Equifax Inc. Thesis

Equifax is one of the three major credit bureaus, giving it a powerful oligopolistic position. Its moat is its vast and proprietary database of consumer credit information, which is deeply integrated into the workflows of lenders. The growth driver is the expansion of its Workforce Solutions business (income and employment verification) and the development of new data and analytics products. The investment thesis is based on the critical nature of credit data in the economy and Equifax's ability to leverage its unique data assets into new, high-growth areas.