Open Letter from Mark Begor

To Our Valued Customers and Consumers,

Equifax has invested over $1.5 billion over the last few years to undertake a complete technology transformation that is changing nearly every facet of our infrastructure. We are aggressively working to complete this transformation, which is one of the largest cloud initiatives ever undertaken in our industry.

When we began this process, we intended to redefine how Equifax data is ingested, governed, provisioned and produced. Our vision for the Equifax Cloud™ is to expand the depth and accuracy of our data and to help our customers innovate faster to create more effective insights into the people and communities they serve. We are focused on helping to deliver better outcomes for consumers at scale.

Our technology transformation is a significant one. We have anticipated and adapted to challenges along the way and expect that we inevitably will face additional challenges ahead. As part of our transformation, we are examining our business processes and technology platforms as we work to improve them. When we identify issues, we are committed to being transparent about the impact and to meaningfully improving our internal processes. There are no excuses, but technology transformations at this scale are not easy.

In April, we identified an issue within a legacy, on-premise server environment in the U.S. slated to be migrated to the new Equifax Cloud™ infrastructure. This issue, which was in place over a period of a few weeks, impacted how some credit scores were calculated. Equifax takes this issue very seriously. The score issue was fixed in April, and we have spent the past three months working transparently and collaboratively with our customers to determine what impact the issue may have had on consumers. We will also be engaging a third party for independent review.

We recognize the important role Equifax plays in the financial lives of consumers and we take this responsibility very seriously. We know you depend on our data and even one error affecting a consumer is one error too many. The trust that you place in Equifax is important to us and we deeply regret that we have called that trust into question. We stand behind our customers and impacted consumers.