It just wasn't permissible. When you have the primary score provider, FICO, driving price up the way they have from $4.95 to $10 in 2026, we think that provides a catalyst. What we're seeing in the last number of weeks is a real lot of momentum around lenders wanting to drive towards that alternative because of the challenging cost of the FICO score. Clearly, it's going to take time. I think we tried to point out also on the call that, look, we have this, the FICO score increase or the Vantage option that we announced doesn't change our long-term outlook for the company. It just provides a new positive profit pool over the medium and long term.

You know, in auto credit cards, pay loans out there, and maybe basically negligible market share in non-conforming mortgages out there. What's going to change going forward in your mind and those markets to materially move your market share up and down to score, given that the VantageScore has been out there for 19 to 20 years so far?

Positive profit pool over the medium and long term.

We never thought about.

The $100 million to $200 million that profit pool for equifax until the score went up to $10 by FICO. A few weeks ago. We think that provides an opportunity for us to gain some share with vantage and that's what we're going to focus on but that doesn't change our long term outlook of the company.

In essence in the long term, but provides an upside to that and as far as the range that we have.

But where we're focused on.

Looking at that opportunity and trying to deliver those savings to our customers.

I'm, sorry, I'm talking about the nonconforming part of the mortgage market you can use vantage or FICO right for for many years here and stuff.

Yeah, but remember that, and I think you're talking principally in, uh, in mortgage. And, you know, the difference in mortgage is that it wasn't allowed in mortgage, you know, until July, you know? So, uh, it just wasn't permissible. And then, you know, when you have, uh, the primary score provider, FICO, you know, driving prices up the way they have, from 495 to $10 in 2026, we think that provides a catalyst. And what we're seeing in the last number of weeks, um, is a real, you know, uh, a lot of momentum, you know, around lenders, you know, wanting to drive towards that alternative because of the, uh, you know, challenging cost of the FICO score. And so, you know, clearly it's going to take time. I think we tried to point out also on the call that, you know, look, we have.

Please finish was negligible market share and noncash it does but.

Most of the lenders that are doing conforming and nonconforming really have one system and when FICO is was required for 30 years and built into the workflows in their processes.

You know, this, the FICO score increase or the Vantage option that we announced doesn't change our long-term outlook for the company. It just provides a new.

Mark Begor: We never thought about the $100 to $200 million that profit pool for Equifax Inc. until the score went up to $10 by FICO a few weeks ago. We think that provides an opportunity for us to gain some share with Vantage, and that's what we're going to focus on. That doesn't change our long-term outlook of the company. In essence, in the long term, it provides an upside to that as far as the range that we have. We're focused on looking at that opportunity and trying to deliver those savings to our customers.

The incentive to change was challenging to have two scores. If you will in the nonconforming as you point out and then as you know until recently, meaning it's only the last three or four years that FICO is with.

Put the gas pedal to their pricing.

It really changed quite dramatically.

And <unk> been quite aggressive so there really wasn't.

The catalyst, perhaps on the nonconforming side, but I think it's more just their systems and capabilities, if they're using FICO for 80% of their mortgages.

[Analyst 2]: I'm talking about the non-conforming part of the mortgage market. You can use VantageScore or FICO, right, for many years here, but yet I believe VantageScore is negligible market share there.

Positive profit pool, you know, over the medium and long term, you know, there's a you know we we never thought about you know the 100 to 200 million dollars that you know, profit pool for Equifax. You know until the score went up to ten dollars by FICO a few weeks ago. You know, we think that provides an opportunity for us to gain some share with Vantage and that's what we're going to focus on. But that doesn't change a long term Outlook at a company. Um, you know, in essence in the long term, but provides an upside to that and as far as the range that we have, um, but uh, we're, you know, we're focused on, you know, looking at that opportunity and trying to deliver those savings to our customers.

In the conforming side nonconforming it didn't make a lot of sense to do it we believe now it does.

Mark Begor: Yeah, it does. Most of the lenders that are doing conforming and non-conforming really have one system. When FICO was required for 30 years and built into their workflows and their processes, the incentive to change was challenging, to have two scores, if you will, in the non-conforming, as you point out. As you know, until recently, meaning it's only the last three or four years that FICO's put the gas pedal to their pricing and really changed it quite dramatically, and been quite aggressive. There really wasn't enough of a catalyst perhaps on the non-conforming side. I think it's more just their systems and capabilities. If they're using FICO for 80% of their mortgages in the conforming side, non-conforming, it didn't make a lot of sense to do it. We believe now it does.

I'm, sorry, but definitely the other part of my question of 5% rough market share in autos credit card P loans advantest scores built up here over 1920 years or what's going to change on that part of the market for vantage as well I think as you know FICO I think as you know in those verticals FICO hasnt doubled their price.

<unk> taken it up 16 X so they've been more balanced around their pricing there. So there hasnt been the pricing catalyst or the cost catalyst there, but notwithstanding that there've been lenders that have moved to it because there is a price advantage.

With the vantage score versus a FICO.

We think theres going to be an opportunity to drive some share gains in that space beyond what has happened so far.

That's why we're offering the free vantage scores in that space.

To really drive on.

I'm talking about the non-conforming part of the mortgage Market, you can use Vantage or FICO right for for many years here and stuff, but yet I believe fantasy score is negligible market share their the non. Yeah, it does. But there's, there's most of the lenders that are doing conforming and non-conforming, you know, really have 1 system and when FICO is was, um, required for 30 years and built into their workflows and their processes, you know, the, the, the incentive to change was challenging to have 2 scores. If you will in the non-conforming as you point out, and then as you know, until recently, meaning it's only the last 3 or 4 years that, you know, fico's, you know, put the gas pedal to their pricing, um, you know, and really changed it quite dramatically, um, and been quite aggressive. So, you know, there really wasn't, you know, enough of a catalyst perhaps on the non-conforming side, but I think it's more just their systems and capabilities if they're using FICO for 80% of their mortgages, you know, in the conforming side.

Understanding and adoption that the score is equivalent in.

[Analyst 2]: Back to my other part of my question of 5% rough market share in autos, credit card, P loans that VantageScore has built up here over 19, 20 years here. What's going to change on that part of the market for VantageScore?

Non-conforming, you know, it didn't make a lot of sense to do it, you know, we believe now it does.

In the non mortgage verticals.

Verticals like auto cards and P loans, the vintage scores pricing is significantly below FICO, so theres going to be an opportunity there.

Mark Begor: As you know, in those verticals, FICO hasn't doubled their price, taken it up 16X. They've been more balanced around their pricing there. There hasn't been the pricing catalyst or the cost catalyst there. Notwithstanding that, there have been lenders that have moved to it because there is a price advantage with the VantageScore versus FICO. We think there's going to be an opportunity to drive some share gains in that space beyond what has happened so far, which is why we're offering the free VantageScores in that space to really drive understanding and adoption, that the score is equivalent. In the non-mortgage verticals like auto, cards, and P loans, the VantageScore's pricing is significantly below FICO. There's going to be an opportunity there.

Thank you. Our next question is coming from Chelsea <unk> from Autonomous Research. Your line is now live.

Hi, Good morning, Thanks for taking my question E vantage score upside on the mortgage vertical which was very helpful. So I was just wondering if you can talk about a lot of that more formal scores <unk> non warrants non mortgage protocol and principally around current penetration rate for Harman kardon.

But I'm sorry but back my other part of my question of 5% rough market share in Autos credit card P loans Advantage. Score has built up here over 1920 years or what's going to change on that part of the market for Vantage schools. Well it's I think as you know FICO I think as you know in those verticals FICO hasn't doubled their price you know taking it up 16 so they've been more balanced around their pricing there. So there hasn't been the pricing.

Auto and pricing that France, with the cycle and where you see the other.

Catalyst or the cost Catalyst there, but notwithstanding that there have been lenders that have moved to it because there is a price Advantage. You know, you know, with the the Vantage score versus FICO. Um you know, we we think there's going to be an opportunity to drive some uh share gains in that space beyond what has happened so far.

Option may prevent this score could be in the next three to five years.

Yes, I think that.

That's a space as I mentioned earlier that FICO has not been as aggressive on pricing. So it has gotten less attention than the dramatic pricing that they've had in the mortgage vertical where they had that monopoly position.

We think theres still some savings opportunities for our customers.

Which is why we're offering the free Vantage scores in that space, um, to really, uh, you know, Drive, um, understanding and adoption, you know that the score is equivalent and, you know, in, in the, uh, non mortgage verticals like Auto cards and P loans, the Vantage scores. You know, pricing is significantly below FICO, so there's going to be an opportunity there.

Our performance that.

Trevor Burns: Thank you. Our next question is coming from Kelsey Shu from Autonomous Research. Your line is now live.

It looks a lot like Michael as I said earlier, you have to have a catalyst to drive a change like this and there's clearly a real catalyst in our view in the mortgage space.

Thank you. The next question is coming from Chelsea, Shu. From autonomous research room, mine is now live.

Operator: Hi. Good morning. Thanks for taking my question. You cite VantageScore upside in the mortgage vertical, which was very helpful. I was just wondering if you can talk about a little bit more VantageScore's opportunity in the non-mortgage vertical and particularly around, you know, current penetration rate within card and auto and pricing difference with FICO and where you see the adoption rate for VantageScore could be in the next three to five years.

We're going to work to provide optionality for our customers by providing free vantage score and as said earlier you probably have the same until we do.

There's a number of large lenders that have switched a while ago.

The question is is there enough catalyst between the vantage score pricing in the FICO score pricing outside of mortgage we think theres an opportunity there, which is why we're going to we're going to focus on it and deliver the free vantage score with every paid FICO score and that's in those verticals also.

Hi, good morning, thanks for taking my questions. Um, you size Vantage score upside in the mortgage vertical, which was very helpful. So, I was just wondering if you can talk about a little bit more um, than the scores opportunity and then the num Works numb mortgage protocol and particularly around, you know, current penetration rate within card and auto and the pricing difference with cycle and where you see the adoption rate for band score could be in the next 3 to 5 years.

Mark Begor: Yeah. I think that that's a space, as I mentioned earlier, that FICO has not been as aggressive on pricing. It's gotten less attention than the dramatic pricing that they've had in the mortgage vertical where they had that monopoly position. We think there's still savings opportunities for our customers and, you know, a performance that, you know, looks a lot like FICO. As I said earlier, you have to have a catalyst to drive a change like this. There's clearly, you know, a real catalyst in our view in the mortgage space. We're going to work to provide optionality for our customers by providing the free VantageScore. As I said earlier, and you probably have the same intel we do, there's a number of large lenders that have switched a while ago.

Got it thanks, a lot and then second question on the government vertical I was just wondering I think how powerful that is more about the evolution of the snap contract because I remember in the Q3 2012, three call you talked about $31 million contract with the USDA, which I think was.

The base here.

On the <unk>.

Possibly impacted by the following practice soon with <unk> in 2024.

On slide 14, you talked about launching a new product that provide agencies publicly like changes to reduce arrow rates. So just curious to get your thoughts around how much revenues aframax generated from the USDA that contract in the last two years, but also your outlook going forward.

Mark Begor: The question is, is there enough catalyst, you know, between the VantageScore pricing and the FICO score pricing outside of mortgage? We think there's an opportunity there, which is why we're going to focus on it and deliver the free VantageScore with every paid FICO score in those verticals also.

Yes, we don't typically talk about specific customer contracts as you know, but our intention in the discussion on government was really to highlight some of the opportunities that we see going forward from the Ob three bill and the focus on.

Yeah, I think that, um, that's a spaces I mentioned earlier. That FICO has not been as aggressive on pricing, so it's gotten less attention than the dramatic pricing that they've had in the mortgage vertical where they had that Monopoly position. Um, it's, uh, we think there's still savings opportunities for our customers and, uh, you know, a performance that, you know, looks a lot like, um, FICO. As I said earlier, you have to have a catalyst to drive a change like this and uh, there's clearly, you know, a real Catalyst in our view in the mortgage space. Um, you know, we're going to work to provide optionality for our customers by providing the free Vantage score and is said earlier and you probably have the same Intel we do. Um, there's a number of large lenders that have switched to a while ago. Um, the question is, is, is there enough Catalyst to, you know, between the Vantage score pricing and the FICO score pricing outside of mortgage, you know, we think there's an opportunity there which is why we're going to. We're going to focus on it and deliver the free Vantage score. With every paid FICO score in in that in those verticals also

Operator: Got it. Thanks a lot. Second question on the government vertical. I was just wondering if you can tell us a little bit more about the evolution of the SNAP contracts because I remember in the Q3 2023 call, you talked about the $38 million contract with the USDA, which I think was a base year value, but that was possibly impacted by the funding practice changes at the USDA in 2024. On slide six, you talked about launching a new product that provides agencies monthly life changes to reduce error rates. Just curious to get your thoughts around how much revenue Equifax has generated from the USDA or SNAP contract the last two years, but also your outlook going forward.

Got it. Thanks a lot. And then second

The improper payments and $160 billion of improper payments at the federal level, we just see a lot of opportunities and <unk> really presents a whole bunch of new opportunities going from 12 months to six months Redetermination. The work requirements, we're working collaboratively at the federal and state level.

Vertical. I was just wondering if you can tell us a little bit more about the evolution of the SNAP contracts, because I remember in the Q3 2023 call, you talked about the $38 million contract with the USDA, which I think was a base year value. Um, but that was possible impacts us by the following practice changes at the USDA in.

We deliver because we have hours worked and our dataset and then the error rates that come through with and snap.

And we mentioned that Theres a lot of states that are north of those error rates and they're gonna be want to focused on getting them down. So we think the broader adoption of our solution is going to be a positive going forward.

Mark Begor: Yeah. We don't typically talk about specific customer contracts, as you know, but our intention in the discussion on government was really to highlight some of the opportunities that we see going forward, you know, from the OB3 bill and the focus on the improper payments and $160 billion of improper payments at the federal level. We just see a lot of opportunities. OB3 really presents a whole bunch of new opportunities, going from 12 months to 6-month redeterminations, the work requirements. We're working collaboratively at the federal and state level about solutions we deliver because we have hours worked in our dataset. The error rates that come through with SNAP, and we mentioned that there's a lot of states that are north of those error rates, and they're going to be wanting to focus on getting them down.

2024. And then on slide 6, you talked about launching a new product that provides agencies monthly life changes to reduce error rates. So, just curious to get your thoughts around how much revenue Epochs generated from the USDA or SNAP contract the last 2 years, but also your outlook going forward.

And I know you know this but the vast majority of our revenue regarding staff is with the states directly.

Got it thanks a lot.

Thank you next question is coming from Scott works off from Wolfe Research. Your line is now live.

Hey, guys. Thanks for squeezing me in just wanted to ask another one on the government vertical, particularly as it relates to the shut down and if we do see this sort of extend longer than what was anticipated. Just wondering if you can talk a little bit more about the potential impacts like understand there will probably be impacts to your federal program contracts, but is there anything at.

The state level that is tied to federal programs that could potentially see impacts as well.

Yes.

Mark Begor: We think the broader adoption of our solution is going to be a positive going forward.

You used a phrase which I'd love to get your view on that longer than anticipated the shutdown I think none of us really.

John Gamble: The vast majority of our revenue regarding SNAP is with the states directly.

Billion of, uh, of improper payments that the federal level. Um, we just see a lot of opportunities and ob3, um, really presents a whole bunch of new opportunities, you know, going from 12 months to 6 months, redetermination the work requirements, you know, we're working collaboratively at the federal and state level about Solutions, we deliver because we have hours worked in our data set and then the, uh, error rates that come through with and snap. Um, and we mentioned that there's a lot of states that are north of those error rates and they're going to be want to focus on getting them down. So we think the uh broader adoption of our solution, you know, is going to be a positive going forward.

Understand enough about politics, although I think the Treasury Secretary said.

And, and, and I know, you know this, but the vast majority of our revenue regarding SNAP is with the states directly.

I believe yesterday that the expectation is going to be resolved this week.

Operator: Got it. Thanks a lot.

Broadly, we think and it's hard to pick a timeframe like how long is it going to go but broadly.

Got it. Thanks a lot.

Trevor Burns: Thank you. Next question is coming from Scott Wertzel from Wolfe Research. Your line is now live.

Thank you. Next question is coming from Scott, works all from Wolf. Researcher Line is now live.

Any impacts we would see us be a deferral of revenue that would be made up because those applicants are still going to be there.

[Analyst 3]: Hey, guys. Thanks for squeezing me in. I just wanted to ask another one on the government vertical, particularly as it relates to the shutdown. If we do see this sort of extend longer than what is anticipated, just wondering if you can talk a little bit more about the potential impacts. I understand there will probably be impacts to your federal program contracts, but is there anything at the state level that is tied to federal programs that could potentially see impacts as well? Thanks.

The states not really impacted.

Because theyre still delivering social services.

So we don't see an impact there so.

In our guide that we have for the fourth quarter, we just really don't see an impact there.

You know look if this went on for months.

Like a kind of a very extreme scenario that would be hard to handicap, but.

Mark Begor: Yeah. I think you used a phrase, which I'd love to get your view on that, longer than anticipated, you know, the shutdown. I think none of us really understand enough about politics, although I think the Treasury Secretary said, I believe yesterday that expectations are going to be resolved this week. Broadly, you know, we think, and it's hard to pick a timeframe, you know, like how long is it going to go, but broadly, you know, any impacts, we would see as be a deferral of revenue that would be made up because those applicants are still going to be there. The state's not really impacted, you know, because they're still delivering social services, so we don't see an impact there. In our guide that we have for the fourth quarter, we just really don't see an impact there.

Hey guys, thanks for uh squeezing me in. Um, just wanted to ask another one on the government vertical, particularly as it relates to the uh shutdown. If we do see this sort of extend, you know, longer than what is anticipated, just wondering if you can talk a little bit more about the potential impacts. I understand there will probably be impacts to, you know, your federal program contracts. But is there anything at the state level that is tied to federal programs that could potentially see impacts as well? Thanks.

Where it's tracking so far we don't see an impact.

Got it that's helpful. And then just on the on the vitality index side and the strong results that youre seeing out of the new products. I know you mentioned the <unk> virtual that has been driving some strength there, but just wondering if you could talk about you know a few more products that you know kind of drove that 16% vitality index this quarter and you're raising your guidance from 12% to 13%.

Yes, its a bunch, it's really starts with we laid the groundwork three or four years ago to invest in more product resources and really build out our product DNA that was our goal and as you may remember, we increased our long term goal for vitality from kind of 567% to 10% for.

Mark Begor: I think, you know, look, if this went on for months, you know, that's like, you know, kind of a very extreme scenario that would be hard to handicap. Where it's tracking so far, we don't see an impact.

Years ago, and we've been outperforming that for the last number of years and now that we're in what I would call. It post cloud transformation environment with most of our cloud completion complete the bandwidth has really opened up for our teams. So I think that starts with why are we outperforming our 10% goal. So strongly is.

Yeah, I I think well you you used a phrase which I'd love to get your your uh, view on that longer than anticipated, you know, the, the shutdown I think. None of us really, um, understand enough about politics. Although I think the treasury secretary said, uh, uh, I believe yesterday that, uh, expectations going to be resolved this week. Um, you know, broadly, you know, we think in in, it's hard to pick a time frame, you know, like how long is it going to go? But broadly, you know, any impacts. Um, we would see as be a deferral of Revenue that would be made up because those applicants are still going to be there. Um, the states not really impacted, um, you know, because they're still delivering Social Services, um, so we don't see an impact there. So, you know, in our, in our guide that we have for the fourth quarter, we just really don't see an impact there and, you know, I think, you know, look at this 1 on for months, you know, that's like uh, you know, kind of a very extreme scenario that would be hard to handicap but you know where it's tracking so far, we don't see an impact.

[Analyst 3]: Got it. That's helpful. On the vitality index side and the strong results that you're seeing out of the new products, I know you mentioned the i9 Virtual that has been driving some strength there, but just wondering if you can talk about a few more products that kind of drove that 16% vitality index this quarter and you're raising your guidance from 12% to 13%.

It is because we have the capabilities now with the cloud we have the bandwidth.

To focus on customers and innovation and we built the DNA to really focus on it. So other products you know we talked a bunch about the twin indicator, we're energized about that for mortgage that's in <unk>.

Mark Begor: Yeah. It's a bunch. It really starts with, you know, we laid the groundwork three, four years ago to invest in more product resources and really build out our product DNA. That was our goal. As you may remember, we increased our, you know, kind of long-term goal for vitality from kind of 5, 6, 7 to 10%, you know, four years ago. We've been outperforming that for the last number of years. Now that we're in what I would call a post-cloud, you know, transformation environment, with most of our cloud completion complete, the bandwidth has really opened up for our team. I think that starts with, you know, why are we outperforming our 10% goal so strongly, is because we have the capabilities now with the cloud. We have the bandwidth to focus on customers and innovation. We built the DNA to really focus on it.

That's helpful and then just on the um on the Vitality index side and the you know strong results that you're seeing out of the new products. I know you mentioned the uh, I9 virtual that has been driving some strength there, but just wondering if you can talk about, you know, a few more products that, you know, kind of drove that 16% Vitality Index this quarter and you're raising, you know, your guidance from 12 to 13%.

Production now we've got customers that are using it we've got mortgage resellers that are.

During it to their customers. So that's a positive for us that we think is.

Going to be a very positive.

NPI for us not only in mortgage but in auto cards and P loans as we continue to roll that out <unk> virtual is an attractive solution. We've got some new identity scores really leveraging our account data and our equifax.

Equifax data that are higher performing that we're seeing some positives and we talked about some of the new solutions that we're just bringing to market to enhance our ignite.

Analytics engine through the use of AI capabilities that we think will drive adoption of that.

So we're we're quite bullish around our innovation capabilities and remember that's.

Mark Begor: Other products, you know, we talked a bunch about the twin indicator. We're energized about that for mortgage. That's in production now. We've got customers that are using it. We've got mortgage resellers that are delivering it to their customers. That's a positive for us that we think is going to be a very positive NPI for us, not only in mortgage, but in auto, cards, and P loans as we continue to roll that out. i9 Virtual is an attractive solution. We've got some new identity scores, really leveraging our account data and our Equifax data that are higher performing that we're seeing some positives in. We talked about some of the new solutions that we're just bringing to market to enhance our Ignite analytics engine through the use of AI capabilities that we think will drive adoption of that. We're quite bullish around our innovation capabilities.

That's one of the reasons, we invested so heavily in the cloud as well as invested to put all our data into a single data fabric was really to drive innovation for our customers and then adding to that our AI capabilities is really driving performance, meaning just higher kiosk scores higher predictability.

Yeah, it's a bunch. Um, you know, it really starts with, you know, we laid the groundwork, uh, 3-4 years ago to invest in more product resources and really build out our product DNA. That was our goal. And as you may remember, we increased our, you know, kind of long-term goal for Vitality from kind of 5-6-7% to 10%, you know, 4 years ago. And we've been outperforming that for the last number of years. Now that we're in what I would call a post-cloud, you know, transformation environment, you know, with most of our cloud completion complete, the bandwidth is really opened up for our team. So I think that starts with, you know, why are we outperforming our 10% goals so strongly? Um, it's because we have the capabilities now, with the cloud, we have the bandwidth, you know, to focus on customers and innovation, and we built the DNA to really focus on it. So other products, you know, we talked a bunch about the twin indicator, you know, we're energized about that for mortgage, you know, that's in...

<unk> of our stores models and products, we're seeing that flow through and thats showing up in that higher vitality index and that momentum is obviously positive for 2026.

To have that kind of sequentially growing vitality index means we have.

Production. Now we've got customers that are using it. You know we've got mortgage resellers that uh you know are delivering it to their customers, you know. So that's a positive you know for us that we think is you know going to be a very positive uh um NPI for us. Not only in mortgage but in Auto cards and P loans as we continue to roll that out. Um I9 virtual is an attractive solution. We've got some new identity scores. Um, really leveraging our count data and our um uh Equifax data that are higher performing that we're seeing some uh positives in. Um we talked about

More products in our.

Commercial teams.

Briefcase to go out and bring to our customers to really drive.

And share gains and revenue growth for Equifax.

Mark Begor: Remember, that's one of the reasons we invested so heavily in the cloud, as well as invested to put all our data into a single data fabric, was really to drive innovation for our customers. Adding to that, our AI capabilities is really driving performance, meaning just higher KS scores, higher predictability of our scores, models, and products. We're seeing that flow through, and that's showing up in that higher vitality index. That momentum is obviously positive for 2026, to have that kind of sequentially growing vitality index means we have more products in our commercial teams' briefcase to go out and bring to our customers to really drive innovation and share gains and revenue growth for Equifax Inc.

Great. Thanks, guys.

Thank you next question is coming from Ryan Griffin from BMO capital markets. Your line is now live.

Hey, Thanks for squeezing me in I know, it's late so I'll just ask one just wanted to dig into the pricing strategy in the non mortgage verticals, whether on the credit file itself or some of the other package fees do you think there is room to move that higher over time. Thank you.

Yeah, and we have a constant strategy too.

Price for value.

In all of our verticals, we typically take price up on January one.

And we see the opportunity to do that I think you know that's in our long term framework for a couple of points of price over the long term.

The value of our differentiated data gives us the ability to to do those kind of you can call a modest but.

Flow through and that's, you know, showing up in that higher Vitality index and you know that momentum is obviously positive for uh 2026 um to have that, you know, kind of sequentially growing Vitality index means we have, you know, more products in our, um, commercial teams, you know, uh, briefcase to go out and bring to our customers to really Drive, uh, you know, Innovation and uh, and share gains and revenue growth for Equifax.

Price increases that we expect to continue in 2026 and beyond.

[Analyst 3]: Great. Thanks, guys.

Great. Thanks guys.

Trevor Burns: Thank you. Next question is coming from Ryan Griffin from BMO Capital Markets. Your line is now live.

Thank you next question is coming from George Tong from Goldman Sachs. Your line is now live.

Thank you. Next question is coming from Ryan Griffin from BMO Capital Markets. Your line is now last.

[Analyst 1]: Hey, thanks for squeezing me in. I know it's late, so I'll just ask one. Just wanted to dig into the pricing strategy in the non-mortgage verticals, whether on the credit file itself or some of the other package fees. Do you think there's room to move that higher over time? Thank you.

Hi, Thanks, good morning your pricing.

Mortgage or is that $4 50, a score that compares the transunion pricing at $4, a score and experience offering that score for free.

Mark Begor: We have a constant strategy to price for value in all of our verticals. We typically take price up on January 1. We see the opportunity to do that. I think that's in our long-term framework for a couple of points of price over the long term. The value of our differentiated data gives us the ability to do those kind of, you call them modest, but price increases that we expect to continue in 2026 and beyond.

Hey, thanks for squeezing me in. I know it's late, so I'll just ask one question. I wanted to dig into the pricing strategy and the non-mortgage verticals. Whether on the credit file itself or some of the other package fees, do you think there's room to move that higher over time? Thank you.

Do you expect vintage mortgage mortgage market shares among the bureaus to shake out with each credit Bureau pricing vantage score differently.

I think George you should check and again I'm not experience, but you should check experience press release, you call experience.

My understanding is they're not offering the vantage score for free I believe they are offering it if I read the press release correctly, you had 50% below the FICO price, which would make it $5.

But.

Look there's competition between the three of US as you know Theres still a and we expect that to continue to be theres still at three b.

Yeah, you know, and and we have a constant strategy to, you know, price for Value, um, you know, in all of our verticals, you know, we typically take price up on January 1st and, you know, we see the opportunity to do that, I think, you know, that's in our long-term framework, you know, for a couple of points of price, you know, over the long term and you know, the value of our differentiated data gives us the ability, you know, to, uh, to do those kind of, you know, you call them modest. But, uh, you know, um, price increases that, uh, you know, we expect to continue in 2026 and Beyond.

Trevor Burns: Thank you. Next question is coming from George Tong from Goldman Sachs. Your line is now live.

Credit file.

Requirement.

Thank you. Next question is coming from George Tom from Goldman. Sachs reminders. Now live

[Analyst 2]: Hi. Thanks. Good morning. Your pricing VantageScore mortgage score is at $4.50 a score. That compares to TransUnion pricing it at $4.00 a score and Experian offering VantageScore for free. How do you expect VantageScore mortgage market shares among the bureaus to shake out with each credit bureau pricing VantageScore differently?

<unk> in the in the agencies so each of US will compete around what kind of score we offer and I think you see some differentiation between the three of us.

But I'll speak for Equifax at our $4 50, we think is a substantial discount to the $10 that FICO was put into the marketplace and we talked.

Our comments as well as in the Q&A that.

We've seen.

Hi, thanks. Good morning. Your pricing Vantage mortgage score is at 450, a score that compares the TransUnion pricing at $4, and Experian offering Vantage score for free. How do you expect Vantage mortgage market shares among the bureaus to shake out with each credit bureau pricing Vantage score differently?

Mark Begor: I think, George, you should check. Again, I'm not Experian, but you should check Experian's press release or call Experian. My understanding is they're not offering the VantageScore for free. I believe they're offering it, if I read the press release correctly, at 50% below the FICO price, which would make it $5. You know, look, there's competition between the three of us. As you know, there's still a, and we expect that to continue to be, there's still a 3B credit file requirement by the FHFA and the agencies. Each of us will compete around what kind of score we offer. I think you see some differentiation between the three of us. I'll speak for Equifax. At our $4.50, we think it is a substantial discount to the $10 that FICO has put into the marketplace.

Strong response from the mortgage industry, meaning our customers.

Round that proactive.

Pricing to deliver value to them.

And we would expect to see and we're already seeing.

Some conversions from FICO to vantage, which is good for equifax when we sell a FICO score in 2026, it's going to cost us $10. When we sell a vantage score we're going to make $4 50, but when we sell a vantage score versus FICO. The industry is going to save $5 50.

Okay got it.

And I believe experience strategy is their offering them for free but if they choose to monetize it then they'll charge, 50% below FICO going forward.

I would I would have thought.

I don't think Thats, the case, but I'm not experience.

Okay great.

Mark Begor: We've talked in our comments as well as in the Q&A that we've seen a really strong response from the mortgage industry, meaning our customers, around that proactive pricing to deliver value to them. We would expect to see, and we're already seeing, some conversions from FICO to Vantage, which is good for Equifax. When we sell a FICO score in 2026, it's going to cost us $10. When we sell a VantageScore, we're going to make $4.50. When we sell a VantageScore versus FICO, the industry is going to save $5.50.

Secondly, youre launching various dot AI solutions, including the ignite AIG advisor how are you planning to monetize your AI product and how does that monetization compared to the cost to deploy AI.

I think you are, you should check. And again, I'm not experiencing, but you should check experience, press release or call experience. Um, my understanding is they're not offering the Vantage score for free. I believe, they're offering it. If I read the press release correctly at 50% below the FICO price, which would make it 5 dollars. Um, but uh, you know, look, there's competition between the 3 of us. Um, as you know, there's still a uh, and we expect that to continue to be. There's still a 3B, you know, um, credit file, um, requirement, um, by the fhfa and the, uh, in the agencies. Um, so each of us will compete, you know, around what kind of score we offer and I think you see some differentiation between the 3 of us. Um, but I'll speak for Equifax, you know, at our 450, we think is a substantial discount to the ten dollars that FICO has put into the marketplace. And, you know, we've talked uh, you know, in our comments as well as in the Q&A that, you know, we've seen uh, you know, a really strong response from the mortgage industry, meaning our customers, you know,

Yeah. So the cost is in our Cogs, we've been as you know doing investing in AI for longer than I've been here.

We've got over 300 explainable AI patents, we added I think 16 AI patents in the first half of this year, we're continuing to debate.

Develop and build out our capabilities. So that's in our core.

Around that proactive, you know, uh, pricing to deliver value to them. Uh, and we would expect to see—and we're already seeing, you know, some, uh, conversions from FICO to Vantage, which is good for Equifax. When we sell a FICO score in 2026, it's going to cost us $10, while when we sell a Vantage score, we're going to make $450. But, uh, when we sell a Vantage score versus FICO, the industry is going to say $550.

[Analyst 2]: Okay. Got it. I believe Experian's strategy is they're offering it for free, but if they choose to monetize it, then they'll charge 50% below FICO going forward.

And now we're really focused on deploying those capabilities and of course cloud environment and it takes different forms.

In a score or a model that we're delivering.

Mark Begor: I would talk to them. I don't think that's the case, but I'm not Experian.

Okay, got it. Um, and I believe Experience Strategy is offering it for free, but if they choose to monetize it, then they'll charge 50% below FICO going forward.

Ah powered solutions are delivering much higher predictability and that means ROI for our customers, meaning a higher score performance. So we're seeing big <unk>.

Um, I would talk to them. I don't think that's the case, but I'm not experiencing it.

[Analyst 2]: Okay. Great. Secondly, you're launching various EFX.AI™ solutions, including the Ignite AI Advisor. How are you planning to monetize your AI products, and how does that monetization compare to the cost to deploy AI?

10 point lifts.

In the identity or underwriting scores from using our AI capabilities and as you know what's underneath that is you have to have differentiated data.

Okay, great. Um, secondly, you're launching various Equifax AI solutions, including the Ignite AI Advisor. How are you planning to monetize your AI products, and how does that monetization compare to the costs to deploy AI?

Mark Begor: Yeah. The cost is in our COGs. We've been, as you know, investing in AI for longer than I've been here. We've got over 300 explainable AI patents. We added, I think, 16 AI patents in the first half of this year. We're continuing to develop and build out our capabilities. That's in our core COGs. Now we're really focused on deploying those capabilities in a post-cloud environment. It takes different forms. In a score or a model that we're delivering, the AI-powered solutions are delivering much higher predictability. That means ROI for our customers, meaning a higher score performance. We're seeing big 10-point lifts in the identity or underwriting scores from using our AI capabilities. What's underneath that is you have to have differentiated data. We believe we've got more differentiated data than our peers, and that allows us to deliver those AI solutions.

And we believe we've got more differentiated data than our peers and that allows us to deliver those AI solutions, we talked on the call earlier about some of the AI capabilities, we're adding to our ignite.

Analytics engine to make it easier to use and easier to deploy.

That's one that we would look for more adoption of that platform, which generally means that that customer. If they are using our analytics platform. They are generally going to have us in a primary position for drives share gains. If we can have a more a higher performing solutions. So that's why we're investing there.

Yeah, so the cost is in our cogs. We've been as, you know, doing investing in AI for longer than I've been here. Um, you know, we've got, you know, over 300 explainable, AI patents. Uh, you know, we added I think 16 AI patents in the first half of this year, you know, we're continuing to Divi develop and build out our capability. So that's in our core, you know, cogs. And now we're really focused on deploying those capabilities in a post Cloud environment and it takes different forms, you know in a score or a model that we're delivering.

We're quite energized around our post cloud.

Capabilities off our differentiated data using AI for our customers and then you'll also hear us talk more and more going forward around how we're using AI inside that coax to drive productivity and cost savings.

Thank you next question is from Simon clinic for most thousands harmony Redburn. Your line is now live.

Mark Begor: We talked on the call earlier about some of the AI capabilities we're adding to our Ignite analytics platform to make it easier to use and easier to deploy. That's one that we would look for more adoption of that platform, which generally means that customer, if they're using our analytics platform, they're generally going to have us in a primary position. It drives share gains if we can have a more higher-performing solution. That's why we're investing there. We're quite energized around our post-cloud capabilities off our differentiated data using AI for our customers. You'll also hear us talk more and more going forward around how we're using AI inside of Equifax Inc. to drive productivity and cost savings.

Hi, Thanks for squeezing me in right at the end of curious if on the government side, Mark perhaps you could talk to us about the funding side of that discussion that you're having with the states here.

Because clearly if they were to expand their business with.

The twin engine.

In effort to improve quality or even reduce error rates and snap.

To me it seems like they would have to increase their spending set off to find the funding elsewhere is that covered by the <unk>.

It's a it's not a it is in some cases, but generally it's not <unk>.

The states really have to look at it is number one we deliver productivity.

You've got a case worker that spending 45 minutes, an hour hour and a half.

On a adjudication of someone's income eligibility for one of the social service benefits and then they can do it instantly with equifax that obviously delivers.

Allows us to deliver those AI Solutions. We talked on the call earlier about some of the AI capabilities. We're adding to our ignite, um, uh, analytics engine to make it easier to use and easier to deploy. Um, you know, that's 1 that, you know, we would look for more adoption of that platform, you know, which generally means that that that customer if they're using our, uh, analytics platform. They're generally going to have us in a primary position. So it drives share gains. If we can have a more, uh, higher performing, uh, solution, so, that's why we're investing there. Um, so we're quite energized around our post Cloud, um, capabilities off our differentiated data, using AI for our customers. And then you'll also hear us talk, uh, more and more going forward, you know, around how we're using AI inside of Equifax to drive productivity and cost savings.

Trevor Burns: Thank you. Next question is coming from Simon Clinch from Wells Fargo. Your line is now live.

Thank you. And next question is coming from Simon Clinch from Most Trials and Company in Redbourn. Your line is now live.

[Analyst 5]: Hi. Thanks for squeezing me in right at the end. I was curious on the government side, Mark, perhaps you could talk to us about the funding side of that discussion that you're having with the states here. You know, because clearly, if they were to expand their business with the twin indicator in an effort to, you know, to improve the quality or even reduce error rates in SNAP, to me, it seems like they would have to increase expanding. They'll have to find the funding elsewhere. Is that covered by the OB3?

Cost productivity as you point out they have to find budget dollars, which is always the complexity of operating really with any customer you have to deliver ROI, but in the case of government maybe more complex because they have to deliver the budget dollars what changed <unk> three though is some of the requirements that are really mandatory from the federal.

To drive a higher compliance with the integrity side of social service delivery to really attack the 160 billion.

Hi. Uh, thanks for squeezing me in, um, right at the end. Uh, I was curious on the government side, Mark, perhaps you could talk to us about, uh, the funding side of that, uh, that discussion that you're having with the, with the states here. Um, you know, because clearly, if they were to expand their business with, uh, with the twin, uh, in an effort to, you know, to improve the quality or even reduce error rates and snap, uh, to me, it seems like they don't have to increase their spending so they have to find the funding elsewhere. Is that covered by the ob3?

It includes like the snap error rates that we talked about.

Mark Begor: It's not. It is in some cases, but generally, it's not. The states really have to look at it as, number one, we deliver productivity. If you've got a caseworker that's spending 45 minutes, an hour, hour and a half on an adjudication of someone's income eligibility for one of the social service benefits, and then they can do it instantly with Equifax Inc., that obviously delivers pure cost productivity. As you point out, they have to find budget dollars, which is always the complexity of operating really with any customer. You have to deliver ROI, but in the case of government, maybe more complex because they have to deliver the budget dollars. What changed in OB3, though, is some of the requirements that are really mandatory from the federal government to drive a higher compliance with the integrity side of social service delivery to really attack the $160 billion.

A state that has snap error rates that are above the 6% thresholds.

It was either going to have to start paying for more of the snap benefits, which is billions of dollars. When we highlighted 12 billion for the states that are over or theyre going to use budget dollars to use a solution like equifax is in order to drive higher integrity and bring those rates down in those.

The conversations that we see real momentum in post Ob three states.

They've got to enhance there.

Investment in order to have a higher.

Accuracy in the income validation of a recipient and that's the conversations that we're seeing and we expect that to be a positive for the seats.

Going to be able to avoid paying.

Mark Begor: That includes the SNAP error rates that we talked about. A state that has SNAP error rates that are above the 6% threshold is either going to have to start paying for more of the SNAP benefits, which is billions of dollars, and we highlighted $12 billion for the states that are over, or they're going to use budget dollars to use a solution like Equifax Inc.'s in order to drive higher integrity and bring those error rates down. Those are the conversations that we see real momentum in post-OB3. States realizing that they've got to enhance their investment in order to have a higher accuracy in the income validation of a recipient. That's the conversations that we're seeing. We expect that to be a positive for the states. They're going to be able to avoid paying a larger portion of the social service benefits. A positive for Equifax Inc.

Paying a larger portion of the social service benefits and then a positive for equifax as we expect workforce solutions government vertical.

It. It's, uh, it's it's not, uh, it is in some cases but generally it's not and, you know, the states really have to look at. It is number 1, we deliver productivity, you know, if you've got a caseworker that's spending, you know, 45 minutes, an hour hour and a half, you know, on a uh adjudication of someone's income eligibility for 1 of the Social Service benefits and then they can do it instantly with Equifax that obviously delivers, you know, pure cost productivity as you point out, they have to find Budget dollars which is always the complexity of operating really, with any customer you have to deliver Roi but in the case of government, you know, maybe more complex because they have to deliver the budget dollars. What change in ob3 though is some of the requirements that are really mandatory from the federal government to drive, uh, a higher compliance with the Integrity side of Social Service, delivery to really attack the 160 billion, you know? And that includes like the snap error rates that we talked about, you know. So a a state that has snap error rates that are above the 6.

Add some incremental growth going forward and then we also talked about some of the new programs like today.

Today, the IRS doesn't use <unk>.

Our data for the earned income tax credit, we think that's a big opportunity for them and there's just other opportunities like that with this administration's focus on the $160 billion of improper payments.

Yeah, Okay, that's pretty helpful. Thank you.

Just a follow up question on the mortgage market.

Could you give us a sense of how to think about the impact.

The percent threshold you know is either going to have to start paying for more of the SNAP benefits, which is billions of dollars. And we highlighted $12 billion for the states that are over, or they're going to use budget dollars to implement a solution like Equifax's in order to drive, you know, higher integrity and bring those error rates down. And those are the conversations that we see real momentum in, you know, post-OB3, with states realizing that they've got to enhance.

Trigger leads have on inquiry volumes broadly and how to think about the introduction of that new.

Legislation coming in March.

Yeah. So it's relatively small right certainly in our volumes for Equifax for Equifax, It's relatively small you do need to talk to obviously, our competitors about their volumes, but for us. It's relatively small so yes, there could be an impact there could be a shift perhaps away from pre qual and pre approval back toward <unk>.

Mark Begor: as we expect our workforce solutions government vertical to have some incremental growth going forward. We also talked about some of the new programs, like today the IRS doesn't use our data for the earned income tax credit. We think that's a big opportunity for them. There are just other opportunities like that with this administration's focus on the $160 billion of improper payments.

<unk> type of transactions, but we'll have to see how as a as the market progresses.

Thank you we've reached end of our question and answer session I'd like to turn the floor back over for any further or closing comments.

[Analyst 5]: Yeah. Okay. That's really helpful. Thank you. Just a follow-up question. On the mortgage market, could you give us a sense of how to think about the impact that trigger leads have on inquiry volumes broadly, and how to think about the introduction of that new sort of legislation coming in March? Thanks.

There, um, you know, investment, um, in order to have a higher um, accuracy in the uh, income validation of a recipient. And that's the conversations that we're seeing, and we expect that to be a positive for the states. You know, they're going to be able to avoid, you know, paying a larger portion of the social service benefits. And then a positive for Equifax, as we expect our Workforce Solutions, government vertical, you know, to have some incremental growth going forward. And then we also talked about some of the new programs, you know, like today the IRS doesn't use um, our data for the Earned Income Tax Credit. We think that's a big opportunity for them, and there's just other opportunities like that with this administration's focus on the $160 billion of improper payments.

Hi, This is Trevor.

Thank you for joining the call.

Please feel free to reach out to <unk> or myself.

If you have any follow up questions otherwise have a great day.

Thank you that does conclude today's teleconference and webcast you may disconnect. Your lines at this time and have a wonderful day.

Yeah, okay, it's really helpful. Thank you. Um, just a, uh, follow-up question on the mortgage market. Um, could you give us a sense of how to think about the impact that trigger leads have on inquiry volumes broadly, and how to think about the introduction of that new sort of legislation coming in March?

John Gamble: Yeah, it's relatively small, right? Certainly in our volume.

Mark Begor: For Equifax, yeah.

John Gamble: Yeah, for Equifax Inc., it's relatively small. You need to talk to, obviously, our competitors about their volumes. For us, it's relatively small. Yes, there could be an impact. There could be a shift, perhaps away from pre-qual and pre-approval back toward hard inquiry type of transactions, but we'll have to see how as the market progresses.

Yeah. So so it's relatively small right? Certainly in our volumes for Equifax. Yeah. For Equifax, It's relatively small you need to talk to obviously our competitors about their volumes but for us, it's relatively small. So yes, there could be an impact, there could be a shift perhaps away from prequel and pre-approval back toward hard inquiry type of transactions, but we'll have to see how as, as as the market progresses.

Trevor Burns: Thank you. We reached the end of our question and answer session. I'd like to turn the floor back over for any further or closing comments.

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments.

[Analyst 1]: Hi. This is Trevor. Thanks, everybody, for joining the call. Please feel free to reach out to Molly or myself if you have any follow-up questions. Otherwise, have a great day.

I am, uh, Trevor. Uh, thanks, everybody, for joining the call. Please feel free to reach out to Molly or myself if you have any follow-up questions. Otherwise, have a great day.

Trevor Burns: Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

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