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Equifax Credit Report

Jun 28, 2008
Equifax is one of the three major credit reporting agencies, along with Experian and Tans Union. All three get information from creditors voluntarily. You may have heard of the agencies, and realize the important of your credit report. If you do, then you may be interested in retaining a copy of your own credit report from Equifax.

However, after being turned down from a loan, consumers have a right to get their credit report from any of the three agencies. The consumer can request a credit report from Equifax by going to their website (equifax.com) and clicking on a tab located on the top right corner "Free Report, Security Freeze, Dispute and Fraud Protection." After which the tab "get your credit report" has to be selected. Fields requesting personal information has to be filled out afterwards, bringing you to the final stage of getting your credit report. Furthermore, after filling out the informational fields you will have an option of either getting your full score report for seven dollars or just getting the report for free.

The first part of your Equifax credit report is your personal profile. Your personal information is kept in this portion. You name, aliases, spouses name, current and former addresses, birth date, employment history, and Social Security number. When looking at your Equifax credit report, make sure the information is accurate. You can make corrections to the information by talking with Equifax.

Next, you will find the inquiries section. Here, you can see everyone over the last two years that has requested your credit report. You will find two types of inquiry on your Equifax credit report: hard and soft. A hard inquiry is one made by a company and initiated by you, like when you apply for a mortgage or credit card. A soft inquiry does not show to creditors unless you request it and is made by existing creditors who are monitoring your credit.

Several different additional services, like Score Power, are also available and vary in type and cost from $8.95-$39.95. ScorePower is one such service which provides access to your FICO or "credit" score (not all reports provide your score, just a listing of creditors and financial information); and explanation of that your score means, how credit lenders see your credit information; a comparison of your score and the ability to use the Equifax online dispute feature free to dispute errors on your credit report. An "Interactive Score Simulator" is also available allowing you to virtually determine how your future financial decisions (buy a house, car or add a credit card) may affect your credit score.

The credit score is a rating that shows how great of a credit risk you are and what the chances are that you may default on a loan. Most lenders will use the credit score as factor in y our loan application. The number of the score is between 300 and 850. The higher the score on your Equifax credit report, the less risky you will be considered by creditors. If the score is lower, you will be seen as a higher risk and while you still may get loans, you will likely be headed toward higher rates of interest. Your Equifax credit report has a big influence on your ability to make purchases on credit. Many state and federal laws allow you to receive a copy of your Equifax credit report either for free or at a low cost. Take the time to get a copy of your Equifax credit report, as well as ones from the other companies. That way you can be sure that all of the information is correct and have an idea of how risky you are so that there are no surprises when you got apply for any loans.
About the Author
Learn more about trw credit reporting by obtaining a free copy of your credit report from http://www.credit-free-report-online.info - a popular website that provides free advice on credit repair
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