What is an Equifax credit report?


When the bank is trying to decide whether or not to give you a loan, the first thing they will do is look at your credit report. There are three national agencies that compile credit reports: Experian, TransUnion and Equifax.

 

 

Each of these reports will be slightly different, but all should contain the following information:

 


All of this information is summarized in a single three-digit number, which is your credit score. The credit score determines whether or not you get credit and the rate you pay. A low score can be a major financial hindrance. It can even keep you from getting your dream job.

 

How to get an Equifax credit report

 

Like other credit bureaus, Equifax is required by federal law to send you a copy of your credit report free of charge once a year. You can request it directly online.

 

You can also get a free copy of the report if you’ve been a victim of identity theft, or if you get turned down for credit. Otherwise, Equifax may change you up to $10.50 for the report.

 

Video: How to Get Credit Reports

 

How to read the report

 

At the top of your report, you will find all of your personal information, such as your name, address, date of birth, etc. Many people take it for granted that this information is correct. Don’t make that mistake. Look it over carefully, making sure everything is right. Underneath that is your employment information. Then you have the actual credit history. It starts with a summary of all of your credit accounts and payment history. Underneath that is your credit score. Under that is a list of collections, public records, payment history, and credit inquires. At the very bottom is a list of warning messages (if any) about your credit history.

 

equifax credit report

 

What is an Equifax Beacon score?

 

Each credit bureau uses a different formula to calculate your credit score. Therefore, the score will differ depending on the agency. Equifax calls their version the beacon score. It’s a customized version of the standard FICO score. The beacon score ranges from 340 to 820. The higher the score, the more creditworthy the person. A score of 625 or above is considered to be good.

 

What to do if you spot an error on the report

 

If you find an error on your credit report, such as an account that you don’t recognize, it’s extremely important to have it corrected as soon as possible. You can file a dispute through the Equifax website. Alternatively, you can file a dispute over the phone.

 

Video: Dealing with Credit Reporting Agencies

 

This is a good option if you’re having trouble with the form. You may have to provide supporting documents to prove your claim. Equifax will examine the evidence and make a ruling within 30 days. If you don’t get the result you were hoping for, contact the creditor directly and ask them to fix the error.