Equifax

Definition

Equifax is a global data, analytics, and technology company that operates globally, particularly known for providing consumer credit reports. The company gathers and maintains information on over 800 million individual consumers and more than 88 million businesses worldwide.

Equifax uses this data to offer credit monitoring, fraud prevention, and identity theft protection services. It also plays a crucial role in the financial industry by helping lenders assess the creditworthiness of potential borrowers.

Examples

1. Credit Score Checking: When you apply for a mortgage, auto loan, or credit card, the lender may request your credit report from Equifax to review your credit history and score.
2. Credit Monitoring Services: Subscribers to Equifax’s credit monitoring service receive alerts when significant changes occur in their credit reports, such as new accounts being opened or substantial balance changes.
3. Identity Theft Protection: Equifax offers services to help protect consumers against identity theft, including alerting users to suspicious activities and helping them recover if their identity is stolen.

Frequently Asked Questions (FAQs)

What does Equifax do with my information?

Equifax collects and compiles your credit information, creating a credit report that lenders can use to assess your creditworthiness. This report includes your payment history, the amount of debt you have, and the length of your credit history, among other factors.

How can I obtain my credit report from Equifax?

You can request a free copy of your credit report from Equifax once every 12 months via AnnualCreditReport.com. You can also purchase your credit report directly from Equifax’s website.

What factors affect my Equifax credit score?

Your Equifax credit score is influenced by several factors including:

• Payment history
• Amounts owed
• Length of credit history
• Types of credit used
• New credit inquiries

How can I dispute an error on my Equifax credit report?

You can dispute inaccurate information on your Equifax credit report online through the Equifax website, by phone, or via mail. Provide supporting documents for your claim to facilitate the investigation.

What is the difference between a credit report and a credit score?

A credit report is a detailed history of your credit activities, including borrowing and repayment behaviors. A credit score is a numerical summary of your credit report data, designed to reflect your creditworthiness.

Related Terms

• Credit Rating Service: An organization that assesses the creditworthiness of individuals and entities.
• Credit Score: A numerical representation of an individual’s creditworthiness based on their credit report.
• Credit Report: A detailed report of an individual’s credit history prepared by a credit bureau.
• TransUnion: One of the three major credit reporting agencies in the U.S., alongside Equifax and Experian.
• Experian: A leading global information services company that provides data and analytical tools.
• Credit Monitoring: A service that tracks your credit report for any changes that might indicate fraudulent activity.

Online Resources

• Equifax Official Website
• AnnualCreditReport.com
• Federal Trade Commission on Credit Reports
• Consumer Financial Protection Bureau on Credit Reports and Scores

References

1. “Credit Scores 101”. Equifax. Equifax Credit Scores 101
2. “Credit Report Basics”. Federal Trade Commission. FTC Credit Report

Suggested Books for Further Studies

1. “Credit Repair Kit For Dummies” by Steve Bucci
2. “Your Score: An Insider’s Secrets to Understanding, Controlling, and Protecting Your Credit Score” by Anthony Davenport
3. “The Credit Repair Handbook: Everything You Need to Know to Maintain, Rebuild, and Protect Your Credit” by John Ventura
4. “The Book on Credit Repair” by Serge St. Julien
5. “Perfect Credit: 7 Steps to a Great Credit Rating” by Lynnette Khalfani-Cox

Real Estate Basics: Equifax Fundamentals Quiz