Got a boost from rival Equifax data breach
Profits at the world’s biggest credit monitoring service, Experian, rose 6 per cent in the first half as it reported gains from a data breach at its rival Equifax and growth across its operations.
The company, which runs consumer credit checks for banks, landlords and retailers, said today that its operating profit rose to £393m for the six months to September 3.
The UK listed agency also stated how it had a “spike in enrolments in the immediate aftermath” of the Equifax data breach. “The notoriety of the breach has also increased in the near term the external risks associated with information security. We continue to see increased consumer protection focused legislative and regulatory activity in our key markets,” it added.
In September this year, Equifax had revealed how hackers had stolen financial records and sensitive data like Social security numbers of around 146m customers. This had prompted US lawmakers to demand new reforms targeting the market.
“Normalising for this event, take-up rates have been strong and, over the balance of the year, we will introduce new features to build on and sustain this momentum,” said Experian. “Growth in IdentityWorks helped to offset ongoing moderation in our credit subscription product.”
Although based in the UK, Experian produces more than half its revenues from North America. Overall, Experian said its North America revenues rose 4 per cent on an organic basis in the six months to the end of September.