Get the Facts on Equifax

It can feel like the longest two minutes of your life. Those two minutes that often determine some major life decisions. For example, they may decide whether you will be buying a new car, taking out a loan or even buying your first home.

Getting approved to borrow money is often a sweat inducing feat but taking control over your finances-and credit score is easier than you think. Understanding the way credit and credit scores work can be simple once you learn the language. Take a closer look at some of the key terms and phrases that you need to become familiar with in order to better understand your personal finances.

Equifax, Experian and TransUnion are the three national credit bureaus  that use your financial information to relay your credit score to potential lenders. Headquartered in Atlanta, GA, Equifax transforms knowledge into insights to better power personal and business financial decisions.

Mission Statement

Their mission statement reads that “Equifax Credit Bureau is committed to act with integrity in all that we do.” This is good news, since they are able to influence many major financial decisions in your life and can help you improve your credit score.

Your credit score is a three-digit number between 300-850 that is provided to a potential lender to let them know how much of a credit risk you are. The number is determined by several factors:

  1. The amount of available credit you have
  2. The amount of credit you owe
  3. How regularly you may your payments
  4. The length of your credit history
  5. The number of accounts you have
  6. The types of accounts you have

With three different credit bureaus may come three different scores. This is because not all lenders report to all three credit bureaus. Increasing this number is important. The higher number you have, the lower the interest rate you may be offered and the more likely you are to be approved to borrow money.

While a credit score is a three-digit number between 300-850, your credit report is the information that helps the credit bureau reach that number. It will list all your accounts, the amount owed as well as any late payments.

While many may not regularly review their credit report, it is important to know the information it contains. For starters, knowing your credit score is the first step towards improving it. You can request a free credit report from Equifax and then make an appointment at your local financial institution to review your credit score and financial goals. They can offer you practical advice to increase your score and a realistic timeline in order to do so.

Making your payments on time is a great way to bring up your score, but what about if you have bad credit or no credit? It’s never too late to increase your credit score with responsible financial behavior.  There are many products designed specifically for those who need to rebuild their credit such as prepaid credit cards.

Financial freedom isn’t the only reason to regularly monitor your credit score. Your credit report also contains personal information such as your address and social security number. It is can also be a great way to alert you to identity theft and fraud.

Unfortunately, many people are left unaware when an individual attempts to use their identity for personal or financial gain and are then left to pick up the pieces of financial and personal ruin. Luckily, there are products from Equifax available to help protect you and your family.

Equifax Products

Every American is entitled to one free credit report each year. While this is great news for those who may never check their credit score, it can leave you potentially vulnerable for an entire year between financial ‘check-ups’.

This is why Equifax offers a variety of products to help you stay on top of you, your business and your family’s finances all year long. Not only can you monitor your financial growth, but you can also stay on top of any potential fraud attempts.

Even Equifax isn’t immune to cyber-attacks. In 2017 a data breach left 143 million Americans vulnerable after the Equifax breach exposed their personal information. Frequent identity and financial monitoring are your best defense against identity theft.
1.       Equifax Complete™ Premier
Protect your identity and your finances with this easy monthly plan. It includes:

  • Annual reports of your credit score and credit reports from Equifax, TransUnion and Experian
  • Alerts to any major changes in your credit score with Equifax, TransUnion or Experian credit file monitoring
  • Lost wallet assistance-if you lose your wallet, Equifax will help you cancel and reissue your cards and identification

2.       Identity Theft Protection

  • Automatic fraud alerts encourage lenders to take extra steps to verify your identity before extending credit
  • Internet scans to search suspicious websites for your personal, banking, and account numbers and alerts you if your information is found
  • Financial alerts will inform you via email or text if suspicious activity is found within your banking or credit card accounts.
  • Credit Report Lock allows you to block most third parties from accessing your Equifax credit report
  • Up to $1 million in identity theft insurance coverage for certain out of pocket expenses

All of this protection is only $19.95 a month

Right now, Equifax Atlanta is offering a special promotion where the protection is extended to family members for the same low price. For $19.95 a month, you can protect yourself, a second adult and up to four children.

  • The plan includes credit bureau reports from all three agencies for two adults
  • Financial alerts
  • Financial bureau monitoring and credit report lock for up to four children.

3.       Equifax ID PatrolTM
Equifax ID PatrolTM is a great first step to taking control of your financial future with a smaller financial investment. For $16.95 a month it includes:

  • Annual reports of your credit score and credit reports from Equifax, TransUnion and Experian
  • Alerts to any major changes in your credit score with Equifax, TransUnion or Experian credit file monitoring
  • Lost wallet assistance-if you lose your wallet, Equifax will help you cancel and reissue your cards and identification

4.       Identity Theft Protection

  • Automatic fraud alerts encourage lenders to take extra steps to verify your identity before extending credit
  • Internet scans to search suspicious websites for your personal, banking, and account numbers and alerts you if your information is found
  • Credit Report Lock allows you to block most third parties from accessing your Equifax credit report
  • Up to $1 million in identity theft insurance coverage for certain out of pocket expenses

5.       Score Watch®
Score Watch® allows you to monitor both your Equifax credit score as well as your FICO score. A FICO score is a credit score that is created by the Fair Isaac Corporation. This score is often taken into consideration along with your other credit scores before credit is extended. This package includes:

  • Online access to your FICO score and Equifax credit report twice a year
  • Alerts to key changes in your Equifax credit report
  • Alerts to key changes in your FICO credit score

This service is only $14.95 a month.

History of Equifax

When it comes to trusting a company with your financial future, you can look no further than Equifax. Founded in Atlanta, Georgia by two brothers, Cator and Guy Woolford in 1899 Equifax has more than 100 years of history helping those around the world reach their financial goals. The first step to reaching those goals is to find out how to check credit score.

Contacting Equifax

There are several ways to request your free credit report. By law, you are entitled to a free credit report once a year from each of the three major credit bureaus-Equifax, TransUnion and Experian.

There are certain situations where you are able to get an additional free report each year. These exceptions fall under the Fair Credit Reporting Act. These include:

  • If you are unemployed and intend to apply for employment within 60 days
  • If you are receiving public welfare assistance
  • If you suspect your credit report may be inaccurate due to fraud
  • Persons who believe their credit report contains inaccurate information due to fraud.
  • If you have been denied credit or insurance within the last 60 days
  • If you have placed a fraud alert on your credit report

It is important to note that these requests are for your credit report and don’t include your credit score.

Applying for your free credit report is quick and easy. If you are sending your request by mail, you will need to include your name, Social Security number, current and previous addresses, and date of birth. For your protection, you will also need to verify your identity through an acceptable form of identification.

Contact information:

  • Equifax Website: com/FCRA
  • Equifax Phone Number: (800) 685-1111. Hours are 7:30 a.m. – 1:30 a.m. ET.
  • Equifax Address: Equifax Disclosure Department, P.O. Box 740241, Atlanta, GA 30374.
  • Equifax Fax Number: Receive from a specific agent handling your case.

How to Report an Error on Equifax

Keeping on top of your credit score and report isn’t only important for planning your financial future, but it also is a way to catch any possible errors before they impact your finances.

Before you start, it is important to have a copy of your most recent credit report on hand. Keep in mind that it may not reflect your most up to date financial information.

  • If your personal information is incorrect: (name, birthday, address)

Contact each of your creditors to make sure they have your correct information. Updating information first with your creditors will ensure that the information coming to Equifax is correct.

  • If there is an inaccuracy in your credit history: Contact Equifax directly and the item will be investigated for free. Based on the information provided the item may be removed, modified or remain the same.
  • If there is an inaccuracy in your credit history with respect to public record items: Contact Equifax directly and the item will be investigated for free. Based on the information provided the item may be removed, modified or remain the same. You will be given a confirmation number, so you are able to track your dispute.

It is important to note that addressing inaccuracies with one credit bureau will only potentially change the information with that credit bureau and not the other two. Each bureau needs to be contacted in order to have any inaccuracies rectified.

Getting started with your dispute is easy. File an Equifax dispute form to get started today.

Your Equifax Credit Report

Personal finances can feel like a huge undertaking, especially if you fear the worst. But personal finance does not have to be intimidating. Getting familiar with the terms and agencies that can help you build a solid financial outlook is the first step.

By accessing your free credit report, you can first check for any inaccuracies or potential fraud attempts. While this report will not reveal your score, it will provide you with a personal financial history and current outlook.

Next make an appointment with a financial advisor to learn the next steps to pursuing your financial goals. You can learn about the best ways to improve your credit score and the steps that need to be taken in order to achieve that.

Finally, you can choose to protect your financial future with one of the protection packages available from Equifax. With these options you can have peace of mind knowing that your financial future is in good hands. Take the first step in planning your financial future with a free credit report today!

Learn More about Credit Bureaus.