Credit & Decision Making Software: Earnings Offers Seasonal Opportunity for Equifax

Research evidence excerpt

Credit & Decision Making Software: Earnings Offers Seasonal Opportunity for Equifax

Global Research

17 July 2026ab

Credit & Decision Making Software Equities

AmericasEarnings Offers Seasonal Opportunity for Equifax

Software

Kevin McVeigh

Credit Bureaus and Decision Making Software Analyst

We expect elevated earnings volatility as evidenced by EFX, FICO + TRU Bloomberg kevin.mcveigh@ubs.com

implying ~6.7%, ~6.3%, and ~5.7% moves compared to ~4.5%, ~4.6%, +1-212-882 0081

~5.1% averages fueled in part by regulatory overhang, FICO Direct License, and Bruna Werneck

accuracy debate. This could be exacerbated to the upside to the extent recent sector Associate Analyst

rotation persists given relatively favorable seasonal trends in August for EFX [Fig- bruna.werneck@ubs.com

11(+1.7%)] + FICO [Fig-15 (+1.4%)] as opposed to TRU [Fig-19 (-0.7%)]. With +1-212-882 5955

stubborn regulation and structural changes fueling heightened uncertainty, we held our Olivia Bradlee

UBS Credit Landscape Symposium + hosted former FHFA Director Thompson to Associate Analyst

contextualize some of the uncertainty. Key topics included (1) ongoing pilot, (2) olivia.bradlee@ubs.com

changes to trimerge, (3) Vantage, and (4) potential GSE IPO. These events coupled with +1-212-713 1227

historical outperformance in August increase our conviction Equifax is best positioned

amid ~90% proprietary data enabling differentiation, driving value beyond credit with

Workforce Solutions [~40% revenue]. We believe fundamental-based earnings revisions

will impact any multiple expansion to the extent sector rotation persists. We also

monitor how credit bureaus price data in 2026 amid increased regulatory attention with

the MBA calling for regulatory changes.

Credit & Decision Making Software Landscape Update