Equifax Credit Report – The Basics

An Equifax credit report compiles a staggering amount of personal credit information from all credit users in the United States

An amazing amount of credit information about you is continually stored, updated into Equifax databases and converted into a FICO credit score which is what lenders ultimately base their lending decisions to you on.

One of the main purposes of Equifax is to track your re-payment history to creditors and assess your timeliness in repaying debts.

A simple example: if you miss a monthly payment on a Discover Visa, or Master card by 30 days it is immediately reported to Equifax and lowers your credit score 25-45 points!

Equifax is one of the big 3 credit bureaus so it’s not the ONLY credit score that matters.

Experian and Trans Union are the other two major credit bureaus, which compile and rate your credit history also.

What information is found on an Equifax Credit Report?

Most importantly is your Credit History.

The major portion of your Equifax credit report consists of every detail about credit accounts opened in your name. That means every account where you are an authorized user.

So remember, if you and your spouse open a joint credit card it payment history affects BOTH of your Equifax credit history records. This applies to parents too! So be careful handing out credit cards to the kids.

Account details will be provided to Equifax by your creditors (like Visa, Master card and Discover) regarding:

Date the credit line was open

Credit limit on the card

Balance to be paid

History of payment – did you pay ‘on time’ or 30-60-90-120 days late

Closed or inactive accounts

Keep in mind; Equifax has a very powerful influence on lenders.

If you are a getting a mortgage, car loan or even applying for a credit card, Equifax will play a critical role in what interest rate you will be awarded.

To learn more about other important information Equifax tracks (personal information, public records, and inquiries into your account) or how Equifax awards your exact credit score please visit the website below. Also, 30 or 60 days late? Find out how many points you’ll be losing…

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