Good day and welcome to the Equifax fourth quarter earnings release conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jeff Dodge. Please go ahead, sir.

Good morning and welcome to today's conference call. I'm Jeff Dodge, Investor Relations. And with me today are Rick Smith, our Chairman and Chief Executive Officer, and Lee Adrean, Chief Financial Officer. Today's call is being recorded. An archive of the recording will be available later today in the Investor Relations section of the About Equifax tab of our website at www.equifax.com. During this call, we'll be making certain forward-looking statements to help you understand Equifax and its business environment. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. Certain risk factors inherent in our business are set forth in the filings with the SEC, including our 2008 Form 10-K and subsequent filings. During this call, we will refer to certain non-GAAP financial measures, which are explained in the non-GAAP financial measures reconciliation attached to our earnings release, including adjusted net income, adjusted operating margin, adjusted diluted EPS and operating results, excluding the impact of foreign exchange. These measures also exclude the restructuring charge and income tax benefit in the fourth quarter, which is described in our press release. The pretax impact of the restructuring charge is $16.4 million for the fourth quarter and $24.8 million for the full year of 2009. The after-tax impact of the restructuring charge is $10.4 million in the fourth quarter and $15.8 million for the full year. The tax benefit in the fourth quarter was $7.3 million. Please refer to the non-GAAP reconciliation section in the earnings release and posted in the Investor Relations section under the About Equifax tab on our website for further details. Now, I would like to turn it over to Rick.

Thanks, Jeff and good morning, everyone. Obviously, 2009 was an interesting year, a year filled with some uncertainty and challenges, but a year that also, as we exited 2009, was a year in which we started to see some stability. Our business model served us well. I think you would all agree, over the past few years, the leadership team and for that matter, all the employees of Equifax facing the challenges of 2009, they made some very tough decisions, while maintaining our focus on the long-term strategy and executing our short-term plans to manage our expense base. We also accomplished two very strategic acquisitions in 2009 and delivered, I think, an impressive financial performance. We are a stronger company as we enter 2010 and I feel much better about the prospects for the upcoming year than I felt one year ago. We have unique and significant data assets that are unmatched by our competition. I'll talk about that in great detail later on. We've also streamlined our cost base, we've institutionalized lean operating model that provided important operating leverage during the recovery. We have many new products that address customers' emerging needs for the marketing and risk management decisions and we continue to deliver attractive financial returns, enabling us to reinvest in the business and return value to our shareholders. Taking a look at the quarter, our fourth quarter results were strong and exceeded the outlook we gave you on the conference call covering our third quarter earnings release. Total revenue was $464.3 million, up 1% in constant dollars from the fourth quarter of 2008 and up 2% in constant dollars from the third quarter of 2009. Operating margin was 23.2% excluding the restructuring charge, down slightly when compared to the third quarter of 2009, largely driven by mix.…

Thanks, Rick and good morning, everyone. This morning, all financial information I will be discussing is presented on a GAAP basis, except as otherwise noted, and will exclude the restructuring charge described in our press release. You should also refer to the Q&A and non-GAAP reconciliations attached to our earnings release for additional financial information. For the quarter, compared to the same quarter in 2008, consolidated revenue of $464.3 million was up 3.9%. Changes in foreign exchange rates favorably impacted revenue by approximately $13.6 million. In constant dollars, revenue was up almost 1%. The acquisition of IXI and Rapid Reporting, two significant strategic investments made during the quarter, added approximately 2 percentage points of growth in the fourth quarter. On a GAAP basis, the operating margin in the fourth quarter of 2009 was 19.7%. After adjusting for the restructuring charge, the operating margin was 23.2% in the quarter compared to 26% in 2008 and 23.5% in both the second and third quarters of 2009. Excluding the amortization of acquisition intangibles and the restructuring charge, the adjusted operating margin was 28.2%. Diluted earnings per share for the quarter was $0.47. Excluding the impact of acquisition related intangible amortization, a tax benefit related to foreign tax credit carryforwards, and the restructuring charge, adjusted earnings per share was $0.61, flat when compared to the fourth quarter of 2008. Even excluding the foreign tax credit carryforward benefit, we still had an unusually low tax rate in the quarter. At a tax rate excluding discrete items that would be closer to 36%, our adjusted EPS would have been lower by approximately $0.04, but still in line with our guidance. Total debt increased during the quarter by $105 million. During the quarter, we invested $196 million in the two acquisitions we completed, of which a little…

Great. Before we get to Q&A, let me just give you a few closing thoughts. One, I expect that GDP around the world will be – there will be some growth, but it will be modest and improving throughout the year. And I think that employment, specifically in the U.S., is going to remain at high levels – unemployment at high levels throughout most of the year. You may see a slight improvement towards the very end of the year. Home prices will continue to face pressure due to foreclosures rising. So on the positive side, we are starting to see an increased interest from credit card issuers to begin soliciting new customers. And that should drive growth for our business in the second half of the year. As a result, I think 2010 will be a year we return to growth. With this outlook and given the current foreign exchange rates, we expect operating results to be stable at their current levels during the first half of the year and then pick up nicely in the second half of the year. For the first quarter, assuming the current exchange rates, we expect revenues to be up in the low-single digit range from a year ago and adjusted EPS is expected to be somewhere between $0.53 a share and $0.57 a share including the negative impact of a higher effective tax rate. For the full year, we intend to give you CapEx guidance. This year, we expect CapEx to be in the range of $75 million to $100 million. 2009, we delivered what I call solid financial performance in that economic environment. As we enter 2010, I feel much better than I did a year ago. We got strong balance sheet, we got great data assets, we've got unique product offerings, and most importantly, we also have an improved economic environment, which should bode well for the company. Operator, we will stop there and we would like to open it up now to any questions that the team might have.

(Operator Instructions). And we'll pause for a moment. We'll take our first question from Michael Meltz with JP Morgan. Michael Meltz – JP Morgan: Thank you. I think I have three questions. Just – I appreciate, you've kind of mentioned the currency impact a few times. Just to clarify one last time, in the first quarter implicit in your guidance, what is the contribution? Is that about $10 million?

Lee?

It's about $13 million to $15 million at today's exchange rates. Michael Meltz – JP Morgan: Okay. Secondly, Rick, in terms of Card Act and what you are doing now with the ability-to-pay products, how are you pricing some of these and have you actually closed deals on some of the products or how does the selling process work?

Yes, let me answer the middle of your three questions first. Have we closed some? Yes, we have built some very unique scores that – income scores, which give the underwriters of risk a sense for how much debt they have versus their income, so their ability-to-pay. We are offering a suite of products, Michael, not just any one product, depending on what the customers need. I mean, I'm not going to mention the particular clients. But we closed a number of accounts. The pricing on a score would be a premium to a traditional score as you might guess, because of the KS lift we are getting. But the intent is to build a suite of products depending on each individual customer's needs. Michael Meltz – JP Morgan: And is this leveraging VantageScore or this is Equifax custom score?

That's a great question. No, it is taking – it’s a custom score. It is leveraging the Work Number data, it is leveraging the IXI wealth data, and as well as the data we have in the credit file itself. We call – Michael Meltz – JP Morgan: Okay.

Debt-to-income score. Michael Meltz – JP Morgan: All right. You had mentioned in your prepared remarks something about potential for more government action to – I took to mean embed your product offerings. Are you talking about – will the – like the FHA or similar will require income assessments or what were you talking about there?

Yes, what I'm referring to in general terms is regulation mounts towards the desire or need to actually verify someone's ability to pay off any kind of obligation. We are uniquely positioned, we are helping – trying to help write language that puts us in a very unique position because we are the only one to have income data and wealth data combined with the credit data. So it's broad-based. It's not just FHA, it's not just credit cards. Michael Meltz – JP Morgan: All right. Last question from me. Lee, what's the thinking on cash flow priorities? Is there – I mean, we saw a couple of acquisitions in the fourth quarter. Where does buyback stand on the list?

Yes. I think we continue to drive that off a view of where we want to see our debt-to-EBITDA leverage over the last several quarters and I think we continue to feel targeting the range of 1.75 to 2 times debt-to-EBITDA positions us effectively to absorb acquisitions like the ones we did in the fourth quarter. We ended 2009 with a debt-to-EBITDA at about 2.1 times. So we would be a little bit more leaning towards debt reduction until we are back into that range, but I would expect to see some balance between share repurchase and debt reduction over the course of the year. Michael Meltz – JP Morgan: All right. Thanks for your time.

Thank you, Michael.

We'll take our next question from Carter Malloy with Stephens. Carter Malloy – Stephens Inc.: Hey, guys, thanks for taking the questions. Looking at this great quarter and then out on your guidance for Q1, are you just employing some conservatism here around the Card Act or are there other specific impacts there for the reason for conservatism?

No, I wouldn't say – so we are talking about revenue, Carter, being up year-on-year, and that's good news. Number two is, you look at the EPS versus 2009 and if you look at – if you strip back some of the numbers and you look at some other income, we had some other income benefit in 2009 in the first quarter that doesn't repeat in the first quarter of 2010. In fact, we have local positive other income, so there is actually some negative as we have some investments coming through as we launch India. So that's some – just some noise, if you will, in the numbers. And secondly, there are some mix changes in the business that create a little bit of headwind when we look at EPS quarter-on-quarter comparisons. But as far as the Credit Card Reform Act, yes, that is launched in February. I think you will see some positive benefit, but truly think that happens in second quarter, third quarter, and fourth quarter not necessarily the first quarter. Carter Malloy – Stephens Inc.: Okay, great. And then on North America Commercial and your growth there, is that all in the B2B Marketing, the data management side of the house or are you seeing strengths in SBFE and in the more traditional risk?

There is no doubt that the data management piece of it, business we used to call Austin-Tetra as we bought it, had great strength in the fourth quarter, but the core U.S. risk business had strength as well. Carter Malloy – Stephens Inc.: Okay. And on those contracts you won inside of the data management part, were those in-house clients already or were those competitive wins or were those actually wins where you took them away or was that kind of a greenfield opportunity created by that Austin-Tetra product?

A combination of both, Carter. Carter Malloy – Stephens Inc.: Okay. Thanks.

We'll take our next question from Shlomo Rosenbaum with Stifel Nicolaus. Shlomo Rosenbaum – Stifel Nicolaus: Hi, thank you very much for taking my questions. I just wanted to ask you how you envision the Credit Card Act once that becomes implemented and your clients feel comfortable with more mass-marketing campaigns? How should we see that flow through your numbers? In other words, should we see the credit marketing first take a bump, and after – a certain lag for the OCIS to follow? And how should that impact the margins in that business? I wanted to start with that.

Yes, you've hit it on the head. It will start with what we call CMS first – and CMS including the IXI business will be the first indicator that there is activity in credit card solicitation, followed quickly by online growth. And then you will also see it, after you will see a series, as Michael Meltz had asked earlier on – and a series of other scores we will be offering as well, the debt-to-income scores, ability-to-pay scores, things of that nature. And then ultimately, you will see a comeback into the portfolio reviews, account management. Shlomo Rosenbaum – Stifel Nicolaus: Okay. And then just kind of moving around a few other questions over here, if I assume the acquisitions are maybe $10 million to $11 million revenue in aggregate, how should we think of the contribution from these acquisitions for the next quarter? And then again, what will the intangible amortization number – what are you guys expecting for the next quarter where as you have a full quarter of those acquisitions?

Let me tackle the first piece and let Lee tackle the second piece. As you think about just kind of sequential performance on the acquisitions, when you think about the IXI business, it's having a seasonality that is heavier back-end loaded than front-end loaded. So fourth quarter will be the stronger of the quarters you typically throughout the year, albeit still growing, but the fourth quarter is the stronger quarter. On the Rapid Reporting business, you tend to see that as kind of evenly distributed throughout the year and yet a growth business. So no seasonality per se versus the IXI. Amortization? Shlomo Rosenbaum – Stifel Nicolaus: Should – in other words, should we – what percentage of revenue would you say – would you expect it to be kind of flattish if I'm just taking that all together, because you will see some core growth, but sequentially you might see a little seasonality from IXI?

Are you saying flattish first quarter versus fourth quarter as a percent of growth? Shlomo Rosenbaum – Stifel Nicolaus: Yes.

The one thing – Shlomo, the Q4 results included two months of those acquisitions and Q1, you'll see three months. Other than that, the – they will be relatively level in terms of run rates. One is a little stronger run rate in the first quarter, the other is a little weaker.

Yes, I expect a much weaker [ph] first quarter.

The – just because the – each has a different pattern within the year. But basically, you will be up 50% because you have third quarter of three months instead of two months versus the Q4 revenue rate. On amortization, acquisition related amortization would be up about $1 million and again, that's just three months instead of two months. Shlomo Rosenbaum – Stifel Nicolaus: Okay. And then, in Latin America, it seems to be – has done well, has resumed growth. Are we out of the woods over there now and should we – are you guys sort of seeing the – or expecting that that growth should continue?

I think, obviously, if you look at the economic stability in Latin America, you had some turmoil in the first half of 2009. It's starting to stabilize, we got more new product transfers going on across most of the properties in Latin America. The simple answer is Latin America is a growth area for us, we are going to continue investing and growing each of our properties in Latin America. Shlomo Rosenbaum – Stifel Nicolaus: All right. Thanks, I'll jump back in the queue.

Thank you.

(Operator Instructions). And we'll take our next question from Dan Leben with Robert W. Baird. Dan Leben – Robert W. Baird: Thank you. Looking at – as the card companies get in compliance with the Card Act, is the approach they are taking up out of the gate kind of – we just have to meet the bare minimums and then we'll try to figure out what to do longer term to maybe potentially have a second leg of growth for your guys as you have some very leading solutions as they try to expand and get more intelligent about those decisions?

Absolutely, Dan. It's a fair characterization. Dan Leben – Robert W. Baird: So help us understand where we are at in that process or some of the companies that are going over now doing more than the minimum, or is it pretty much just the minimums?

Yes, I think someone asked the question – it’s Michael I thought, earlier asked the questions early on – are we actually monetizing something as a result of the Card Act? So yes, there were a handful of clients who've come to us, who are going beyond the minimum and buying and testing some new scores that we have. So – your characterization is accurate. However, there are some exceptions, which are a handful of clients who are out ahead of the game. Dan Leben – Robert W. Baird: Okay. And then help us understand, within the IXI business, how much of that is kind of prescreen work and will – kind of be driven by marketing versus going through in the actual typical scoring and looking around issuance?

Well, the model – as you think about how we bought it and what their background was, we bought them as a, one, a unique data asset of $10 trillion of wealth data. It's at the Zip/Plus 4 level as you know. So its natural model was leaning towards prescreening or marketing. However, as we get to know these guys and their data, we are finding additional uses of the data, more towards the risk side, not at an individual level, but at aggregate level. And scoring is going to be a nice opportunity for IXI data as well. Dan Leben – Robert W. Baird: Okay. And then could you just finally give us an update on a couple of the new product introductions that we talked a little bit less about on the call, specifically ESS and the asset-backed securities products?

Sure. Both are gaining great traction. ESS continues to expand at very nice rates. We are winning customers across the board. We are shifting the model from predominantly – or heavily skewed towards on the appraisal side, more towards the title and close side. We've got a top-notch operator now running the factory, if you will, for us. So very pleased with the progress there and continue to grow. We expect significant growth in the ESS again in 2010. Capital markets continue to gain great traction. We are winning new clients each and every day. Dan Leben – Robert W. Baird: Great. Thanks.

Thank you.

We'll take our next question from Nat Otis with KBW. Nat Otis – KBW: Good morning, gentlemen.

Hi, Nat. Nat Otis – KBW: Just a little bit more follow-up on that ESS. So you say you are moving from appraisal mode to the title and – is that from an underwriting standpoint, an agent underwriting standpoint? And are you then moving into more of the other services that are right at the front end?

Well, it's typical. When you start to do business in the settlement services arena with clients, they tend to test your capability and get to know you on the appraisal side. So it's a very natural flow for us. You start off on appraisal, you prove your ability, they scale you up in appraisal, and then you eventually move to title and close part of the settlement services. So a very natural transition for us and we expect to see much more in the title and close piece of it in 2010. Nat Otis – KBW: Great. And are there any – other than the partnerships that you started out with, are there any others that you are planning on or thinking of moving in direction within that space of – that could add to the breadth of what you cover??

If you are talking about partners as in clients that we do business with, the answer is absolutely yes. Nat Otis – KBW: Okay. More along the line on companies that might already – providing something there that you don't, but helps you, say, bundle a larger solution?

Yes, that's a good question, Nat. We are looking at different offerings to provide to that customer base beyond this traditional ESS stuff we do today. I'm not going to go into any more detail than that. But yes, we are always looking at different value offerings to our clients. Nat Otis – KBW: Great, thank you.

Thank you.

Okay. I want to thank everybody for their participation and we will be available this afternoon if there any additional questions. Thanks again.

This does conclude today's conference and we thank you for your participation.