What is an Equifax Credit Report?

A Credit Article Contributed by Kris Griebe

Who is Equifax, and Why Do They Handle My Credit Report?

Equifax is one of the three major credit reporting agencies. They have a vast database containing credit reports on every person with a credit history. Every time you miss a payment on a bill, or make a payment on a bill, it is reported to Equifax, along with two other credit reporting agencies.

When you go down to the automobile dealership and request a loan to purchase one of their vehicles, they will contact Equifax (or another of the three major agencies) and ask for a copy of your credit report. Equifax will then send them a detailed copy of your credit report, including your credit score, so they can determine if you have sufficient credit to be awarded a loan.

Equifax handles your credit report because it is simpler to have a centralized database containing credit reports than it is to have to contact every individual company you have dealt with and request a credit evaluation. This simplifies the process of requesting credit by ensuring it only takes a few minutes to find out how good, or bad, your credit is, rather than having to wait for each of your past and current creditors to contact the lender you are currently dealing with.

How Does Equifax Determine the Score on My Credit Report?

Your credit score is determined by analyzing a number of factors. These include the amount of debt you currently have, your past payment history, any bankruptcy or divorce filings in the last few years, and many other independent factors.

Every credit card, loan, or other credit related company you have ever dealt with will have reported to Equifax or one of the other credit reporting agencies. They will notify them when you make payments on time, when you miss payments, or when you refuse to pay altogether! All these will contribute to your credit score, which will determine your eligibility for future credit requests.

Can I See a Copy of My Equifax Credit Report?

Yes, you can request a copy of your credit report at any time. You may do this directly from Equifax. There are hundreds of places on the internet where you can obtain a credit report from Equifax for a small fee. There are also places where you can obtain a credit report for free.

Another method for taking a look at your credit report is to request a copy of it from a lender who has denied you credit. When they decided to deny you, they were looking at your credit report, and you have the right to see it to. You can request a copy, which they will typically mail to you within a few weeks. Thus you can check the accuracy of every item on your credit report. The last thing anyone would want is to be denied the loan for their new home because a credit card company was reporting false non-payment complaints on your credit report.

It is important to periodically check your credit report to make sure no agency has been submitting false reports.