Credit rating service (NYSE: EFX) is feeling the brunt of "higher for longer," warning that if rates remain high its results are likely to suffer. Investors are cashing out, sending shares down 10% as of 11 a.m. ET.

Equifax is a financial data analytics company best known as one of the primary providers of consumer credit scores. Yesterday, it reported its financial results for the first quarter of 2024. The company earned $1.50 per share in the first quarter, beating Wall Street's $1.44 estimate, but revenue of $1.39 billion was slightly below expectations.

The company also forecast it would earn between $1.65 and $1.75 per share in the current quarter on revenue between $1.41 billion and $1.43 billion. Both ranges fell short of the consensus estimate for $1.87 per share in earnings on sales of $1.44 billion.

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Source Fool.com