Equifax Inc PRE 14A, filed Mar 17, 2026

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Equifax Inc (EFX)

PRE 14A 2026-03-17 For: 2026-05-07

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Added on October 20, 2026

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1		Elect the ten director nominees named in the accompanying Proxy Statement.
2		Hold a non-binding, advisory vote on the compensation paid to the Company’s named executive officers (commonly referred to as “say-on-pay”).
3		Ratify the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for 2026.
4		Hold a non-binding, advisory vote to lower the ownership threshold to call a special meeting of shareholders to 25%.
5		Vote on the shareholder proposal described in the accompanying Proxy Statement, if properly presented at the meeting.
6		Consider other business properly brought before the meeting or any adjournment or postponement thereof.



Review your proxy statement and vote in one of four ways:

		Via the internet Visit the website listed on your proxy card

		By telephone Call the telephone number on your proxy card

		By mail Sign, date and return your proxy card in the enclosed envelope

		Attend the meeting Attend the meeting in person or virtually and cast your vote


Proxy Summary			18

Equifax 2026 Annual Meeting Information			18

Items of Business and Voting Recommendations			18

Voting and Admission Information			18

Our Company			19

Board Refreshment and Composition			21

Shareholder Engagement			21

Responsible Business at Equifax			22

Our Director Nominees			23

Compensation Program Highlights			24

Corporate Governance Highlights			26

Proposal 1 Election of Director Nominees			28

Board Recommendation			28

Our Director Nominees			29

Board Matrix			39

Process for Identifying Director Nominees			40

Board Leadership and Corporate Governance			41

Corporate Governance Overview			41

Shareholder Engagement Program			41

Board Leadership Structure			43

Annual Board Self-Evaluations			44

Board Self-Evaluation Process for 2025-2026			44

Committees of the Board of Directors			45

Director Independence			48

Board Refreshment and Succession Planning			48

Director Orientation and Continuing Education			49

Management Succession Planning and Talent Development Process			49

Related Person Transaction Policy			50

Certain Relationships and Related Person Transactions of Directors, Executive Officers and 5% Shareholders			50

Workforce Talent Development and Engagement			51

Board Oversight of Risk			52

How We Manage Risk			53

Responsible AI at Equifax			54

Proposal 2 Advisory Vote to Approve Named Executive Officer Compensation			57

Summary			57

Board Recommendation			58

Executive Compensation			59

Compensation Discussion and Analysis			59

Compensation Committee Interlocks and Insider Participation			92

Summary Compensation Table			93

2025 Grants of Plan-Based Awards			95


Outstanding Equity Awards at 2025 Fiscal Year-End			97

Option Exercises and Stock Vested in Fiscal Year 2025			100

Retirement Plans			101

Pension Benefits at 2025 Fiscal Year-End			101

Non-Qualified Deferred Compensation			102

Potential Payments Upon Termination or Change In Control			104

CEO Pay Ratio			112

Pay Versus Performance Disclosure			113

Equity Compensation Plan Information			117

Compensation Committee Report			117

Director Compensation			118

Director Fees			118

Equity Awards			119

Stock Ownership Requirement			119

Equifax 2005 Director Deferred Compensation Plan			119

Director and Executive Stock Deferral Plan			119

Equifax Inc. Board of Directors Deferred Compensation Plan (2022)			120

Security Ownership of Management and Certain Beneficial Owners			121

Securities Owned by Certain Beneficial Owners			121

Securities Owned by Directors and Management			122

Delinquent Section 16(a) Reports			123

Audit Committee Report			124

Proposal 3 Ratification of Appointment of Ernst & Young LLP as Independent Registered Public Accounting Firm for 2026			125

Policy on Audit Committee Pre-Approval of Audit and Non-Audit Services Performed by the Independent Registered Public Accounting Firm			126

Board Recommendation			126

Proposal 4 Advisory Vote to Lower Ownership Threshold to Call a Special Meeting of Shareholders to 25%			127

Board Recommendation			129

Proposal 5 Shareholder Proposal to Lower Ownership Threshold to Call a Special Meeting of Shareholders to 10%			130

Questions and Answers about the Annual Meeting			134

Annex A Reconciliation of Non-GAAP Financial Measures			142

Annex B Proposed Amendments to Section 1.2 of the Bylaws			148

Annex C Forward-Looking Statements			151


		Time and Date:		8:00 a.m., Central Time, on May 7, 2026

		Location:		The Ritz-Carlton, St. Louis 100 Carondelet Plaza St. Louis, Missouri 63105


	Item of Business	Board Vote Recommendation	Further Details

1.	Election of Ten Directors	The Board recommends a vote “FOR” each of our director nominees	See page 28
2.	Non-binding, advisory vote to approve Named Executive Officer Compensation (“Say-on-Pay”)	The Board recommends a vote “FOR” this proposal	See page 57
3.	Ratification of Appointment of Ernst & Young LLP as Independent Registered Public Accounting Firm for 2026	The Board recommends a vote “FOR” this proposal	See page 125
4.	Non-binding, advisory vote to lower the ownership threshold to call a special meeting of shareholders to 25%	The Board recommends a vote “FOR” this proposal	See page 127
5.	Shareholder proposal as described in this Proxy Statement, if properly presented at the meeting	The Board recommends a vote “AGAINST” this proposal	See page 130



Our Values

Our values express who we are, how we work and the behaviors that support our company, our vision and our purpose. They serve as guiding principles for our global team. They are:

	• Be leaders in security and trusted data stewards • Lead with integrity and be personally accountable • Hold high standards in all our markets around the world	• Exceed our customers’ expectations every day • Deliver value and quality to our customers so we grow together • Aspire to be our customers’ first call

	• Deliver results and play to win • Drive excellent execution • Have a sense of urgency, agility, and grit	• Work together as one aligned global team • Assume best intentions from each other • Foster optimism and have fun together

	• Be intellectually curious and insights driven • Optimize our data and technology to sustain market and product leadership • Drive scalable, profitable growth	• Take initiative to develop ourselves and help others grow • Value diversity of experience and thought • Proudly show our Equifax spirit at work and in our communities


		Mark W. Begor \| 67 Chief Executive Officer, Equifax Inc. Director Since: 2018
		Mark L. Feidler \| 69 Independent Chairman, Equifax Inc. Founding Partner, MSouth Equity Partners Director Since: 2007 Committees: Compensation, Governance
		Karen L. Fichuk \| 60 Former Chief Executive Officer, Randstad North America Director Since: 2023 Committee: Audit
		G. Thomas Hough \| 71 Retired Americas Vice Chair, Ernst & Young LLP Director Since: 2016 Committees: Audit, Compensation
		Barbara A. Larson \| 55 Chief Financial Officer, Workiva Inc. Director Since: 2024 Committee: Audit
		Robert D. Marcus \| 60 Former Chairman and Chief Executive Officer, Time Warner Cable Inc. Director Since: 2013 Committees: Compensation, Governance
		Scott A. McGregor \| 69 Former President and Chief Executive Officer, Broadcom Corporation Director Since: 2017 Committees: Audit, Technology
		John A. McKinley \| 68 Founder, Great Falls Ventures Director Since: 2008 Committees: Audit, Technology
		Melissa D. Smith \| 57 Chair and Chief Executive Officer, WEX Inc. Director Since: 2020 Committees: Compensation, Governance
		Audrey Boone Tillman \| 61 Senior Executive Vice President and General Counsel, Aflac Incorporated Director Since: 2021 Committees: Governance, Technology


Independent Board		• 9 of our 10 director nominees are independent
Board Refreshment and Succession Planning		• The Governance Committee has implemented a succession plan to identify highly-qualified director candidates taking into account scheduled retirements, including committee leadership roles • Since 2020, we have refreshed our Board with four new directors who bring valuable perspective and expertise
Annual Evaluation of Board Leadership Structure		• The Board annually reviews our Company leadership structure to determine whether a combined Chair and CEO role or separate roles is in the best interests of shareholders
Independent Board Chairman		• We have separated the roles of CEO and Chairman
Board Oversight of CEO Succession Planning		• The Board annually evaluates the CEO’s performance and conducts a rigorous review and assessment of the succession planning process for the CEO and other top officers • The Compensation Committee assists the Board with candidate development and succession planning for the CEO, in coordination with the Governance Committee
Limits on Outside Board Service		• Outside directors are limited to service on three other public company boards • Our CEO is limited to two other public company boards (and serves on one outside board)
Director and Executive Stock Ownership		• Each independent director is required to own Equifax common stock with a market value of at least 5x his/her annual cash retainer • Our CEO and our other senior executive officers are required to own Equifax common stock with a market value of at least 6x and 3x base salary, respectively
Rigorous Trading Policy and Protocols		• Our insider trading policy prohibits our CEO and other senior executives from purchasing or selling Equifax securities except pursuant to an approved Rule 10b5-1 trading plan • Our trading policy and security incident escalation procedures are designed to ensure that those with decision-making authority on trading restrictions and approvals have notice of any potential security incident
No Supermajority Voting Requirements		• In 2025, our Board adopted an amendment to our Articles of Incorporation to eliminate supermajority voting requirements on actions requiring a shareholder vote
No “Poison Pill”		• We do not have a stockholder rights plan, or “poison pill,” in place
Management Proposal to Lower Ownership Threshold to Call a Special Meeting to 25%		• At the 2026 annual meeting, we are asking shareholders to vote (on a non-binding, advisory basis) on a management proposal to lower the ownership threshold to call a special meeting of shareholder (see Proposal 4 on page 127 of this proxy statement) • We recommend that shareholders vote “FOR” Proposal 4
Board Oversight of Risk		• Our Board oversees risk management at the Company and exercises direct oversight of strategic risks to the Company and other risk areas not delegated to one of its committees • Our Governance Committee oversees our strategy with respect to our responsible business priorities • Our Audit Committee reviews our policies related to enterprise risk assessment and risk management • Our Audit Committee and Technology Committee jointly oversee risk management with respect to cybersecurity


Board Oversight of Political Contributions and Lobbying Activities		• Our Governance Committee has oversight authority regarding Company political activity (including corporate political expenditures) pursuant to our political engagement policy • Our political engagement policy prohibits using corporate funds to make political contributions
Annual Board Self- Evaluation		• We have an annual Board and committee self-evaluation process, which presents the opportunity to examine the Board’s effectiveness and identify areas for improvement • The Board periodically engages a third party consultant to facilitate its annual Board and committee self-evaluation process • The Board solicits feedback from management as part of its annual self-evaluation process
Director Orientation and Continuing Education		• Upon joining our Board, directors participate in an orientation program regarding our Company, including business operations, strategy, regulatory compliance, cybersecurity and governance • The Board also conducts periodic visits to our key facilities and Board members annually review management’s crisis management planning



Board Recommendation
		THE BOARD RECOMMENDS A VOTE “FOR” THE ELECTION OF EACH OF OUR DIRECTOR NOMINEES.


		Executive Leadership & Business Operations. When he joined Equifax as CEO in 2018, Mr. Begor brought over 35 years of operating and leadership experience as an executive in senior roles at GE. During his tenure, Equifax has grown from $3.4 billion of annual revenue in 2018 to record annual revenue of $6.1 billion in 2025, a compound growth rate of approximately 9%. This strong financial performance has enabled us to complete $4.8 billion of bolt-on acquisitions since 2018 to broaden our capabilities well beyond a traditional credit bureau, while making investments to expand data, analytics, product and technology capabilities. In addition, under Mr. Begor’s leadership, we returned $1.2 billion to shareholders in 2025 via dividends and share repurchases.

		Strategy Development. During over three decades at GE, Mr. Begor gained immense experience setting strategy for multibillion dollar business units of the company. As our CEO and a member of our Board, Mr. Begor plays a crucial role in setting the strategic direction of our company. Since 2018, we have developed and executed on our strategic priorities – investing approximately $3 billion in our Equifax Cloud data and technology transformation, becoming an industry leader in security and accelerating innovation, new products, EFX.AI capabilities and growth.

		Equifax Industry Knowledge. During his tenure at GE, Mr. Begor served as chief executive of GE Capital Retail Finance (Synchrony Financial), a consumer finance lender. This experience provided him the perspective of being a credit bureau customer, which helps us execute on our strategic priority to put customers and consumers first. In addition, prior to joining Equifax, Mr. Begor served for two years as a director at FICO, a public data and analytics company focused on credit scoring services and an Equifax industry peer. Mr. Begor’s unparalleled knowledge of our industry and our business make him uniquely qualified to lead the Company and serve as a director as we pivot from building the Equifax Cloud to leveraging our Equifax Cloud capabilities to accelerate innovation and new products powered by EFX.AI.


		Executive Leadership & Business Operations. Mr. Feidler has extensive operating, financial, legal and regulatory experience through his prior position with a major regional telecommunications company, as well as expertise in private equity investing and acquisitions. He also has broad based leadership experience, including experience with CEO succession planning, through his nearly 20 years of service on the board of directors of New York Life Insurance Company. His many years of experience in business operations and executive leadership is especially relevant to us given his role as independent Chair of the Equifax Board.

		Strategy Development. Mr. Feidler co-founded MSouth, an Atlanta-based private equity firm, in 2007. Prior to MSouth, Mr. Feidler amassed over 25 years of M&A and transactional experience through his roles at BellSouth, Cingular Wireless, The Robinson-Humphrey Company and King & Spalding. Mr. Feidler’s extensive experience in acquiring and successfully growing businesses helps our Board oversee the core elements of our business strategy, including new product development, strategic partnerships and acquisition strategies.

		Equifax Industry Knowledge. Equifax has exclusive rights to operate and manage the NCTUE database of more than 430 million telecommunications, pay TV, internet, home security and utility account records. Mr. Feidler’s deep understanding of the value of this data, gained through his years of experience with BellSouth and Cingular Wireless, is valuable as we seek to layer insights from these records on top of traditional credit data to help maximize consumer approval rates, help customers identify potential risks, reduce manual intervention costs and improve customer experience.


		Data & Analytics. Ms. Fichuk gained extensive global data and analytics expertise during her 25 years at Nielsen, where she most recently served as President, Developed Markets. In this role, she led 4,000 employees across North America and Western Europe transforming the business model from client service to a product sales organization while providing global consumer intelligence to the world’s largest retailer and manufacturing companies. During her time as CEO of Randstad North America, she drew upon her experience at Nielsen to help the company make more sophisticated use of data. As a global data, analytics and technology company, Ms. Fichuk’s experience will help us execute on our strategic priority to expand our portfolio of differentiated data assets and drive market-leading D&A to help our customers.

		International Business. Ms. Fichuk has decades of experience working for businesses with large global operations. Most recently, she ran the North American business of Randstad, which is headquartered in the Netherlands, where she led Randstad’s core business brands in the U.S. and Canada. She also served as a member of the company’s Executive Board, overseeing global strategy, operations and compliance. During her career at Nielsen, her roles included President of Developed Markets and Strategic Initiatives, with responsibility for North America, Western Europe and Australia/New Zealand. This experience benefits our Board’s oversight of our global operations, including continued growth within our International business unit.

		Equifax Industry Knowledge. Ms. Fichuk served most recently as CEO of the North American business unit of Randstad, a global human resources services company. Ms. Fichuk’s experience in human resources services and the labor market is important to the Board as we seek to continue growing our portfolio of human resources business process automation and outsourcing services for employers.


		Accounting & Finance. Mr. Hough was trained as an accountant, with over 36 years of experience as a certified public accountant with EY. As a senior leader for more than two decades who interfaced with many of EY’s most significant clients across diverse industries, he regularly engaged with members of issuer company management, boards and audit committees on audit, financial accounting, financial reporting, risk management and governance matters. Mr. Hough’s deep expertise in these areas makes him exceptionally qualified to serve as chair of our Audit Committee.

		Risk Management. Mr. Hough currently serves as chairman of the Federated Hermes Fund Family (“Federated Hermes”) and as lead director and audit committee member of Haverty Furniture Companies, Inc. (“Havertys”). He previously served as audit committee chair at both Federated Hermes and Publix Super Markets, Inc. (“Publix”). Through these board positions and his 27 years as a partner at EY, Mr. Hough has acquired in-depth knowledge related to risk policies and processes and overall enterprise risk management. Mr. Hough is able to apply this experience in his role as our chair of our Audit Committee and co-chair of our joint Audit and Technology Committees.

		Executive Leadership & Business Operations. Mr. Hough is a seasoned public company director with broad experience in executive leadership roles at a major international accounting firm. In his roles as Vice Chair of EY Americas Assurance Services and EY Americas Vice Chair, he oversaw services provided by 1,550 partners and 17,150 professionals throughout the Americas. Through his membership on the EY Executive Board and EY Global Assurance Executive Committee, he helped provide strategic and operational direction for the global firm. He has extensive experience as a board member, including current service with Federated Hermes and Havertys and prior experience with Publix. Mr. Hough’s broad and varied leadership experience benefits Equifax as our Board oversees management’s execution against our business strategy.


		Accounting & Finance. Ms. Larson is a seasoned finance professional who currently serves as chief financial officer of Workiva. She previously served as chief financial officer of both SentinelOne and Workday. During her nearly decade-long tenure with Workday, Ms. Larson held several leadership positions across the company’s finance and product organizations, including serving as chief financial officer, where she was responsible for the company’s overall finance and accounting functions, internal audit and investor relations. Ms. Larson has a background as a certified public accountant with an undergraduate degree in finance and accounting. Her deep public company finance and accounting leadership experience benefits our Audit Committee in its oversight of our financial performance and financial reporting.

		Equifax Industry Knowledge. Ms. Larson served in several leadership roles across the finance and product organizations during her ten years at Workday, a company that offers a suite of AI-powered, cloud-based enterprise software solutions primarily focused on human capital management (HCM), financial management, enterprise resource planning (ERP) and analytics. Her experience in both human capital management and enterprise technology is a tremendous asset to our Board as we continue to expand the portfolio of employer services offered under our Workforce Solutions business unit.

		Cybersecurity; Technology. Ms. Larson has acquired experience with cybersecurity, cloud technology and AI through her roles at SentinelOne and Workday. This experience enhances her skill sets in relation to the Equifax Board, as we maintain our leadership in cybersecurity and leverage our Equifax Cloud capabilities to accelerate innovation and new products powered by EFX.AI.


		Executive Leadership & Business Operations. Mr. Marcus served as chairman and chief executive officer of Time Warner Cable from 2014 until the completion of the company’s merger with Charter Communications in 2016. During the course of a decade, he served in other senior roles of increasing responsibility at Time Warner Cable, including president and chief operating officer and chief financial officer. His public company operating and finance experience, which includes a background in executive compensation, is invaluable to the Board as we execute on our long-term strategic priorities and to the Compensation Committee as we design compensation programs that attract, retain and motivate executive talent.

		Mergers & Acquisitions. Mr. Marcus has deep mergers and acquisitions experience. He served as chairman and chief executive officer of Time Warner Cable during the company’s merger with Charter Communications. Prior to that, he served over nearly a decade in roles at Time Warner Cable that involved significant mergers and acquisitions activity, including president and chief operating officer, chief financial officer and the senior executive vice president overseeing corporate groups including mergers and acquisitions. Before joining Time Warner Cable, he held roles at Time Warner Inc. that included senior vice president of mergers and acquisitions. Mr. Marcus’s experience is relevant to Equifax, as the execution of bolt-on M&A is a core pillar of our growth strategy.

		Legal & Regulatory. Mr. Marcus has significant legal and regulatory experience, gained through his years of practice at Paul Weiss and his experience as chief executive officer of Time Warner Cable, where the legal and regulatory functions reported into him. This experience navigating public company legal and regulatory issues facilitates Mr. Marcus’s significant insights and contributions as a member of the Board and the Governance Committee, in particular.


		Cybersecurity. Mr. McGregor has decades of experience running and overseeing technology companies with sophisticated cybersecurity programs. In particular, he served as chief executive officer of Broadcom for over ten years, during which time he oversaw the development of networking semiconductors that are the foundation for a large part of the world’s cybersecurity hardware and acquired extensive cybersecurity expertise. Mr. McGregor’s cybersecurity experience is particularly important to us as we seek to maintain our intense focus on data security as we accelerate innovation and new products powered by EFX.AI.

		Technology. Mr. McGregor has spent his career at the forefront of technology and innovation. An industry leader in information technology, he began his career as a computer engineer, helping to design the first personal computers and the first version of Microsoft Windows. He later served in executive roles within the Philips Semiconductors division of Royal Philips Electronics and as the chief executive officer of Broadcom. His executive management experience is supplemented by his current and prior experience as a member of the board of directors of several cutting-edge technology companies, including Applied Materials, Xactly, Ingram Micro, Alorica and Luminar. He also has decades of experience focusing on AI issues, including experience gained through service as an executive and/or board member at technology companies and his position as an investor and advisor for multiple AI companies. Mr. McGregor’s expertise in innovation and technology is invaluable to our Board as we leverage our Equifax Cloud technology and EFX.AI capabilities to accelerate innovation and new products and optimize our internal operations and team effectiveness.

		Data & Analytics. Mr. McGregor currently chairs strategy and investment committee of the board at Applied Materials, a company for which AI and data analytics is fundamental to the business. In addition, he previously served on the board of directors of Alorica, a business driven by data-driven insights. Our Board believes this experience benefits Equifax as we execute on our strategic priorities of accelerating innovation and new products powered by EFX.AI and driving market-leading D&A and expanded data assets.


		Technology. Mr. McKinley has a background in managing complex global technology operations as chief technology officer at a number of leading global companies, which is important for Equifax as we leverage our Equifax Cloud technology to accelerate innovation and new products using EFX.AI. Mr. McKinley also has extensive experience in the areas of artificial intelligence (AI) and natural language processing. He and his team delivered the first robo-advisor solution for Merrill Lynch in 2002. He is also currently an advisor to AI-centric firms in the investment and security sectors. This experience with AI enhances our Board’s effective oversight of our responsible AI innovation.

		Cybersecurity. Mr. McKinley has cybersecurity experience that has facilitated the enhancement of our security program maturity to a level that has outperformed all major industry benchmarks for the last six years. He gained this experience through, among other things, serving on the board of cloud-based security company MessageLabs, which was acquired by Symantec. He started his career at EY, where he helped establish the computer security practice in the United States.

		Accounting & Finance. Mr. McKinley began his career with EY, eventually becoming a partner in the Financial Services Technology Practice. In this role, he assisted in multiple IT control reviews. Later, during his tenure as President of Digital Services at AOL, he had full P&L responsibilities for the division. Prior to joining the Equifax Board, he served on the audit committee of Proxicom. Mr. McKinley received an undergraduate degree in economics from the Wharton School at the University of Pennsylvania. Mr. McKinley’s varied finance and accounting expertise, combined with his background in technology, is highly relevant to his role as a member of our Audit Committee and co-chair of our joint Audit and Technology Committees.


		Executive Leadership & Business Operations. Ms. Smith has served as CEO and board chair of WEX for eleven years and six years, respectively. In these broad-based leadership roles, she has gained significant experience in overseeing business operations and driving business growth, as evidenced by the fact that WEX’s annual revenue has increased from $800 million to $2.66 billion during her tenure as CEO. The Board views this experience as particularly valuable as we leverage our Equifax Cloud capabilities to accelerate innovation and new products powered by EFX.AI.

		Strategy Development; Data & Analytics. During over two decades at WEX, Ms. Smith has been instrumental in the company’s strategic growth, overseeing major acquisitions, technology investments and international expansion. The Board believes Ms. Smith’s strategic vision and leadership experience in a business driven by data and analytics benefit Equifax as we develop and execute on our corporate strategy.

		Accounting & Finance. Among other roles at WEX, Ms. Smith served as chief financial officer for ten years, during which time she spearheaded the company’s initial public offering. She began her career as an auditor at Ernst & Young LLP. This deep financial expertise facilitates the Board’s oversight of our annual operating budget and financial performance and our Compensation Committee’s design of incentive programs that align with our financial performance.


		Legal & Regulatory. Ms. Tillman has extensive legal and regulatory experience, having served as the general counsel of Aflac for more than a decade. She directs Aflac’s legal division and functions related to compliance, as well as the office of the corporate secretary, including oversight functions of the legal and compliance offices at Aflac Japan, where the company earns more than half of its revenue. Prior to Aflac, she acquired additional legal expertise as an attorney at Smith, Helms, Mulliss and Moore and an associate professor at the North Carolina Central University School of Law. The Board values Ms. Tillman’s experience in these areas, given that Equifax is subject to a number of U.S. federal, state, local and foreign laws and regulations that involve matters central to our business.

		Risk Management. As general counsel of Aflac, Ms. Tillman has legal and compliance oversight responsibilities that give her significant experience with enterprise risk management and governance frameworks. This experience benefits our Board’s ability to oversee Equifax’s various risk management and governance frameworks, including our enterprise risk management program.

		Corporate Governance. Ms. Tillman brings deep knowledge in corporate governance, gained over decades of experience in the insurance industry and legal and human resources fields. In her position as general counsel of Aflac, a U.S. public company, she is exposed to many of the same corporate governance issues we encounter at Equifax. In particular, she is able to leverage these insights as a member of our Board’s Governance Committee.


Key Themes Discussed		Equifax Actions
Board Oversight of Artificial Intelligence Innovation		• Published new proxy statement disclosure to describe how the Board oversees AI-related risks and opportunities (see “Responsible AI at Equifax” on pages 54-56) • Enhanced our proxy statement disclosure to describe the evolution of our AI governance program, including AI risk management, controls and Board oversight (see pages 52-56)
Executive Compensation		• Approved a new compensation arrangement for our CEO, in consideration of shareholder feedback and the competitive environment (see “2025 CEO Compensation Arrangement” on pages 70-72) • Evaluated the design of our long-term incentive program for 2026 to strengthen retention and reinforce long-term equity ownership aligned with shareholder interests and feedback (see “Actions Taken With Respect to 2026 Compensation” on pages 85-87)
Shareholder Rights		• At the 2026 Annual Meeting, we are asking shareholders to approve a non-binding, advisory resolution calling on the Board to lower the ownership threshold to call a special meeting of shareholders from 100% to 25% (see Proposal 4 on page 127) • We recommend that shareholders vote “FOR” Proposal 4
Initiatives Related to Consumers		• Published new proxy statement disclosure to explain how we are leveraging AI to responsibly expand access to credit (see “Responsible AI at Equifax” on pages 54-56) • Published a reimagined U.S. consumer credit report with easy-to-read graphics to make it even easier for U.S. consumers to understand their credit history and monitor their financial health • Further supported the needs of our 30.3 million myEquifax^™ users in the U.S. with the launch of a new myEquifax mobile application that gives people a convenient way to monitor their financial health from mobile devices


Audit Committee • Reviews risks related to financial reporting; reviews material violations, if any, of our ethics, legal, regulatory and other compliance policies • Considers our annual audit risk assessment which identifies internal control risks and drives the internal and external audit plan for the ensuing year • Considers the impact of risk on our financial position and the adequacy of our risk-related internal controls • Reviews and discusses with management our risk management policies and procedures • In coordination with the Technology Committee, oversees risk management with respect to cybersecurity				Governance Committee • Focuses on corporate governance risks, including evaluation of our leadership and risk oversight structure to ensure that it remains the optimal structure for our Company and shareholders • Oversees our political engagement policy and reviews our political expenditures on an annual basis • Oversees our strategy with respect to our responsible business priorities

Technology Committee • Reviews our technology investments and infrastructure associated with risk management • In coordination with the Audit Committee, oversees risk management with respect to cybersecurity • Reviews our technology strategy and monitors new technology product development programs and technology investments				Compensation Committee • Reviews compensation, human resource and management succession risks, as summarized under “Management of Compensation-Related Risk” on page 91



Board Recommendation

Our Board believes that the information provided above and within the “Executive Compensation” section of this Proxy Statement demonstrates that our executive compensation program is designed appropriately and is working to ensure that management’s interests are aligned with those of our shareholders. Although the vote is non-binding, the Board of Directors and the Compensation Committee will review the voting results in connection with their ongoing evaluation of Equifax’s executive compensation program.
		THE BOARD RECOMMENDS A VOTE “FOR” PROPOSAL 2.


	Page

Executive Summary		60

Compensation Program Highlights		63

How We Determine the Total Amount of Compensation		65

Benchmarking Use of a Peer Group		66

Analysis of 2025 Compensation Decisions		68

2025 Annual Cash Incentive Structures and Outcomes		72

2025 Long-Term Equity Incentive Compensation		80

Vesting Results of Previously-Granted Performance Shares		85

Actions Taken with Respect to 2026 Compensation		85

Other Compensation Program Information		88


NEO¹	Position in 2025	Years at Equifax at End of 2025 (rounded)
Mark W. Begor	Chief Executive Officer	8
John W. Gamble, Jr.	Executive Vice President, Chief Financial Officer and Chief Operations Officer	12
Chad M. Borton	Executive Vice President, President, Workforce Solutions	2
Jamil Farshchi	Executive Vice President, Chief Technology Officer	8
Julia A. Houston	Executive Vice President, Chief Legal Officer	12


		Accelerate Innovation and New Products • Launched over 180 new products; 3rd consecutive year above 120 • Vitality Index of 15%, the 4th consecutive year above our Long-Term Financial Framework goal of 10%

		Leverage Equifax Cloud Capabilities • More than 90% of revenue in the Equifax Cloud • Decommissioned 10 data centers, for a total of 46 since the start of our transformation

		Expand Differentiated Data Assets • Continued to grow The Work Number database, ending 2025 with 813 million employment records and 4.8 million employers • Entered into new partnership with Dun & Bradstreet in Australia/New Zealand • Ranked as a leader in U.S. alternative credit scoring by CB Insights

		Drive AI Innovation • Built 100% of our new models and scores with EFX.AI as of year end • Launched AI 4 EFX initiative to integrate AI solutions into our core business operations to drive tangible efficiencies • Refined our AI Governance Program so it is fully integrated into our enterprise risk management program


		Put Customers and Consumers First • Introduced MyEquifax mobile app, designed to make it easier for consumers to monitor their financial health directly from their smartphones • Rolled out reimagined U.S. consumer credit report design with easy to read graphics to make it even easier for consumers to understand their credit history and monitor their financial health

		Execute Bolt-on M&A • Acquired Vault Verify, complementing The Work Number with new employment records with a concentration in the healthcare sector • 2-year anniversary of our Boa Vista Serviços acquisition, with continued strong progress in integration


		Continue Leadership in Security • Security maturity rating outperformed all major industry benchmarks for 6th consecutive year • Modernized our defenses with robust threat detection and response capabilities

		Act as One Team, One Equifax • Attained an engagement score of 81% in our 2025 employee engagement survey, up 3% from our last global survey and surpassing technology and financial services industry benchmarks • Rated one of America’s Best Companies by TIME Magazine for the 2nd year in a row • Our BEST credit education program delivered nearly 8,000 hours of consumer credit training to 5,000+ people in communities where we live and work in 10 countries across the globe • Continued developing our people, completing nearly 150,000 hours of training (including 33,000 hours of AI training) and professional development


Annual Incentive Plan (AIP) Opportunity

Payouts are based on the attainment of financial goals and individual non-financial strategic goals		Financial Goals • Corporate Operating Revenue measures our top line business growth^1,2 • Corporate Adjusted EPS measures our profitability^1,2 Individual Non-Financial Strategic Goals Individual goals aligned with our EFX2027 strategic priorities (see pages 74–75): • Accelerate Innovation and New Products • Leverage Equifax Cloud Capabilities • Expand Differentiated Data Assets • Drive AI Innovation • Put Customers and Consumers First • Execute Bolt-on M&A • Continue Leadership in Security • Act as One Team, One Equifax Payouts Align With Performance Our NEOs’ 2025 AIP awards paid out between 140%-162% of target in alignment with our performance against financial goals (see page 76)


Long Term Incentive (LTI) Plan Opportunity

Designed to strike a balance between stock market-based and operational performance		Financial Performance Metrics • Performance shares tied to three-year cumulative TSR measuring our stock performance relative to companies in the S&P 500, providing a broad index for comparison and alignment with shareholder investment choices – If our cumulative three-year TSR is negative, the payout is capped at target (100%), regardless of our relative TSR percentile ranking • Performance shares tied to Adjusted EBITDA are earned based on our Adjusted EBITDA performance over a three-year period³ – If we fail to meet our threshold Adjusted EBITDA goals for any year during the three-year performance period, the payout for that year will be $0 Payouts Align With Performance TSR and Adjusted EBITDA performance shares granted in 2023 vested in 2026 at 112% and 111% of target, respectively (see page 85)


Element		Objectives
Base Salary		• Provides competitive pay to attract and retain experienced and successful executives
Annual Incentive Plan (AIP)		• Encourages and rewards valuable contributions to our annual financial and operational performance objectives, which align with our strategic priorities
Annual Incentive Plan (AIP)		• Designed to reward high performance and achievement of financial goals and individual non-financial strategic goals by key employees, including our NEOs
Long-Term Incentive (LTI) Program		• Designed to align the interests of key employees with those of shareholders, while striking a balance between stock market-based and operational performance
Long-Term Incentive (LTI) Program		– TSR performance shares align the interests of key employees with those of shareholders by linking pay to our share price performance (inclusive of dividends) relative to other companies in which shareholders could invest
		– Adjusted EBITDA performance shares tie our executive compensation payouts to a key internal operational performance metric that measures management’s ability to drive profitable growth over time
		– Market-priced stock options (granted to our NEOs other than the CEO) provide a strong incentive for the creation of long-term shareholder value because the options may be exercised for a profit only to the extent our stock price appreciates following the grant date
		– Premium-priced stock options (granted to our CEO) provide an even stronger link between our LTI compensation and creation of shareholder value by ensuring that our CEO receives gains only after a premium return is delivered to investors
		– RSUs cliff vest at the end of three years and primarily encourage retention and alignment with long-term shareholder interests


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