There are three major credit reporting bureaus in the United States. Equifax is one of these credit reporting bureaus and TransUnion and Experian are the other two. This article will take a look at what Equifax is, how it began, how it makes money and, most importantly, how it affects your credit score.
Equifax is known for providing consumer financial information in the form of credit reports. These credit reports are obtained by lenders so they may determine if the individual is a good credit risk or a bad credit risk.
Equifax is the oldest of the three major credit reporting agencies in the United States, having been established in’99. Equifax was originally founded as the Retail Credit Company and grew at a very fast rate. By the’60s, Equifax was one of the largest credit bureaus in the country.
In’75, Retail Credit Company became Equifax. At this time, Equifax computerized its records and expanded the information which it held on consumers. This expansion of information ultimately brought about the Fair Credit Reporting Act (FCRA) which allows consumers additional rights regarding the information which may be collected on them.
With offices in– countries and more than 7,000 employees, Equifax calls Atlanta, Georgia home. Additionally, Equifax brings in annual revenues of over $ 1.5 billion.
Equifax’s main source of income comes from the sale of consumer credit reports to lenders. A credit report contains entries which list financial information related to an individual. This financial information includes identifying information, payment background, and additional credit history.
Lenders’ decisions related to approving or denying a credit application usually hinge on credit reports which have been obtained by the lender. If a person has a good credit report, he or she will likely be approved for credit. A person who has a bad credit report will normally be declined credit.
Equifax also generates income by selling credit reports to individuals so they may keep track of what their credit score is and if any negative or false information has been reported to Equifax. This also helps individuals to determine if they are a victim of identity theft. If you should need a copy of your Equifax credit report , you can obtain a copy by contacting Equifax directly or by calling (877) 322-8228. Pursuant to Federal law, the three major credit reporting bureaus are required to fulfill your request for a copy of your credit report once every twelve months.