The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: George Tong - Goldman Sachs - Analyst
: <_ALACRA_META_ABSTRACT>All right. Good morning, and welcome. I'm very pleased to be joined by John Gamble, CFO; and Mark Begor, CEO of Equifax.
Very pleased to have you both with us today.
Question: George Tong - Goldman Sachs - Analyst
: Okay. So to begin, if you look at the broader US consumer credit environment, it appears relatively stable. You're seeing some
modest growth in lending volumes. Given these conditions, how would you overall describe the health of the US consumer
from a credit perspective? And are there any emerging risks or shifts in consumer credit quality that you're launching?
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DECEMBER 09, 2025 / 3:00PM, EFX.N - Equifax Inc at Goldman Sachs U.S. Financial Services Conference
Question: George Tong - Goldman Sachs - Analyst
: Right. Makes sense. And if you drill into the subprime piece, any shifting trends, any changes in the second derivative that
you're noticing with respect to delinquencies or charge-offs?
Question: George Tong - Goldman Sachs - Analyst
: Right. Makes sense. If you look at white collar hiring, the trends appear somewhat squishy and we -- which has an impact on
background screening volumes in the Talent Solutions business, what are your expectations for hiring volumes over the next
couple of quarters? And what would be required for a more meaningful recovery there?
Question: George Tong - Goldman Sachs - Analyst
: Yes. Makes sense. Staying at a high level, if you look at your long-term target for organic growth, it's 7% to 10%, what macro
conditions are most conducive to landing in that target? And how do you think about the sensitivity to that outlook versus
consumer credit health and various macro drivers?
Question: George Tong - Goldman Sachs - Analyst
: Okay. Makes sense. Sticking with the mortgage market, the FHFA now allows lenders choice so VantageScores in the mix.
You've suggested in the past that VantageScore adoption could be slow to start. What are the main hurdles to adoption? And
what are some of the things that you're doing to help accelerate the core adoption?
Question: George Tong - Goldman Sachs - Analyst
: In the mortgage space, in addition to lender's choice, FICO is changing things up by going direct to resellers and bypassing
the credit bureaus. Can you help frame what the impact to USIS growth might be given this change?
Question: George Tong - Goldman Sachs - Analyst
: Makes sense. Let's touch on government, which we touched on a little bit earlier. Big catalysts next year in terms of the OB3
bill that requires really cracking down on fraud and higher recertifications, can you talk about the opportunity and where you
see Equifax benefiting from that?
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