Principal Subsidiaries: 1nfo Inc.; Acrofax Inc. (Canada); CBI Ventures, Inc.; Computer Ventures, Inc.; Credence, Inc.; Credit Northwest Corporation; Credit Union Card Services, Inc.; Equifax Asia Pacific Holdings, Inc.; Equifax Card Services (Madison), Inc.; Equifax Check Services, Inc.; Equifax Card Services, Inc.; Equifax Credit Information Services, Inc.; The Equifax Database Company Ltd. (Ireland); Equifax Decision Systems B.V. (Netherlands); Equifax de Mexico Sociedad de Informacion Creditica, S.A.; Equifax Europe Ltd.; Equifax Europe (U.K.) Ltd.; Equifax Healthcare Information Services, Inc.; Equifax Holdings (Mexico) Inc.; Equifax India Private Ltd.; Equifax Information Technology, Inc.; Equifax Investments (Mexico) Inc.; Equifax Investments (U.S.) Inc.; Equifax Luxembourg S.A.; Equifax Luxembourg (No. Take a virtual tour of Georgia's museums and galleries, Fashion and politics from Georgia-born designer Frankie Welch. Using the ledger books of Atlanta's food retailers, the Woolford's copied out credit information on their customers on individual slips on paper, then arranged them into a book. The settlement was for those who were affected by the data breach, and it cost Equifax over $700 million. CatoGuy Woolford18993 . Other failings were on the exposure of American salary data, and website malware. [57][58] In July 2019, Equifax settled with the Federal Trade Commission for $700 million. In 2015, Equifax was ranked number 13 on the American Banker FinTech Forward list. In 1934, he co-founded the short-lived Correct Address Company, with Edwin K. Large . GREAT NEWS! Oops, we were unable to send the email. Another achievement is being named a Top Technology Provider, Top Workplace, and it was the winner of the InformationWeek Elite 100, among many others. Cator, a former bank employee, and Guy, a lawyer, employed simple notations to reflect merchants comments about their shoppers payment habits: Prompt, Slow, or Requires Cash. They published these findings as The Merchants Guide, sold it for $25, and offered individual credit reports. The New Georgia Encyclopedia does not hold the copyright for this media resource and can neither grant nor deny permission to republish or reproduce the image online or in print. Learn about how to make the most of a memorial. Try again later. Oops, something didn't work. Woolford's former estate in Druid Hills is now the site of the Frazer Center and the Cator Woolford Gardens" -- New . In 2003, the FTC took Equifax to court for the same reason and settled its lawsuit with the company for a fine of $250,000. 1899: The Woolfords moved to Atlanta with the goal of making credit reporting their new career. Photograph of Cator Woolford, who, with his brother Guy, started the Retail Credit Company, the precursor to Equifax, in Atlanta, Georgia. Equifax Inc. company and executive profile by Barron's. View the latest EFX company infomation and executive bios. (to see if you were a victim of this hack, please. This changed in 1999 when the agency started offering services to credit consumer sectors. Roosevelt Warm Springs Institute for Rehabilitation, Statutory and Executive Boards and Commissions, Georgia National Fairgrounds and Agricenter. [11], Equifax expanded into commercial credit reports on companies in the United States, Canada and the UK, where it came into competition with companies such as Dun & Bradstreet and Experian. After a month the task had grown so large that two additional men were hired to assist the Woolfords, and one week later a woman was employed as well. That year also saw Equifax introduce a record 25 new products. "[45], According to an October 2017 report from Motherboard, around December 2016, a security researcher examining Equifax's servers found that an online portal, created for Equifax employees only, was accessible to the open Internet. Other services offered by Equifax include selling credit monitoring to their customers as well as fraud prevention services. In an effort to focus on payment services, credit reporting, and risk management services, Equifax sold its healthcare information business in 1996, just four years after entering the field; then in the following year Equifax spun off its insurance information services group, which had been a part of the company for nearly as long as credit reporting had been. This heightened activity was fueled by the 1993 decision to subcontract the running of Equifax's computer operation to IBM, a move that freed Equifax's large technical staff to develop new ways of packaging the company's data in consultation with its customers. During this period, it began reporting for automotive liability insurance. (U.K.); Transax pty Ltd. (Australia); Transax S.N.C. Learn more about merges. "Equifax." Equifax Inc. is the largest consumer credit bureau in the United States, providing information about consumers to clients in several industries, including insurance, finance, credit card, banking, retail, and telecommunications. Riley, Michael, Anita Sharpe, and Jordan Robertson, "The New Equifax Boss Wants to Make Amends. Among other directives given, the U.S. government ordered Retail Credit to stop rating employees by how much negative information they collected on consumers and to stop having investigators misrepresent themselves when conducting inquiries. As a result of its growing insurance business, Guy Woolford opened a second company office in Dallas, Texas, in March 1902. [68], The company has been fined by the Federal Trade Commission on two occasions for violating the Fair Credit Reporting Act ("FCRA"). Retail Credit set a pattern of aggressive development in the life insurance-related business that would later be applied when entering other fields. Save my name, email, and website in this browser for the next time I comment. The company's purchase of Telecredit was complicated by a sizable drop in the value of Equifax stock during 1990, as investors grew concerned about the stability of the company's profits in an economic downturn. Please try again later. Also proving helpful was the advent of credit bureau associations which had begun springing up as the exchange of information between fellow creditors became more common. Heres a look at how the Atlanta-based company grew into the credit reporting giant that it is today. Save to an Ancestry Tree, a virtual cemetery, your clipboard for pasting or Print. In 1935 Cator Woolford donated a parcel of land he owned in Glynn County, adjacent to an old river plantation known as Elizafield, to the state of Georgia for use as a state park. A decade later, the state legislature consented to the establishment of a home for underprivileged boys, Boys Estate, on the property. [12] It is alleged that the hearings prompted the Retail Credit Company to change its name to Equifax in 1975 to improve its image. The marketing division had sales of $90 million in the first nine months in operation. [64][65], Also on October 13, 2017, the U.S. Internal Revenue Service was reported to have suspended a $7.2 million contract with Equifax as a result of the attack. For memorials with more than one photo, additional photos will appear here or on the photos tab. [27][28], In July 2019, The New York Times, the New York Post and other media reported Equifax had agreed to pay approximately $650 million to settle with the Federal Trade Commission (FTC) to resolve investigations by several state attorneys general, the Consumer Financial Protection Bureau, the FTC, and a consumer class-action lawsuit related to the data breach. [60][61][62][63] At that time, only 3 out of 65 top anti-malware products provided protection against the particular malware, meaning that many visitors were at risk of having their computers infected when visiting the Equifax website. As consumers, we often take for granted all the hard work that goes into building a great company. Cator Woolford (1869-1944) moved to Georgia and formed a credit bureau there with his brother Guy. [32][33][34], On 19 December 2019, a federal judge in Atlanta awarded class-action attorneys representing consumers approximately $77.5 million, suggesting that individual consumers might expect to receive around six or seven dollars. You may request to transfer up to 250,000 memorials managed by Find a Grave. [69][70], In July 2013, a federal jury in Oregon awarded $18.6 million to Julie Miller of Marion County against Equifax for violations of the Fair Credit Reporting Act. Residents in the United Kingdom (15.2 million) and Canada (about 19,000) were also impacted. In 1991 Equifax also abandoned a planned joint database project with Lotus Development Corporation that would have made available to small businesses a wide array of demographic information at microneighborhood levels; a consumer outcry and negative media attention led to the project's demise. Attempts to run facilities in Baltimore, Greensborough, and Philadelphia during this time failed, and the offices were closed. In the late 1920s Woolford befriended Franklin D. Roosevelt and was one of the founders of the . The agency also purchased a business intelligence company known as eThority, which has headquarters in Charleston, South Carolina. Merchants paid $25 a year to use the book and subsequent credit reports; grocers paid less. The trouble-plagued ChoicePoint made headlines in 2005 for leaking consumers confidential information to identity thieves. Many years later, after Woolfords death in 1944, his former Druid Hills estate became the site of the Frazer Center, a rehabilitation facility for children and adults with disabilities, and the Cator Woolford Gardens, designed by landscape architect Edward Daugherty. Equifax moved into marketing databases, which allowed patrons to target their most likely customers. And though Equifaxs story isnt quite as tenured as Experian, its roots date back to the late1800swhen it began as a grocery store. Market Value. [13] The insurance reporting was phased out. However, in February 2020, the United States Department of Justice indicted four members of China's People's Liberation Army on nine charges related to the breach, which China has denied. [23], In March 2018, the Security and Exchange Commission accused Jun Ying, Equifax's former CIO, of illicit insider trading, by selling company stock before the breach was publicly disclosed. The number grew to 258 over the next ten years. Nevertheless, after the company pledged to monitor its procedures more carefully, the government halted its investigation. The sponsor of a memorial may add an additional. Your new password must contain one or more uppercase and lowercase letters, and one or more numbers or special characters. This account has been disabled. The company experienced rapid growth, and by 1920 it had opened offices all over Canada and the United States, and by the 1960s, the agency was one of the leading credit bureaus. Previously sponsored memorials or famous memorials will not have this option. With the company's sales running at $350,000, the Woolfords decided to incorporate. In 1975 the agency changed its name from Retail Credit Company to Equifax. Our History: From Cator Woolford Gardens to Our Disabilities Programs Our History Frazer Center is tucked away on 39 acres of old-growth forest in the heart of Atlanta. Quickly see who the memorial is for and when they lived and died and where they are buried. Likewise, Equifax gained the capability to provide additional types of information to clients. Try again later. By 1937 nearly three quarters of all the company's inspection forms were being filled out by full-time investigators, operating out of 96 Retail Credit offices in cities across North America. We have set your language to The company posted a loss of $2,242. [39][40], In February 2023, it was announced Equifax had acquired the Barueri-headquartered credit bureau, Boa Vista Servios for $596 million. Again, charges were droppedby that time (1982), national computer databases made information that was once available only regionally accessible nationwide. Credit books for Athens, Rome, Columbus, Macon, and Augusta were developed and marketed and a branch office was opened in Augusta. [42] Equifax and other credit monitoring agencies are required by law to provide US residents with one free credit file disclosure every 12 months; the Annualcreditreport.com website incorporates data from U.S. Equifax credit records. There is a problem with your email/password. The company was also alleged to reward its employees for collecting derogatory information on consumers. There was a consent decree. To use this feature, use a newer browser. In New Georgia Encyclopedia. Woolford's former estate in Druid Hills is now the site of the Frazer Center and the Cator Woolford Gardens. Equifax was founded by Cator and Guy Woolford in Atlanta, Georgia, as Retail Credit Company in 1899. Once the estate of Cator Woolford, founder of the company now known as Equifax, these lovely grounds include the beautiful Cator Woolford Gardens. Think Again", "- AN EXAMINATION OF THE EQUIFAX CYBERSECURITY BREACH", "Breaking: Equifax Knew of Security Flaws Months Before It Was Hacked", "Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed", "Credit reporting firm Equifax says cybersecurity incident could potentially affect 143 million US consumers", "Equifax to Pay $575 Million as Part of Settlement with FTC, CFPB, and States Related to 2017 Data Breach", "U.S. Charges Chinese Military Officers in 2017 Equifax Hacking", "Data from Equifax credit hack could "end up on the black market," expert warns", "Equifax reportedly used 'admin' as password in Argentina", "Equifax's app has disappeared from Apple's App Store and Google Play", "Here's Why Equifax Yanked Its Apps From Apple And Google Last Week", "Equifax Breach Fallout: Your Salary History Krebs on Security", "Equifax will give your salary history to anyone with your SSN and date of birth / Boing Boing", "Equifax owes you a lot more, but here's how to get $125 from this week's settlement", "Equifax website hacked again, this time to redirect to fake Flash update", "Equifax may have been hacked again and it's not even funny anymore", "Equifax rival TransUnion also sends site visitors to malicious pages", "Malicious Redirects on Equifax, TransUnion Sites Caused by Third-Party Script | SecurityWeek.Com", "After second bungle, IRS suspends Equifax's "taxpayer identity" contract", "Equifax to Pay $250,000 to Settle Charges", "An $18 Million Lesson in Handling Credit Report Errors", "Equifax must pay $18.6 million after failing to fix Oregon woman's credit report", "Jury Awards $18.6M For Equifax Credit Report Mix-up", "Equifax weighs appealing $18.6M award to consumer", "Judge cuts Oregon woman's award in Equifax case", "Woman sues in effort to prove she is alive", "Woman Listed as Deceased Files Lawsuit Claiming She's Alive", "God Just Wants Some Credit, So He's Suing Equifax", "Oklahomans File Lawsuit Against Equifax", "Former Equifax manager charged with insider trading linked to cyber breach", "Former Equifax Manager Charged With Insider Trading", public domain material from this U.S government document, "Equifax Breach Affected 147 Million, but Most Sit Out Settlement", Equifax Consumer Identity Protection website, 2019 Eligibility site related to 2017 data breach, https://en.wikipedia.org/w/index.php?title=Equifax&oldid=1147501990, This page was last edited on 31 March 2023, at 11:16. 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