Equifax (EFX) 8-K Equifax Delivers Record Revenue in Third Quarter

Exhibit 99.1

1550 Peachtree Street, N.W.  Atlanta, Georgia 30309

FOR IMMEDIATE RELEASE NEWS RELEASE

Contact:

Jeff Dodge     
Investor Relations 
(404) 885-8804 
jeff.dodge@equifax.com David Rubinger
Media Relations
(404) 885-8555
david.rubinger@equifax.com

Equifax Delivers Record Revenue in Third Quarter

Atlanta, Oct. 21, 2004 --Equifax Inc. (NYSE: EFX) today reported record revenue of $323 million for the third quarter of 2004, an increase of 4 percent from the same period last year. Earnings from continuing operations were $53 million, unchanged from the same period last year. Earnings per share (EPS) totaled $0.40, a 3 percent increase from 2003’s third quarter.

“Equifax delivered record revenue in what continues to be a challenging economic environment. We enter the fourth quarter with significant momentum,” said Thomas F. Chapman, Equifax chairman and CEO. “This solid financial performance is reflected in our free cash flow and improving operating margins.”

Third quarter performance highlights compared to the third quarter of 2003…

• Consolidated operating margins increased to 30 percent from 29 percent;

• Cash flow from operations was $94 million, up 3 percent; free cash flow was $81 million, up 4 percent;

• North America Information Services reported revenue of $177 million, up 1 percent;

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• Revenue for Marketing Services in North America was $60 million, a 3 percent decline, however Equifax Credit Marketing Services revenue increased 3 percent to $37 million;

• Personal Solutions increased revenue 26 percent to $24 million, with several new products already introduced for the fourth quarter;

• Europe revenue grew to $39 million, up 22 percent;

• Latin America revenue rose to $24 million, a 10 percent increase;

Teleconference and non-GAAP reconciliation information

Equifax's quarterly teleconference to discuss results will be held today at 9 a.m. (EDT). The live audio Webcast of the speakers' presentations will be available atwww.equifax.com. Please note that Microsoft Media Player is required to access the Webcast. This can be downloaded fromwww.microsoft.com/windows/mediaplayer.

Equifax has presented in this press release and will discuss during the teleconference certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. As required by SEC rules a reconciliation of such measures to the most comparable GAAP measure is presented below in the Common Questions and Answers (Unaudited) that are a part of this press release. This information can also be found under the heading "non-GAAP Financial Measures" in the Investor Center on the company's website atwww.equifax.com.

About Equifax

Equifax Inc. is a global leader in turning information into intelligence. For businesses, Equifax provides faster and easier ways to find, approve and market to the appropriate customers. For consumers, Equifax offers easier, instantaneous ways to buy products or services and better insight into and management of their personal credit. Equifax. Information that Empowers.

Safe Harbor

Statements in this press release that relate to Equifax’s future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Future events, risks and uncertainties, individually or in the aggregate, could cause our actual results to differ materially from those expressed or implied in these forward-looking statements.  Those factors include, but are not limited to, changes in worldwide and U.S. economic conditions that materially impact consumer spending and consumer debt, changes in demand for Equifax’s products and services, risks associated with the integration of acquisitions and other investments, changes in laws governing our business, including particularly the cost of compliance with the FACT Act and related regulations, the ability of Equifax to achieve its productivity improvement and cost reduction targets, pricing and other competitive pressures, and certain other factors discussed under the caption “Risk Factors” in the Management’s Discussion and Analysis section of Equifax’s annual report on Form 10-K for the year ended December 31, 2003, and in our other filings with the U.S. Securities and Exchange Commission.  Equifax assumes no obligation to update any forward-looking statements to reflect events that occur or circumstances that exist after the date on which they were made. 

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EQUIFAX INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
	THREE MONTHS ENDED
(In millions, except per share amounts)	September 30,
	2004			2003
Operating revenue	$	323.0		$	309.8
Costs and expenses:
Costs of services		137.3			129.0
Selling, general and administrative expenses		71.1			66.8
Depreciation		3.3			4.1
Amortization		15.9			21.0
Total costs and expenses		227.6			220.9
Operating income		95.4			88.9
Other income, net		2.2			3.0
Minority interests in earnings, net of tax		(0.8	)		(0.9	)
Interest expense		(9.2	)		(8.6	)
Income from continuing operations before income taxes		87.6			82.4
Provision for income taxes		(34.9	)		(29.6	)
Income from continuing operations		52.7			52.8
Discontinued operations
Gain/(loss) from discontinued operations, net of income tax benefit of $0.0 in 2004 and 2003		0.5			(1.6	)
Net income	$	53.2		$	51.2
Per common share (basic):
Income from continuing operations	$	0.40		$	0.39
Discontinued operations		0.00			(0.01	)
Net income	$	0.40		$	0.38
Shares used in computing basic earnings per share		130.7			134.5
Per common share (diluted):
Income from continuing operations	$	0.40		$	0.39
Discontinued operations		0.00			(0.01	)
Net income	$	0.40		$	0.38
Shares used in computing diluted earnings per share		132.5			136.4
Dividends per common share	$	0.03		$	0.02
SEGMENT REVENUE & OPERATING INCOME
	THREE MONTHS ENDED
	September 30,
Equifax revenue:	2004			2003
North America
Information Services	$	177.3		$	176.2
Marketing Services		60.0			61.7
Personal Solutions		23.5			18.7
		260.8			256.6
Europe		38.6			31.7
Latin America		23.6			21.5
	$	323.0		$	309.8
Equifax operating income:		2004			2003
North America
Information Services	$	73.3		$	80.0
Marketing Services		21.5			7.1
Personal Solutions		4.4			2.3
		99.2			89.4
Europe		8.1			4.9
Latin America		4.7			6.0
Corporate Expense		(16.6	)		(11.5	)
	$	95.4		$	88.9	*
* Does not total due to rounding

 3

EQUIFAX INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
	NINE MONTHS ENDED
(In millions, except per share amounts)	September 30,
	2004			2003
Operating revenue	$	955.5		$	928.4
Costs and expenses:
Costs of services		404.1			393.7
Selling, general and administrative expenses		213.0			207.4
Depreciation		11.0			12.4
Amortization		50.3			60.1
Asset impairment and related charges		7.6			—
Total costs and expenses		686.0			673.6
Operating income		269.5			254.8
Other income, net		45.2			12.3
Minority interests in earnings, net of tax		(2.3	)		(2.6	)
Interest expense		(25.8	)		(31.1	)
Income from continuing operations before income taxes		286.6			233.4
Provision for income taxes		(109.5	)		(86.2	)
Income from continuing operations		177.1			147.2
Discontinued operations
Gain/(loss) from discontinued operations, net of income tax benefit of $0.0 in    2004 and 2003		0.1			(10.3	)
Net income	$	177.2		$	136.9
Per common share (basic):
Income from continuing operations	$	1.34		$	1.09
Discontinued operations		0.00			(0.08	)
Net income	$	1.34		$	1.01
Shares used in computing basic earnings per share		131.8			134.9
Per common share (diluted):
Income from continuing operations	$	1.32		$	1.08
Discontinued operations		0.00			(0.08	)
Net income	$	1.32		$	1.00
Shares used in computing diluted earnings per share		133.8			136.8
Dividends per common share	$	0.08		$	0.06
SEGMENT REVENUE & OPERATING INCOME
	NINE MONTHS ENDED
	September 30,
Equifax revenue:	2004			2003
North America
Information Services	$	527.3		$	520.9
Marketing Services		175.1			205.1
Personal Solutions		72.8			50.9
		775.2			776.9
Europe		114.2			94.4
Latin America		66.1			57.1
	$	955.5		$	928.4
Equifax operating income:
North America
Information Services	$	222.7		$	235.1
Marketing Services		52.5			29.4
Personal Solutions		16.6			5.7
		291.8			270.2
Europe		19.4			13.4
Latin America		12.3			13.9
Asset impairment and related charges		(7.6	)		—
Corporate Expense		(46.4	)		(42.7	)
	$	269.5		$	254.8

 4

EQUIFAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
	NINE MONTHS ENDED
(In millions)	September 30,
	2004			2003
Cash flows from operating activities:
Net income	$	177.2		$	136.9
Adjustments to reconcile net income to net cash provided
by operating activities of continuing operations:
Gain on sale of investment in Intersections Inc.		(36.8	)		—
(Gain)/loss from discontinued operations		(0.1	)		9.8
Depreciation and amortization		61.3			72.5
Asset impairment and related charges		7.6			—
Deferred income taxes		14.0			10.5
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net		(22.6	)		(1.0	)
Current liabilities, excluding debt		9.7			(13.8	)
Other current assets		4.9			1.7
Other long-term liabilities, excluding debt		1.9			4.4
Other assets		(9.4	)		(27.5	)
Cash provided by operating activities		207.7			193.5
Investing activities:
Additions to property and equipment		(10.5	)		(11.4	)
Additions to other assets, net		(22.5	)		(25.3	)
Acquisitions, net of cash acquired		(17.4	)		(40.7	)
Proceeds from sale of investment in Intersections Inc.		59.4			—
Deferred payments on prior year acquisitions		(1.4	)		(1.4	)
Cash provided (used) by investing activities		7.6			(78.8	)
Financing activities:
Net short-term payments		(133.1	)		(11.5	)
Additions to long-term debt		–			155.3
Payments on long-term debt		(0.6	)		(202.5	)
Treasury stock purchases		(103.0	)		(65.3	)
Dividends paid		(11.0	)		(8.4	)
Proceeds from exercise of stock options		22.5			16.7
Other		(3.9	)		0.2
Cash used by financing activities		(229.1	)		(115.5	)
Effect of foreign currency exchange rates on cash		(3.6	)		3.3
Cash provided by discontinued operations		0.8			0.5
(Decrease) increase in cash and cash equivalents		(16.6	)		3.0
Cash and cash equivalents, beginning of year		39.3			30.5
Cash and cash equivalents, end of period	$	22.7		$	33.5

 5

EQUIFAX INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except par values)	September 30,			December 31,
	2004			2003
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	22.7		$	39.3
Trade accounts receivable, net of allowance for doubtful
accounts of $10.3 in 2004 and $11.9 in 2003		199.7			175.4
Other receivables		7.7			13.3
Deferred income tax assets		9.4			15.5
Other current assets		35.0			42.4
Total current assets		274.5			285.9
Property and Equipment:
Land, buildings and improvements		30.0			31.6
Data processing equipment and furniture		122.1			121.7
		152.1			153.3
Less accumulated depreciation		107.1			106.3
		45.0			47.0
Goodwill		717.1			724.3
Purchased Data Files		236.7			247.9
Other Assets		238.3			248.2
	$	1,511.6		$	1,553.3
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term debt and current maturities	$	268.4		$	160.5
Accounts payable		7.4			13.4
Accrued salaries and bonuses		27.8			34.4
Other current liabilities		170.4			146.5
Total current liabilities		474.0			354.8
Long-Term Debt		412.4			663.0
Deferred Revenue		10.6			12.0
Deferred Income Tax Liabilities		51.4			44.3
Other Long-Term Liabilities		101.9			99.1
Liabilities of Discontinued Operations		—			8.6
Total liabilities		1,050.3			1,181.8
Commitments and Contingencies
Shareholders' Equity:
Preferred stock, $0.01 par value: Authorized - 10.0; Issued - none		—			—
Common stock, $1.25 par value: Authorized shares - 300.0
Issued shares - 181.5 in 2004 and 180.4 in 2003
Outstanding shares - 130.1 in 2004 and 132.7 in 2003		226.8			225.5
Paid-in capital		449.2			432.5
Retained earnings		1,245.4			1,079.0
Accumulated other comprehensive loss		(291.8	)		(296.1	)
Treasury stock, at cost, 46.4 shares in 2004 and 42.3 shares in 2003		(1,098.5	)		(995.5	)
Stock held by employee benefits trusts, at cost, 5.0 shares in 2004 and 5.4 shares in 2003		(69.8	)		(73.9	)
Total shareholders' equity		461.3			371.5
	$	1,511.6		$	1,553.3

 6

Common Questions & Answers (Unaudited) - September 30, 2004
(Dollars in millions, except per share amounts)
1.	Can you provide a further analysis of revenue and operating income?
	Equifax revenue and operating income consist of the following components:

	QTD
Equifax revenue:		2004		% of Revenue			2003		% of Revenue			$ Change		% Change
North America
Information Services	$	177.3		55	%	$	176.2		57	%	$	1.1		1	%
Marketing Services		60.0		19	%		61.7		20	%		(1.7	)	-3	%
Personal Solutions		23.5		7	%		18.7		6	%		4.8		26	%
		260.8		81	%		256.6		83	%		4.2		2	%
Europe		38.6		12	%		31.7		10	%		6.9		22	%
Latin America		23.6		7	%		21.5		7	%		2.1		10	%
	$	323.0		100	%	$	309.8		100	%	$	13.2		4	%
Equifax operating income:		2004		Profit Margin			2003		Profit Margin			$ Change		% Change
North America
Information Services	$	73.3		41	%	$	80.0		45	%	$	(6.7	)	-8	%
Marketing Services		21.5		36	%		7.1		12	%		14.4		203	%
Personal Solutions		4.4		19	%		2.3		12	%		2.1		91	%
		99.2		38	%		89.4		35	%		9.8		11	%
Europe		8.1		21	%		4.9		15	%		3.2		65	%
Latin America		4.7		20	%		6.0		28	%		(1.3	)	-22	%
Corporate Expense		(16.6	)	nm			(11.5	)	nm			(5.1	)	44	%
	$	95.4		30	%	$	88.9	*	29	%	$	6.5	*	7	%
	YTD
Equifax revenue:		2004		% of Revenue			2003		% of Revenue			$ Change		% Change
North America
Information Services	$	527.3		55	%	$	520.9		56	%	$	6.4		1	%
Marketing Services		175.1		18	%		205.1		22	%		(30.0	)	-15	%
Personal Solutions		72.8		8	%		50.9		6	%		21.9		43	%
		775.2		81	%		776.9		84	%		(1.7	)	0	%
Europe		114.2		12	%		94.4		10	%		19.8		21	%
Latin America		66.1		7	%		57.1		6	%		9.0		16	%
	$	955.5		100	%	$	928.4		100	%	$	27.1		3	%
Equifax operating income:		2004		Profit Margin			2003		Profit Margin			$ Change		% Change
North America
Information Services	$	222.7		42	%	$	235.1		45	%	$	(12.4	)	-5	%
Marketing Services		52.5		30	%		29.4		14	%		23.1		79	%
Personal Solutions		16.6		23	%		5.7		11	%		10.9		191	%
		291.8		38	%		270.2		35	%		21.6		8	%
Europe		19.4		17	%		13.4		14	%		6.0		45	%
Latin America		12.3		19	%		13.9		24	%		(1.6	)	-12	%
Asset impairment and related charges		(7.6	)	nm			-		nm			(7.6	)	nm
Corporate Expense		(46.4	)	nm			(42.7	)	nm			(3.7	)	9	%
	$	269.5		28	%	$	254.8		27	%	$	14.7		6	%
nm - not meaningful
* Does not total due to rounding

 7

Common Questions & Answers (Unaudited) - September 30, 2004
(Dollars in millions, except per share amounts)
2.	Can you provide a further breakdown of revenue in the Equifax North America segment?
	Equifax North America revenue consists of the following components:

	QTD Revenue
Equifax North America Revenue:		Q3 2004	% of Revenue			Q3 2003	% of Revenue			$ Change		% Change
U.S. Consumer and Commercial Services	$	134.1	52	%	$	134.6	53	%	$	(0.5	)	0	%
Mortgage Services		18.8	7	%		18.3	7	%		0.5		3	%
Canadian Operations		24.4	9	%		23.3	9	%		1.1		5	%
Total North America Information Services		177.3	68	%		176.2	69	%		1.1		1	%
Credit Marketing Services		36.7	14	%		35.5	14	%		1.2		3	%
Direct Marketing Services		23.3	9	%		26.2	10	%		(2.9	)	-11	%
Total Marketing Services		60.0	23	%		61.7	24	%		(1.7	)	-3	%
Personal Solutions		23.5	9	%		18.7	7	%		4.8		26	%
	$	260.8	100	%	$	256.6	100	%	$	4.2		2	%
	YTD Revenue
Equifax North America Revenue:		2004	% of Revenue			2003	% of Revenue			YOY $ Change		YOY % Change
U.S. Consumer and Commercial Services	$	398.2	52	%	$	397.7	51	%	$	0.5		0	%
Mortgage Services		56.7	7	%		56.4	7	%		0.3		1	%
Canadian Operations		72.4	9	%		66.8	9	%		5.6		8	%
Total North America Information Services		527.3	68	%		520.9	67	%		6.4		1	%
Credit Marketing Services		103.1	14	%		113.7	14	%		(10.6	)	-9	%
Direct Marketing Services		72.0	9	%		91.4	12	%		(19.4	)	-21	%
Total Marketing Services		175.1	23	%		205.1	26	%		(30.0	)	-15	%
Personal Solutions		72.8	9	%		50.9	7	%		21.9		43	%
	$	775.2	100	%	$	776.9	100	%	$	(1.7	)	0	%

3.	Can you provide a breakout of costs of services and SG&A as a percent of sales?
	Operating expenses as a percent of revenue are as follows for continuing operations:

	Q3
Operating Expenses:		2004		2003
Cost of services		42	%	42	%
Selling, general and administrative		22	%	21	%
Depreciation and amortization		6	%	8	%
		70	%	71	%

4.	Can you give depreciation and amortization by segment?
	Depreciation and amortization is as follows:

Depreciation & Amortization:		Q3		Q2		Q3		Q2
Equifax North America	$	13.0	$	13.8	$	17.4	$	16.6
Equifax Europe		2.4		2.7		3.0		2.9
Equifax Latin America		2.1		1.3		1.4		1.3
General Corporate		1.7		2.7		3.3		3.3
	$	19.2	$	20.5	$	25.1	$	24.1

 8

Common Questions & Answers (Unaudited) - September 30, 2004
(Dollars in millions, except per share amounts)
5.	What was the currency impact on the foreign operations?
	The favorable US dollar impact on revenue and operating income is as follows:

	2004 Revenue				2004 Operating Income
		Q3	%			Q3	%
Canada	$	1.3	5	%	$	0.5	6	%
Europe		4.1	13	%		1.0	19	%
Latin America		0.3	1	%		0.1	2	%
	$	5.7	2	%	$	1.6	2	%

6.	What was your cash flow from operations for the third quarter 2004 and 2003?
	Cash provided by operating activities was $93.7 million and $91.4 million for the third quarter of 2004 and 2003, respectively.
7.	What was the level of debt?
	Total debt was comprised of the following:

		Sept. 30,		Dec. 31,
		2004		2003
Senior Notes and Debentures - Long-term	$	398.5	$	648.0
Senior Notes and Debentures - Current		255.8		-
Revolving Credit Facility		13.9		139.0
Other Long-term Obligations		-		14.9
Other Short-term Debt & Current Maturities		12.6		21.6
	$	680.8	$	823.5

	On August 20, 2004, Equifax entered into a new five-year, $500 million senior unsecured revolving credit facility with a group of banks
	to replace its existing $465 million revolving credit facility. $13.9 million was outstanding under our facility at September 30, 2004.
8a.	What was the level of capital spending in the third quarter of 2004 and 2003?
	Capital expenditures, excluding property and equipment and other assets purchased in acquisitions, were as follows:

		2004		2003
		Q3		Q3
Capital expenditures	$	12.8	$	13.5

8b. Of the third quarter capital spending, what was FACT Act related?

		2004		2003
		Q3		Q3
FACT Act capital expenditures	$	5.7	$	-

 9

Common Questions & Answers (Unaudited) - September 30, 2004
(Dollars in millions, except per share amounts)
9.	What is the current authorization amount for stock buyback?
	As of September 30, 2004, approximately $274.3 million remained authorized for future share repurchases. We invested $38.0 million in open market stock purchases during the third quarter of 2004.
10.	Why is other income $45.2 million for 2004 YTD compared to $12.3 million for the same period last year?
	On May 5, 2004, Equifax, through its wholly owned subsidiary CD Holdings, Inc., completed the sale of 3,755,792 shares of common stock it owned in Intersections Inc., a provider of identity theft protection and credit management services, in an underwritten public offering for net proceeds of $59.4 million. Immediately prior to the public offering, CD Holdings converted a $20.0 million senior secured convertible note issued to it by Intersections in November 2001 into 3,755,792 shares of Intersections common stock, or approximately 26.9% of Intersections' outstanding stock before its public offering.
	The book value of our investment in Intersections was $22.3 million, including accrued interest of $2.3 million. In the second quarter of 2004, we recorded, net of income taxes of $13.8 million, a net gain of $23.0 million.
11.	Why did the third quarter effective tax rate change from 37.5% in Q1 and Q2 to 39.8% for the third quarter of 2004?
	The increase in the third quarter effective tax rate is primarily the result of increased tax expense due to limitations on our ability to utilize foreign tax credits. We anticipate the effective tax rate will return to a range of 37% to 38% in the 4th quarter of 2004 and for 2005.

 10

Common Questions & Answers (Unaudited) - September 30, 2004
(Dollars in millions, except per share amounts)
	Non-GAAP Financial Measures (Unaudited) - September 30, 2004
A.	Revenue excluding Mortgage-related and eMarketing revenue
	RECONCILIATION OF REVENUE TO REVENUE EXCLUDING MORTGAGE-RELATED
	AND eMARKETING REVENUE

Quarter
(In millions)
		Q3 2004		Q3 2003	Increase
Revenue	$	323.0	$	309.8	4	%
Mortgage-related and eMarketing revenue		54.8		60.6
Revenue-excluding Mortgage-related and eMarketing revenue	$	268.2	$	249.2	8	%
YTD
(In millions)
		2004		2003	Increase
Revenue	$	955.5	$	928.4	3	%
Mortgage-related and eMarketing revenue		168.4		204.1
Revenue-excluding Mortgage-related and eMarketing revenue	$	787.1	$	724.3	9	%

 11

 

Common Questions & Answers (Unaudited) - September 30, 2004

(Dollars in millions, except per share amounts)

B. Free Cash Flow

Quarter
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 2004 AND 2003, TO FREE CASH FLOW FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 2004 AND 2003
(In millions)
		2004			2003		Increase
Cash provided by operating activities for the three months	$	93.7		$	91.4		3	%
ended September 30, 2004 and 2003
Adjustments to reconcile cash provided by operating activities
for the three months ended September 30, 2004 and 2003, to free cash flow
for the three months ended September 30, 2004 and 2003:
Additions to property and equipment for the three months ended
September 30, 2004 and 2003		(5.5	)		(3.1	)
Additions to other assets, net, for the three months ended
September 30, 2004 and 2003		(7.3	)		(10.4	)
Free cash flow for the three months ended September 30, 2004 and 2003	$	80.9		$	77.9		4	%
YTD
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 2004 AND 2003, TO FREE CASH FLOW FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 2004 AND 2003
(In millions)
		2004			2003		Increase
Cash provided by operating activities for the nine months	$	207.7		$	193.5		7	%
ended September 30, 2004 and 2003
Adjustments to reconcile cash provided by operating activities
for the nine months ended September 30, 2004 and 2003, to free cash flow
for the nine months ended September 30, 2004 and 2003:
Additions to property and equipment for the nine months ended
September 30, 2004 and 2003		(10.5	)		(11.4	)
Additions to other assets, net, for the nine months ended
September 30, 2004 and 2003		(22.5	)		(25.3	)
Free cash flow for the nine months ended September 30, 2004 and 2003	$	174.7		$	156.8		11	%

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Common Questions & Answers (Unaudited) - September 30, 2004
(Dollars in millions, except per share amounts)
C.	Income from continuing operations excluding the effect of the sale of investment, asset impairment and
	related charges
	RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO INCOME FROM CONTINUING OPERATIONS
		EXCLUDING THE EFFECT OF THE SALE OF INVESTMENT, ASSET IMPAIRMENT AND RELATED CHARGES

(In millions)	YTD 2004
	Pre-tax			After-tax			EPS
Income from continuing operations	$	286.6		$	177.1		$	1.324
Sale of investment in Intersections		(36.8	)		(23.0	)		(0.172	)
Asset impairment and related charges		7.6			4.8			0.036
Income from continuing operations - excluding sale of investment, asset impairment	$	257.4		$	158.9		$	1.188
and related charges

D. Income from continuing operations - effective tax rate sensitivity analysis

(In millions)	Q3 2004
	39.8%			37.5%
Income from continuing operations before income taxes	$	87.6		$	87.6
Provision for income taxes		(34.9	)		(32.8	)
Income from continuing operations	$	52.7		$	54.8
Diluted EPS	$	0.40		$	0.41

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Notes to our Non-GAAP Financial Measures

Revenue excluding Mortgage-related and eMarketing revenue is a Non-GAAP financial measure and is intended to supplement investors' understanding of our core business activities, unaffected by the fluctuations of the mortgage industry and the performance of our eMarketing business. Revenue excluding Mortgage-related and eMarketing revenue is useful to management and investors for comparative purposes.

We calculate free cash flow by subtracting capital-related expenditures from cash provided by operations. Free cash flow is useful to management and the Company's investors in measuring the cash generated by the Company that is available to be used for business and strategic initiatives. Free cash flow is not a measurement of liquidity under GAAP and should not be considered as an alternative to cash flows from operating activities as a measure of liquidity. In addition, our calculation of free cash flow may be different from the calculation used by other companies and therefore, comparability may be limited.

Equifax believes that income from continuing operations excluding the effect of the sale of investment, asset impairment and related charges is a measure that should be presented in addition to income from continuing operations determined in accordance with generally accepted accounting principles (GAAP) and is useful to investors. The following matters should be considered when evaluating this non-GAAP financial measure:

• Equifax reviews the operating results of its businesses excluding the impact of the sale of investment, asset impairment and related charges because it provides an additional basis of comparison. We believe that these items are unusual in nature, and would not be indicative of ongoing operating results. As a result, management believes such charges should be excluded in order to compare past, current, and future periods.

• Asset impairments principally represent adjustments to the carrying value of certain assets and do not typically require a cash payment.

• Asset impairment and related charges are typically material and are considered to be outside the normal operations of a business. Corporate management is responsible for making decisions about asset impairment and related charges.

 Equifax believes that the effective tax rate sensitivity analysis is useful to management and investors for comparative purposes.

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