Equifax doubles AI savings target to $150 million through 2028

Equifax has raised its expected run-rate cost savings from artificial intelligence and agentic tools to $150 million over 2026 to 2028, doubling a February estimate, CEO Mark W. Begor said on the company’s second-quarter earnings call. The revised target reflects early productivity improvements across the credit data company’s internal operations, according to an investor presentation released Tuesday with its results.

The global data, analytics and technology group said AI is being applied across product development, technology, operations and corporate functions including human resources, legal and finance. In its presentation, Equifax said those deployments have improved speed, accuracy, productivity and margins.

Begor told investors that adoption was increasing rapidly and producing productivity gains “in every corner of Equifax.” He said the company had seen conversational AI improve customer authentication and fulfillment in call centers, while AI-assisted workflows had reduced back-office time spent handling disputes.

The company also cited early benefits in software development, IT operations, cybersecurity and cloud cost optimization. Agentic systems generally refer to AI tools designed to carry out tasks through multi-step workflows with less direct human prompting than conventional software automation.

AI savings tied to wider data strategy

Equifax framed the cost-saving target as part of a broader push to embed AI in both internal processes and customer-facing products. Begor said on the call that the company remained in the early stages of its rollout and expected further opportunities to raise revenue and reduce expenses as AI and agentic capabilities became more widely deployed across the business.

The company also pointed to its patent portfolio as part of that strategy. In a June 30 release, Equifax said it added 39 global patents in the first half of the year, covering areas including explainable AI, identity verification, fraud detection and integration of data from more than 100 separate sources.

Those additions took Equifax’s issued or pending patents to more than 750, according to the company. Begor said the patented technology was intended to help customers use more data and AI-defined algorithms while producing explainable results.

Mexico acquisition expected to close in fourth quarter

Separately, Equifax said in its Tuesday earnings release that its planned acquisition of Círculo de Crédito is expected to close in the fourth quarter. The company has agreed to buy the Mexican credit information services provider at an enterprise value of $750 million, subject to customary closing conditions and regulatory review and approval.

Equifax announced the definitive agreement on July 7 and described Círculo de Crédito as Mexico’s fastest-growing credit bureau. The company said Círculo de Crédito is a leader in alternative data, including gig economy transactions and utility and telecommunications payment histories.

Begor told investors that such alternative data could help expand access to credit in Mexico. He said nearly 33 million people in the country work in informal employment, including unregistered microbusinesses and gig work.

For Equifax, the acquisition would add a larger position in a market where credit assessment can be constrained by limited formal employment and traditional credit records. The company did not say that regulatory approval had been granted, and the closing remains conditional on the review process described in its announcement.

This story draws on original reporting from PYMNTS.